The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

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COLUMN 1COLUMN 2COLUMN 3COLUMN 4COLUMN 5COLUMN 6COLUMN 7COLUMN 8
VALUESHRS ORSH/PUT/INVESTMENTOTHERVOTING AUTHORITY
NAME OF ISSUERTITLE OF CLASSCUSIP(x$1000)PRN AMTPRNCALLDISCRETIONMANAGERSOLESHAREDNONE
ALLEGHANY CORP DELCOM01717510013,21534,477SH SOLE 28,09206,385
BARRICK GOLD CORPCOM06790110824,0511,528,020SH SOLE 1,276,6500251,370
BERKSHIRE HATHAWAY INC DELCL B NEW08467070219,462173,888SH SOLE 119,080054,808
DELL INCCOM24702r1012,132160,000SH SOLE 160,00000
ERA GROUP INCCOM26885g10980330,700SH SOLE 30,70000
EXCO RESEOURCES GROUPCOM2692794029,5621,251,542SH SOLE 1,251,54200
FEDERATED INVS INC PACL B31421110314,032511,920SH SOLE 339,5500172,370
GOOGLE INCCL A38259p50820,05022,775SH SOLE 15,66807,107
HEWLETT PACKARD COCOM42823610360,1752,426,416SH SOLE 1,946,2350480,181
LEUCADIA NATL CORPCOM52728810430,5471,165,026SH SOLE 925,3470239,679
MICROSOFT CORPCOM59491810429,977867,760SH SOLE 691,9500175,810
REPUBLIC SVCS INCCOM7607591007,083208,690SH SOLE 181,660027,030
SEACOR HLDGS CORPCOM8119041016,00872,338SH SOLE 62,323010,015
SEARS HLDGS CORPCOM81235010611,001261,442SH SOLE 231,349030,093
SPECTRUM BRANDS HLDGS INCCOM84763r10139,829700,351SH SOLE 581,4060118,945
SPRINT NEXTEL CORPCOM SER 185206110024,3853,473,650SH SOLE 2,816,0300657,620
STAPLES INCCOM85503010218,9221,192,330SH SOLE 1,157,880034,450
SYSTEMAX INCOM8718511015,597594,799SH SOLE 412,9030181,896
WALTER INVT MGMT CORPCOM93317w10228,795851,669SH SOLE 670,0170181,652
WHITE MTNS INS GROUP LTDCOMg9618e10715,82127,518SH SOLE 22,34305,175
WPX ENERGY INCCOM98212b10310,396548,874SH SOLE 548,87400
Deutsche Bank AG 3X Inv JapanINV JAP GOV BD25154p1881,58484,727SH SOLE 84,72700
Deutsche Bank AG Inv Jap Govt3X INV JAP GOV25154p1701,42873,074SH SOLE 73,07400
ProShares UltraShort MSCI EuroULTRASHORT EUROP74348a3012,27195,000SH SOLE 95,00000