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
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ALLEGHANY CORP DEL COM 017175100 5,198 9,988 SH   SOLE   6,168 0 3,820
ALPHABET INC CAP STK CL A 02079k305 62 42 SH   SOLE   0 0 42
ALPHABET INC CAP STK CL C 02079k107 12,934 8,801 SH   SOLE   5,709 0 3,092
BK OF AMERICA CORP COM 060505104 2,876 119,368 SH   SOLE   70,700 0 48,668
BARRICK GOLD CORP COM 067901108 13,702 487,455 SH   SOLE   289,315 0 198,140
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 19,354 90,889 SH   SOLE   54,516 0 36,373
BROOKFIELD ASSET MGMT INC CL A LTD VT SH 112585104 2,232 67,519 SH   SOLE   40,051 0 27,468
BUILDERS FIRSTSOURCE INC COM 12008r107 7,173 219,900 SH   SOLE   140,450 0 79,450
FEDERATED HERMES INC CL B 314211103 1,088 50,584 SH   SOLE   17,479 0 33,105
HESS MIDSTREAM LP CL A SHS 428103105 2,199 145,617 SH   SOLE   83,417 0 62,200
HP INC COM 40434l105 2,593 136,541 SH   SOLE   58,896 0 77,645
JEFFERIES FINL GROUP INC COM 47233w109 9,395 521,969 SH   SOLE   319,252 0 202,717
JPMORGAN CHASE & CO COM 46625h100 770 8,000 SH   SOLE   8,000 0 0
KKR & CO INC COM 48251w104 2,636 76,750 SH   SOLE   48,050 0 28,700
LENNAR CORP CL B 526057302 5,538 84,346 SH   SOLE   56,346 0 28,000
MARKEL CORP COM 570535104 1,947 2,000 SH   SOLE   215 0 1,785
PG&E CORP COM 69331c108 1,993 212,300 SH   SOLE   142,100 0 70,200
PROGRESSIVE CORP COM 743315103 2,850 30,100 SH   SOLE   18,375 0 11,725
SPECTRUM BRANDS HLDGS INC NE COM 84790a105 2,812 49,196 SH   SOLE   31,735 0 17,461
STORE CAP CORP COM 862121100 5,389 196,450 SH   SOLE   123,000 0 73,450
SYSTEMAX INC COM 871851101 1,404 58,651 SH   SOLE   33,935 0 24,716
VERIZON COMMUNICATIONS INC COM 92343v104 1,192 20,034 SH   SOLE   986 0 19,048
WPX ENERGY INC COM 98212b103 3,866 788,971 SH   SOLE   534,246 0 254,725
SPDR S&P 500 ETF TR TR UNIT 78462f103 145 370 SH Put SOLE   370 0 0