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
AGCO CORP COM 001084102 2,327 48,850 SH   SOLE   48,850 0 0
AIR LEASE CORP CL A 00912X302 1,259 33,377 SH   SOLE   33,377 0 0
ALLISON TRANSMISSION HLDGS I COM 01973R101 1,816 56,879 SH   SOLE   56,879 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 2,462 44,940 SH   SOLE   44,940 0 0
AUTONATION INC COM 05329W102 5,723 88,970 SH   SOLE   88,970 0 0
AVNET INC COM 053807103 1,363 30,643 SH   SOLE   30,643 0 0
BANK AMER CORP COM 060505104 6,484 421,361 SH   SOLE   421,361 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 1,005 6,964 SH   SOLE   6,964 0 0
BOULDER BRANDS INC COM 101405108 346 36,354 SH   SOLE   36,354 0 0
CHESAPEAKE ENERGY CORP COM 165167107 6,114 431,829 SH   SOLE   431,829 0 0
CINTAS CORP COM 172908105 998 12,230 SH   SOLE   12,230 0 0
COLFAX CORP COM 194014106 1,635 34,266 SH   SOLE   34,266 0 0
EMERSON ELEC CO COM 291011104 799 14,122 SH   SOLE   14,122 0 0
EOG RES INC COM 26875P101 1,020 11,132 SH   SOLE   11,132 0 0
EXCO RESOURCES INC COM 269279402 339 185,581 SH   SOLE   185,581 0 0
FREEPORT-MCMORAN INC CL B 35671D857 2,680 141,470 SH   SOLE   141,470 0 0
GENERAL ELECTRIC CO COM 369604103 5,520 222,491 SH   SOLE   222,491 0 0
HANSEN MEDICAL INC COM 411307101 204 234,621 SH   SOLE   234,621 0 0
HERBALIFE LTD COM G4412G101 668 15,638 SH   SOLE   15,638 0 0
HOLOGIC INC COM 436440101 1,055 31,949 SH   SOLE   31,949 0 0
HOMEFED CORP COM 43739D307 1,143 25,000 SH   SOLE   25,000 0 0
HORNBECK OFFSHORE SVCS INC N COM 440543106 562 29,928 SH   SOLE   29,928 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 10,359 64,542 SH   SOLE   64,542 0 0
INTREXON CORP COM 46122T102 290 6,394 SH   SOLE   6,394 0 0
JACOBS ENGR GROUP INC DEL COM 469814107 877 19,420 SH   SOLE   19,420 0 0
KALOBIOS PHARMACEUTICALS INC COM 48344T100 35 72,507 SH   SOLE   72,507 0 0
KERYX BIOPHARMACEUTICALS INC COM 492515101 551 43,341 SH   SOLE   43,341 0 0
KINDRED BIOSCIENCES INC COM 494577109 314 44,016 SH   SOLE   44,016 0 0
KYTHERA BIOPHARMACEUTICALS I COM 501570105 590 11,776 SH   SOLE   11,776 0 0
LANDS END INC NEW COM 51509F105 919 25,616 SH   SOLE   25,616 0 0
LEGG MASON INC COM 524901105 1,330 24,108 SH   SOLE   24,108 0 0
LENNAR CORP CL A 526057104 653 12,619 SH   SOLE   12,619 0 0
LEUCADIA NATL CORP COM 527288104 11,572 519,165 SH   SOLE   519,165 0 0
LIBERTY GLOBAL PLC SHS CL C G5480U120 1,604 32,209 SH   SOLE   32,209 0 0
LIBERTY MEDIA CORP DELAWARE CL A 531229102 864 22,414 SH   SOLE   22,414 0 0
LIBERTY MEDIA CORP DELAWARE COM SER C 531229300 5,054 132,312 SH   SOLE   132,312 0 0
LIVE NATION ENTERTAINMENT IN COM 538034109 4,604 182,492 SH   SOLE   182,492 0 0
MAGNUM HUNTER RES CORP DEL COM 55973B102 626 234,728 SH   SOLE   234,728 0 0
MANNKIND CORP COM 56400P201 606 116,581 SH   SOLE   116,581 0 0
MARVELL TECHNOLOGY GROUP LTD ORD G5876H105 934 63,577 SH   SOLE   63,577 0 0
MASCO CORP COM 574599106 757 28,374 SH   SOLE   28,374 0 0
MICROSOFT CORP COM 594918104 8,444 207,713 SH   SOLE   207,713 0 0
NCR CORP NEW COM 62886E108 1,294 43,850 SH   SOLE   43,850 0 0
NEW GOLD INC CDA COM 644535106 815 240,564 SH   SOLE   240,564 0 0
NMI HLDGS INC CL A 629209305 4,594 613,362 SH   SOLE   613,362 0 0
NOVAGOLD RES INC COM NEW 66987e206 4,967 1,678,115 SH   SOLE   1,678,115 0 0
OAKTREE CAP GROUP LLC UNIT CL A 674001201 1,498 29,000 SH   SOLE   29,000 0 0
OASIS PETE INC NEW COM 674215108 748 52,627 SH   SOLE   52,627 0 0
OPKO HEALTH INC COM 68375N103 716 50,547 SH   SOLE   50,547 0 0
PACIFIC MERCANTILE BANCORP COM 694552100 534 74,273 SH   SOLE   74,273 0 0
POST HLDGS INC COM 737446104 871 18,596 SH   SOLE   18,596 0 0
POTASH CORP SASK INC COM 73755l107 778 24,128 SH   SOLE   24,128 0 0
PROSPECT CAPITAL CORPORATION COM 74348T102 1,183 140,000 SH   SOLE   140,000 0 0
REMY INTL INC NEW COM 75971M108 1,224 55,128 SH   SOLE   55,128 0 0
SANDRIDGE ENERGY INC COM 80007P307 435 244,728 SH   SOLE   244,728 0 0
SEARS HLDGS CORP COM 812350106 12,894 311,606 SH   SOLE   311,606 0 0
SEARS HOMETOWN AND OUTLET STOR COM 812362101 300 38,913 SH   SOLE   38,913 0 0
SEVENTY SEVEN ENERGY INC COM 818097107 80 19,462 SH   SOLE   19,462 0 0
SONIC AUTOMOTIVE INC COM 83545G102 614 24,697 SH   SOLE   24,697 0 0
ST JOE CO COM 790148100 485 26,139 SH   SOLE   26,139 0 0
STARWOOD PPTY TR INC COM 85571B105 1,215 50,000 SH   SOLE   50,000 0 0
THERAVANCE BIOPHARMA INC COM G8807B106 340 19,617 SH   SOLE   19,617 0 0
THERAVANCE INC COM 88338T104 228 14,531 SH   SOLE   14,531 0 0
TRI POINTE HOMES INC COM 87265H109 1,041 67,492 SH   SOLE   67,492 0 0
U S G CORP COM NEW 903293405 1,508 56,480 SH   SOLE   56,480 0 0
VIASAT INC COM 92552V100 487 8,184 SH   SOLE   8,184 0 0
WAL-MART STORES INC COM 931142103 855 10,405 SH   SOLE   10,405 0 0
YAMANA GOLD INC COM 98462Y100 1,197 333,542 SH   SOLE   333,542 0 0
BOARDWALK PIPELINE PARTNERS UT LTD PARTNER 096627104 833 51,778 SH   SOLE   51,778 0 0
CALUMET SPECIALTY PRODS PTNR UT LTD PARTNER 131476103 1,130 47,000 SH   SOLE   47,000 0 0
ENERGY TRANSFER PRTNRS L P UNIT LTD PARTN 29273R109 669 12,000 SH   SOLE   12,000 0 0
NUSTAR ENERGY LP UNIT COM 67058H102 1,214 20,000 SH   SOLE   20,000 0 0
WESTERN GAS PARTNERS LP COM UNIT LP IN 958254104 1,119 17,000 SH   SOLE   17,000 0 0
LAMAR ADVERTISING CO NEW CL A 512816109 639 10,798 SH   SOLE   10,798 0 0
PENNYMAC MTG INVT TR COM 70931T103 425 20,000 SH   SOLE   20,000 0 0
WINTHROP RLTY TR SH BEN INT NEW 976391300 1,195 73,265 SH   SOLE   73,265 0 0
SEARS HLDGS CORP *W EXP 12/15/201 812350155 679 27,165 SH   SOLE   27,165 0 0
BROOKFIELD PPTY PARTNERS L P UNIT LTD PARTN G16249107 2,546 105,000 SH   SOLE   105,000 0 0
BP PRUDHOE BAY RTY TR UNIT BEN INT 055630107 849 14,600 SH   SOLE   14,600 0 0