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
ACE LTD SHS H0023R105 8,993 96,122 SH   SOLE   96,122 0 0
ADCARE HEALTH SYSTEMS INC COM NEW 00650W300 726 179,144 SH   SOLE   179,144 0 0
AES CORP COM 00130H105 2,572 193,522 SH   SOLE   193,522 0 0
AMBOW ED HLDG LTD ADR REPSTG CL A 02322P101 19 20,000 SH   SOLE   20,000 0 0
AMERCO COM 023586100 26,982 146,538 SH   SOLE   146,538 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 2,510 51,616 SH   SOLE   51,616 0 0
APOLLO GROUP INC CL A 037604105 4,280 205,655 SH   SOLE   205,655 0 0
ASSURED GUARANTY LTD COM G0585R106 1,015 54,118 SH   SOLE   54,118 0 0
ASURE SOFTWARE INC COM 04649U102 128 29,693 SH   SOLE   29,693 0 0
BANK OF AMERICA CORPORATION COM 060505104 5,648 409,251 SH   SOLE   409,251 0 0
BAZAARVOICE INC COM 073271108 594 65,450 SH   SOLE   65,450 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108 4,771 28 SH   SOLE   28 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 3,797 33,448 SH   SOLE   33,448 0 0
BLUEKNIGHT ENERGY PARTNERS L COM UNIT 09625U109 3,492 425,342 SH   SOLE   425,342 0 0
BLYTH INC COM NEW 09643P207 2,558 184,971 SH   SOLE   184,971 0 0
BRIDGEPOINT ED INC COM 10807M105 182 10,090 SH   SOLE   10,090 0 0
CAL MAINE FOODS INC COM NEW 128030202 848 17,642 SH   SOLE   17,642 0 0
CAREER EDUCATION CORP COM 141665109 40 14,700 SH   SOLE   14,700 0 0
CHICOS FAS INC COM 168615102 2,580 154,856 SH   SOLE   154,856 0 0
CHINA MOBILE LIMITED SPONSORED ADR 16941M109 2,862 50,709 SH   SOLE   50,709 0 0
CHINAEDU CORP SPONS ADR 16945L107 150 21,466 SH   SOLE   21,466 0 0
CHUBB CORP COM 171232101 7,868 88,152 SH   SOLE   88,152 0 0
CLEARONE INC COM 18506U104 932 114,913 SH   SOLE   114,913 0 0
COOPER COS INC COM NEW 216648402 1,503 11,593 SH   SOLE   11,593 0 0
COOPER TIRE & RUBR CO COM 216831107 2,945 95,609 SH   SOLE   95,609 0 0
DESTINATION XL GROUP INC COM 25065K104 105 16,200 SH   SOLE   16,200 0 0
DOLE FOOD CO INC NEW COM 256603101 387 28,430 SH   SOLE   28,430 0 0
E TRADE FINANCIAL CORP COM NEW 269246401 10,941 663,121 SH   SOLE   663,121 0 0
ENERGY XXI (BERMUDA) LTD USD UNRS SHS G10082140 2,757 91,249 SH   SOLE   91,249 0 0
ENVIROSTAR INC COM 29414M100 230 116,061 SH   SOLE   116,061 0 0
EVEREST RE GROUP LTD COM G3223R108 7,439 51,162 SH   SOLE   51,162 0 0
FIRST MARBLEHEAD CORP COM 320771108 68 83,480 SH   SOLE   83,480 0 0
GOOGLE INC CL A 38259P508 2,853 3,257 SH   SOLE   3,257 0 0
HERBALIFE LTD COM USD SHS G4412G101 3,565 51,092 SH   SOLE   51,092 0 0
INDUSTRIAS BACHOCO S A B DE SPON ADR B 456463108 908 23,000 SH   SOLE   23,000 0 0
INFUSYSTEM HLDGS INC COM 45685K102 108 84,180 SH   SOLE   84,180 0 0
ING U S INC COM 45685E106 6,368 218,001 SH   SOLE   218,001 0 0
INTERACTIVE BROKERS GROUP IN COM 45841N107 2,621 139,656 SH   SOLE   139,656 0 0
ISHARES MSCI TURKEY ETF 464286715 2,059 37,324 SH   SOLE   37,324 0 0
JONES LANG LASALLE INC COM 48020Q107 12,297 140,854 SH   SOLE   140,854 0 0
JPMORGAN CHASE & CO COM 46625H100 1,240 23,987 SH   SOLE   23,987 0 0
LINDSAY CORP COM 535555106 12,911 158,182 SH   SOLE   158,182 0 0
MENS WEARHOUSE INC COM 587118100 553 16,243 SH   SOLE   16,243 0 0
METLIFE INC COM 59156R108 4,366 92,985 SH   SOLE   92,985 0 0
MICRON TECHNOLOGY INC COM 595112103 469 26,827 SH   SOLE   26,827 0 0
MINDSPEED TECHNOLOGIES INC COM NEW 602682205 2,091 687,874 SH   SOLE   687,874 0 0
MORGANS HOTEL GROUP CO COM 61748W108 10,308 1,344,082 SH   SOLE   1,344,082 0 0
NAM TAI ELECTRS INC COM PAR $0.02 629865205 205 26,443 SH   SOLE   26,443 0 0
NTS INC NEV COM 62943B105 276 175,898 SH   SOLE   175,898 0 0
OCI RES LP COM UNIT LTD 67081B106 1,376 75,000 SH   SOLE   75,000 0 0
OIL STS INTL INC COM 678026105 1,454 14,056 SH   SOLE   14,056 0 0
PENN NATL GAMING INC COM 707569109 603 10,899 SH   SOLE   10,899 0 0
PREMIER EXIBITIONS INC COM 74051E102 211 137,886 SH   SOLE   137,886 0 0
REINSURANCE GROUP AMER INC COM NEW 759351604 7,391 110,335 SH   SOLE   110,335 0 0
RIO ALTO MNG LTD NEW COM 76689T104 1,585 796,313 SH   SOLE   796,313 0 0
RUBY TUESDAY INC COM 781182100 772 102,940 SH   SOLE   102,940 0 0
SALLY BEAUTY HLDGS INC COM 79546E104 1,495 57,133 SH   SOLE   57,133 0 0
SKILLED HEALTHCARE GROUP INC CL A 83066R107 405 92,909 SH   SOLE   92,909 0 0
SMARTPROS LTD COM 83171G103 368 171,960 SH   SOLE   171,960 0 0
STEINER LEISURE LTD ORD P8744Y102 374 6,400 SH   SOLE   6,400 0 0
STEWART INFORMATION SVCS COR COM 860372101 1,778 55,582 SH   SOLE   55,582 0 0
STRAYER ED INC COM 863236105 1,880 45,289 SH   SOLE   45,289 0 0
SYNACOR INC COM 871561106 147 57,147 SH   SOLE   57,147 0 0
TEKMIRA PHARMACEUTICALS CORP COM NEW 87911B209 626 90,057 SH   SOLE   90,057 0 0
TMS INTL CORP CL A 87261Q103 1,028 58,947 SH   SOLE   58,947 0 0
TRAVELCENTERS OF AMERICA LLC COM 894174101 2,125 270,729 SH   SOLE   270,729 0 0
UNION PAC CORP COM 907818108 7,756 49,931 SH   SOLE   49,931 0 0
WAL-MART STORES INC COM 931142103 10,467 141,523 SH   SOLE   141,523 0 0
WILLIAMS SONOMA INC COM 969904101 315 5,600 SH   SOLE   5,600 0 0