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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
AMERICAN EXPRESS CO COM 025816109 5,358 63,600 SH   SOLE NONE 63,600 0 0
BED BATH & BEYOND INC COM 075896100 1,754 57,700 SH   SOLE NONE 57,700 0 0
CUMMINS INC COM 231021106 7,722 47,600 SH   SOLE NONE 47,600 0 0
DEERE & CO COM 244199105 13,638 110,350 SH   SOLE NONE 110,350 0 0
DIAMOND OFFSHORE DRILLING COM 25271C102 13,044 1,204,455 SH   SOLE NONE 1,204,455 0 0
LEUCADIA NATL CORP COM 527288104 13,090 500,387 SH   SOLE NONE 500,387 0 0
MARKEL CORP COM 570535104 7,661 7,850 SH   SOLE NONE 7,850 0 0
TENARIS S A SPONSORED ADR 88031M109 3,379 108,500 SH   SOLE NONE 108,500 0 0
TERNIUM SA SPON ADR 880890108 8,597 306,037 SH   SOLE NONE 306,037 0 0