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 Common 017175100 12,908 21,000 SH   SOLE   21,000 0 0
ALPHABET INC Class A 02079K305 8,478 10,000 SH   SOLE   10,000 0 0
AMAZON COM INC Common 023135106 11,525 13,000 SH   SOLE   13,000 0 0
AMERICAN EXPRESS CO Common 025816109 11,867 150,000 SH   SOLE   150,000 0 0
ANALOG DEVICES INC Common 032654105 36,878 450,000 SH   SOLE   450,000 0 0
BANK NEW YORK MELLON CORP Common 064058100 18,892 400,000 SH   SOLE   400,000 0 0
BERKSHIRE HATHAWAY INC DEL Class A 084670108 2,499 10 SH   SOLE   10 0 0
BRADY CORP Class A 104674106 15,653 405,000 SH   SOLE   405,000 0 0
CABLE ONE INC Common 12685J105 11,240 18,000 SH   SOLE   18,000 0 0
CAPITAL ONE FINL CORP Common 14040H105 25,131 290,000 SH   SOLE   290,000 0 0
CITIGROUP INC Common 172967424 17,946 300,000 SH   SOLE   300,000 0 0
COHERENT INC Common 192479103 76,087 370,000 SH   SOLE   370,000 0 0
ENCORE CAP GROUP INC Common 292554102 6,160 200,000 SH   SOLE   200,000 0 0
FREEPORT-MCMORAN INC Common 35671D857 2,004 150,000 SH   SOLE   150,000 0 0
GENERAL ELECTRIC CO Common 369604103 9,149 307,000 SH   SOLE   307,000 0 0
HERITAGE CRYSTAL CLEAN INC Common 42726M106 9,590 700,000 SH   SOLE   700,000 0 0
INTEL CORP Common 458140100 31,742 880,000 SH   SOLE   880,000 0 0
JOHNSON & JOHNSON Common 478160104 10,587 85,000 SH   SOLE   85,000 0 0
JPMORGAN CHASE & CO Common 46625H100 17,568 200,000 SH   SOLE   200,000 0 0
KENNEDY-WILSON HLDGS INC Common 489398107 2,271 102,300 SH   SOLE   102,300 0 0
KEYSIGHT TECHNOLOGIES INC Common 49338L103 11,203 310,000 SH   SOLE   310,000 0 0
LIBERTY GLOBAL PLC Class C G5480U120 7,358 210,000 SH   SOLE   210,000 0 0
LIBERTY GLOBAL PLC LiLAC Class C G5480U153 4,608 200,000 SH   SOLE   200,000 0 0
MEDTRONIC PLC Common G5960L103 20,140 250,000 SH   SOLE   250,000 0 0
MERCK & CO INC Common 58933Y105 12,708 200,000 SH   SOLE   200,000 0 0
MICROSOFT CORP Common 594918104 6,586 100,000 SH   SOLE   100,000 0 0
MOTOROLA SOLUTIONS INC Common 620076307 25,866 300,000 SH   SOLE   300,000 0 0
MURPHY OIL CORP Common 626717102 6,576 230,000 SH   SOLE   230,000 0 0
OCCIDENTAL PETE CORP DEL Common 674599105 7,920 125,000 SH   SOLE   125,000 0 0
PROGRESSIVE CORP OHIO Common 743315103 6,269 160,000 SH   SOLE   160,000 0 0
RAYONIER INC Common 754907103 19,838 700,000 SH   SOLE   700,000 0 0
ROPER TECHNOLOGIES INC Common 776696106 14,454 70,000 SH   SOLE   70,000 0 0
SCHWAB CHARLES CORP NEW Common 808513105 8,570 210,000 SH   SOLE   210,000 0 0
SONUS NETWORKS INC Common 835916503 4,943 750,000 SH   SOLE   750,000 0 0
TIFFANY & CO NEW Common 886547108 9,530 100,000 SH   SOLE   100,000 0 0
TRI POINTE GROUP INC Common 87265H109 8,778 700,000 SH   SOLE   700,000 0 0
WELLS FARGO & CO NEW Common 949746101 12,245 220,000 SH   SOLE   220,000 0 0
WILEY JOHN & SONS INC Class A 968223206 10,760 200,000 SH   SOLE   200,000 0 0
WYNN RESORTS LTD Common 983134107 3,438 30,000 SH   SOLE   30,000 0 0