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 12,518 21,000 SH   SOLE   21,000 0 0
ALPHABET INC Class A 02079K107 10,534 10,000 SH   SOLE   10,000 0 0
AMAZON COM INC Common 023135106 15,203 13,000 SH   SOLE   13,000 0 0
AMERICAN EXPRESS CO Common 025816109 14,897 150,000 SH   SOLE   150,000 0 0
ANALOG DEVICES INC Common 032654105 40,064 450,000 SH   SOLE   450,000 0 0
BANK NEW YORK MELLON CORP Common 064058100 21,544 400,000 SH   SOLE   400,000 0 0
BERKSHIRE HATHAWAY INC DEL Class A 084670108 2,976 10 SH   SOLE   10 0 0
BRADY CORP Class A 104674106 15,160 400,000 SH   SOLE   400,000 0 0
CABLE ONE INC Common 12685J105 11,957 17,000 SH   SOLE   17,000 0 0
CAPITAL ONE FINL CORP Common 14040H105 28,878 290,000 SH   SOLE   290,000 0 0
CITIGROUP INC Common 172967226 20,835 280,000 SH   SOLE   280,000 0 0
COHERENT INC Common 192479103 96,068 340,400 SH   SOLE   340,400 0 0
ENCORE CAP GROUP INC Common 292554102 4,210 100,000 SH   SOLE   100,000 0 0
FREEPORT-MCMORAN INC Common 35671D857 2,844 150,000 SH   SOLE   150,000 0 0
GENERAL ELECTRIC CO Common 369604103 5,357 307,000 SH   SOLE   307,000 0 0
HERITAGE CRYSTAL CLEAN INC Common 42726M106 15,225 700,000 SH   SOLE   700,000 0 0
HESS CORP Common 42809H107 26,583 560,000 SH   SOLE   560,000 0 0
INTEL CORP Common 458140100 38,774 840,000 SH   SOLE   840,000 0 0
JOHNSON & JOHNSON Common 478160104 11,876 85,000 SH   SOLE   85,000 0 0
JPMORGAN CHASE & CO Common 46625H100 19,249 180,000 SH   SOLE   180,000 0 0
KENNEDY-WILSON HLDGS INC Common 489398107 1,909 110,000 SH   SOLE   110,000 0 0
KEYSIGHT TECHNOLOGIES INC Common 49338L103 12,272 295,000 SH   SOLE   295,000 0 0
KINSALE CAP GROUP INC Common 49714P108 4,500 100,000 SH   SOLE   100,000 0 0
LIBERTY GLOBAL PLC Class C G5480U120 7,106 210,000 SH   SOLE   210,000 0 0
LIBERTY LATIN AMERICA LTD LiLAC Class C G9001E128 3,978 200,000 SH   SOLE   200,000 0 0
MEDTRONIC PLC Common G5960L103 20,188 250,000 SH   SOLE   250,000 0 0
MERCK & CO INC Common 58933Y105 11,254 200,000 SH   SOLE   200,000 0 0
MICROSOFT CORP Common 594918104 8,554 100,000 SH   SOLE   100,000 0 0
MOTOROLA SOLUTIONS INC Common 620076307 27,102 300,000 SH   SOLE   300,000 0 0
MURPHY OIL CORP Common 626717102 1,894 61,000 SH   SOLE   61,000 0 0
PROGRESSIVE CORP OHIO Common 743315103 9,011 160,000 SH   SOLE   160,000 0 0
RAYONIER INC Common 754907103 22,141 700,000 SH   SOLE   700,000 0 0
RIBBON COMMUNICATIONS INC Common 762544104 9,396 1,215,500 SH   SOLE   1,215,500 0 0
ROPER TECHNOLOGIES INC Common 776696106 18,130 70,000 SH   SOLE   70,000 0 0
SCHWAB CHARLES CORP NEW Common 808513105 10,788 210,000 SH   SOLE   210,000 0 0
TIFFANY & CO NEW Common 886547108 10,395 100,000 SH   SOLE   100,000 0 0
TRI POINTE GROUP INC Common 87265H109 12,544 700,000 SH   SOLE   700,000 0 0
WELLS FARGO CO NEW Common 949746101 13,347 220,000 SH   SOLE   220,000 0 0
WYNN RESORTS LTD Common 983134107 5,058 30,000 SH   SOLE   30,000 0 0