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

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COLUMN 1COLUMN 2COLUMN 3COLUMN 4COLUMN 5COLUMN 6COLUMN 7COLUMN 8
VALUESHRS ORSH/PUT/INVESTMENTOTHERVOTING AUTHORITY
NAME OF ISSUERTITLE OF CLASSCUSIP(x$1000)PRN AMTPRNCALLDISCRETIONMANAGERSOLESHAREDNONE
Abbott LaboratoriesCOM0028241007,43062,000SH SOLE 62,00000
Adams Diversified Equity Fund,COM0062121043,448188,819SH SOLE 188,81900
Agnico Eagle Mines LimitedCOM0084741087,663132,554SH SOLE 132,55400
Akamai Technologies, IncCOM00971T1019,44192,653SH SOLE 92,65300
Alphabet Inc.COM02079K10754,81926,500SH SOLE 26,50000
Amazon.com, Inc.COM02313510644,86414,500SH SOLE 14,50000
ANGI Inc.COM00183L1021,327102,056SH SOLE 102,05600
Apple Inc.COM03783310043,730358,000SH SOLE 358,00000
Applied Materials, Inc.COM03822210518,925141,652SH SOLE 141,65200
Arch Capital Group Ltd.COMG0450A10532,876856,828SH SOLE 856,82800
ASML Holding N.V.COMN0705921053,00085,850SH SOLE 85,85000
Axis Capital Holdings LimitedCOMG0692U10912,393250,000SH SOLE 250,00000
Barrick Gold CorporationCOM0679011087,530380,300SH SOLE 380,30000
Berkshire Hathaway Inc. - ClasCOM08467010842,427110SH SOLE 11000
Berkshire Hathaway Inc. - ClasCOM0846707029,33736,549SH SOLE 36,54900
Biohaven Pharmaceutical HoldinCOMG111961053,07645,000SH SOLE 45,00000
Booking Holdings Inc.COM09857L1086,9903,000SH SOLE 3,00000
Cameco CorporationCOM13321L10811,116669,230SH SOLE 669,23000
CDK Global, Inc.COM12508E1019,924183,575SH SOLE 183,57500
Chevron CorporationCOM1667641008,15577,827SH SOLE 77,82700
Cisco Systems, Inc.COM17275R10227,148525,000SH SOLE 525,00000
Citrix Systems, Inc.COM17737610010,54175,101SH SOLE 75,10100
Cleveland-Cliffs Inc.COM18589910114,070699,669SH SOLE 699,66900
Costco Wholesale CorporationCOM22160K10522,91165,000SH SOLE 65,00000
Diageo plc ADRCOM25243Q2056,70140,810SH SOLE 40,81000
Eaton Corporation plcCOMG2918310320,207146,131SH SOLE 146,13100
Enbridge Inc.COM29250N1052,36665,000SH SOLE 65,00000
Energy Transfer LPCOM29273V1009,4191,226,434SH SOLE 1,226,43400
Everest Re Group, Ltd.COMG3223R10830,109121,500SH SOLE 121,50000
Expedia Group, Inc.COM30212P30312,83474,565SH SOLE 74,56500
Facebook, Inc. - Class ACOM30303M10214,87450,500SH SOLE 50,50000
Gilead Sciences, Inc.COM3755581036,521100,900SH SOLE 100,90000
Gulf Coast Ultra Deep Royalty COM40222T1041533,830,440SH SOLE 3,830,44000
Halliburton CompanyCOM4062161016,359296,300SH SOLE 296,30000
Helix Energy Solutions Group, COM42330P1071,768350,000SH SOLE 350,00000
Intra-Cellular Therapies, Inc.COM46116X10111,791347,497SH SOLE 347,49700
Invesco S&P Equal WeightCOM46137V3573,98228,111SH SOLE 28,11100
JPMorgan Chase & Co.COM46625H10012,17880,000SH SOLE 80,00000
Kindred Biosciences, Inc.COM4945771091,416285,000SH SOLE 285,00000
Liberty Broadband Corporation COM53030730523,879159,035SH SOLE 159,03500
Lumentum Holdings Inc.COM55024U1098,67895,000SH SOLE 95,00000
M&T Bank CorporationCOM55261F10416,677110,000SH SOLE 110,00000
Merck & Co., Inc.COM58933Y10518,902245,191SH SOLE 245,19100
MetLife, Inc.COM59156R10819,266316,927SH SOLE 316,92700
Microsoft CorporationCOM59491810457,764245,000SH SOLE 245,00000
Nelnet, Inc.COM64031N10817,706243,415SH SOLE 243,41500
Nuance Communications, Inc.COM67020Y10010,910250,000SH SOLE 250,00000
Otis Worldwide CorporationCOM68902V10712,943189,085SH SOLE 189,08500
Paratek Pharmaceuticals, Inc.COM6993743026,965986,595SH SOLE 986,59500
PepsiCo, Inc.COM71344810819,803140,000SH SOLE 140,00000
Pfizer Inc.COM71708110314,159390,808SH SOLE 390,80800
Raytheon Technologies CorporatCOM75513E10116,809217,541SH SOLE 217,54100
Regeneron Pharmaceuticals, IncCOM75886F1075,44211,501SH SOLE 11,50100
Republic Services, Inc.COM76075910055,924562,895SH SOLE 562,89500
Rogers CorporationCOM7751331014,68824,911SH SOLE 24,91100
Royce Value Trust, Inc.COM7809101053,574197,358SH SOLE 197,35800
T-Mobile US, Inc.COM87259010424,175192,950SH SOLE 192,95000
Target CorporationCOM87612E10625,937130,951SH SOLE 130,95100
TJX Companies, Inc./TheCOM87254010936,389550,092SH SOLE 550,09200
Tyler Technologies, Inc.COM9022521054,67011,000SH SOLE 11,00000
Universal Display CorporationCOM91347P10516,10268,009SH SOLE 68,00900
VBI Vaccines, Inc.COM91822J1035,6841,827,497SH SOLE 1,827,49700
Venator Materials PLCCOMG9329Z1003,584774,076SH SOLE 774,07600
Wal-Mart, Inc.COM93114210313,602100,140SH SOLE 100,14000
Walt Disney Company /TheCOM25468710616,88091,478SH SOLE 91,47800
World Wrestling Entertainment,COM98156Q1085,426100,000SH SOLE 100,00000
Gilead Sciences, Inc. June 65 CALL375558903257100,000SH SOLE 100,00000