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
ALERE INCCOM01449J10518,608365,000SH DFND01,02365,00000
AMPCO-PITTSBURGH CORPCOM0320371032,349135,000SH DFND01,02135,00000
ARCH COAL INCCL A0393804072183,045SH DFND01,023,04500
ARGAN INCCOM04010E1094,09961,000SH DFND01,0261,00000
BERKSHIRE HATHAWAY INCCL A0846701081,9247SH DFND01,02700
BERKSHIRE HATHAWAY INCCL B NEW0846707022,56414,000SH DFND01,0214,00000
BLACKBERRY LTDCOM09228F103521,70146,724,700SH DFND01,0246,724,70000
CARBO CERAMICS INCCOM1407811052,589300,000SH DFND01,02300,00000
CHICAGO BRIDGE & IRON CO NVCOM16725010914,280850,000SH DFND01,02850,00000
COLFAX CORPCOM19401410641610,000SH DFND01,0210,00000
CRAY INCCOM NEW2252233044,862250,000SH DFND01,02250,00000
CSX CORPCOM12640810381415,000SH DFND01,0215,00000
DESTINATION MATERNITY CORPCOM25065D10011770,000SH DFND01,0270,00000
EXCO RESOURCES INCCOM NEW2692795014,6813,493,258SH DFND01,023,493,25800
FREIGHTCAR AMER INCCOM3570231002,152110,000SH DFND01,02110,00000
GENERAL DYNAMICS CORPCOM3695501083081,500SH DFND01,021,50000
HELMERICH & PAYNE INCCOM42345210118,234349,974SH DFND01,02349,97400
INTL BUSINESS MACHS CORPCOM45920010140,796281,200SH DFND01,02281,20000
INTREPID POTASH INCCOM46121Y10272,50016,666,667SH DFND01,0216,666,66700
JACOBS ENGR GROUP INC DELCOM4698141072,03935,000SH DFND01,0235,00000
JOHNSON & JOHNSONCOM47816010419,661151,250SH DFND01,02151,25000
K12 INCCOM48273U10259133,133SH DFND01,0233,13300
KENNEDY-WILSON HLDGS INCCOM489398107227,95612,321,921SH DFND01,0212,321,92100
KITE PHARMA INCCOM49803L1091,0976,100SH DFND01,026,10000
KULICKE & SOFFA INDS INCCOM5012421012,07196,000SH DFND01,0296,00000
LEUCADIA NATL CORPCOM5272881042,524100,000SH DFND01,02100,00000
MONSANTO CO NEWCOM61166W1017436,200SH DFND01,026,20000
MYR GROUP INC DELCOM55405W1042,33080,000SH DFND01,0280,00000
NATIONAL OILWELL VARCO INCCOM6370711012296,400SH DFND01,026,40000
NETEASE INCSPONSORED ADR64110W1021,0554,000SH DFND01,024,00000
NEW ORIENTAL ED & TECH GRP INCSPON ADR6475811074425,000SH DFND01,025,00000
NORTHWEST PIPE COCOM6677461013,424180,000SH DFND01,02180,00000
PENGROWTH ENERGY CORPCOM70706P1043,2243,200,000SH DFND01,023,200,00000
PFIZER INCCOM7170811037,493210,000SH DFND01,02210,00000
POSCOSPONSORED ADR69348310913,318191,879SH DFND01,02191,87900
RAYONIER ADVANCED MATLS INCCOM75508B10447935,000SH DFND01,0235,00000
RESOLUTE FST PRODS INCCOM76117W109152,74130,548,190SH DFND01,0230,548,19000
RPX CORPCOM74972G1033,981300,000SH DFND01,02300,00000
SHERWIN WILLIAMS COCOM824348106244683SH DFND01,0268300
STERICYCLE INCCOM8589121082012,800SH DFND01,022,80000
STRATASYS LTDSHSM855481011,87281,000SH DFND01,0281,00000
TAIWAN SEMICONDUCTOR MFG LTDSPONSORED ADR8740391001,08929,000SH DFND01,0229,00000
TERRAFORM GLOBAL INCCL A88104M1011,410300,000SH DFND01,02300,00000
THERMO FISHER SCIENTIFIC INCCOM8835561022541,344SH DFND01,021,34400
TURQUOISE HILL RES LTDCOM9004351083,5661,150,400SH DFND01,021,150,40000
U S G CORPCOM NEW90329340549,9721,530,522SH DFND01,021,530,52200
US BANCORP DELCOM NEW9029733041,24323,200SH DFND01,0223,20000
WELLS FARGO CO NEWCOM9497461013,07655,800SH DFND01,0255,80000