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
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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
Acacia Research COM 3881307 525 31,000 SH   SOLE   31,000 0 0
American Express Co COM 25816109 233 2,500 SH   SOLE   2,500 0 0
American International Group COM 26874784 409 7,300 SH   SOLE   7,300 0 0
American Vanguard Corp. COM 30371108 349 30,000 SH   SOLE   30,000 0 0
Apple Computer Inc COM 37833100 1,243 11,260 SH   SOLE   11,260 0 0
Bankunited Inc COM 06652K103 962 33,200 SH   SOLE   33,200 0 0
Berkshire Hathaway Inc. Del CL A 84670108 11,300 50 SH   SOLE   50 0 0
Berkshire Hathaway Inc. Del CL B 84670702 9,204 61,300 SH   SOLE   61,300 0 0
BP PLC-SPONS ADR ADRS 55622104 1,239 32,500 SH   SOLE   32,500 0 0
Cadiz Inc. COM 127537207 5,662 505,491 SH   SOLE   505,491 0 0
Chicago Bridge & Iron COM 167250109 1,175 28,000 SH   SOLE   28,000 0 0
Citigoup Inc. COM 172967424 639 11,800 SH   SOLE   11,800 0 0
CME Group Inc. COM 12572Q105 1,578 17,800 SH   SOLE   17,800 0 0
Cons Tomoka Land Co-Florida COM 210226106 2,385 42,746 SH   SOLE   42,746 0 0
Crexendo Inc COM 226552107 44 24,000 SH   SOLE   24,000 0 0
CVR Energy Inc COM 12662P108 205 5,300 SH   SOLE   5,300 0 0
Diamond Offshore Drilling COM 25271C102 951 25,900 SH   SOLE   25,900 0 0
Dow Chem Co. COM 260543103 889 19,500 SH   SOLE   19,500 0 0
Enerplus Resources Fund UNIT 292766102 557 58,000 SH   SOLE   58,000 0 0
Fibrogen Inc COM 31572Q808 601 22,000 SH   SOLE   22,000 0 0
Frontier Communications Corp COM 35906A108 143 21,497 SH   SOLE   21,497 0 0
Fuel Tech Inc. COM 359523107 159 41,500 SH   SOLE   41,500 0 0
General Electric Co COM 369604103 935 37,000 SH   SOLE   37,000 0 0
General Motors Co COM 37045V100 216 6,200 SH   SOLE   6,200 0 0
Goldman Sachs Group Inc COM 38141G104 989 5,100 SH   SOLE   5,100 0 0
Google Inc CL A 38259P508 647 1,220 SH   SOLE   1,220 0 0
Google Inc CL C 38259P706 747 1,420 SH   SOLE   1,420 0 0
Innodata Isogen Inc COM 457642205 219 75,000 SH   SOLE   75,000 0 0
IPATH S&P 500 VIX ETF 06742E711 284 9,000 SH   SOLE   9,000 0 0
JPMorgan Chase & Co. COM 46625H100 407 6,500 SH   SOLE   6,500 0 0
Kennedy-Wilson Hldgs COM 489398107 93,833 3,708,800 SH   SOLE   3,708,800 0 0
KKR & Co LP LTDP 48248M102 2,244 96,700 SH   SOLE   96,700 0 0
Leucadia National Corp COM 527288104 733 32,700 SH   SOLE   32,700 0 0
Nucor Corp. COM 670346105 701 14,300 SH   SOLE   14,300 0 0
Orbit International Corp. COM 685559304 4,239 1,345,800 SH   SOLE   1,345,800 0 0
Penn West Petroleum Trust UNIT 707887105 472 227,000 SH   SOLE   227,000 0 0
Perma-Fix Environmental Svcs COM 714157203 341 78,500 SH   SOLE   78,500 0 0
Polymet Mining Corp. COM 731916102 391 372,000 SH   SOLE   372,000 0 0
Proshares Short 20+ Treasury ETF 74347X849 241 9,600 SH   SOLE   9,600 0 0
Proshares Short Dow 30 ETF 74347R701 799 34,300 SH   SOLE   34,300 0 0
Proshares Short S&P 500 ETF 74347R503 1,196 54,900 SH   SOLE   54,900 0 0
Proshares Ultrashort S&P 500 ETF 74347B300 236 10,700 SH   SOLE   10,700 0 0
Reading International Inc CL A 755408101 252 18,969 SH   SOLE   18,969 0 0
Sandridge Energy Inc COM 80007P307 282 155,000 SH   SOLE   155,000 0 0
SPDR Gold Trust ETF 78463V107 204 1,800 SH   SOLE   1,800 0 0
Taylor Devices Inc COM 877163105 419 40,863 SH   SOLE   40,863 0 0
Ultra Petroleum Corp COM 903914109 1,400 106,400 SH   SOLE   106,400 0 0
Vivus Inc. COM 928551100 58 20,000 SH   SOLE   20,000 0 0
Westport Innovations Inc COM 960908309 90 24,000 SH   SOLE   24,000 0 0
White Mtns Ins Group Ltd COM G9618E107 19,218 30,500 SH   SOLE   30,500 0 0