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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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
Acacia Research COM 3881307 360 84,000 SH   SOLE   84,000 0 0
Alphabet Inc - CL A COM 2079K305 871 1,120 SH   SOLE   1,120 0 0
Alphabet Inc - CL C COM 2079K107 1,093 1,440 SH   SOLE   1,440 0 0
American International Group COM 26874784 452 7,300 SH   SOLE   7,300 0 0
Apple Computer Inc COM 37833100 1,263 12,000 SH   SOLE   12,000 0 0
Berkshire Hathaway Inc. Del CL A 84670108 9,890 50 SH   SOLE   50 0 0
Berkshire Hathaway Inc. Del CL B 84670702 8,319 63,000 SH   SOLE   63,000 0 0
BP PLC-SPONS ADR ADRS 55622104 1,094 35,000 SH   SOLE   35,000 0 0
Cadiz Inc. COM 127537207 3,934 748,000 SH   SOLE   748,000 0 0
Cardiovasular Systems COM 141619106 242 16,000 SH   SOLE   16,000 0 0
The Carlyle Group LTDP 14309L102 203 13,000 SH   SOLE   13,000 0 0
Chicago Bridge & Iron COM 167250109 1,899 48,700 SH   SOLE   48,700 0 0
Citigoup Inc. COM 172967424 611 11,800 SH   SOLE   11,800 0 0
CME Group Inc. COM 12572Q105 888 9,800 SH   SOLE   9,800 0 0
Cons Tomoka Land Co-Florida COM 210226106 2,309 43,800 SH   SOLE   43,800 0 0
Cons Tomoka Land Co-Florida CONV 210226106 500 500,000 PRN   SOLE   500,000 0 0
CVR Energy Inc COM 12662P108 449 11,400 SH   SOLE   11,400 0 0
Diamond Offshore Drilling COM 25271C102 601 28,500 SH   SOLE   28,500 0 0
Dow Chem Co. COM 260543103 1,354 26,300 SH   SOLE   26,300 0 0
Enerplus Resources Fund UNIT 292766102 200 58,600 SH   SOLE   58,600 0 0
Equitable Financial Corp COM 29448T105 2,452 278,300 SH   SOLE   278,300 0 0
Fibrogen Inc. COM 31572Q808 555 18,200 SH   SOLE   18,200 0 0
Fuel Tech Inc. COM 359523107 85 45,000 SH   SOLE   45,000 0 0
General Electric Co COM 369604103 1,153 37,000 SH   SOLE   37,000 0 0
General Motors Co. COM 37045V100 265 7,800 SH   SOLE   7,800 0 0
Goldman Sachs Group Inc COM 38141G104 1,622 9,000 SH   SOLE   9,000 0 0
Innodata Isogen Inc COM 457642205 226 79,200 SH   SOLE   79,200 0 0
IPATH S&P 500 VIX ETF 06742E711 754 37,500 SH   SOLE   37,500 0 0
JPMorgan Chase & Co. COM 46625H100 429 6,500 SH   SOLE   6,500 0 0
Kennedy-Wilson Hldgs COM 489398107 93,286 3,874,000 SH   SOLE   3,874,000 0 0
Kinder Morgan, Inc. COM 49456B101 437 29,300 SH   SOLE   29,300 0 0
KKR & Co LP LTDP 48248M102 1,738 111,500 SH   SOLE   111,500 0 0
Leucadia National Corp COM 527288104 654 37,600 SH   SOLE   37,600 0 0
Nucor Corp. COM 670346105 951 23,600 SH   SOLE   23,600 0 0
Penn West Petroleum Trust UNIT 707887105 198 237,000 SH   SOLE   237,000 0 0
Perma-Fix Environmental Svcs COM 714157203 126 34,000 SH   SOLE   34,000 0 0
Polymet Mining Corp. COM 731916102 312 395,000 SH   SOLE   395,000 0 0
Proshares Short 20+ Treasury ETF 74347X849 267 10,800 SH   SOLE   10,800 0 0
Proshares Short Dow 30 ETF 74347R701 775 34,300 SH   SOLE   34,300 0 0
Proshares Short S&P 500 ETF 74347R503 1,352 64,800 SH   SOLE   64,800 0 0
Proshares Ultrashort S&P500 ETF 74347B300 213 10,700 SH   SOLE   10,700 0 0
Reading International Inc CL A 755408101 147 11,200 SH   SOLE   11,200 0 0
Sandridge Energy Inc COM 80007P307 10 50,000 SH   SOLE   50,000 0 0
Taylor Devices Inc COM 877163105 396 24,000 SH   SOLE   24,000 0 0
Trovagene Inc. COM 897238309 251 46,513 SH   SOLE   46,513 0 0
Ultra Petroleum Corp COM 903914109 319 127,500 SH   SOLE   127,500 0 0
Universal Stainless & Alloy COM 913837100 246 26,500 SH   SOLE   26,500 0 0
Vivus Inc. COM 928551100 20 20,000 SH   SOLE   20,000 0 0
Westport Innovations Inc COM 960908309 44 21,800 SH   SOLE   21,800 0 0
White Mtns Ins Group Ltd COM G9618E107 21,586 29,700 SH   SOLE   29,700 0 0