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 318 84,000 SH   SOLE   84,000 0 0
Alphabet Inc - CL A COM 2079K305 854 1,120 SH   SOLE   1,120 0 0
Alphabet Inc - CL C COM 2079K107 1,054 1,415 SH   SOLE   1,415 0 0
American International Group COM 26874784 395 7,300 SH   SOLE   7,300 0 0
Apple Computer Inc COM 37833100 1,286 11,800 SH   SOLE   11,800 0 0
Berkshire Hathaway Inc. CL A 84670108 10,673 50 SH   SOLE   50 0 0
Berkshire Hathaway Inc. CL B 84670702 8,513 60,000 SH   SOLE   60,000 0 0
BP PLC-SPONS ADR ADRS 55622104 1,065 35,300 SH   SOLE   35,300 0 0
Cadiz Inc. COM 127537207 3,918 750,500 SH   SOLE   750,500 0 0
Cardiovasular Systems COM 141619106 187 18,000 SH   SOLE   18,000 0 0
The Carlyle Group LTDP 14309L102 245 14,500 SH   SOLE   14,500 0 0
Chicago Bridge & Iron COM 167250109 1,980 54,100 SH   SOLE   54,100 0 0
Citigoup Inc. COM 172967424 543 13,000 SH   SOLE   13,000 0 0
Cons Tomoka Land Co-Florida COM 210226106 2,166 46,950 SH   SOLE   46,950 0 0
Cons Tomoka Land Co-Florida CONV 210226106 500 500,000 PRN   SOLE   500,000 0 0
CVR Energy Inc COM 12662P108 355 13,600 SH   SOLE   13,600 0 0
Diamond Offshore Drilling COM 25271C102 619 28,500 SH   SOLE   28,500 0 0
Dow Chem Co. COM 260543103 1,419 27,900 SH   SOLE   27,900 0 0
Enerplus Resources Fund UNIT 292766102 230 58,600 SH   SOLE   58,600 0 0
Equitable Financial Corp COM 29448T105 2,332 282,615 SH   SOLE   282,615 0 0
Fibrogen Inc. COM 31572Q808 385 18,100 SH   SOLE   18,100 0 0
Fuel Tech Inc. COM 359523107 79 45,000 SH   SOLE   45,000 0 0
General Electric Co COM 369604103 1,113 35,000 SH   SOLE   35,000 0 0
General Motors Co. COM 37045V100 343 10,900 SH   SOLE   10,900 0 0
Goldman Sachs Group Inc COM 38141G104 1,962 12,500 SH   SOLE   12,500 0 0
Innodata Isogen Inc COM 457642205 179 79,200 SH   SOLE   79,200 0 0
IPATH S&P 500 VIX ETF 06742E711 687 39,000 SH   SOLE   39,000 0 0
JPMorgan Chase & Co. COM 46625H100 385 6,500 SH   SOLE   6,500 0 0
Kennedy-Wilson Hldgs COM 489398107 88,246 4,029,500 SH   SOLE   4,029,500 0 0
Kinder Morgan, Inc. COM 49456B101 523 29,300 SH   SOLE   29,300 0 0
KKR & Co LP LTDP 48248M102 1,719 117,000 SH   SOLE   117,000 0 0
Leucadia National Corp COM 527288104 608 37,600 SH   SOLE   37,600 0 0
Nucor Corp. COM 670346105 814 17,200 SH   SOLE   17,200 0 0
Penn West Petroleum Trust UNIT 707887105 220 237,000 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 286 340,000 SH   SOLE   340,000 0 0
Proshares Short 20+ Treasury ETF 74347X849 220 9,700 SH   SOLE   9,700 0 0
Proshares Short Dow 30 ETF 74347R701 752 34,300 SH   SOLE   34,300 0 0
Proshares Short S&P 500 ETF 74347R503 1,412 69,200 SH   SOLE   69,200 0 0
Proshares Ultrashort S&P500 ETF 74347B300 203 10,700 SH   SOLE   10,700 0 0
Reading International Inc CL A 755408101 143 11,900 SH   SOLE   11,900 0 0
Sandridge Energy Inc COM 80007P307 3 50,000 SH   SOLE   50,000 0 0
Taylor Devices Inc COM 877163105 359 24,000 SH   SOLE   24,000 0 0
Trovagene Inc. COM 897238309 284 61,000 SH   SOLE   61,000 0 0
Ultra Petroleum Corp COM 903914109 59 117,500 SH   SOLE   117,500 0 0
Universal Stainless & Alloy COM 913837100 270 26,500 SH   SOLE   26,500 0 0
Vivus Inc. COM 928551100 28 20,000 SH   SOLE   20,000 0 0
Westport Innovations Inc COM 960908309 50 19,000 SH   SOLE   19,000 0 0
White Mtns Ins Group Ltd COM G9618E107 23,155 28,850 SH   SOLE   28,850 0 0