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 370 84,000 SH   SOLE   84,000 0 0
Alphabet Inc - CL A COM 2079K305 788 1,120 SH   SOLE   1,120 0 0
Alphabet Inc - CL C COM 2079K107 1,049 1,515 SH   SOLE   1,515 0 0
American International Group COM 26874784 376 7,100 SH   SOLE   7,100 0 0
Apple Computer Inc COM 37833100 1,128 11,800 SH   SOLE   11,800 0 0
Berkshire Hathaway Inc. CL A 84670108 10,849 50 SH   SOLE   50 0 0
Berkshire Hathaway Inc. CL B 84670702 8,572 59,200 SH   SOLE   59,200 0 0
BP PLC-SPONS ADR ADRS 55622104 1,254 35,300 SH   SOLE   35,300 0 0
Cadiz Inc. COM 127537207 4,234 721,300 SH   SOLE   721,300 0 0
Cadiz Inc. CONV 127537207 401 401,000 PRN   SOLE   401,000 0 0
Cardiovasular Systems COM 141619106 239 13,000 SH   SOLE   13,000 0 0
The Carlyle Group LTDP 14309L102 235 14,500 SH   SOLE   14,500 0 0
Chicago Bridge & Iron COM 167250109 2,057 59,400 SH   SOLE   59,400 0 0
Citigoup Inc. COM 172967424 551 13,000 SH   SOLE   13,000 0 0
Cons Tomoka Land Co-Florida COM 210226106 2,229 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 248 16,000 SH   SOLE   16,000 0 0
Diamond Offshore Drilling COM 25271C102 693 28,500 SH   SOLE   28,500 0 0
Dow Chem Co. COM 260543103 1,347 27,100 SH   SOLE   27,100 0 0
Enerplus Resources Fund UNIT 292766102 385 58,600 SH   SOLE   58,600 0 0
Equitable Financial Corp COM 29448T105 2,356 283,473 SH   SOLE   283,473 0 0
Fibrogen Inc. COM 31572Q808 328 20,000 SH   SOLE   20,000 0 0
Fuel Tech Inc. COM 359523107 67 45,000 SH   SOLE   45,000 0 0
General Electric Co COM 369604103 834 26,500 SH   SOLE   26,500 0 0
General Motors Co. COM 37045V100 308 10,900 SH   SOLE   10,900 0 0
Goldman Sachs Group Inc COM 38141G104 1,917 12,900 SH   SOLE   12,900 0 0
Innodata Isogen Inc COM 457642205 194 79,200 SH   SOLE   79,200 0 0
IPATH S&P 500 VIX ETF 06742E711 644 46,600 SH   SOLE   46,600 0 0
JPMorgan Chase & Co. COM 46625H100 404 6,500 SH   SOLE   6,500 0 0
Kennedy-Wilson Hldgs COM 489398107 76,769 4,049,000 SH   SOLE   4,049,000 0 0
Kinder Morgan, Inc. COM 49456B101 549 29,300 SH   SOLE   29,300 0 0
KKR & Co LP LTDP 48248M102 1,456 118,000 SH   SOLE   118,000 0 0
Leucadia National Corp COM 527288104 652 37,600 SH   SOLE   37,600 0 0
Nucor Corp. COM 670346105 642 13,000 SH   SOLE   13,000 0 0
Penn West Petroleum Trust UNIT 707887105 329 237,000 SH   SOLE   237,000 0 0
Polymet Mining Corp. COM 731916102 280 363,738 SH   SOLE   363,738 0 0
Proshares Short 20+ Treasury ETF 74347X849 204 9,700 SH   SOLE   9,700 0 0
Proshares Short Dow 30 ETF 74347R701 752 35,200 SH   SOLE   35,200 0 0
Proshares Short S&P 500 ETF 74347B425 1,531 38,600 SH   SOLE   38,600 0 0
Proshares Ultrashort S&P500 ETF 74347B300 191 10,700 SH   SOLE   10,700 0 0
Reading International Inc CL A 755408101 149 11,900 SH   SOLE   11,900 0 0
Taylor Devices Inc COM 877163105 427 24,000 SH   SOLE   24,000 0 0
Trovagene Inc. COM 897238309 253 55,913 SH   SOLE   55,913 0 0
Universal Stainless & Alloy COM 913837100 251 23,000 SH   SOLE   23,000 0 0
Vivus Inc. COM 928551100 17 14,800 SH   SOLE   14,800 0 0
Westport Innovations Inc COM 960908309 32 19,000 SH   SOLE   19,000 0 0
White Mtns Ins Group Ltd COM G9618E107 24,165 28,700 SH   SOLE   28,700 0 0