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
Estimated average burden
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
3M Company COM 88579y101 1,876 12,450 SH   SOLE   0 0 12,450
AER Energy Resources Inc COM 000944207 0 5,000,000 SH   SOLE   0 0 5,000,000
AT&T, Inc. COM 00206R102 8,896 258,516 SH   SOLE   0 0 258,516
AbbVie, Inc. COM 00287y109 800 13,510 SH   SOLE   0 0 13,510
Abbott Laboratories COM 002824100 418 9,308 SH   SOLE   0 0 9,308
Accenture Ltd COM g1151c101 20,170 193,013 SH   SOLE   0 0 193,013
Alamos Gold Inc New Cl A COM 011532108 45 13,550 SH   SOLE   0 0 13,550
AllState Corp. COM 020002101 311 5,011 SH   SOLE   0 0 5,011
Alphabet Inc. Class A COM 02079k305 485 624 SH   SOLE   0 0 624
Alphabet Inc. Class C COM 02079k107 4,365 5,752 SH   SOLE   0 0 5,752
Altria Group, Inc. COM 02209s103 3,494 60,021 SH   SOLE   0 0 60,021
Amazon.com COM 023135106 6,953 10,287 SH   SOLE   0 0 10,287
American Airlines Grp COM 02376R102 945 22,303 SH   SOLE   0 0 22,303
American Express Co. COM 025816109 632 9,081 SH   SOLE   0 0 9,081
American Int'l Group COM 026874784 1,198 19,338 SH   SOLE   0 0 19,338
Amgen Inc. COM 031162100 3,516 21,661 SH   SOLE   0 0 21,661
Apache Corp. COM 037411105 3,627 81,568 SH   SOLE   0 0 81,568
Apple Computer COM 037833100 16,616 157,861 SH   SOLE   0 0 157,861
Approach Resources COM 03834A103 42 23,000 SH   SOLE   0 0 23,000
Automatic Data Processing COM 053015103 442 5,214 SH   SOLE   0 0 5,214
BP PLC COM 055622104 1,421 45,450 SH   SOLE   0 0 45,450
Baker Hughes, Inc. COM 057224107 336 7,277 SH   SOLE   0 0 7,277
Banco LatinoAmericano COM P16994132 18,657 719,502 SH   SOLE   0 0 719,502
BankAmerica Corp. COM 060505104 250 14,879 SH   SOLE   0 0 14,879
Berkshire Hathaway 'A' COM 084670108 1,385 7 SH   SOLE   0 0 7
Berkshire Hathaway 'B' COM 084670702 79,122 599,226 SH   SOLE   0 0 599,226
Boardwalk Pipeline Prtnrs LP COM 096627104 6,181 476,217 SH   SOLE   0 0 476,217
Boeing Co. COM 097023105 266 1,842 SH   SOLE   0 0 1,842
Bristol Myers Squibb COM 110122108 2,999 43,594 SH   SOLE   0 0 43,594
Brookdale Sr Living Inc COM 112463104 8,536 462,394 SH   SOLE   0 0 462,394
Brookfield Pptys Part COM G16249107 395 17,000 SH   SOLE   0 0 17,000
CSRA, Inc. COM 12650t104 963 32,087 SH   SOLE   0 0 32,087
CVS Caremark Corp. COM 126650100 2,419 24,742 SH   SOLE   0 0 24,742
Cable One Inc COM 12685j105 1,019 2,349 SH   SOLE   0 0 2,349
Campbell Soup Co. COM 134429109 4,572 87,000 SH   SOLE   0 0 87,000
Caterpillar Inc. COM 149123101 4,435 65,264 SH   SOLE   0 0 65,264
Celgene Corp. COM 151020104 1,036 8,650 SH   SOLE   0 0 8,650
Chesapeake Energy COM 165167107 402 89,300 SH   SOLE   0 0 89,300
Chevron Corp. COM 166764100 1,583 17,601 SH   SOLE   0 0 17,601
Cisco Systems Inc. COM 17275R102 4,543 167,315 SH   SOLE   0 0 167,315
Citigroup Inc. COM 172967424 245 4,740 SH   SOLE   0 0 4,740
Coca Cola Co. COM 191216100 3,423 79,681 SH   SOLE   0 0 79,681
Colgate Palmolive Co. COM 194162103 222 3,331 SH   SOLE   0 0 3,331
Comcast Corp. - Class A COM 20030n101 2,874 50,938 SH   SOLE   0 0 50,938
Computer Sciences Corp. COM 205363104 1,052 32,181 SH   SOLE   0 0 32,181
ConocoPhillips COM 20825c104 273 5,848 SH   SOLE   0 0 5,848
Corrections Corp Amer COM 22025y407 23,495 886,936 SH   SOLE   0 0 886,936
Darden Restaurants, Inc. COM 237194105 318 5,000 SH   SOLE   0 0 5,000
Delta Airlines Inc. COM 247361702 3,025 59,671 SH   SOLE   0 0 59,671
Dentsply Intl Inc COM 249030107 1,986 32,640 SH   SOLE   0 0 32,640
Diageo PLC COM 25243Q205 1,924 17,640 SH   SOLE   0 0 17,640
Dominion Resources, Inc. COM 25746u109 1,553 22,961 SH   SOLE   0 0 22,961
Duke Energy Corp. COM 26441c204 4,115 57,643 SH   SOLE   0 0 57,643
E. I. Dupont de Nemours & Co. COM 263534109 282 4,238 SH   SOLE   0 0 4,238
Express Scripts, Inc. COM 30219g108 1,635 18,710 SH   SOLE   0 0 18,710
Exxon Mobil Corp. COM 30231G102 13,370 171,526 SH   SOLE   0 0 171,526
Fairfax Financial Hld COM 303901102 78,284 166,208 SH   SOLE   0 0 166,208
FedEx Corp. COM 31428X106 8,510 57,119 SH   SOLE   0 0 57,119
First Horizon Nat'l COM 320517105 152 10,474 SH   SOLE   0 0 10,474
Forestar Group COM 346233109 892 81,500 SH   SOLE   0 0 81,500
Gannett Co. Inc. COM 36473h104 4,917 301,819 SH   SOLE   0 0 301,819
General Electric Co. COM 369604103 10,655 342,068 SH   SOLE   0 0 342,068
General Mills Inc. COM 370334104 2,321 40,245 SH   SOLE   0 0 40,245
Goldman Sachs Group COM 38141g104 898 4,980 SH   SOLE   0 0 4,980
Graham Holdings Co COM 384637104 1,139 2,349 SH   SOLE   0 0 2,349
HCA Holdings, Inc. COM 40412C101 30,996 458,317 SH   SOLE   0 0 458,317
HCP Inc COM 40414L109 6,609 172,831 SH   SOLE   0 0 172,831
HP Inc. COM 40434l105 163 13,731 SH   SOLE   0 0 13,731
Halliburton Inc. COM 406216101 5,736 168,495 SH   SOLE   0 0 168,495
HealthStream Inc. COM 42222n103 299 13,600 SH   SOLE   0 0 13,600
Hewlett Packard Enterprise Co. COM 42824c109 209 13,731 SH   SOLE   0 0 13,731
Home Depot Inc. COM 437076102 8,465 64,010 SH   SOLE   0 0 64,010
Honeywell Intl. COM 438516106 1,144 11,045 SH   SOLE   0 0 11,045
Horsehead Holding COM 440694305 200 97,500 SH   SOLE   0 0 97,500
Intel Corp. COM 458140100 9,837 285,533 SH   SOLE   0 0 285,533
International Business Machine COM 459200101 4,861 35,320 SH   SOLE   0 0 35,320
J. P. Morgan Chase & Co. Inc. COM 46625h100 994 15,056 SH   SOLE   0 0 15,056
Johnson & Johnson COM 478160104 11,943 116,268 SH   SOLE   0 0 116,268
KKR & Company LP COM 48248M102 1,486 95,323 SH   SOLE   0 0 95,323
Kraft Heinz Company COM 500754106 4,052 55,690 SH   SOLE   0 0 55,690
L-3 Communications COM 502424104 406 3,400 SH   SOLE   0 0 3,400
Leucadia Natl Corp COM 527288104 4,658 267,871 SH   SOLE   0 0 267,871
Level 3 Commun COM 52729N308 30,793 566,471 SH   SOLE   0 0 566,471
Loews Corp. COM 540424108 15,840 412,501 SH   SOLE   0 0 412,501
Lowes Companies COM 548661107 7,354 96,709 SH   SOLE   0 0 96,709
McCormick COM 579780206 1,321 15,440 SH   SOLE   0 0 15,440
McDonalds Corp. COM 580135101 3,210 27,171 SH   SOLE   0 0 27,171
Mead Johnson Nutrition COM 582839106 420 5,314 SH   SOLE   0 0 5,314
Medtronic PLC COM G5960L103 4,087 53,130 SH   SOLE   0 0 53,130
Merck & Company Inc. COM 58933y105 5,374 101,734 SH   SOLE   0 0 101,734
Microsoft Corp. COM 594918104 6,353 114,507 SH   SOLE   0 0 114,507
Mondelez Int'l Inc COM 609207105 13,889 309,752 SH   SOLE   0 0 309,752
Monmouth REIT COM 609720107 115 11,000 SH   SOLE   0 0 11,000
National Health Invstrs COM 63633d104 13,526 222,214 SH   SOLE   0 0 222,214
National Healthcare COM 635906100 545 8,834 SH   SOLE   0 0 8,834
Newmont Mining Corp COM 651639106 603 33,502 SH   SOLE   0 0 33,502
Nike COM 654106103 245 3,921 SH   SOLE   0 0 3,921
Novartis AG COM 66987v109 644 7,490 SH   SOLE   0 0 7,490
Oracle COM 68389x105 2,341 64,071 SH   SOLE   0 0 64,071
Overstock COM 690370101 5,272 429,280 SH   SOLE   0 0 429,280
Owens Corning COM 690742101 811 17,249 SH   SOLE   0 0 17,249
Owens Illinois Inc New COM 690768403 5,365 308,000 SH   SOLE   0 0 308,000
Pan American Silver COM 697900108 227 35,000 SH   SOLE   0 0 35,000
Peoples United Fncl COM 712704105 14,370 889,803 SH   SOLE   0 0 889,803
PepsiCo Inc. COM 713448108 2,434 24,360 SH   SOLE   0 0 24,360
Pfizer Inc. COM 717081103 3,703 114,703 SH   SOLE   0 0 114,703
Philip Morris Intl COM 718172109 7,253 82,500 SH   SOLE   0 0 82,500
Phillips 66 COM 718546104 294 3,598 SH   SOLE   0 0 3,598
Pico Holdings COM 693366205 397 38,500 SH   SOLE   0 0 38,500
Pinnacle Financial Partners COM 72346q104 351 6,835 SH   SOLE   0 0 6,835
Procter & Gamble Co. COM 742718109 11,642 146,606 SH   SOLE   0 0 146,606
Regions Financial Corp. COM 7591ep100 814 84,766 SH   SOLE   0 0 84,766
Republic Services Inc. COM 760759100 5,794 131,708 SH   SOLE   0 0 131,708
Roche Holdings COM 771195104 3,551 103,004 SH   SOLE   0 0 103,004
Royal Dutch Shell Class B COM 780259107 897 19,492 SH   SOLE   0 0 19,492
S & P 500 Index Depository Rec COM 78462F103 2,289 11,227 SH   SOLE   0 0 11,227
SPDR Gold Trust COM 78463V107 598 5,897 SH   SOLE   0 0 5,897
SPDR Utilities Select COM 81369Y886 1,909 44,117 SH   SOLE   0 0 44,117
Schlumberger Ltd. COM 806857108 8,706 124,823 SH   SOLE   0 0 124,823
Scripps Networks Interactive, COM 811065101 1,636 29,625 SH   SOLE   0 0 29,625
Select Basic Materials Sector COM 81369y100 1,406 32,391 SH   SOLE   0 0 32,391
Southwest Airlines Co. COM 844741108 2,269 52,698 SH   SOLE   0 0 52,698
St. Jude Medical Inc. COM 790849103 471 7,625 SH   SOLE   0 0 7,625
Starbucks Corp. COM 855244109 1,353 22,533 SH   SOLE   0 0 22,533
SunCoke Energy COM 86722A103 181 52,300 SH   SOLE   0 0 52,300
SunTrust Banks Inc. COM 867914103 1,611 37,611 SH   SOLE   0 0 37,611
Sysco Corp. COM 871829107 7,255 176,957 SH   SOLE   0 0 176,957
TEGNA, Inc. COM 87901j105 16,142 632,533 SH   SOLE   0 0 632,533
TJX Companies, Inc. COM 872540109 734 10,355 SH   SOLE   0 0 10,355
Tidewater Inc. COM 886423102 274 39,331 SH   SOLE   0 0 39,331
Total System Services COM 891906109 206 4,145 SH   SOLE   0 0 4,145
Travelers Inc. COM 89417e109 745 6,600 SH   SOLE   0 0 6,600
Truxton Corp. COM 89845y107 310 12,390 SH   SOLE   0 0 12,390
Twenty-First Cent Fox Inc. Cl COM 90130a101 2,404 88,507 SH   SOLE   0 0 88,507
Twenty-First Cent Fox Inc. Cl COM 90130A200 3,705 136,050 SH   SOLE   0 0 136,050
US Bancorp COM 902973304 566 13,275 SH   SOLE   0 0 13,275
United Parcel Svc. Cl B COM 911312106 5,389 56,001 SH   SOLE   0 0 56,001
United Rentals, Inc. COM 911363109 1,590 21,925 SH   SOLE   0 0 21,925
United Technologies COM 913017109 9,158 95,327 SH   SOLE   0 0 95,327
Vanguard Emerging Markets ETF COM 922042858 1,705 52,113 SH   SOLE   0 0 52,113
Vanguard Large-Cap Exchanged T COM 922908637 482 5,160 SH   SOLE   0 0 5,160
Vanguard Mid-Cap Exchange Trad COM 922908629 285 2,375 SH   SOLE   0 0 2,375
Vanguard Small-Cap VIPERs COM 922908751 427 3,859 SH   SOLE   0 0 3,859
Verifone Holdings, Inc. COM 92342y109 301 10,735 SH   SOLE   0 0 10,735
Verizon Comm. COM 92343v104 6,953 150,431 SH   SOLE   0 0 150,431
Vodafone Group PLC ADS COM 92857w308 1,132 35,094 SH   SOLE   0 0 35,094
Vulcan Materials COM 929160109 1,260 13,263 SH   SOLE   0 0 13,263
Wal-Mart Stores Inc. COM 931142103 5,659 92,314 SH   SOLE   0 0 92,314
Walt Disney Co. COM 254687106 11,003 104,714 SH   SOLE   0 0 104,714
Wells Fargo & Co. COM 949746101 3,865 71,101 SH   SOLE   0 0 71,101
Western Union COM 959802109 541 30,205 SH   SOLE   0 0 30,205
White Mountain Ins COM G9618E107 3,545 4,877 SH   SOLE   0 0 4,877
Zimmer Biomet Holdings, Inc. COM 98956p102 634 6,176 SH   SOLE   0 0 6,176
Zoetis, Inc. COM 98978v103 2,237 46,681 SH   SOLE   0 0 46,681
iShares FTSE China 25 Index Fu COM 464287184 1,987 56,300 SH   SOLE   0 0 56,300
iShares MSCI EAFE Index Fund COM 464287465 276 4,702 SH   SOLE   0 0 4,702
iShares MSCI Emerging Markets COM 464287234 824 25,597 SH   SOLE   0 0 25,597
iShares MSCI Pacific Rim COM 464286665 1,161 30,248 SH   SOLE   0 0 30,248
iShares MidCap 400 COM 464287507 211 1,518 SH   SOLE   0 0 1,518
iShares Russell 1000 Index ETF COM 464287622 521 4,595 SH   SOLE   0 0 4,595
iShares Russell Mid-Cap Index COM 464287499 272 1,696 SH   SOLE   0 0 1,696
iShares S&P 500 Core Index ETF COM 464287200 410 2,003 SH   SOLE   0 0 2,003
iShares S&P SmallCap 600 Index COM 464287804 2,918 26,500 SH   SOLE   0 0 26,500