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 CO | COM | 88579Y101 | 235 | 1,000 | SH | | SOLE | | 1,000 | 0 | 0 |
AT&T INC | COM | 00206R102 | 1,185 | 30,482 | SH | | SOLE | | 30,482 | 0 | 0 |
ABBOTT LABS | COM | 002824100 | 1,795 | 31,460 | SH | | SOLE | | 31,460 | 0 | 0 |
ABERDEEN LATIN AMER EQTY FD | COM | 00306K106 | 768 | 28,742 | SH | | SOLE | | 28,742 | 0 | 0 |
AERCAP HOLDINGS NV | SHS | N00985106 | 514 | 9,769 | SH | | SOLE | | 9,769 | 0 | 0 |
AIR PRODS & CHEMS INC | COM | 009158106 | 621 | 3,787 | SH | | SOLE | | 3,787 | 0 | 0 |
ALASKA AIR GROUP INC | COM | 011659109 | 228 | 3,100 | SH | | SOLE | | 3,100 | 0 | 0 |
ALLEGHANY CORP DEL | COM | 017175100 | 22,312 | 37,430 | SH | | SOLE | | 37,430 | 0 | 0 |
ALLY FINL INC | COM | 02005N100 | 201 | 6,889 | SH | | SOLE | | 6,889 | 0 | 0 |
AMERCO | COM | 023586100 | 1,268 | 3,356 | SH | | SOLE | | 3,356 | 0 | 0 |
AMERICAN EXPRESS CO | COM | 025816109 | 819 | 8,244 | SH | | SOLE | | 8,244 | 0 | 0 |
AMERICAN NATL INS CO | COM | 028591105 | 1,679 | 13,091 | SH | | SOLE | | 13,091 | 0 | 0 |
AMGEN INC | COM | 031162100 | 1,109 | 6,375 | SH | | SOLE | | 6,375 | 0 | 0 |
ANIXTER INTL INC | COM | 035290105 | 281 | 3,700 | SH | | SOLE | | 3,700 | 0 | 0 |
ANNALY CAP MGMT INC | COM | 035710409 | 255 | 21,450 | SH | | SOLE | | 21,450 | 0 | 0 |
ANTERO RES CORP | COM | 03674X106 | 792 | 41,700 | SH | | SOLE | | 41,700 | 0 | 0 |
APPLE INC | COM | 037833100 | 1,562 | 9,228 | SH | | SOLE | | 9,228 | 0 | 0 |
APPLIED MATLS INC | COM | 038222105 | 625 | 12,234 | SH | | SOLE | | 12,234 | 0 | 0 |
ARGO GROUP INTL HLDGS LTD | COM | G0464B107 | 279 | 4,524 | SH | | SOLE | | 4,524 | 0 | 0 |
BANK AMER CORP | COM | 060505104 | 404 | 13,701 | SH | | SOLE | | 13,701 | 0 | 0 |
BANK NEW YORK MELLON CORP | COM | 064058100 | 4,182 | 77,640 | SH | | SOLE | | 77,640 | 0 | 0 |
BERKLEY W R CORP | COM | 084423102 | 15,267 | 213,080 | SH | | SOLE | | 213,080 | 0 | 0 |
BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 | 2,381 | 800 | SH | | SOLE | | 800 | 0 | 0 |
BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 | 51,598 | 260,308 | SH | | SOLE | | 260,308 | 0 | 0 |
BLACKSTONE GROUP L P | COM UNIT LTD | 09253U108 | 455 | 14,211 | SH | | SOLE | | 14,211 | 0 | 0 |
BLACKSTONE MTG TR INC | COM CL A | 09257W100 | 434 | 13,475 | SH | | SOLE | | 13,475 | 0 | 0 |
BOARDWALK PIPELINE PARTNERS | UT LTD PARTNER | 096627104 | 2,154 | 166,867 | SH | | SOLE | | 166,867 | 0 | 0 |
BROADRIDGE FINL SOLUTIONS IN | COM | 11133T103 | 1,833 | 20,240 | SH | | SOLE | | 20,240 | 0 | 0 |
BROOKFIELD ASSET MGMT INC | CL A LTD VT SH | 112585104 | 967 | 22,201 | SH | | SOLE | | 22,201 | 0 | 0 |
CNA FINL CORP | COM | 126117100 | 2,209 | 41,641 | SH | | SOLE | | 41,641 | 0 | 0 |
C&J ENERGY SVCS INC NEW | COM | 12674R100 | 408 | 12,200 | SH | | SOLE | | 12,200 | 0 | 0 |
CABLE ONE INC | COM | 12685J105 | 440 | 625 | SH | | SOLE | | 625 | 0 | 0 |
CALIFORNIA RES CORP | COM NEW | 13057Q206 | 1,323 | 68,055 | SH | | SOLE | | 68,055 | 0 | 0 |
CANADIAN NAT RES LTD | COM | 136385101 | 367 | 10,282 | SH | | SOLE | | 10,282 | 0 | 0 |
CARS COM INC | COM | 14575E105 | 1,382 | 47,911 | SH | | SOLE | | 47,911 | 0 | 0 |
CATHAY GEN BANCORP | COM | 149150104 | 455 | 10,800 | SH | | SOLE | | 10,800 | 0 | 0 |
CENTERPOINT ENERGY INC | COM | 15189T107 | 92 | 10,100 | SH | | SOLE | | 10,100 | 0 | 0 |
CHEMOURS CO | COM | 163851108 | 294 | 5,882 | SH | | SOLE | | 5,882 | 0 | 0 |
CHEVRON CORP NEW | COM | 166764100 | 1,597 | 12,760 | SH | | SOLE | | 12,760 | 0 | 0 |
CHICAGO BRIDGE & IRON CO N V | COM | 167250109 | 947 | 58,701 | SH | | SOLE | | 58,701 | 0 | 0 |
CIMAREX ENERGY CO | COM | 171798101 | 5,297 | 43,412 | SH | | SOLE | | 43,412 | 0 | 0 |
CISCO SYS INC | COM | 17275R102 | 701 | 18,307 | SH | | SOLE | | 18,307 | 0 | 0 |
CLOROX CO DEL | COM | 189054109 | 226 | 1,519 | SH | | SOLE | | 1,519 | 0 | 0 |
COCA COLA CO | COM | 191216100 | 2,127 | 46,360 | SH | | SOLE | | 46,360 | 0 | 0 |
COMCAST CORP NEW | CL A | 20030N101 | 243 | 6,076 | SH | | SOLE | | 6,076 | 0 | 0 |
COMPASS MINERALS INTL INC | COM | 20451N101 | 260 | 3,600 | SH | | SOLE | | 3,600 | 0 | 0 |
CONOCOPHILLIPS | COM | 20825C104 | 1,461 | 26,623 | SH | | SOLE | | 26,623 | 0 | 0 |
CONSOLIDATED TOMOKA LD CO | COM | 210226106 | 153 | 10,450 | SH | | SOLE | | 10,450 | 0 | 0 |
CONSOLIDATED TOMOKA LD CO | COM | 210226106 | 2,094 | 32,970 | SH | | SOLE | | 32,970 | 0 | 0 |
CONTANGO OIL & GAS COMPANY | COM NEW | 21075N204 | 130 | 27,593 | SH | | SOLE | | 27,593 | 0 | 0 |
CORNING INC | COM | 219350105 | 501 | 15,670 | SH | | SOLE | | 15,670 | 0 | 0 |
COSTCO WHSL CORP NEW | COM | 22160K105 | 460 | 2,469 | SH | | SOLE | | 2,469 | 0 | 0 |
COVANTA HLDG CORP | COM | 22282E102 | 680 | 40,250 | SH | | SOLE | | 40,250 | 0 | 0 |
CROSS TIMBERS RTY TR | TR UNIT | 22757R109 | 1,477 | 100,581 | SH | | SOLE | | 100,581 | 0 | 0 |
DAILY JOURNAL CORP | COM | 233912104 | 205 | 889 | SH | | SOLE | | 889 | 0 | 0 |
DIAMOND OFFSHORE DRILLING IN | COM | 25271C102 | 936 | 50,326 | SH | | SOLE | | 50,326 | 0 | 0 |
DISCOVERY COMMUNICATNS NEW | COM SER C | 25470F302 | 270 | 12,777 | SH | | SOLE | | 12,777 | 0 | 0 |
DORCHESTER MINERALS LP | COM UNIT | 25820R105 | 865 | 56,876 | SH | | SOLE | | 56,876 | 0 | 0 |
DOWDUPONT INC | COM | 26078J100 | 2,761 | 38,774 | SH | | SOLE | | 38,774 | 0 | 0 |
EBAY INC | COM | 278642103 | 300 | 7,955 | SH | | SOLE | | 7,955 | 0 | 0 |
EDISON INTL | COM | 281020107 | 221 | 3,500 | SH | | SOLE | | 3,500 | 0 | 0 |
EMERSON ELEC CO | COM | 291011104 | 1,711 | 24,545 | SH | | SOLE | | 24,545 | 0 | 0 |
ENSCO PLC | SHS CLASS A | G3157S106 | 319 | 53,898 | SH | | SOLE | | 53,898 | 0 | 0 |
ENSTAR GROUP LIMITED | SHS | G3075P101 | 11,910 | 59,329 | SH | | SOLE | | 59,329 | 0 | 0 |
ENTERGY CORP NEW | COM | 29364G103 | 545 | 6,692 | SH | | SOLE | | 6,692 | 0 | 0 |
EQT CORP | COM | 26884L109 | 222 | 3,900 | SH | | SOLE | | 3,900 | 0 | 0 |
EXXON MOBIL CORP | COM | 30231G102 | 345 | 4,130 | SH | | SOLE | | 4,130 | 0 | 0 |
FAIRFAX FINANCIAL HLDGS LTD | COM | 303901102 | 10,196 | 19,150 | SH | | SOLE | | 19,150 | 0 | 0 |
FOREST CITY RLTY TR INC | COM CL A | 345605109 | 2,694 | 111,792 | SH | | SOLE | | 111,792 | 0 | 0 |
GANNETT CO INC | COM | 36473H104 | 841 | 72,565 | SH | | SOLE | | 72,565 | 0 | 0 |
GENER8 MARITIME INC | COM | Y26889108 | 116 | 17,500 | SH | | SOLE | | 17,500 | 0 | 0 |
GENERAL DYNAMICS CORP | COM | 369550108 | 732 | 3,600 | SH | | SOLE | | 3,600 | 0 | 0 |
GENERAL ELECTRIC CO | COM | 369604103 | 255 | 14,628 | SH | | SOLE | | 14,628 | 0 | 0 |
GENERAL AMERN INVS INC | COM | 368802104 | 4,206 | 122,275 | SH | | SOLE | | 122,275 | 0 | 0 |
GEOSPACE TECHNOLOGIES CORP | COM | 37364X109 | 481 | 37,095 | SH | | SOLE | | 37,095 | 0 | 0 |
GOLAR LNG LTD BERMUDA | SHS | G9456A100 | 221 | 7,400 | SH | | SOLE | | 7,400 | 0 | 0 |
GOLUB CAP BDC INC | COM | 38173M102 | 364 | 20,000 | SH | | SOLE | | 20,000 | 0 | 0 |
GRAHAM HLDGS CO | COM | 384637104 | 349 | 625 | SH | | SOLE | | 625 | 0 | 0 |
HALLADOR ENERGY COMPANY | COM | 40609P105 | 101 | 16,655 | SH | | SOLE | | 16,655 | 0 | 0 |
HARTFORD FINL SVCS GROUP INC | COM | 416515104 | 529 | 9,400 | SH | | SOLE | | 9,400 | 0 | 0 |
HELMERICH & PAYNE INC | COM | 423452101 | 2,253 | 34,850 | SH | | SOLE | | 34,850 | 0 | 0 |
IDT CORP | CL B NEW | 448947507 | 109 | 10,265 | SH | | SOLE | | 10,265 | 0 | 0 |
INTEL CORP | COM | 458140100 | 427 | 9,240 | SH | | SOLE | | 9,240 | 0 | 0 |
INTERNATIONAL BUSINESS MACHS | COM | 459200101 | 1,809 | 11,790 | SH | | SOLE | | 11,790 | 0 | 0 |
INTL PAPER CO | COM | 460146103 | 787 | 13,581 | SH | | SOLE | | 13,581 | 0 | 0 |
JOHNSON & JOHNSON | COM | 478160104 | 3,831 | 27,417 | SH | | SOLE | | 27,417 | 0 | 0 |
JPMORGAN CHASE & CO | COM | 46625H100 | 224 | 2,094 | SH | | SOLE | | 2,094 | 0 | 0 |
KLONDEX MNS LTD | COM | 498696103 | 29 | 11,000 | SH | | SOLE | | 11,000 | 0 | 0 |
LENNAR CORP | CL B | 526057302 | 1,023 | 19,794 | SH | | SOLE | | 19,794 | 0 | 0 |
LEUCADIA NATL CORP | COM | 527288104 | 11,828 | 446,524 | SH | | SOLE | | 446,524 | 0 | 0 |
LIBERTY BROADBAND CORP | COM SER A | 530307107 | 201 | 2,361 | SH | | SOLE | | 2,361 | 0 | 0 |
LIBERTY BROADBAND CORP | COM SER C | 530307305 | 552 | 6,480 | SH | | SOLE | | 6,480 | 0 | 0 |
LIBERTY GLOBAL PLC | SHS CL C | G5480U120 | 410 | 12,119 | SH | | SOLE | | 12,119 | 0 | 0 |
LIBERTY MEDIA CORP DELAWARE | COM C BRAVES GRP | 531229888 | 261 | 11,758 | SH | | SOLE | | 11,758 | 0 | 0 |
LIONS GATE ENTMNT CORP | CL B NON VTG | 535919500 | 235 | 7,417 | SH | | SOLE | | 7,417 | 0 | 0 |
LOEWS CORP | COM | 540424108 | 14,550 | 290,828 | SH | | SOLE | | 290,828 | 0 | 0 |
MARATHON OIL CORP | COM | 565849106 | 798 | 47,137 | SH | | SOLE | | 47,137 | 0 | 0 |
MARKEL CORP | COM | 570535104 | 18,775 | 16,482 | SH | | SOLE | | 16,482 | 0 | 0 |
MCDERMOTT INTL INC | COM | 580037109 | 86 | 13,000 | SH | | SOLE | | 13,000 | 0 | 0 |
MERCK & CO INC | COM | 58933Y105 | 241 | 4,287 | SH | | SOLE | | 4,287 | 0 | 0 |
METHANEX CORP | COM | 59151K108 | 533 | 8,800 | SH | | SOLE | | 8,800 | 0 | 0 |
METLIFE INC | COM | 59156R108 | 522 | 10,328 | SH | | SOLE | | 10,328 | 0 | 0 |
MICROSOFT CORP | COM | 594918104 | 5,888 | 68,834 | SH | | SOLE | | 68,834 | 0 | 0 |
MONMOUTH REAL ESTATE INVT CO | CL A | 609720107 | 1,235 | 69,403 | SH | | SOLE | | 69,403 | 0 | 0 |
NAVIOS MARITIME PARTNERS L P | UNIT LPI | Y62267102 | 65 | 27,418 | SH | | SOLE | | 27,418 | 0 | 0 |
NEW MEDIA INVT GROUP INC | COM | 64704V106 | 387 | 23,056 | SH | | SOLE | | 23,056 | 0 | 0 |
NEW YORK REIT INC | COM | 64976L109 | 274 | 69,607 | SH | | SOLE | | 69,607 | 0 | 0 |
NOBLE CORP PLC | SHS USD | G65431101 | 167 | 36,875 | SH | | SOLE | | 36,875 | 0 | 0 |
NOVARTIS A G | SPONSORED ADR | 66987V109 | 605 | 7,206 | SH | | SOLE | | 7,206 | 0 | 0 |
NOW INC | COM | 67011P100 | 2,514 | 227,907 | SH | | SOLE | | 227,907 | 0 | 0 |
OAK VALLEY BANCORP OAKDALE C | COM | 671807105 | 441 | 22,600 | SH | | SOLE | | 22,600 | 0 | 0 |
OAKTREE CAP GROUP LLC | UNIT CL A | 674001201 | 677 | 16,080 | SH | | SOLE | | 16,080 | 0 | 0 |
OCCIDENTAL PETE CORP DEL | COM | 674599105 | 613 | 8,327 | SH | | SOLE | | 8,327 | 0 | 0 |
OFG BANCORP | COM | 67103X102 | 227 | 24,116 | SH | | SOLE | | 24,116 | 0 | 0 |
PICO HLDGS INC | COM NEW | 693366205 | 1,500 | 117,172 | SH | | SOLE | | 117,172 | 0 | 0 |
PATTERSON UTI ENERGY INC | COM | 703481101 | 780 | 33,900 | SH | | SOLE | | 33,900 | 0 | 0 |
PAYPAL HLDGS INC | COM | 70450Y103 | 600 | 8,153 | SH | | SOLE | | 8,153 | 0 | 0 |
PEPSICO INC | COM | 713448108 | 380 | 3,171 | SH | | SOLE | | 3,171 | 0 | 0 |
PERMIAN BASIN RTY TR | UNIT BEN INT | 714236106 | 662 | 74,650 | SH | | SOLE | | 74,650 | 0 | 0 |
PFIZER INC | COM | 717081103 | 381 | 10,506 | SH | | SOLE | | 10,506 | 0 | 0 |
PNC FINL SVCS GROUP INC | COM | 693475105 | 825 | 5,715 | SH | | SOLE | | 5,715 | 0 | 0 |
PROCTER AND GAMBLE CO | COM | 742718109 | 421 | 4,581 | SH | | SOLE | | 4,581 | 0 | 0 |
RENAISSANCERE HOLDINGS LTD | COM | G7496G103 | 214 | 1,700 | SH | | SOLE | | 1,700 | 0 | 0 |
ROYCE MICRO-CAP TR INC | COM | 780915104 | 1,397 | 148,019 | SH | | SOLE | | 148,019 | 0 | 0 |
ROYCE VALUE TR INC | COM | 780910105 | 1,243 | 76,872 | SH | | SOLE | | 76,872 | 0 | 0 |
RPC INC | COM | 749660106 | 9,350 | 366,222 | SH | | SOLE | | 366,222 | 0 | 0 |
SPDR S&P 500 ETF TR | TR UNIT | 78462F103 | 429 | 1,608 | SH | | SOLE | | 1,608 | 0 | 0 |
SABINE ROYALTY TR | UNIT BEN INT | 785688102 | 1,573 | 35,268 | SH | | SOLE | | 35,268 | 0 | 0 |
SAN JUAN BASIN RTY TR | UNIT BEN INT | 798241105 | 1,149 | 139,492 | SH | | SOLE | | 139,492 | 0 | 0 |
SCRIPPS E W CO OHIO | CL A NEW | 811054402 | 568 | 36,333 | SH | | SOLE | | 36,333 | 0 | 0 |
SEMPRA ENERGY | COM | 816851109 | 434 | 4,059 | SH | | SOLE | | 4,059 | 0 | 0 |
SNYDERS-LANCE INC | COM | 833551104 | 602 | 12,016 | SH | | SOLE | | 12,016 | 0 | 0 |
SOLITARIO ZINC CORP | COM | 8342EP107 | 9 | 14,300 | SH | | SOLE | | 14,300 | 0 | 0 |
SOURCE CAP INC | COM | 836144105 | 2,383 | 58,472 | SH | | SOLE | | 58,472 | 0 | 0 |
SYSCO CORP | COM | 871829107 | 742 | 12,225 | SH | | SOLE | | 12,225 | 0 | 0 |
TAHOE RES INC | COM | 873868103 | 52 | 10,775 | SH | | SOLE | | 10,775 | 0 | 0 |
TCW STRATEGIC INCOME FUND IN | COM | 872340104 | 300 | 51,166 | SH | | SOLE | | 51,166 | 0 | 0 |
TECHNIPFMC PLC | COM | G87110105 | 291 | 9,300 | SH | | SOLE | | 9,300 | 0 | 0 |
TEGNA INC | COM | 87901J105 | 2,126 | 150,985 | SH | | SOLE | | 150,985 | 0 | 0 |
TEJON RANCH CO | COM | 879080109 | 254 | 12,212 | SH | | SOLE | | 12,212 | 0 | 0 |
SOUTHERN CO | COM | 842587107 | 407 | 8,466 | SH | | SOLE | | 8,466 | 0 | 0 |
TIDEWATER INC NEW | COM | 88642R109 | 1,115 | 45,705 | SH | | SOLE | | 45,705 | 0 | 0 |
TOTAL S A | SPONSORED ADR | 89151E109 | 534 | 9,661 | SH | | SOLE | | 9,661 | 0 | 0 |
TRI POINTE GROUP INC | COM | 87265H109 | 3,721 | 207,649 | SH | | SOLE | | 207,649 | 0 | 0 |
US BANCORP DEL | COM NEW | 902973304 | 1,157 | 21,591 | SH | | SOLE | | 21,591 | 0 | 0 |
UNITED SECURITY BANCSHARES C | COM | 911460103 | 232 | 21,049 | SH | | SOLE | | 21,049 | 0 | 0 |
V F CORP | COM | 918204108 | 562 | 7,600 | SH | | SOLE | | 7,600 | 0 | 0 |
VANGUARD SPECIALIZED FUNDS | DIV APP ETF | 921908844 | 1,872 | 18,343 | SH | | SOLE | | 18,343 | 0 | 0 |
VANGUARD INTL EQUITY INDEX F | FTSE EUROPE ETF | 922042874 | 382 | 6,460 | SH | | SOLE | | 6,460 | 0 | 0 |
VERIZON COMMUNICATIONS INC | COM | 92343V104 | 505 | 9,537 | SH | | SOLE | | 9,537 | 0 | 0 |
VODAFONE GROUP PLC NEW | SPONSORED ADR | 92857W308 | 610 | 19,116 | SH | | SOLE | | 19,116 | 0 | 0 |
WELLS FARGO CO NEW | COM | 949746101 | 973 | 16,033 | SH | | SOLE | | 16,033 | 0 | 0 |
WESTAMERICA BANCORPORATION | COM | 957090103 | 4,454 | 74,798 | SH | | SOLE | | 74,798 | 0 | 0 |
WEYERHAEUSER CO | COM | 962166104 | 906 | 25,683 | SH | | SOLE | | 25,683 | 0 | 0 |
WHITE MTNS INS GROUP LTD | COM | G9618E107 | 24,097 | 28,307 | SH | | SOLE | | 28,307 | 0 | 0 |
ZOETIS INC | CL A | 98978V103 | 237 | 3,286 | SH | | SOLE | | 3,286 | 0 | 0 |