| 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 |
| AT&T INC COM | COM | 00206R102 | 371,606 | 8,600 | SH | | SOLE | | 8,600 | 0 | 8,600 |
| AIR TRANS SVCS GROUP INC COM | COM | 00922R105 | 14,323,651 | 1,105,220 | SH | | SOLE | | 1,105,220 | 0 | 1,105,220 |
| Alaska Air Group | COM | 011659109 | 306,197 | 5,253 | SH | | SOLE | | 5,253 | 0 | 5,253 |
| ALIBABA GRP SP ADR REPR 1 SHS 01.07.2016 | SPONSORED ADS | 01609W102 | 290,175 | 3,650 | SH | | SOLE | | 3,650 | 0 | 3,650 |
| ALPHABET INC CAP STK CL A | CAP STL CL A | 02079K305 | 1,306,455 | 1,857 | SH | | SOLE | | 1,857 | 0 | 1,857 |
| AMAZON COM INC | COM | 023135106 | 1,906,412 | 2,664 | SH | | SOLE | | 2,664 | 0 | 2,664 |
| AMERICAN AIRLS GROUP INC COM | COM | 02376R102 | 399,879 | 14,125 | SH | | SOLE | | 14,125 | 0 | 14,125 |
| AMERICAN CAP AGY CORP COM | COM | 02503X105 | 858,597 | 43,320 | SH | | SOLE | | 43,320 | 0 | 43,320 |
| AMERICAN EXPRESS COMPANY | COM | 025816109 | 206,584 | 3,400 | SH | | SOLE | | 3,400 | 0 | 3,400 |
| APPLE INC COM | COM | 037833100 | 16,235,461 | 169,827 | SH | | SOLE | | 169,827 | 0 | 169,827 |
| AVIANCA HLDGS SA SPONS ADR ISIN#US05367G1004 | SPON ADR REP PFD | 05367G100 | 89,320 | 14,500 | SH | | SOLE | | 14,500 | 0 | 14,500 |
| AVIS BUDGET GROUP INC COM | COM | 053774105 | 7,868,471 | 244,135 | SH | | SOLE | | 244,135 | 0 | 244,135 |
| BP PLC SPONS ADR | SPONSORED ADR | 055622104 | 232,839 | 6,557 | SH | | SOLE | | 6,557 | 0 | 6,557 |
| BANCO BILBAO VIZCAYA ARGENTARIA SA ISIN#US05946K1016 APONSORED ADR | SPONSORED ADR | 05946K101 | 837,845 | 145,966 | SH | | SOLE | | 145,966 | 0 | 145,966 |
| BANCO SANTANDER SA ADR ISIN#US05964H1059 | ADR | 05964H105 | 228,740 | 58,352 | SH | | SOLE | | 58,352 | 0 | 58,352 |
| BANCO SANTANDER (BRASIL) SA -ADR- REPR 1 UNIT | ADS REP 1 UNIT | 05967A107 | 142,500 | 25,000 | SH | | SOLE | | 25,000 | 0 | 25,000 |
| BANK AMER CORP COM | COM | 060505104 | 1,996,511 | 150,453 | SH | | SOLE | | 150,453 | 0 | 150,453 |
| BARCLAYS PLC RESETTING PERP SUB CONTINGENT CONV SECS ISIN#US06738EAA38 8.250% 11/15/88 B/E DTD 11/20/13 CLB | NOTE 8.250% 12/2 | 06738EAA3 | 7,500,513 | 7,635,000 | SH | | SOLE | | 7,635,000 | 0 | 7,635,000 |
| BARCLAYS PLC 6 5/8% COCO 14-PERPETUAL USD | NOTE 6.625% 12/2 | 06738EAB1 | 179,000 | 200,000 | SH | | SOLE | | 200,000 | 0 | 200,000 |
| BARCLAYS BK PLC SER 2 ADR REPSTG PREF SHS DIV RT 6.625% FREQ QTLY PERP MATY PERP CALL 09/15/14@25.00 | ADR 2 PREF 2 | 06739F390 | 2,126,977 | 83,150 | SH | | SOLE | | 83,150 | 0 | 83,150 |
| BARCLAYS BK PLC SPON ADR PREF SHS SER 5 DIV RT 8.125% FREQ QRTLY PERP MATY PERP CALL 09/15/14@25.00 | ADR PFD SR 5 | 06739H362 | 408,172 | 17,770 | SH | | SOLE | | 17,770 | 0 | 17,770 |
| BERKSHIRE HATHAWAY INC DEL CL B NEW | CL B | 084670702 | 810,245 | 5,596 | SH | | SOLE | | 5,596 | 0 | 5,596 |
| BRISTOL MYERS SQUIBB CO COM | COM | 110122108 | 264,412 | 3,595 | SH | | SOLE | | 3,595 | 0 | 3,595 |
| CVS HEALTH CORP COM | COM | 126650100 | 622,310 | 6,500 | SH | | SOLE | | 6,500 | 0 | 6,500 |
| CARMAX INC COM | COM | 143130102 | 4,916,238 | 100,270 | SH | | SOLE | | 100,270 | 0 | 100,270 |
| CEMEX S A B DE C V SPONSOR ADR NEW REP ORD PARTN CTF NEW FOR A & B SHS ISIN#US1512908898 | SPON ADR NEW | 151290889 | 1,771,501 | 287,115 | SH | | SOLE | | 287,115 | 0 | 287,115 |
| CITIGROUP INC COM NEW ISIN#US1729674242 | COM NEW | 172967424 | 1,880,127 | 44,357 | SH | | SOLE | | 44,357 | 0 | 44,357 |
| COCA COLA COMPANY | COM | 191216100 | 380,772 | 8,400 | SH | | SOLE | | 8,400 | 0 | 8,400 |
| COMCAST CORP CL A | CL A | 20030N101 | 227,839 | 3,495 | SH | | SOLE | | 3,495 | 0 | 3,495 |
| CORNING INC COM | COM | 219350105 | 1,081,856 | 52,825 | SH | | SOLE | | 52,825 | 0 | 52,825 |
| COSTCO WHOLESALE CORP NEW COM | COM | 22160K105 | 337,636 | 2,150 | SH | | SOLE | | 2,150 | 0 | 2,150 |
| DISNEY WALT CO DISNEY COM | COM | 254687106 | 2,712,255 | 27,727 | SH | | SOLE | | 27,727 | 0 | 27,727 |
| ETFS GOLD TR SH | SHS | 26922Y105 | 593,944 | 4,606 | SH | | SOLE | | 4,606 | 0 | 4,606 |
| EMBRAER S A SPONSORED ADR REPSTG 4 COM SHS ISIN#US29082A1079 | SP ADR REP 4 COM | 29082A107 | 3,227,809 | 148,610 | SH | | SOLE | | 148,610 | 0 | 148,610 |
| EMPRESAS ICA SOCIEDAD CONTRLADORA SA DE CV SPONS ADR NEW ISIN#US2924482068 | SPONS ADR NEW | 292448206 | 6,975 | 10,500 | SH | | SOLE | | 10,500 | 0 | 10,500 |
| EXXON MOBIL CORP COM | COM | 30231G102 | 1,616,078 | 17,240 | SH | | SOLE | | 17,240 | 0 | 17,240 |
| FACEBOOK INC CL A | CL A | 30303M102 | 2,237,945 | 19,583 | SH | | SOLE | | 19,583 | 0 | 19,583 |
| FEDEX CORP COM | COM | 31428X106 | 1,097,218 | 7,229 | SH | | SOLE | | 7,229 | 0 | 7,229 |
| FLUOR CORP NEW COM | COM | 343412102 | 3,284,512 | 66,650 | SH | | SOLE | | 66,650 | 0 | 66,650 |
| FORD MOTOR CO DEL COM PAR | COM PAR $1.01 | 345370860 | 160,393 | 12,760 | SH | | SOLE | | 12,760 | 0 | 12,760 |
| GENERAL ELECTRIC CO COM | COM | 369604103 | 670,493 | 21,299 | SH | | SOLE | | 21,299 | 0 | 21,299 |
| GENERAL MILLS INC COM | COM | 370334104 | 577,692 | 8,100 | SH | | SOLE | | 8,100 | 0 | 8,100 |
| GENERAL MTRS CO COM | COM | 37045V100 | 946,522 | 33,446 | SH | | SOLE | | 33,446 | 0 | 33,446 |
| GLAXOSMITHKLINE PLC SPONS ADR | SPONSORED ADR | 37733W105 | 373,591 | 8,620 | SH | | SOLE | | 8,620 | 0 | 8,620 |
| GOLDMAN SACHS GROUP INC COM | COM | 38141G104 | 273,239 | 1,839 | SH | | SOLE | | 1,839 | 0 | 1,839 |
| HCA HOLDINGS INC | COM | 40412C101 | 385,050 | 5,000 | SH | | SOLE | | 5,000 | 0 | 5,000 |
| HASBRO INC -SHS 01.07.2016 | COM | 418056107 | 335,960 | 4,000 | SH | | SOLE | | 4,000 | 0 | 4,000 |
| HOME DEPOT INC COM | COM | 437076102 | 478,838 | 3,750 | SH | | SOLE | | 3,750 | 0 | 3,750 |
| ICAHN ENTERPRISES LP DEPOSITARY UNIT | DEPOSITORY UNIT | 451100101 | 232,848 | 4,312 | SH | | SOLE | | 4,312 | 0 | 4,312 |
| INTEL CORP COM | COM | 458140100 | 598,666 | 18,252 | SH | | SOLE | | 18,252 | 0 | 18,252 |
| ISHARES INC MSCI GERMANY ETF | MSCI GERMANY ETF | 464286806 | 686,628 | 28,550 | SH | | SOLE | | 28,550 | 0 | 28,550 |
| ISHARES INC MSCI MEXICO CAPPED ETF | MSCI MEX CAP ETF | 464286822 | 740,936 | 14,710 | SH | | SOLE | | 14,710 | 0 | 14,710 |
| ISHARES TR CHINA LARGE-CAP ETF | CHINA LG-CAP ETF | 464287184 | 1,762,330 | 51,500 | SH | | SOLE | | 51,500 | 0 | 51,500 |
| ISHARES TR GLOBAL ENERGY ETF | GLOBAL ENERG ETF | 464287341 | 301,291 | 9,325 | SH | | SOLE | | 9,325 | 0 | 9,325 |
| ISHARES TR BARCLAYS 20+ YR TREAS BD ETF | 20 YR TR BD ETF | 464287432 | 6,848,603 | 49,306 | SH | | SOLE | | 49,306 | 0 | 49,306 |
| ISHARES TR US FINANCIALS ETF INDEX FD | US FINLS ETF | 464287788 | 605,922 | 7,050 | SH | | SOLE | | 7,050 | 0 | 7,050 |
| ISHARES TR EUROPE ETF | EUROPE ETF | 464287861 | 239,967 | 6,350 | SH | | SOLE | | 6,350 | 0 | 6,350 |
| ISHARES TR RUSSELL TOP 200 GROWTH ETF | RUS TP200 GR ETF | 464289438 | 322,980 | 6,000 | SH | | SOLE | | 6,000 | 0 | 6,000 |
| ISHARES INC MSCI RUSSIA CAPPED ETF | MSCI RUSSIA CAP | 46434G806 | 301,811 | 22,540 | SH | | SOLE | | 22,540 | 0 | 22,540 |
| JOHNSON & JOHNSON COM | COM | 478160104 | 473,677 | 3,905 | SH | | SOLE | | 3,905 | 0 | 3,905 |
| JOHNSON CTLS INC COM | COM | 478366107 | 7,633,522 | 172,470 | SH | | SOLE | | 172,470 | 0 | 172,470 |
| LSB INDS INC COM | COM | 502160104 | 1,291,473 | 106,910 | SH | | SOLE | | 106,910 | 0 | 106,910 |
| LENNAR CORP CL A | CL A | 526057104 | 1,659,139 | 35,990 | SH | | SOLE | | 35,990 | 0 | 35,990 |
| MAGNA INTERNATIONAL INC COM ISIN#CA5592224011 | COM | 559222401 | 4,822,476 | 137,510 | SH | | SOLE | | 137,510 | 0 | 137,510 |
| MEDNAX INC COM | COM | 58502B106 | 5,323,605 | 73,500 | SH | | SOLE | | 73,500 | 0 | 73,500 |
| MICROSOFT CORP COM | COM | 594918104 | 877,207 | 17,143 | SH | | SOLE | | 17,143 | 0 | 17,143 |
| MICRON TECHNOLOGY INC COM | COM | 595112103 | 11,817,019 | 858,795 | SH | | SOLE | | 858,795 | 0 | 858,795 |
| NVR INC | COM | 62944T105 | 783,350 | 440 | SH | | SOLE | | 440 | 0 | 440 |
| NETFLIX INC COM | COM | 64110L106 | 307,365 | 3,360 | SH | | SOLE | | 3,360 | 0 | 3,360 |
| OI S A SPONSORED ADR NEW 2016 | SPONSORED ADR NE | 670851500 | 34,721 | 11,384 | SH | | SOLE | | 11,384 | 0 | 11,384 |
| O REILLY AUTOMOTIVE INC NEW COM | COM | 67103H107 | 563,888 | 2,080 | SH | | SOLE | | 2,080 | 0 | 2,080 |
| OWENS ILLINOIS INC | COM NEW | 690768403 | 7,811,387 | 433,725 | SH | | SOLE | | 433,725 | 0 | 433,725 |
| PACWEST BANCORP DEL COM | COM | 695263103 | 379,461 | 9,539 | SH | | SOLE | | 9,539 | 0 | 9,539 |
| PETROLEO BRASILEIRO SA PETROBRAS SPONSORED ADR | SPONSORED ADR | 71654V408 | 22,239,282 | 3,106,045 | SH | | SOLE | | 3,106,045 | 0 | 3,106,045 |
| PFIZER INC COM | COM | 717081103 | 279,779 | 7,946 | SH | | SOLE | | 7,946 | 0 | 7,946 |
| POTASH CORP OF SASKATCHEWAN INC COM ISIN#CA73755L1076 | COM | 73755L107 | 901,564 | 55,515 | SH | | SOLE | | 55,515 | 0 | 55,515 |
| POWERSHARES QQQ TR UNIT SER 1 | UNIT SER 1 | 73935A104 | 2,568,055 | 23,880 | SH | | SOLE | | 23,880 | 0 | 23,880 |
| PRICELINE GRP INC COM NEW | COM NEW | 741503403 | 2,298,323 | 1,841 | SH | | SOLE | | 1,841 | 0 | 1,841 |
| PROSHARES TR PROSHARES ULTRASHORT 20+ YR TREAS NEW | PSHS ULTSH 20YRS | 74347B201 | 1,604,056 | 50,617 | SH | | SOLE | | 50,617 | 0 | 50,617 |
| PROSHARES TR SHORT QQQ NEW 11/6/2014 | SHORT QQQ NEW | 74347B714 | 1,009,053 | 19,100 | SH | | SOLE | | 19,100 | 0 | 19,100 |
| PROSHARES TR PROSHARES ULTRA QQQ | PSHS ULTRA QQQ | 74347R206 | 1,264,707 | 17,770 | SH | | SOLE | | 17,770 | 0 | 17,770 |
| PROSPECT CAP CORP SR NT CONV 5.750% 03/15/18 B/E DTD 08/14/12 | NOTE 5.750% 3/1 | 74348TAL6 | 61,200 | 60,000 | SH | | SOLE | | 60,000 | 0 | 60,000 |
| QUALCOMM INC | COM | 747525103 | 770,069 | 14,375 | SH | | SOLE | | 14,375 | 0 | 14,375 |
| Regeneron Pharmaceuticals | COM | 75886F107 | 907,998 | 2,600 | SH | | SOLE | | 2,600 | 0 | 2,600 |
| RENREN INC SPONSORED ADR RESPTG CL A ISIN#US7598921028 | SPONSORED ADR | 759892102 | 44,392 | 24,800 | SH | | SOLE | | 24,800 | 0 | 24,800 |
| ROYAL BK SCOTLAND GP PLC SPON ADR REPSTG SER T PFD CPN-7.25% FREQ QRTLY PERP MTY CALL@25 ANY W/30 D NOTICE AFTR 12/31/12 | SP ADR PREF T | 780097713 | 2,175,875 | 87,300 | SH | | SOLE | | 87,300 | 0 | 87,300 |
| ROYAL BK SCOTLAND GROUP PLC SPON ADR SER L REPSTG PFD SHS CPN 5.75% FREQ QRTLY PERP MTY CALL@25 W/ 30 D NTC 9/30/09 | SP ADR L RP PF | 780097788 | 1,309,036 | 58,250 | SH | | SOLE | | 58,250 | 0 | 58,250 |
| ROYAL BK SCOTLAND GROUP PLC PERPETUAL SUB NT CONV ADDL TIER 1 7.500% 08/30/88 B/E DTD 08/10/15 CLB | DEBT 7.500% 12/3 | 780099CJ4 | 362,000 | 400,000 | SH | | SOLE | | 400,000 | 0 | 400,000 |
| SPDR S&P 500 ETF TR TR UNIT | TR UNIT | 78462F103 | 1,440,007 | 6,874 | SH | | SOLE | | 6,874 | 0 | 6,874 |
| SPDR GOLD TR GOLD SHS | GOLD SHS | 78463V107 | 3,518,601 | 27,819 | SH | | SOLE | | 27,819 | 0 | 27,819 |
| SPDR SER TR S&P METALS & MNG ETF | S&P METAL MNG | 78464A755 | 239,218 | 9,800 | SH | | SOLE | | 9,800 | 0 | 9,800 |
| SPDR DOW JONES INDL AVERAGE ETF TR UNIT SER 1 | UT SER 1 | 78467X109 | 200,906 | 1,122 | SH | | SOLE | | 1,122 | 0 | 1,122 |
| SANDERSON FARMS INC | COM | 800013104 | 311,904 | 3,600 | SH | | SOLE | | 3,600 | 0 | 3,600 |
| SELECT SECTOR SPDR TR CONSUMER DISCRETIONARY TRANSN TO 06/24/02 | SBI CONS DISCR | 81369Y407 | 518,325 | 6,640 | SH | | SOLE | | 6,640 | 0 | 6,640 |
| SELECT SECTOR SPDR TR ENERGY | SBI INT-ENERGY | 81369Y506 | 603,389 | 8,842 | SH | | SOLE | | 8,842 | 0 | 8,842 |
| SIMON PPTY GROUP INC NEW COM | COM | 828806109 | 283,055 | 1,305 | SH | | SOLE | | 1,305 | 0 | 1,305 |
| SKYWORKS SOLUTIONS INC COM | COM | 83088M102 | 518,896 | 8,200 | SH | | SOLE | | 8,200 | 0 | 8,200 |
| SOLAREDGE TECHNOLOGIES INC COM | COM | 83417M104 | 471,282 | 24,045 | SH | | SOLE | | 24,045 | 0 | 24,045 |
| SOUTHWEST AIRLS CO COM | COM | 844741108 | 218,596 | 5,575 | SH | | SOLE | | 5,575 | 0 | 5,575 |
| STARBUCKS CORP COM | COM | 855244109 | 1,583,309 | 27,719 | SH | | SOLE | | 27,719 | 0 | 27,719 |
| TAIWAN SEMICONDUCTOR MFG CO SPONSORED ADR ISIN#US8740391003 | SPONSORED ADR | 874039100 | 4,860,288 | 185,295 | SH | | SOLE | | 185,295 | 0 | 185,295 |
| TAILORED BRANDS INC COM SHS | COM | 87403A107 | 8,545,728 | 675,018 | SH | | SOLE | | 675,018 | 0 | 675,018 |
| TEREX CORP NEW .01 PV | COM | 880779103 | 4,007,163 | 197,300 | SH | | SOLE | | 197,300 | 0 | 197,300 |
| TESLA MTRS INC COM | COM | 88160R101 | 2,883,612 | 13,584 | SH | | SOLE | | 13,584 | 0 | 13,584 |
| UNILEVER PLC SPON ADR NEW ISIN#US9047677045 | ADR | 904767704 | 420,027 | 8,767 | SH | | SOLE | | 8,767 | 0 | 8,767 |
| UNITED STS STL CORP NEW COM | COM | 912909108 | 779,606 | 46,240 | SH | | SOLE | | 46,240 | 0 | 46,240 |
| VALE S A ADR ISIN#US91912E1055 | ADR | 91912E105 | 170,239 | 33,644 | SH | | SOLE | | 33,644 | 0 | 33,644 |
| VERIZON COMMUNICATIONS INC COM | COM | 92343V104 | 615,189 | 11,017 | SH | | SOLE | | 11,017 | 0 | 11,017 |
| VIACOM INC NEW CL B | CL B | 92553P201 | 5,502,032 | 132,675 | SH | | SOLE | | 132,675 | 0 | 132,675 |
| VISA INC COM CL A | CL A | 92826C839 | 339,179 | 4,573 | SH | | SOLE | | 4,573 | 0 | 4,573 |
| WAL MART STORES INC COM | COM | 931142103 | 357,433 | 4,895 | SH | | SOLE | | 4,895 | 0 | 4,895 |
| WELLS FARGO & CO NEW COM | COM | 949746101 | 405,807 | 8,574 | SH | | SOLE | | 8,574 | 0 | 8,574 |
| WESTERN DIGITAL CORP COM | COM | 958102105 | 3,793,797 | 80,275 | SH | | SOLE | | 80,275 | 0 | 80,275 |
| WHOLE FOODS MKT INC COM | COM | 966837106 | 607,580 | 18,975 | SH | | SOLE | | 18,975 | 0 | 18,975 |
| WISDOMTREE TR JAPAN HEDGED EQUITY FD | JAPN HEDGE EQT | 97717W851 | 1,424,196 | 36,725 | SH | | SOLE | | 36,725 | 0 | 36,725 |
| WISDOMTREE TR EUROPE HEDGED EQUITY FD | EUROPE HEDGED EQ | 97717X701 | 2,130,839 | 42,170 | SH | | SOLE | | 42,170 | 0 | 42,170 |
| SOCIETE GENERALE SA EUR MED TERM NT NP FIXED MTY VAR RATE ISIN#XS0867614595 8.250% 11/29/88 REG DTD 09/06/13 CLB | DEBT 8.250 12/2 | F849BQAA2 | 2,047,815 | 2,068,500 | SH | | SOLE | | 2,068,500 | 0 | 2,068,500 |
| FLEXTRONICS INTL LTD ORD SHS ISIN#SG9999000020 | ORD | Y2573F102 | 9,899,846 | 838,970 | SH | | SOLE | | 838,970 | 0 | 838,970 |
