FORM 13F INFORMATION TABLE
VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
3M Company COM 88579Y101 261 2451 SH Sole 2451
AT & T COM 00206R102 1395 38025 SH Sole 38025
AZZ Incorporated COM 002474104 9147 189775 SH Sole 189775
Berkshire Hathaway COM 084670108 4532 29 SH Sole 29
Berkshire Hathaway Cl B COM 08467O702 1821 17475 SH Sole 17475
Cabela's COM 126804301 16672 274305 SH Sole 274305
Cimarex Energy Company COM 171798101 10274 136187 SH Sole 136187
Columbia Sportswear COM 198516106 10030 173298 SH Sole 173298
Continental Resources COM 212015101 356 4100 SH Sole 4100
Copart Inc COM 217204106 206 6000 SH Sole 6000
Darling International COM 237266101 10553 587600 SH Sole 587600
Dawson Geophysical Company COM 239359102 17658 588608 SH Sole 588608
Exide Technologies COM 302051206 6421 2378300 SH Sole 2378300
Gap Inc COM 364760108 273 7700 SH Sole 7700
General Electric COM 369604103 998 43175 SH Sole 43175
Helmerich & Payne Inc. COM 423452101 8691 143181 SH Sole 143181
International Business Machine COM 459200101 13848 64923 SH Sole 64923
J.P. Morgan Chase & Co COM 46625H100 804 16950 SH Sole 16950
Johnson & Johnson COM 478160104 12088 148264 SH Sole 148264
Keweenaw Land Association COM 493026108 256 3652 SH Sole 3652
Liberty Global A COM 530555101 2688 36625 SH Sole 36625
Merck & Co. COM 58933Y105 9415 213002 SH Sole 213002
Mesabi Trust Ctfs COM 590672101 5623 247050 SH Sole 247050
National Oilwell Varco COM 637071101 11174 157930 SH Sole 157930
Natus Medical Inc COM 639050103 5494 408750 SH Sole 408750
Nordstrom COM 655664100 232 4200 SH Sole 4200
Pfizer, Inc COM 717081103 12136 420499 SH Sole 420499
Powell Industries COM 739128106 9505 180811 SH Sole 180811
Resolute Energy Corporation COM 76116A108 12184 1058583 SH Sole 1058583
Sparton Cp COM 847235108 11850 884350 SH Sole 884350
Timken Company COM 887389104 8993 158950 SH Sole 158950
Whiting Petroleum Corporation COM 966387102 8194 161177 SH Sole 161177
ABB Ltd ADR 000375204 13908 611058 SH Sole 611058
Anglo American Corp. plc ADR 03485P102 7369 573633 SH Sole 573633
Autoliv, Inc. ADR 052800109 11212 162170 SH Sole 162170
BP plc ADR 055622104 552 13036 SH Sole 13036
Banco Latinoamericano de Expor ADR P16994132 5912 238982 SH Sole 238982
Banco Santander ADR 05964H105 5214 765686 SH Sole 765686
Canon ADR 138006309 815 22200 SH Sole 22200
Deutsche Bank AG ADR D18190898 335 8561 SH Sole 8561
E.on SE ADR 268780103 6703 381075 SH Sole 381075
Glaxo SmithKline plc ADR 37733W105 1591 33925 SH Sole 33925
Investor AB 'B' ORD W48102128 12884 445510 SH Sole 445510
Koninklijke Philips Electronic ADR 500472303 11615 393067 SH Sole 393067
Nestle S.A. ADR 641069406 7800 107589 SH Sole 107589
Rio Tinto plc ADR 767204100 2030 43125 SH Sole 43125
Rydex Swiss Franc Currency Tru ETF 23129V109 667 6450 SH Sole 6450
Telecom Argentina S.A. ADR 879273209 779 53700 SH Sole 53700
Telefonica Brasil, S.A. ADR 87936R106 1261 47275 SH Sole 47275
Telefonica de Espana ADR 879382208 6802 503475 SH Sole 503475
Toyota Industries Corporation ORD J92628106 1180 32250 SH Sole 32250