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
ADAMS EXPRESS CO COM 006212104 4,338 334,195 SH   SOLE   334,195 0 0
AFLAC INC COM 001055102 1,500 23,800 SH   SOLE   23,800 0 0
ALERE INC PERP PFD CONV SE 01449J204 267 922 SH   SOLE   922 0 0
APPLE INC COM 037833100 537 1,000 SH   SOLE   1,000 0 0
ASTRAZENECA PLC SPONSORED ADR 046353108 3,062 47,200 SH   SOLE   47,200 0 0
AT&T INC COM 00206R102 701 20,000 SH   SOLE   20,000 0 0
BANCO SANTANDER SA ADR 05964H105 6,570 685,843 SH   SOLE   685,843 0 0
BANCO SANTANDER SA ADR 05964H105 958 100,000 SH Call SOLE   100,000 0 0
BANK OF AMERICA CORPORATION 7.25%CNV PFD L 060505682 1,259 1,100 SH   SOLE   1,100 0 0
BANK OF AMERICA CORPORATION COM 060505104 1,720 100,000 SH Call SOLE   100,000 0 0
BUILD A BEAR WORKSHOP COM 120076104 96 10,000 SH   SOLE   10,000 0 0
CARMAX INC COM 143130102 6,949 148,476 SH   SOLE   148,476 0 0
CBS CORP NEW CL B 124857202 9,346 151,225 SH   SOLE   151,225 0 0
CHEROKEE INC DEL NEW COM 16444H102 4,771 342,531 SH   SOLE   342,531 0 0
CHUBB CORP COM 171232101 4,108 46,000 SH   SOLE   46,000 0 0
CITIGROUP INC COM NEW 172967424 1,968 41,339 SH   SOLE   41,339 0 0
CITIGROUP INC COM NEW 172967424 1,190 25,000 SH Call SOLE   25,000 0 0
FASTENAL CO COM 311900104 493 10,000 SH   SOLE   10,000 0 0
GENERAL ELECTRIC CO COM 369604103 8,167 315,450 SH   SOLE   315,450 0 0
GENERAL MTRS CO COM 37045V100 585 17,000 SH   SOLE   17,000 0 0
GENERAL MTRS CO COM 37045V100 688 20,000 SH Call SOLE   20,000 0 0
GLAXOSMITHKLINE PLC SPONSORED ADR 37733W105 1,336 25,000 SH   SOLE   25,000 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 2,949 18,000 SH   SOLE   18,000 0 0
HERBALIFE LTD COM USD SHS G4412G101 286 5,000 SH Put SOLE   5,000 0 0
HSBC HLDGS PLC SPON ADR NEW 404280406 1,690 33,250 SH   SOLE   33,250 0 0
JOHNSON & JOHNSON COM 478160104 1,153 11,740 SH   SOLE   11,740 0 0
LEGG MASON INC COM 524901105 29,424 600,000 SH   SOLE   600,000 0 0
LEGG MASON INC COM 524901105 490 10,000 SH Call SOLE   10,000 0 0
MCCORMICK & CO INC COM NON VTG 579780206 3,192 44,500 SH   SOLE   44,500 0 0
MGM RESORTS INTERNATIONAL COM 552953101 1,176 45,460 SH   SOLE   45,460 0 0
NEW YORK CMNTY BANCORP INC COM 649445103 1,848 115,000 SH   SOLE   115,000 0 0
NEWLINK GENETICS CORP COM 651511107 284 10,000 SH   SOLE   10,000 0 0
NORTHRIM BANCORP INC COM 666762109 86 3,347 SH   SOLE   3,347 0 0
PDL BIOPHARMA INC COM 69329Y104 83 10,000 SH Put SOLE   10,000 0 0
PITNEY BOWES INC COM 724479100 260 10,000 SH   SOLE   10,000 0 0
PULTE GROUP INC COM 745867101 576 30,000 SH   SOLE   30,000 0 0
SANOFI SPONSORED ADR 80105N105 392 7,500 SH   SOLE   7,500 0 0
SEADRILL LIMITED SHS G7945E105 246 7,000 SH   SOLE   7,000 0 0
STANLEY BLACK & DECKER INC COM 854502101 2,590 31,875 SH   SOLE   31,875 0 0
STARBUCKS CORP COM 855244109 7,213 98,300 SH   SOLE   98,300 0 0
STATE BK FINL CORP COM 856190103 177 10,000 SH   SOLE   10,000 0 0
STERLING BANCORP DEL COM 85917A100 127 10,000 SH   SOLE   10,000 0 0
STUDENT TRANSN INC COM 86388A108 828 133,770 SH   SOLE   133,770 0 0
TAL INTL GROUP INC COM 874083108 943 22,000 SH   SOLE   22,000 0 0
TAL INTL GROUP INC COM 874083108 429 10,000 SH Call SOLE   10,000 0 0
TAL INTL GROUP INC COM 874083108 857 20,000 SH Put SOLE   20,000 0 0
TAL INTL GROUP INC COM 874083108 429 10,000 SH Put SOLE   10,000 0 0
TESLA MTRS INC COM 88160R101 5,211 25,000 SH Put SOLE   25,000 0 0
TOTAL S A SPONSORED ADR 89151E109 2,558 39,000 SH   SOLE   39,000 0 0
TRAVELERS COMPANIES INC COM 89417E109 5,957 70,000 SH   SOLE   70,000 0 0
VASCO DATA SEC INTL INC COM 92230Y104 75 10,000 SH   SOLE   10,000 0 0
VECTOR GROUP LTD COM 92240M108 1,957 90,862 SH   SOLE   90,862 0 0
ZOETIS INC CL A 98978V103 1,490 51,500 SH   SOLE   51,500 0 0