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
AMERICAN INTL GROUP INC COM NEW 026874784 4,071,349 79,752,186 SH   SOLE 1 77,204,507 0 2,547,679
AMERICAN INTL GROUP INC *W EXP 01/19/202 026874156 491,063 24,250,009 SH   SOLE 1 23,499,931 0 750,078
BANK OF AMERICA CORPORATION COM 060505104 1,552,985 99,742,115 SH   SOLE 1 89,755,915 0 9,986,200
BANK OF AMERICA CORPORATION *W EXP 01/16/201 060505146 64,082 9,904,428 SH   SOLE 1 8,490,728 0 1,413,700
BERKSHIRE HATHAWAY INC DEL CL A 084670108 1,067 6 SH   SOLE   0 0 6
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 84,204 710,225 SH   SOLE   160,600 0 549,625
CHESAPEAKE ENERGY CORP COM 165167107 25,186 928,000 SH   SOLE 1 666,700 0 261,300
CITIGROUP INC COM NEW 172967424 2,843 54,560 SH   SOLE   0 0 54,560
FEDERAL HOME LOAN MORTGAGE CORP COM 313400301 56,220 19,386,300 SH   SOLE 1 19,386,300 0 0
FEDERAL HOME LOAN MORTGAGE CORP PFD 313400780 22,974 1,699,250 SH   SOLE 1 1,699,250 0 0
FEDERAL HOME LOAN MORTGAGE CORP PFD 313400608 18,601 1,377,829 SH   SOLE 1 1,377,829 0 0
FEDERAL HOME LOAN MORTGAGE CORP PFD 313400798 7,313 546,542 SH   SOLE 1 546,542 0 0
FEDERAL HOME LOAN MORTGAGE CORP PFD 313400715 804 60,900 SH   SOLE   60,900 0 0
FEDERAL HOME LOAN MORTGAGE CORP PFD 313400863 2,822 203,000 SH   SOLE 1 203,000 0 0
FEDERAL HOME LOAN MORTGAGE CORP PFD 313400855 17,950 1,339,572 SH   SOLE 1 1,339,572 0 0
FEDERAL HOME LOAN MORTGAGE CORP PFD 313400673 40,768 5,799,175 SH   SOLE 1 5,799,175 0 0
FEDERAL HOME LOAN MORTGAGE CORP PFD 313400665 3,136 447,940 SH   SOLE 1 447,940 0 0
FEDERAL HOME LOAN MORTGAGE CORP PFD 313400772 2,120 157,500 SH   SOLE   157,500 0 0
FEDERAL HOME LOAN MORTGAGE CORP PFD 313400681 3,563 517,900 SH   SOLE 1 517,900 0 0
FEDERAL HOME LOAN MORTGAGE CORP PFD 313400749 594 45,000 SH   SOLE   45,000 0 0
FEDERAL HOME LOAN MORTGAGE CORP PFD 313400657 333 45,500 SH   SOLE   45,500 0 0
FEDERAL HOME LOAN MORTGAGE CORP PFD 313400640 29,792 4,196,108 SH   SOLE 1 4,196,108 0 0
FEDERAL HOME LOAN MORTGAGE CORP PFD 313400624 357,920 39,901,900 SH   SOLE 1 39,901,900 0 0
FEDERAL HOME LOAN MORTGAGE CORP PFD 313400699 127 9,200 SH   SOLE   9,200 0 0
FEDERAL HOME LOAN MORTGAGE CORP PFD 313400830 132 9,400 SH   SOLE   9,400 0 0
FEDERAL HOME LOAN MORTGAGE CORP PFD 313400731 107 8,400 SH   SOLE   8,400 0 0
FEDERAL NATIONAL MORTGAGE ASSOCIATION COM 313586109 78,233 25,990,900 SH   SOLE 1 25,990,900 0 0
FEDERAL NATIONAL MORTGAGE ASSOCIATION PFD 313586802 3,738 269,500 SH   SOLE 1 269,500 0 0
FEDERAL NATIONAL MORTGAGE ASSOCIATION PFD 313586786 24,970 3,672,127 SH   SOLE 1 3,672,127 0 0
FEDERAL NATIONAL MORTGAGE ASSOCIATION PFD 313586778 11,060 1,580,000 SH   SOLE 1 1,580,000 0 0
FEDERAL NATIONAL MORTGAGE ASSOCIATION PFD 313586794 90,026 6,339,843 SH   SOLE 1 6,339,843 0 0
FEDERAL NATIONAL MORTGAGE ASSOCIATION PFD 313586760 11,790 1,500,000 SH   SOLE 1 1,500,000 0 0
FEDERAL NATIONAL MORTGAGE ASSOCIATION PFD 313586752 516,680 59,049,119 SH   SOLE 1 56,584,419 0 2,464,700
FEDERAL NATIONAL MORTGAGE ASSOCIATION PFD 313586877 62 4,400 SH   SOLE   4,400 0 0
GENWORTH FINL INC COM CL A 37247d106 16,640 1,071,500 SH   SOLE 1 1,063,700 0 7,800
HARTFORD FINL SVCS GROUP INC COM 416515104 1,884 52,000 SH   SOLE   4,300 0 47,700
HARTFORD FINL SVCS GROUP INC *W EXP 06/26/201 416515120 15,249 553,900 SH   SOLE 1 553,900 0 0
JPMORGAN CHASE & CO *W EXP 10/28/201 46634E114 14,606 753,300 SH   SOLE 1 718,000 0 35,300
LEUCADIA NATL CORP COM 527288104 508,928 17,957,927 SH   SOLE 1 15,104,553 0 2,853,374
LINCOLN NATL CORP IND COM 534187109 2,292 44,400 SH   SOLE   3,700 0 40,700
LINCOLN NATL CORP IND *W EXP 07/10/201 534187117 8,698 205,810 SH   SOLE 1 205,810 0 0
SEARS HLDGS CORP COM 812350106 1,046,105 21,331,673 SH   SOLE 1 18,499,573 0 2,832,100
ST JOE CO COM 790148100 477,131 24,863,504 SH   SOLE 1 23,841,602 0 1,021,902
WELLS FARGO & CO NEW COM 949746101 6,792 149,600 SH   SOLE   120,000 0 29,600
WELLS FARGO & CO NEW *W EXP 10/28/201 949746119 21,318 1,346,665 SH   SOLE 1 1,318,265 0 28,400