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
ALLEGHANY CORP DEL COM 017175100 124,288 250,480 SH   SOLE   250,480 0 0
AMERICAN EXPRESS CO COM 025816109 62,739 1,021,800 SH   SOLE   1,021,800 0 0
ARROW ELECTRS INC COM 042735100 103,855 1,612,400 SH   SOLE   1,612,400 0 0
BANK OF AMERICA CORP COM 060505104 139,897 10,347,445 SH   SOLE   10,347,445 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 56,184 396,000 SH   SOLE   396,000 0 0
CITIGROUP INC COM NEW 172967424 182,949 4,382,011 SH   SOLE   4,382,011 0 0
CNA FINL CORP COM 126117100 19,188 596,265 SH   SOLE   596,265 0 0
CORNING INC COM 219350105 175,512 8,401,700 SH   SOLE   8,401,700 0 0
FRANKLIN RES INC COM 354613101 165,853 4,247,200 SH   SOLE   4,247,200 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 220,220 1,402,853 SH   SOLE   1,402,853 0 0
HELMERICH & PAYNE INC COM 423452101 79,544 1,354,629 SH   SOLE   1,354,629 0 0
INGRAM MICRO INC CL A 457153104 57,995 1,615,000 SH   SOLE   1,615,000 0 0
JACOBS ENGR GROUP INC DEL COM 469814107 49,734 1,142,000 SH   SOLE   1,142,000 0 0
JOY GLOBAL INC COM 481165108 120,699 7,510,805 SH   SOLE   7,510,805 0 0
KT CORP SPONSORED ADR 48268K101 104,477 7,785,146 SH   SOLE   7,785,146 0 0
LOEWS CORP COM 540424108 113,112 2,956,400 SH   SOLE   2,956,400 0 0
MICROSOFT CORP COM 594918104 45,270 819,669 SH   SOLE   819,669 0 0
MORGAN STANLEY COM NEW 617446448 122,976 4,917,061 SH   SOLE   4,917,061 0 0
NATIONAL OILWELL VARCO INC COM 637071101 65,405 2,103,057 SH   SOLE   2,103,057 0 0
PATTERSON UTI ENERGY INC COM 703481101 89,228 5,064,046 SH   SOLE   5,064,046 0 0
POSCO SPONSORED ADR 693483109 96,887 2,047,043 SH   SOLE   2,047,043 0 0
TENARIS SA SPONSORED ADR 88031M109 106,010 4,281,500 SH   SOLE   4,281,500 0 0
VALE SA ADR 91912E105 71,830 17,061,693 SH   SOLE   17,061,693 0 0