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 EXPRESS CO COM 025816109 44,248 636,200 SH   SOLE   636,200 0 0
ALLEGHANY CORP DEL COM 017175100 115,936 242,580 SH   SOLE   242,580 0 0
ARROW ELECTRS INC COM 042735100 79,878 1,474,300 SH   SOLE   1,474,300 0 0
BANK OF AMERICA CORP COM 060505104 147,780 8,780,745 SH   SOLE   8,780,745 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 50,849 385,100 SH   SOLE   385,100 0 0
CITIGROUP INC COM NEW 172967424 180,939 3,496,411 SH   SOLE   3,496,411 0 0
CNA FINL CORP COM 126117100 28,897 822,103 SH   SOLE   822,103 0 0
CORNING INC COM 219350105 139,535 7,633,200 SH   SOLE   7,633,200 0 0
FRANKLIN RES INC COM 354613101 139,069 3,777,000 SH   SOLE   3,777,000 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 186,331 1,033,853 SH   SOLE   1,033,853 0 0
HELMERICH & PAYNE INC COM 423452101 69,222 1,292,661 SH   SOLE   1,292,661 0 0
INGRAM MICRO INC CL A 457153104 55,125 1,814,500 SH   SOLE   1,814,500 0 0
JACOBS ENGR GROUP INC DEL COM 469814107 43,360 1,033,600 SH   SOLE   1,033,600 0 0
JOY GLOBAL INC COM 481165108 82,391 6,533,822 SH   SOLE   6,533,822 0 0
KT CORP SPONSORED ADR 48268K101 84,762 7,116,846 SH   SOLE   7,116,846 0 0
LOEWS CORP COM 540424108 123,590 3,218,500 SH   SOLE   3,218,500 0 0
MICROSOFT CORP COM 594918104 53,351 961,629 SH   SOLE   961,629 0 0
MORGAN STANLEY COM NEW 617446448 83,510 2,625,261 SH   SOLE   2,625,261 0 0
NATIONAL OILWELL VARCO INC COM 637071101 53,295 1,591,357 SH   SOLE   1,591,357 0 0
PATTERSON UTI ENERGY INC COM 703481101 76,569 5,077,500 SH   SOLE   5,077,500 0 0
POSCO SPONSORED ADR 693483109 75,327 2,130,300 SH   SOLE   2,130,300 0 0
TENARIS SA SPONSORED ADR 88031M109 87,010 3,655,900 SH   SOLE   3,655,900 0 0
VALE SA ADR 91912E105 50,998 15,500,993 SH   SOLE   15,500,993 0 0