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 35,093 473,400 SH   SOLE   473,400 0 0
ALLEGHANY CORP DEL COM 017175100 119,546 255,380 SH   SOLE   255,380 0 0
ARROW ELECTRS INC COM 042735100 77,326 1,398,800 SH   SOLE   1,398,800 0 0
BANK OF AMERICA CORP COM 060505104 145,949 9,367,745 SH   SOLE   9,367,745 0 0
BANK NEW YORK MELLON CORP COM 064058100 55,257 1,411,415 SH   SOLE   1,411,415 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 47,648 365,400 SH   SOLE   365,400 0 0
CITIGROUP INC COM NEW 172967424 164,616 3,318,211 SH   SOLE   3,318,211 0 0
CNA FINL CORP COM 126117100 62,972 1,802,800 SH   SOLE   1,802,800 0 0
CORNING INC COM 219350105 117,474 6,861,800 SH   SOLE   6,861,800 0 0
ENSCO PLC SHS CLASS A G3157S106 16,227 1,152,500 SH   SOLE   1,152,500 0 0
FRANKLIN RES INC COM 354613101 116,620 3,129,900 SH   SOLE   3,129,900 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 170,468 981,053 SH   SOLE   981,053 0 0
HELMERICH & PAYNE INC COM 423452101 42,666 902,792 SH   SOLE   902,792 0 0
INGRAM MICRO INC CL A 457153104 99,086 3,637,500 SH   SOLE   3,637,500 0 0
JACOBS ENGR GROUP INC DEL COM 469814107 36,592 977,600 SH   SOLE   977,600 0 0
JOY GLOBAL INC COM 481165108 60,879 4,077,605 SH   SOLE   4,077,605 0 0
KT CORP SPONSORED ADR 48268K101 88,227 6,750,346 SH   SOLE   6,750,346 0 0
LOEWS CORP COM 540424108 122,818 3,398,400 SH   SOLE   3,398,400 0 0
MICROSOFT CORP COM 594918104 75,323 1,701,829 SH   SOLE   1,701,829 0 0
MORGAN STANLEY COM NEW 617446448 78,733 2,499,461 SH   SOLE   2,499,461 0 0
NATIONAL OILWELL VARCO INC COM 637071101 37,770 1,003,200 SH   SOLE   1,003,200 0 0
PATTERSON UTI ENERGY INC COM 703481101 68,800 5,235,900 SH   SOLE   5,235,900 0 0
POSCO SPONSORED ADR 693483109 70,824 2,022,400 SH   SOLE   2,022,400 0 0
ROWAN COMPANIES PLC SHS CL A G7665A101 30,083 1,862,694 SH   SOLE   1,862,694 0 0
SUNTRUST BKS INC COM 867914103 76,216 1,993,100 SH   SOLE   1,993,100 0 0
TENARIS SA SPONSORED ADR 88031M109 76,079 3,155,500 SH   SOLE   3,155,500 0 0
VALE SA ADR 91912E105 60,485 14,401,193 SH   SOLE   14,401,193 0 0