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 AIRLS GROUP INC COM 02376R102 9,613 234,400 SH   SOLE   165,900 0 68,500
APPLE INC COM 037833100 1,962 18,000 SH   SOLE   18,000 0 0
AMERICAN CAP LTD COM 02503Y103 2,288 150,100 SH   SOLE   106,100 0 44,000
THE ADT CORPORATION COM 00101J106 623 15,101 SH   SOLE   0 0 15,101
ALLERGAN PLC SHS G0177J108 16,068 59,950 SH   SOLE   39,200 0 20,750
ALLY FINL INC COM 02005N100 882 47,100 SH   SOLE   47,100 0 0
APOLLO ED GROUP INC CL A 037604105 1,183 144,000 SH   SOLE   106,000 0 38,000
AEROPOSTALE COM 007865108 27 134,805 SH   SOLE   60,805 0 74,000
ASCENA RETAIL GROUP INC COM 04351G101 243 22,000 SH   SOLE   22,000 0 0
ALTISOURCE PORTFOLIO SOLNS REG SHS L0175J104 1,121 46,400 SH   SOLE   38,400 0 8,000
ATLANTIC PWR CORP COM NEW 04878Q863 325 132,000 SH   SOLE   132,000 0 0
BANK AMER CORP COM 060505104 18,689 1,382,300 SH   SOLE   915,300 0 467,000
BED BATH & BEYOND INC COM 075896100 1,737 35,000 SH   SOLE   28,000 0 7,000
BARCLAYS PLC ADR 06738E204 517 60,000 SH   SOLE   60,000 0 0
BARNES & NOBLE INC COM 067774109 738 59,683 SH   SOLE   26,000 0 33,683
BARNES & NOBLE ED INC COM 06777U101 164 16,699 SH   SOLE   7,510 0 9,189
BOFI HLDG INC COM 05566U108 886 41,520 SH   SOLE   29,920 0 11,600
BERKSHIRE HATHAWAY INC CL B 084670702 5,093 35,900 SH   SOLE   29,900 0 6,000
BAXALTA INC COM 07177M103 4,452 110,200 SH   SOLE   72,000 0 38,200
CITIGROUP INC COM NEW 172967424 3,851 92,245 SH   SOLE   65,245 0 27,000
CABLE ONE INC COM 12685J105 2,164 4,950 SH   SOLE   3,800 0 1,150
MAGICJACK VOCALTEC LTD SHS M6787E101 181 27,615 SH   SOLE   27,615 0 0
CBS CORP NEW CL B 124857202 2,066 37,508 SH   SOLE   37,508 0 0
CIGNA CORPORATION COM 125509109 2,882 21,000 SH   SOLE   16,000 0 5,000
CLOUD PEAK ENERGY INC COM 18911Q102 81 41,500 SH   SOLE   32,500 0 9,000
COMCAST CORP NEW CL A 20030N101 3,115 51,000 SH   SOLE   44,000 0 7,000
CALPINE CORP COM NEW 131347304 930 61,300 SH   SOLE   61,300 0 0
CENVEO INC COM 15670S105 12 26,000 SH   SOLE   26,000 0 0
CONCORDIA HEALTHCARE CORP COM 206519100 502 19,600 SH   SOLE   8,700 0 10,900
DELTA AIR LINES INC DEL COM NEW 247361702 2,264 46,500 SH   SOLE   37,500 0 9,000
DEPOMED INC COM 249908104 299 21,500 SH   SOLE   19,300 0 2,200
DISH NETWORK CORP CL A 25470M109 3,500 75,662 SH   SOLE   67,662 0 8,000
EBAY INC COM 278642103 310 13,000 SH   SOLE   13,000 0 0
E M C CORP MASS COM 268648102 29,325 1,100,362 SH   SOLE   816,082 0 284,280
EMMIS COMMUNICATIONS CORP CL A 291525103 570 979,615 SH   SOLE   635,422 0 344,193
ENDO INTL PLC SHS G30401106 411 14,600 SH   SOLE   9,100 0 5,500
ENERSYS COM 29275Y102 279 5,000 SH   SOLE   5,000 0 0
EQUITY COMWLTH COM SH BEN INT 294628102 2,399 85,000 SH   SOLE   75,000 0 10,000
ITT EDUCATIONAL SERVICES INC COM 45068B109 34 11,000 SH   SOLE   11,000 0 0
ESSENT GROUP LTD COM G3198U102 1,063 51,090 SH   SOLE   43,090 0 8,000
ENERGY TRANSFER PRTNRS L P UNIT LTD PARTN 29273R109 3,076 95,103 SH   SOLE   65,103 0 30,000
FORESIGHT ENERGY LP COM UNT RP INT 34552U104 20 17,900 SH   SOLE   14,900 0 3,000
FORTRESS INVESTMENT GROUP LL CL A 34958B106 63 13,200 SH   SOLE   13,200 0 0
FINISH LINE INC CL A 317923100 2,357 111,694 SH   SOLE   72,994 0 38,700
FIFTH STREET FINANCE CORP COM 31678A103 699 139,244 SH   SOLE   96,244 0 43,000
GAIN CAP HLDGS INC COM 36268W100 330 50,370 SH   SOLE   50,370 0 0
GRAHAM HLDGS CO COM 384637104 1,489 3,102 SH   SOLE   2,102 0 1,000
TERRAFORM GLOBAL INC CL A 88104M101 217 91,100 SH   SOLE   91,100 0 0
GAMING & LEISURE PPTYS INC COM 36467J108 11,361 367,418 SH   SOLE   243,858 0 123,560
GENERAL MTRS CO COM 37045V100 3,080 98,000 SH   SOLE   82,000 0 16,000
GAP INC DEL COM 364760108 1,655 56,300 SH   SOLE   39,300 0 17,000
HERTZ GLOBAL HOLDINGS INC C COM 42805T105 956 90,800 SH   SOLE   85,800 0 5,000
HUMANA INC COM 444859102 4,391 24,000 SH   SOLE   15,500 0 8,500
INTERACTIVE BROKERS GROUP IN COM 45841N107 9,722 247,251 SH   SOLE   189,878 0 57,373
INTERNATIONAL BUSINESS MACHS COM 459200101 2,378 15,700 SH   SOLE   12,700 0 3,000
INGRAM MICRO INC CL A 457153104 988 27,500 SH   SOLE   23,000 0 4,500
INTEL CORP COM 458140100 356 11,000 SH   SOLE   11,000 0 0
INTREPID POTASH INC COM 46121Y102 50 44,819 SH   SOLE   5,819 0 39,000
PENNEY J C INC COM 708160106 397 35,900 SH   SOLE   19,900 0 16,000
JUMEI INTL HLDG LTD SPONSORED ADR 48138L107 257 39,506 SH   SOLE   29,506 0 10,000
JPMORGAN CHASE & CO COM 46625H100 5,330 90,000 SH   SOLE   77,000 0 13,000
LEE ENTERPRISES INC COM 523768109 1,133 629,194 SH   SOLE   391,210 0 237,984
LG DISPLAY CO LTD SPONS ADR REP 50186V102 526 46,000 SH   SOLE   46,000 0 0
LUBYS INC COM 549282101 92 18,900 SH   SOLE   10,900 0 8,000
SOUTHWEST AIRLS CO COM 844741108 314 7,000 SH   SOLE   7,000 0 0
MACYS INC COM 55616P104 4,144 94,000 SH   SOLE   62,000 0 32,000
MBIA INC COM 55262C100 2,012 227,302 SH   SOLE   154,000 0 73,302
MEDTRONIC PLC SHS G5960L103 465 6,200 SH   SOLE   6,200 0 0
MARTIN MARIETTA MATLS INC COM 573284106 558 3,500 SH   SOLE   3,500 0 0
MCCLATCHY CO CL A 579489105 163 154,800 SH   SOLE   145,800 0 9,000
MALLINCKRODT PUB LTD CO SHS G5785G107 748 12,200 SH   SOLE   5,000 0 7,200
MPLX LP COM UNIT REP LTD 55336V100 759 25,577 SH   SOLE   14,587 0 10,990
MORGAN STANLEY COM NEW 617446448 1,154 46,145 SH   SOLE   14,145 0 32,000
MYLAN N V SHS EURO N59465109 1,075 23,200 SH   SOLE   18,200 0 5,000
ANNALY CAP MGMT INC COM 035710409 1,108 108,000 SH   SOLE   75,000 0 33,000
NMI HLDGS INC CL A 629209305 472 93,521 SH   SOLE   76,521 0 17,000
NU SKIN ENTERPRISES INC CL A 67018T105 612 16,000 SH   SOLE   11,000 0 5,000
NEWS CORP NEW CL A 65249B109 1,486 116,403 SH   SOLE   116,403 0 0
NEW YORK TIMES CO CL A 650111107 1,915 153,700 SH   SOLE   98,000 0 55,700
OCWEN FINL CORP COM NEW 675746309 142 57,553 SH   SOLE   57,553 0 0
ON DECK CAP INC COM 682163100 364 46,700 SH   SOLE   46,700 0 0
PAYPAL HLDGS INC COM 70450Y103 969 25,100 SH   SOLE   25,100 0 0
RITE AID CORP COM 767754104 5,456 669,498 SH   SOLE   441,498 0 228,000
SPIRIT AIRLS INC COM 848577102 2,377 49,537 SH   SOLE   33,500 0 16,037
SANTANDER CONSUMER USA HDG I COM 80283M101 132 12,600 SH   SOLE   12,600 0 0
SEARS HOMETOWN & OUTLET STOR COM 812362101 284 44,193 SH   SOLE   39,453 0 4,740
SMITH & NEPHEW PLC SPDN ADR NEW 83175M205 2,532 76,000 SH   SOLE   69,000 0 7,000
SYNCHRONY FINL COM 87165B103 5,243 182,933 SH   SOLE   148,933 0 34,000
TERRAFORM PWR INC CL A COM 88104R100 517 59,740 SH   SOLE   54,740 0 5,000
TEREX CORP NEW COM 880779103 1,746 70,175 SH   SOLE   44,175 0 26,000
TEGNA INC COM 87901J105 263 11,200 SH   SOLE   11,200 0 0
T MOBILE US INC COM 872590104 1,647 43,000 SH   SOLE   35,000 0 8,000
TESLA MTRS INC COM 88160R101 1,287 5,600 SH   SOLE   4,800 0 800
TIME WARNER INC COM NEW 887317303 2,104 29,000 SH   SOLE   26,000 0 3,000
UNITED CONTL HLDGS INC COM 910047109 862 14,400 SH   SOLE   13,400 0 1,000
CVR PARTNERS LP COM 126633106 254 30,430 SH   SOLE   24,430 0 6,000
VIRGIN AMER INC COM VTG 92765X208 713 18,500 SH   SOLE   14,500 0 4,000
VALSPAR CORP COM 920355104 257 2,400 SH   SOLE   2,400 0 0
VEREIT INC COM 92339V100 4,676 527,147 SH   SOLE   375,147 0 152,000
VALEANT PHARMACEUTICALS INTL COM 91911K102 2,588 98,400 SH   SOLE   46,400 0 52,000
VITAMIN SHOPPE INC COM 92849E101 402 13,000 SH   SOLE   2,000 0 11,000
VIVINT SOLAR INC COM 92854Q106 1,439 542,839 SH   SOLE   367,135 0 175,704
WELLS FARGO & CO NEW COM 949746101 725 15,000 SH   SOLE   15,000 0 0
WILLIAMS COS INC DEL COM 969457100 22,759 1,416,247 SH   SOLE   846,513 0 569,734
WILLIAMS PARTNERS L P NEW COM UNIT LTD PAR 96949L105 9,317 455,602 SH   SOLE   354,973 0 100,629
WYNN RESORTS LTD COM 983134107 280 3,000 SH   SOLE   3,000 0 0
CREDIT SUISSE NASSAU BRH INVRS VIX STERM 22542D795 652 25,200 SH   SOLE   22,200 0 3,000
ZYNGA INC CL A 98986T108 220 96,500 SH   SOLE   56,500 0 40,000