Holding Performance

1%-0% 2%-1% 3%-2% 4%-3% 5%-4% 6%-5%

Top 25 Holdings	Portfolio Weight %	Shares Owned	Shares Change	Sector	Mkt Cap (Mil)	Total Ret YTD (Daily)
Liberty Media Corporation	8.80	40,000	-10,000		4.46	--
Howard Hughes Corp	8.38	59,000	-11,000		4.25	48.11
Icahn Enterprises LP	7.12	60,300	-123		3.61	66.11
Leucadia National Corporation	5.82	116,000	-4,000		2.95	14.74
Jarden Corporation	4.64	40,000	-20,000		2.35	29.31
AutoNation Inc	4.59	48,000	-12,000		2.33	11.13
Jardine Strategic Holdings Limited ADR	4.12	110,000	-10,000		2.09	6.11
Sears Holdings Corporation	3.89	42,000	-4,000		1.97	12.31
Brookfield Asset Management Inc Class A	3.70	50,791	0		1.88	1.12
Viacom, Inc. Class B	3.57	30,000	0		1.81	27.88
Virtus Investment Partners, Inc.	3.06	10,419	0		1.55	76.38
Texas Pacific Land Trust	3.01	29,600	1,200		1.52	62.38
Beijing Capital International Airport Co., Ltd. H Shares	2.96	1,800,000	0		1.50	-11.03
Forest City Enterprises Inc Class A	2.67	80,000	0		1.35	13.00
Umb Money Market Fiduciary Fund	2.55	1,294,178	1,294,178	---	1.29	--
Link Real Estate Investment Trust	2.38	232,000	-208,000		1.21	--
Wynn Resorts Ltd	1.98	8,000	-2,000		1.00	24.33
CBS Corporation Class B	1.97	24,000	0		1.00	27.78
IAC/InterActiveCorp	1.87	23,000	-7,000		948,750.00	4.74
Franco-Nevada Corp	1.79	17,000	-3,000		908,632.00	-36.51
Imperial Oil Ltd	1.56	18,000	0		791,100.00	-7.36
BOK Financial Corp.	1.39	12,534	0		702,531.00	17.22
Liberty Interactive Corp Class A	1.26	30,000	0		637,800.00	15.96
Starz Inc Class A	1.26	40,000	40,000		637,600.00	70.31
DISH Network Corp	1.23	16,800	400		626,136.00	7.88