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
Expires: July 31, 2015
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
AGNICO EAGLE MINES LTD. COM 008474108 3,567,900 30,000 SH DFND 30,000 0 0
ALLISON TRANSMISSION HOLDINGS, INC. COM 01973R101 7,551,705 79,500 SH DFND 1 79,500 0 0
ALPHABET, INC CAP STK CL C 02079K107 101,156 574 SH DFND 574 0 0
ALPHABET, INC. CAP STK CL A 02079K305 7,472,152 42,400 SH DFND 42,400 0 0
ALPHABET, INC. CAP STK CL A 02079K305 11,578,311 65,700 SH DFND 1 65,700 0 0
AUTOZONE INC COM 053332102 144,777 39 SH DFND 39 0 0
AUTOZONE, INC. COM 053332102 3,637,985 980 SH DFND 980 0 0
AUTOZONE, INC. COM 053332102 22,458,992 6,050 SH DFND 1 6,050 0 0
BERKSHIRE HATHAWAY, INC. CL B NEW 084670702 2,477,427 5,100 SH DFND 5,100 0 0
BUILD-A-BEAR WORKSHOP, INC. COM 120076104 850,740 16,500 SH DFND 16,500 0 0
CLEAR SECURE INC COM CL A 18467V109 390,889 14,081 SH DFND 14,081 0 0
CLEAR SECURE INC COM CL A 18467V109 7,635,499 275,054 SH DFND 1 275,054 0 0
CREDIT ACCEP CORP MICH COM 225310101 95,263 187 SH DFND 187 0 0
CREDIT ACCEPTANCE CORP. COM 225310101 967,917 1,900 SH DFND 1,900 0 0
CREDIT ACCEPTANCE CORP. COM 225310101 11,716,890 23,000 SH DFND 1 23,000 0 0
CROCS, INC. COM 227046109 211,675 2,090 SH DFND 2,090 0 0
CROCS, INC. COM 227046109 4,152,480 41,000 SH DFND 1 41,000 0 0
CUBESMART COM 229663109 595,000 14,000 SH DFND 14,000 0 0
DILLARDS INC CL A 254067101 103,622 248 SH DFND 248 0 0
DILLARDS INC CL A 254067101 413,652 990 SH DFND 990 0 0
DILLARDS INC CL A 254067101 8,481,949 20,300 SH DFND 1 20,300 0 0
DONNELLEY FINANCIAL SOLUTIONS, INC. COM 25787G100 369,900 6,000 SH DFND 6,000 0 0
DONNELLEY FINANCIAL SOLUTIONS, INC. COM 25787G100 14,611,050 237,000 SH DFND 1 237,000 0 0
ELEVANCE HEALTH, INC. COM 036752103 171,142 440 SH DFND 440 0 0
ELEVANCE HEALTH, INC. COM 036752103 3,734,016 9,600 SH DFND 1 9,600 0 0
ESSENT GROUP LTD. COM G3198U102 1,487,885 24,500 SH DFND 24,500 0 0
ESSENT GROUP LTD. COM G3198U102 12,146,000 200,000 SH DFND 1 200,000 0 0
EXCHANGE LISTED FDS TR SABA INT RATE 30151E806 2,224 100 SH DFND 1 100 0 0
EXTRA SPACE STORAGE INC COM 30225T102 1,478,381 10,027 SH DFND 10,027 0 0
FIRSTHAND TECHNOLOGY VALUE F COM 33766Y100 6 100 SH DFND 1 100 0 0
FRANCO-NEVADA CORP. COM 351858105 754,032 4,600 SH DFND 4,600 0 0
GLOBAL SELF STORAGE INC COM 37955N106 721,439 135,101 SH DFND 135,101 0 0
GLOBAL SELF STORAGE INC COM 37955N106 539,634 101,055 SH DFND 101,055 0 0
GLOBAL SELF STORAGE INC COM 37955N106 1,082,434 202,703 SH DFND 202,703 0 0
GLOBAL SELF STORAGE INC COM 37955N106 214,577 40,183 SH SOLE 40,183 0 0
HIGH INCOME SECURITIES FUND SHS BEN INT 42968F108 4,204 662 SH DFND 1 662 0 0
IAMGOLD CORP. COM 450913108 1,514,100 206,000 SH DFND 206,000 0 0
IAMGOLD CORP. COM 450913108 7,644,000 1,040,000 SH DFND 1 1,040,000 0 0
INTERACTIVE BROKERS GROUP, INC. COM CL A 45841N107 1,285,512 23,200 SH DFND 23,200 0 0
INTERACTIVE BROKERS GROUP, INC. COM CL A 45841N107 16,844,640 304,000 SH DFND 1 304,000 0 0
ISHARES SILVER TRUST ISHARES 46428Q109 732,319 22,320 SH DFND 22,320 0 0
JPMORGAN CHASE & CO. COM 46625H100 1,971,388 6,800 SH DFND 6,800 0 0
KINROSS GOLD CORP. COM 496902404 1,070,655 68,500 SH DFND 68,500 0 0
KINROSS GOLD CORP. COM 496902404 11,675,610 747,000 SH DFND 1 747,000 0 0
LAM RESEARCH CORP. COM NEW 512807306 1,168,080 12,000 SH DFND 12,000 0 0
LAM RESEARCH CORP. COM NEW 512807306 9,441,980 97,000 SH DFND 1 97,000 0 0
LPL FINANCIAL HOLDINGS, INC. COM 50212V100 884,929 2,360 SH DFND 2,360 0 0
LPL FINANCIAL HOLDINGS, INC. COM 50212V100 17,436,105 46,500 SH DFND 1 46,500 0 0
MASTERCARD, INC. CL A 57636Q104 5,619,400 10,000 SH DFND 10,000 0 0
MATADOR RESOURCES CO. COM 576485205 279,162 5,850 SH DFND 5,850 0 0
MATADOR RESOURCES CO. COM 576485205 5,249,200 110,000 SH DFND 1 110,000 0 0
META PLATFORMS, INC. CL A 30303M102 848,804 1,150 SH DFND 1,150 0 0
MEXICO EQUITY & INCOME FD COM 592834105 62,820 6,000 SH DFND 1 6,000 0 0
MUELLER INDUSTRIES, INC. COM 624756102 626,224 7,880 SH DFND 7,880 0 0
MUELLER INDUSTRIES, INC. COM 624756102 12,826,458 161,400 SH DFND 1 161,400 0 0
NEW GOLD, INC. COM 644535106 1,287,000 260,000 SH DFND 260,000 0 0
NEW GOLD, INC. COM 644535106 9,108,000 1,840,000 SH DFND 1 1,840,000 0 0
NEWMONT GOLDCORP CORP. COM 651639106 1,048,680 18,000 SH DFND 18,000 0 0
NMI HOLDINGS, INC. COM 629209305 711,703 16,869 SH DFND 16,869 0 0
NMI HOLDINGS, INC. COM 629209305 15,999,545 379,226 SH DFND 1 379,226 0 0
NVR, INC COM 62944T105 125,556 17 SH DFND 17 0 0
NVR, INC. COM 62944T105 997,064 135 SH DFND 135 0 0
NVR, INC. COM 62944T105 7,718,015 1,045 SH DFND 1 1,045 0 0
PAYPAL HOLDINGS, INC. COM 70450Y103 5,499,680 74,000 SH DFND 1 74,000 0 0
PUBLIC STORAGE COM 74460D109 498,814 1,700 SH DFND 1,700 0 0
QUALCOMM, INC. COM 747525103 668,892 4,200 SH DFND 4,200 0 0
ROYAL GOLD, INC. COM 780287108 942,552 5,300 SH DFND 5,300 0 0
SABA CAPITAL INCOME & OPPORT COM NEW 880198205 156 17 SH DFND 1 17 0 0
SABA CAPITAL INCOME & OPRNT SHS NEW 78518H202 29,016 3,600 SH DFND 1 3,600 0 0
SNAP-ON, INC. COM 833034101 8,650,804 27,800 SH DFND 1 27,800 0 0
SPDR GOLD SHARES ETF GOLD SHS 78463V107 1,056,236 3,465 SH DFND 3,465 0 0
SPECIAL OPPORTUNITIES FD INC 2.75% CNV PFD C A 84741T401 4,960 200 SH DFND 1 200 0 0
SPECIAL OPPORTUNITIES FD INC COM 84741T104 30,980 2,000 SH DFND 1 2,000 0 0
STEEL DYNAMICS, INC COM 858119100 108,424 847 SH DFND 847 0 0
STEEL DYNAMICS, INC. COM 858119100 1,011,279 7,900 SH DFND 7,900 0 0
STEEL DYNAMICS, INC. COM 858119100 20,481,600 160,000 SH DFND 1 160,000 0 0
TOTAL RETURN SECURITIES FUND COM 870875101 20,732 3,270 SH DFND 1 3,270 0 0
TRIPLE FLAG PRECIOUS METALS CORP COM 89679M104 710,700 30,000 SH DFND 30,000 0 0
UFP INDUSTRIES, INC. COM 90278Q108 248,400 2,500 SH DFND 2,500 0 0
UFP INDUSTRIES, INC. COM 90278Q108 6,935,328 69,800 SH DFND 1 69,800 0 0
UNITED RENTALS, INC COM 911363109 131,092 174 SH DFND 174 0 0
UNITED RENTALS, INC. COM 911363109 553,749 735 SH DFND 735 0 0
UNITED RENTALS, INC. COM 911363109 10,924,300 14,500 SH DFND 1 14,500 0 0
UNITEDHEALTH GROUP, INC. COM 91324P102 928,111 2,975 SH DFND 2,975 0 0
UNITEDHEALTH GROUP, INC. COM 91324P102 4,211,595 13,500 SH DFND 1 13,500 0 0
WHEATON PRECIOUS METALS CORP. COM 962879102 1,050,660 11,700 SH DFND 11,700 0 0
WHEATON PRECIOUS METALS CORP. COM 962879102 10,506,600 117,000 SH DFND 1 117,000 0 0
WILLIAMS-SONOMA, INC COM 969904101 162,390 994 SH DFND 994 0 0
WILLIAMS-SONOMA, INC. COM 969904101 2,450,550 15,000 SH DFND 15,000 0 0
WILLIAMS-SONOMA, INC. COM 969904101 15,683,520 96,000 SH DFND 1 96,000 0 0