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
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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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
1347 Property Insurance Holdings COM 68244P107   3 44,100 SH   SOLE   44,100 0 0
Acacia Research COM 003881307   247 92,000 SH   SOLE   92,000 0 0
Alibaba Group Holding Sponsored Ads 01609W102   69 415 SH   SOLE   415 0 0
Alphabet Inc - CL A COM 02079K305   1,410 1,155 SH   SOLE   1,155 0 0
Alphabet Inc - CL C COM 02079K107   1,853 1,520 SH   SOLE   1,520 0 0
Apple Computer Inc COM 037833100   1,355 6,050 SH   SOLE   6,050 0 0
Axalta Coating Systems COM G0750C108   21 700 SH   SOLE   700 0 0
Barclays iPath B S&P 06746P621   245 10,300 SH   SOLE   10,300 0 0
Berkshire Hathaway Inc. CL A 084670108   15,280 49 SH   SOLE   49 0 0
Berkshire Hathaway Inc. CL B 084670702   12,897 62,000 SH   SOLE   62,000 0 0
Blackberry LTD COM 09228FAF0   320 61,000 SH   SOLE   61,000 0 0
Cadiz Inc. COM 127537207   3,272 262,000 SH   SOLE   262,000 0 0
CBS Corp CL B 124857202   20 500 SH   SOLE   500 0 0
Citigoup Inc. COM 172967424   988 14,300 SH   SOLE   14,300 0 0
Cons Tomoka Land Co-Florida COM 210226106   2,611 39,800 SH   SOLE   39,800 0 0
Corteva COM 22052L104   207 7,400 SH   SOLE   7,400 0 0
Creative Realties, Inc. COM 22530J200   0 3 SH   SOLE   3 0 0
Diamond Offshore Drilling COM 25271C102   98 17,700 SH   SOLE   17,700 0 0
Dow Chemical COM 260557103   367 7,700 SH   SOLE   7,700 0 0
Du Pont E I De Nemours & Co COM 26614N102   553 7,750 SH   SOLE   7,750 0 0
Energy Recovery Inc. COM 29270J100   689 74,366 SH   SOLE   74,366 0 0
Enerplus Resources Fund COM 292766102   504 67,700 SH   SOLE   67,700 0 0
Fuel Tech Inc. COM 359523107   15 15,000 SH   SOLE   15,000 0 0
Gilead Sciences COM 375558103   222 3,500 SH   SOLE   3,500 0 0
Goldman Sachs Group Inc COM 38141G104   2,048 9,885 SH   SOLE   9,885 0 0
Innodata Isogen Inc COM 457642205   19 14,200 SH   SOLE   14,200 0 0
Jefferies Financial Group Inc. COM 47233W109   604 32,800 SH   SOLE   32,800 0 0
JPMorgan Chase & Co. COM 46625H100   353 3,000 SH   SOLE   3,000 0 0
Kennedy-Wilson Hldgs COM 489398107   95,105 4,338,723 SH   SOLE   4,338,723 0 0
Kinder Morgan, Inc. COM 49456B101   264 12,800 SH   SOLE   12,800 0 0
Manitowoc COM 563571405   19 1,500 SH   SOLE   1,500 0 0
McDermott Intl Inc COM 580037703   110 54,600 SH   SOLE   54,600 0 0
Nucor Corp COM 670346105   219 4,300 SH   SOLE   4,300 0 0
Occidental Petrolium COM 674599105   471 10,600 SH   SOLE   10,600 0 0
OPKO Health Inc COM 68375N103   38 18,000 SH   SOLE   18,000 0 0
OSHKOSH Corp. COM 688239201   250 3,294 SH   SOLE   3,294 0 0
Polymet Mining Corp. COM 731916102   455 1,420,000 SH   SOLE   1,420,000 0 0
Proshares Short S&P 500 SHORT S&P 500 NE 74347B425   1,134 43,395 SH   SOLE   43,395 0 0
Proshares Short Dow 30 PSHS SHORT DOW 30 74347B235   528 10,060 SH   SOLE   10,060 0 0
Reading International Inc CL A 755408101   258 21,564 SH   SOLE   21,564 0 0
Taylor Devices Inc COM 877163105   269 26,205 SH   SOLE   26,205 0 0
Trovagene Inc COM 897238606   56 37,000 SH   SOLE   37,000 0 0
White Mtns Ins Group Ltd COM G9618E107   25,488 23,600 SH   SOLE   23,600 0 0