<TABLE>
FORM 13F INFORMATION TABLE
VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE
- ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ACE Limited COM G0070K103 15019 900000 SH SOLE 900000
AGCO Corporation COM 001084102 4367 325000 SH SOLE 325000
ASA Ltd. COM 002050102 6609 349000 SH SOLE 349000
AT&T - Liberty Media-A COM 001957208 2841 50000 SH SOLE 50000
AT&T Corporation COM 001957109 5589 110000 SH SOLE 110000
Alleghany Corporation COM 017175100 4296 23160 SH SOLE 23160
Anadarko Pete Corp. COM 032511107 13479 395000 SH SOLE 395000
Anglogold Limited Sponsored AD COM 035128206 18606 724312 SH SOLE 724312
Apache Corporation COM 037411105 6335 171500 SH SOLE 171500
Battle Mountain Gold Co. COM 071593107 752 364760 SH SOLE 364760
Berkshire Hathaway Inc. Cl B COM 084670207 24705 13500 SH SOLE 13500
Bethlehem Steel COM 087509105 9212 1100000 SH SOLE 1100000
Birmingham Steel COM 091250100 2656 500000 SH SOLE 500000
Boeing Company COM 097023105 20719 500000 SH SOLE 500000
Borden Chemical and Plastic COM 099541203 3046 633000 SH SOLE 633000
Carpenter Technology COM 144285103 3292 120000 SH SOLE 120000
Chubb Corp. COM 171232101 15486 275000 SH SOLE 275000
Cleveland-Cliffs Inc. COM 185896107 7781 250000 SH SOLE 250000
Coeur D Alene Mines Corp. COM 192108108 894 260181 SH SOLE 260181
Compaq Computer Corp COM 204493100 10825 400000 SH SOLE 400000
Conoco Inc. Cl A COM 208251306 4950 200000 SH SOLE 200000
Consolidated Paper COM 209759109 4772 150000 SH SOLE 150000
Cott Corporation COM 22163n106 4725 900000 SH SOLE 900000
Covad Communications Group COM 222814204 2033 36350 SH SOLE 36350
Deere & Co. COM 244199105 4337 100000 SH SOLE 100000
Detroit Diesel COM 250837101 11743 612000 SH SOLE 612000
Dow Jones & Company, Inc. COM 260561105 6800 100000 SH SOLE 100000
Esg Re Limited COM g31215109 1075 155000 SH SOLE 155000
Federal Signal Corp. COM 313855108 1606 100000 SH SOLE 100000
Fleetwood Enterprises COM 339099103 17222 835000 SH SOLE 835000
Ford Motor Company COM 345370100 18126 340000 SH SOLE 340000
General Motors Corp. Cl H COM 370442832 9600 100000 SH SOLE 100000
Gold Field Limited New, ADR COM 38059t106 500 110344 SH SOLE 110344
Halliburton COM 261597108 15094 375000 SH SOLE 375000
Hecla Mining Co. COM 422704106 685 438100 SH SOLE 438100
Hecla Mining Preferred Conv. COM 422704205 848 35500 SH SOLE 35500
Helmerich & Payne Inc. COM 423452101 17024 782700 SH SOLE 782700
Hershey Foods Corp. COM 427866108 4744 100000 SH SOLE 100000
Hillenbrand Industries COM 431573104 7130 225000 SH SOLE 225000
Homefed Corp. COM 43739d208 21 23769 SH SOLE 23769
Homestake Mining Co. COM 437614100 12496 1599430 SH SOLE 1599430
Horace Mann COM 440327104 2944 150000 SH SOLE 150000
Hubbell Inc. Cl B COM 443510201 6815 250100 SH SOLE 250100
IMC Global, Inc. COM 449669100 9825 600000 SH SOLE 600000
Imperial Chemical - ADR COM 452704505 6810 160000 SH SOLE 160000
Imperial Oil COM 453038408 9731 450000 SH SOLE 450000
Intermet COM 45881K104 1308 112500 SH SOLE 112500
Intl Game Technology COM 459902102 11172 550000 SH SOLE 550000
Kinross Gold Corp. COM 496902107 341 181618 SH SOLE 181618
LTV Corporation COM 501921100 3979 964500 SH SOLE 964500
Leucadia National Corp COM 527288104 2312 100000 SH SOLE 100000
Loew's Corporation COM 540424108 18388 303000 SH SOLE 303000
Longview Fibre Company COM 543213102 4702 330000 SH SOLE 330000
Louisiana-Pacific Corporation COM 546347105 11391 810000 SH SOLE 810000
Mandalay Resort Group COM 562567107 10062 500000 SH SOLE 500000
Markel Corporation COM 570535104 5115 33000 SH SOLE 33000
Mattel Inc. COM 577081102 9187 700000 SH SOLE 700000
Meridian Gold Inc. COM 302494109 1768 259500 SH SOLE 259500
Mesabi Trust COM 590672101 459 150000 SH SOLE 150000
Mirage Resorts Inc. COM 60462e104 4916 325000 SH SOLE 325000
Mississippi Chemical Corp. COM 605288208 3908 631600 SH SOLE 631600
Newmont Mining Corp. COM 651639106 18568 757869 SH SOLE 757869
Northrop Grumman Corp. COM 666807102 10812 200000 SH SOLE 200000
Old Republic International COM 680223104 18666 1370000 SH SOLE 1370000
Overseas Shipholding Group COM 690368105 1012 68300 SH SOLE 68300
Panamsat Corp. COM 697933109 1484 25000 SH SOLE 25000
Phelps Dodge COM 717265102 9449 140245 SH SOLE 140245
Philips Electronic COM 500472204 5184 38400 SH SOLE 38400
Phillip Morris Cos. COM 718154107 5750 250000 SH SOLE 250000
Phillips Petroleum Co. COM 718507106 9400 200000 SH SOLE 200000
Placer Dome, Inc. COM 725906101 13007 1210000 SH SOLE 1210000
Pope & Talbot COM 732827100 6800 425000 SH SOLE 425000
Potlatch Corp COM 737628107 8925 200000 SH SOLE 200000
Rio Tinto Plc-Spon. ADR COM 767204100 2369 25000 SH SOLE 25000
Roadway Express Inc. COM 769742107 2162 100000 SH SOLE 100000
Rowan Companies Inc. COM 779382100 11234 518000 SH SOLE 518000
Royal Gold Inc. COM 780287108 1385 382000 SH SOLE 382000
SAFECO Corp. COM 786429100 15671 630000 SH SOLE 630000
San Juan Basin Rty Trust Unit COM 798241105 1769 170500 SH SOLE 170500
St. Paul Companies COM 792860108 10106 300000 SH SOLE 300000
The Walt Disney Company COM 254687106 5850 200000 SH SOLE 200000
Timken Company COM 887389104 6131 300000 SH SOLE 300000
Toys R Us COM 892335100 4294 300000 SH SOLE 300000
Transatlantic Holdings COM 893521104 3903 50000 SH SOLE 50000
UST Inc. COM 902911106 3778 150000 SH SOLE 150000
USX-U.S. Steel Group COM 90337T101 19457 589600 SH SOLE 589600
Union Pacific Resources Group COM 907834105 7650 600000 SH SOLE 600000
Valero Energy Corp COM 91913y100 9955 500900 SH SOLE 500900
Washington Post - Cl B COM 939640108 5559 10000 SH SOLE 10000
XL Capital LTD - CL A COM 982551056 20750 400000 SH SOLE 400000
Coeur D Alene Mines Corp. 6.00 CONV 420799 60 100000 PRN SOLE 100000
FMC Gold cv sub. deb. 6.75% of CONV 433020 688 800000 PRN SOLE 800000
</TABLE>
