<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 25162 1100000 SH SOLE 1100000
AGCO Corporation COM 001084102 3697 325000 SH SOLE 325000
ASA Ltd. COM 002050102 6042 349000 SH SOLE 349000
AT&T - Liberty Media-A COM 001957208 2966 50000 SH SOLE 50000
AT&T Corporation COM 001957109 6194 110000 SH SOLE 110000
Air Products & Chemicals, Inc. COM 009158106 1422 50000 SH SOLE 50000
Alleghany Corporation COM 017175100 4354 23160 SH SOLE 23160
Anadarko Pete Corp. COM 032511107 15282 395000 SH SOLE 395000
Anglogold Limited Sponsored AD COM 035128206 17383 724312 SH SOLE 724312
Apache Corporation COM 037411105 7214 145000 SH SOLE 145000
Battle Mountain Gold Co. COM 071593107 707 364760 SH SOLE 364760
Berkshire Hathaway Inc. Cl B COM 084670207 26390 14500 SH SOLE 14500
Bethlehem Steel COM 087509105 6600 1100000 SH SOLE 1100000
Birmingham Steel COM 091250100 2562 500000 SH SOLE 500000
Boeing Company COM 097023105 17016 450000 SH SOLE 450000
Borden Chemical and Plastic COM 099541203 2809 633000 SH SOLE 633000
Boston Scientific Corporation COM 101137107 12787 600000 SH SOLE 600000
Carpenter Technology COM 144285103 6764 325000 SH SOLE 325000
Chubb Corp. COM 171232101 18580 275000 SH SOLE 275000
Cleveland-Cliffs Inc. COM 185896107 5906 250000 SH SOLE 250000
Coeur D Alene Mines Corp. COM 192108108 764 260181 SH SOLE 260181
Compaq Computer Corp COM 204493100 10800 400000 SH SOLE 400000
Conoco Inc. Cl A COM 208251306 4925 200000 SH SOLE 200000
Cott Corporation COM 22163n106 5625 1000000 SH SOLE 1000000
Deere & Co. COM 244199105 5700 150000 SH SOLE 150000
Detroit Diesel COM 250837101 11704 612000 SH SOLE
</TABLE>
