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
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
ACE Limited COM G0070K103 11727 300000 SH SOLE 300000
AEP Industries Inc. COM 001031103 42044 1189706 SH SOLE 1189706
AGCO Corporation COM 001084102 2974 325000 SH SOLE 325000
ASA Ltd. COM 002050102 6680 349000 SH SOLE 349000
AT&T Corporation COM 001957109 4950 225000 SH SOLE 225000
Airborne Inc. COM 009269101 11590 1000000 SH SOLE 1000000
Alberto Culver Co. CL-A COM 013068200 6195 175000 SH SOLE 175000
Alcoa Inc. COM 013817101 13987 355000 SH SOLE 355000
Alleghany Corporation COM 017175100 4891 24095 SH SOLE 24095
Anglogold Limited Sponsored AD COM 035128206 17898 999312 SH SOLE 999312
Archer-Daniels-Midland COM 039483102 11419 875000 SH SOLE 875000
Bank of America Corporation COM 060505104 21010 350000 SH SOLE 350000
Berkshire Hathaway Inc. Cl B COM 084670207 43700 19000 SH SOLE 19000
Bethlehem Steel COM 087509105 2929 1450000 SH SOLE 1450000
Borden Chemical and Plastic COM 099541203 23 633000 SH SOLE 633000
Boston Scientific Corporation COM 101137107 8500 500000 SH SOLE 500000
Bowne & Company COM 103043105 12155 1057000 SH SOLE 1057000
Brookstone Inc. COM 114537103 6460 365000 SH SOLE 365000
Burlington Northern Santa Fe COM 12189t104 11362 375000 SH SOLE 375000
Carpenter Technology COM 144285103 11716 400000 SH SOLE 400000
Chubb Corp. COM 171232101 3097 40000 SH SOLE 40000
Circuit City Stores COM 172737108 1800 100000 SH SOLE 100000
Cleveland-Cliffs Inc. COM 185896107 5550 300000 SH SOLE 300000
Coeur D Alene Mines Corp. COM 192108108 346 260181 SH SOLE 260181
ConAgra Inc. COM 205887102 13867 700000 SH SOLE 700000
Conoco Inc. Cl A COM 208251306 35814 1270000 SH SOLE 1270000
Corn Products International In COM 219023108 12000 375000 SH SOLE 375000
Cott Corporation COM 22163n106 10985 995000 SH SOLE 995000
Dow Jones & Company, Inc. COM 260561105 7464 125000 SH SOLE 125000
Du Pont (E. I.) de Nemours COM 263534109 32562 675000 SH SOLE 675000
Eastman Kodak Corp. COM 277461109 7002 150000 SH SOLE 150000
Esg Re Limited COM g31215109 773 255000 SH SOLE 255000
Fairfax Financial Holdings, Lt COM 303901102 6018 40000 SH SOLE 40000
Ferro Corporation COM 315405100 2181 100000 SH SOLE 100000
Fleetwood Enterprises COM 339099103 8307 590000 SH SOLE 590000
Flour Corporation COM 343412102 4515 100000 SH SOLE 100000
Franco-Nevada Mining COM 351860101 6425 500000 SH SOLE 500000
Gannett Company COM 364730101 34597 525000 SH SOLE 525000
General Dynamics Corp COM 369550108 7781 100000 SH SOLE 100000
General Motors Corp. Cl H COM 370442832 13037 625000 SH SOLE 625000
Genuine Parts Co. COM 372460105 3937 125000 SH SOLE 125000
Germany Fund COM 374143105 408 49200 SH SOLE 49200
Gold Field Limited New, ADR COM 38059t106 2663 585344 SH SOLE 585344
Grainger, W.W. Inc. COM 384802104 17493 425000 SH SOLE 425000
Halliburton COM 406216101 6230 175000 SH SOLE 175000
Hecla Mining Co. COM 422704106 504 438100 SH SOLE 438100
Hecla Mining Preferred Conv. COM 422704205 376 35500 SH SOLE 35500
Helmerich & Payne Inc. COM 423452101 4623 150000 SH SOLE 150000
Hershey Foods Corp. COM 427866108 7714 125000 SH SOLE 125000
Hillenbrand Industries COM 431573104 5711 100000 SH SOLE 100000
Homestake Mining Co. COM 437614100 12667 1599430 SH SOLE 1599430
Horace Mann COM 440327104 1806 83800 SH SOLE 83800
Hubbell Inc. Cl B COM 443510201 18125 625000 SH SOLE 625000
IMC Global, Inc. COM 449669100 13872 1360000 SH SOLE 1360000
Imperial Chemical - ADR COM 452704505 2456 103400 SH SOLE 103400
Imperial Oil COM 453038408 2575 100000 SH SOLE 100000
Intermet COM 45881K104 311 55000 SH SOLE 55000
International Paper Company COM 460146103 5355 150000 SH SOLE 150000
Kellogg Company COM 487836108 5800 200000 SH SOLE 200000
Kerr McGee Corp. COM 492386107 19881 300000 SH SOLE 300000
Kinross Gold Corp. COM 496902107 143 181618 SH SOLE 181618
La-Z-Boy Inc. COM 505336107 5291 286000 SH SOLE 286000
Leucadia National Corp COM 527288104 4867 150000 SH SOLE 150000
Loew's Corporation COM 540424108 38658 600000 SH SOLE 600000
Longview Fibre Company COM 543213102 4374 355000 SH SOLE 355000
Louisiana-Pacific Corporation COM 546347105 12903 1100000 SH SOLE 1100000
Mandalay Resort Group COM 562567107 2740 100000 SH SOLE 100000
Markel Corporation COM 570535104 22597 115000 SH SOLE 115000
Massey Energy Corporation COM 576206106 2964 150000 SH SOLE 150000
Mattel Inc. COM 577081102 9460 500000 SH SOLE 500000
McDonald's Corporation COM 580135101 7441 275000 SH SOLE 275000
Mead Corp. COM 582834107 5428 200000 SH SOLE 200000
Meridian Gold Inc. COM 589975101 2063 259500 SH SOLE 259500
Mesabi Trust COM 590672101 569 170000 SH SOLE 170000
Mississippi Chemical Corp. COM 605288208 3013 975000 SH SOLE 975000
Newmont Mining Corp. COM 651639106 20245 1087869 SH SOLE 1087869
Old Republic International COM 680223104 14500 500000 SH SOLE 500000
Pep Boys COM 713278109 2246 200000 SH SOLE 200000
Phelps Dodge COM 717265102 6225 150000 SH SOLE 150000
Phillip Morris Cos. COM 718154107 13956 275000 SH SOLE 275000
Phillips Petroleum Co. COM 718507106 19095 335000 SH SOLE 335000
Placer Dome, Inc. COM 725906101 14475 1477000 SH SOLE 1477000
Pope & Talbot COM 732827100 5164 400000 SH SOLE 400000
Potlatch Corp COM 737628107 8602 250000 SH SOLE 250000
Procter & Gamble COM 742718109 6380 100000 SH SOLE 100000
RPM Inc. (Ohio) COM 749685103 3910 425000 SH SOLE 425000
Railamerica Inc. COM 750753105 30082 2634162 SH SOLE 2634162
Roadway Express Inc. COM 769742107 2377 100000 SH SOLE 100000
Royal Gold Inc. COM 780287108 1535 500000 SH SOLE 500000
Ruddick Corporation COM 781258108 4237 250000 SH SOLE 250000
SAFECO Corp. COM 786429100 14750 500000 SH SOLE 500000
San Juan Basin Rty Trust Unit COM 798241105 1903 150000 SH SOLE 150000
Saul Centers Inc. COM 804395101 2833 150000 SH SOLE 150000
Sherwin-Williams Co. COM 824348106 11100 500000 SH SOLE 500000
St. Paul Companies COM 792860108 11154 220000 SH SOLE 220000
Tenneco Automotive Inc. COM 880349105 3260 1000000 SH SOLE 1000000
The Walt Disney Company COM 254687106 8667 300000 SH SOLE 300000
Thomas & Betts Corp. COM 884315102 8828 400000 SH SOLE 400000
Timken Company COM 887389104 9317 550000 SH SOLE 550000
Transportacion Maritima Mexica COM 893868208 49766 4154056 SH SOLE 4154056
Transportacion Maritima Mexica COM 893868307 41035 3696859 SH SOLE 3696859
Triarc Companies Inc. COM 895927101 39925 1523863 SH SOLE 1523863
UST Inc. COM 902911106 7215 250000 SH SOLE 250000
USX Marathon Group COM 902905827 21247 720000 SH SOLE 720000
USX-U.S. Steel Group COM 90337T101 17202 853700 SH SOLE 853700
Union Pacific Corp COM 907818108 13727 250000 SH SOLE 250000
Visteon Corporation COM 92839u107 529 28805 SH SOLE 28805
Volvo AB ADR COM 928856400 1824 120000 SH SOLE 120000
Washington Post - Cl B COM 939640108 10332 18000 SH SOLE 18000
Weyerhaeuser Co. COM 962166104 9895 180000 SH SOLE 180000
White Moutains Insurance Group COM G9618E107 3650 9700 SH SOLE 9700
XL Capital LTD - CL A COM G98255105 4105 50000 SH SOLE 50000