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
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
AEP Industries Inc. COM 001031103 27822 1161206 SH SOLE 1161206
AGCO Corporation COM 001084102 5128 325000 SH SOLE 325000
ASA Ltd. COM 002050102 7200 360000 SH SOLE 360000
AT&T Corporation COM 001957109 5895 325000 SH SOLE 325000
AT&T Wireless Services COM 00209A106 1040 72405 SH SOLE 72405
Airborne Inc. COM 009269101 14830 1000000 SH SOLE 1000000
Alberto Culver Co. CL-A COM 013068200 6841 175000 SH SOLE 175000
Alcoa Inc. COM 013817101 4444 125000 SH SOLE 125000
Alleghany Corporation COM 017175100 4637 24095 SH SOLE 24095
American Express COM 025816109 6246 175000 SH SOLE 175000
Anglogold Limited Sponsored AD COM 035128206 20233 1120312 SH SOLE 1120312
Apache Corporation COM 037411105 25788 517000 SH SOLE 517000
Archer-Daniels-Midland COM 039483102 10404 725000 SH SOLE 725000
Barrick Gold Corp COM 067901108 25229 1581750 SH SOLE 1581750
Berkshire Hathaway Inc. Cl B COM 084670207 50500 20000 SH SOLE 20000
Bethlehem Steel COM 087509105 652 1450000 SH SOLE 1450000
Borden Chemicals & Plastics COM 099541203 2 633000 SH SOLE 633000
Boston Scientific Corporation COM 101137107 7236 300000 SH SOLE 300000
Bowne & Company COM 103043105 13530 1057000 SH SOLE 1057000
Brookstone Inc. COM 114537103 2836 241800 SH SOLE 241800
Burlington Northern Santa Fe COM 12189t104 8559 300000 SH SOLE 300000
Carpenter Technology COM 144285103 11343 426100 SH SOLE 426100
Circuit City Stores COM 172737108 259 10000 SH SOLE 10000
Cleveland-Cliffs Inc. COM 185896107 5490 300000 SH SOLE 300000
Coca-Cola Company COM 191216100 4715 100000 SH SOLE 100000
Coeur D Alene Mines Corp. COM 192108108 208 260181 SH SOLE 260181
ConAgra Inc. COM 205887102 16639 700000 SH SOLE 700000
Conoco Inc. Cl A COM 208251504 39337 1390000 SH SOLE 1390000
Corn Products International In COM 219023108 10575 300000 SH SOLE 300000
Cott Corporation COM 22163n106 8745 550000 SH SOLE 550000
Deutsche Telekom AG-Spon ADR COM 251566105 8450 500000 SH SOLE 500000
Dow Jones & Company, Inc. COM 260561105 6841 125000 SH SOLE 125000
Du Pont (E. I.) de Nemours COM 263534109 20192 475000 SH SOLE 475000
Eastman Kodak Corp. COM 277461109 4414 150000 SH SOLE 150000
Ericsson (LM) Tel-SP ADR COM 294821400 3289 630000 SH SOLE 630000
Esg Re Limited COM g31215109 1300 255000 SH SOLE 255000
Exxon Mobil Corporation COM 30231G102 5895 150000 SH SOLE 150000
FMC Technologies, Inc. COM 30249U101 411 25000 SH SOLE 25000
Fairfax Financial Holdings, Lt COM 303901102 4121 40000 SH SOLE 40000
Ferro Corporation COM 315405100 2580 100000 SH SOLE 100000
Fleetwood Enterprises COM 339099103 6231 550000 SH SOLE 550000
Franco-Nevada Mining COM 351860101 7395 500000 SH SOLE 500000
Gannett Company COM 364730101 35296 525000 SH SOLE 525000
General Motors Corp. Cl H COM 370442832 9656 625000 SH SOLE 625000
Germany Fund COM 374143105 1762 250000 SH SOLE 250000
Gold Field Limited New, ADR COM 38059t106 2833 585344 SH SOLE 585344
Grainger, W.W. Inc. COM 384802104 16800 350000 SH SOLE 350000
Grupo TMM-SP ADR A COM 40051D105 35490 3696859 SH SOLE 3696859
Grupo TMM-SP ADR L COM 40051D204 40710 4154056 SH SOLE 4154056
Halliburton COM 406216101 1637 125000 SH SOLE 125000
Hecla Mining Co. COM 422704106 412 438100 SH SOLE 438100
Hecla Mining Preferred Conv. COM 422704205 286 35500 SH SOLE 35500
Helmerich & Payne Inc. COM 423452101 15912 476700 SH SOLE 476700
Honeywell International Inc. COM 438516106 15895 470000 SH SOLE 470000
Hubbell Inc. Cl B COM 443510201 18362 625000 SH SOLE 625000
IMC Global, Inc. COM 449669100 17680 1360000 SH SOLE 1360000
Intermet COM 45881K104 184 55000 SH SOLE 55000
International Paper Company COM 460146103 6052 150000 SH SOLE 150000
Kellogg Company COM 487836108 6020 200000 SH SOLE 200000
Kerr McGee Corp. COM 492386107 23290 425000 SH SOLE 425000
Kinross Gold Corp. COM 496902107 138 181618 SH SOLE 181618
La-Z-Boy Inc. COM 505336107 5695 261000 SH SOLE 261000
Lancaster Colony Corp COM 513847103 3551 100000 SH SOLE 100000
Leucadia National Corp COM 527288104 5052 175000 SH SOLE 175000
Loew's Corporation COM 540424108 34612 625000 SH SOLE 625000
Longview Fibre Company COM 543213102 4429 375000 SH SOLE 375000
Louisiana-Pacific Corporation COM 546347105 10128 1200000 SH SOLE 1200000
Markel Corporation COM 570535104 17965 100000 SH SOLE 100000
Mattel Inc. COM 577081102 8600 500000 SH SOLE 500000
McDonald's Corporation COM 580135101 7279 275000 SH SOLE 275000
Merck & Co. COM 589331107 17640 300000 SH SOLE 300000
Meridian Gold Inc. COM 589975101 2681 259500 SH SOLE 259500
Mesabi Trust COM 590672101 610 200000 SH SOLE 200000
Mississippi Chemical Corp. COM 605288208 2759 975000 SH SOLE 975000
Newmont Mining Corp. COM 651639106 20789 1087869 SH SOLE 1087869
Old Republic International COM 680223104 14005 500000 SH SOLE 500000
Park Place Entertainment COM 700690100 6217 678000 SH SOLE 678000
Phelps Dodge COM 717265102 1620 50000 SH SOLE 50000
Phillip Morris Cos. COM 718154107 12609 275000 SH SOLE 275000
Phillips Petroleum Co. COM 718507106 20187 335000 SH SOLE 335000
Placer Dome, Inc. COM 725906101 16910 1550000 SH SOLE 1550000
Pope & Talbot COM 732827100 6056 425000 SH SOLE 425000
Potlatch Corp COM 737628107 7330 250000 SH SOLE 250000
Procter & Gamble COM 742718109 7913 100000 SH SOLE 100000
RPM Inc. (Ohio) COM 749685103 4699 325000 SH SOLE 325000
Railamerica Inc. COM 750753105 33269 2300762 SH SOLE 2300762
Roadway Express Inc. COM 769742107 1835 50000 SH SOLE 50000
Royal Gold Inc. COM 780287108 2595 500000 SH SOLE 500000
Ruddick Corporation COM 781258108 3997 250000 SH SOLE 250000
San Juan Basin Rty Trust Unit COM 798241105 1438 150000 SH SOLE 150000
Saul Centers Inc. COM 804395101 4270 200000 SH SOLE 200000
Schering-Plough Corp COM 806605101 12533 350000 SH SOLE 350000
Sherwin-Williams Co. COM 824348106 18562 675000 SH SOLE 675000
Tenneco Automotive Inc. COM 880349105 2199 1078000 SH SOLE 1078000
The Walt Disney Company COM 254687106 13882 670000 SH SOLE 670000
Thomas & Betts Corp. COM 884315102 8460 400000 SH SOLE 400000
Timken Company COM 887389104 10112 625000 SH SOLE 625000
Triarc Companies Inc. COM 895927101 24300 1000000 SH SOLE 1000000
Tyson Foods Inc-Cl A COM 902494103 8662 750000 SH SOLE 750000
UST Inc. COM 902911106 7000 200000 SH SOLE 200000
USX Marathon Group COM 902905827 27000 900000 SH SOLE 900000
USX-U.S. Steel Group COM 90337T101 18177 1003700 SH SOLE 1003700
Union Pacific Corp COM 907818108 11400 200000 SH SOLE 200000
Volvo AB ADR COM 928856400 1968 120000 SH SOLE 120000
Washington Post - Cl B COM 939640108 11660 22000 SH SOLE 22000
Weyerhaeuser Co. COM 962166104 8112 150000 SH SOLE 150000
White Mountains Insurance Grou COM G9618E107 7900 22700 SH SOLE 22700