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 37004 1075706 SH SOLE 1075706
AGCO Corporation COM 001084102 7416 325000 SH SOLE 325000
ASA Ltd. COM 002050102 10433 360000 SH SOLE 360000
AT&T Corporation COM 001957109 6672 425000 SH SOLE 425000
AT&T Wireless Services COM 00209A106 648 72405 SH SOLE 72405
Airborne Inc. COM 009269101 12243 700000 SH SOLE 700000
Alberto Culver Co. CL-A COM 013068200 8435 175000 SH SOLE 175000
Alcoa Inc. COM 013817101 4717 125000 SH SOLE 125000
Alleghany Corporation COM 017175100 4518 24095 SH SOLE 24095
Anglogold Limited Sponsored AD COM 035128206 28839 1145312 SH SOLE 1145312
Apache Corporation COM 037411105 28440 500000 SH SOLE 500000
Archer-Daniels-Midland COM 039483102 6965 500000 SH SOLE 500000
Barrick Gold Corp COM 067901108 28633 1542750 SH SOLE 1542750
Berkshire Hathaway Inc. Cl B COM 084670207 47380 20000 SH SOLE 20000
Bethlehem Steel COM 087509105 225 500000 SH SOLE 500000
Bowne & Company COM 103043105 14351 1020000 SH SOLE 1020000
Brookstone Inc. COM 114537103 2738 171100 SH SOLE 171100
Burlington Northern Santa Fe COM 12189t104 7545 250000 SH SOLE 250000
Carpenter Technology COM 144285103 13200 456100 SH SOLE 456100
Cleveland-Cliffs Inc. COM 185896107 6600 300000 SH SOLE 300000
Coca-Cola Company COM 191216100 6532 125000 SH SOLE 125000
Coeur D Alene Mines Corp. COM 192108108 380 260181 SH SOLE 260181
ConAgra Inc. COM 205887102 16975 700000 SH SOLE 700000
Conoco Inc. Cl A COM 208251504 40560 1390000 SH SOLE 1390000
Corn Products International In COM 219023108 8372 260000 SH SOLE 260000
Cott Corporation COM 22163n106 7556 400000 SH SOLE 400000
Deutsche Telekom AG-Spon ADR COM 251566105 7490 500000 SH SOLE 500000
Dow Jones & Company, Inc. COM 260561105 7277 125000 SH SOLE 125000
Du Pont (E. I.) de Nemours COM 263534109 22396 475000 SH SOLE 475000
Eastman Kodak Corp. COM 277461109 6234 200000 SH SOLE 200000
Esg Re Limited COM g31215109 892 255000 SH SOLE 255000
Exxon Mobil Corporation COM 30231G102 6574 150000 SH SOLE 150000
FMC Technologies, Inc. COM 30249U101 498 25000 SH SOLE 25000
Fairfax Financial Holdings, Lt COM 303901102 4177 40000 SH SOLE 40000
Ferro Corporation COM 315405100 2880 100000 SH SOLE 100000
Fleetwood Enterprises COM 339099103 3240 300000 SH SOLE 300000
GEHL Company COM 368483103 989 65300 SH SOLE 65300
Gannett Company COM 364730101 39952 525000 SH SOLE 525000
General Motors Corp. Cl H COM 370442832 7402 450000 SH SOLE 450000
Germany Fund COM 374143105 2355 300000 SH SOLE 300000
Gold Field Limited New, ADR COM 38059t106 6099 585344 SH SOLE 585344
Grainger, W.W. Inc. COM 384802104 16869 300000 SH SOLE 300000
Grupo TMM-SP ADR A COM 40051D105 40133 3665159 SH SOLE 3665159
Grupo TMM-SP ADR L COM 40051D204 46518 4153356 SH SOLE 4153356
Halliburton COM 406216101 2134 125000 SH SOLE 125000
Hecla Mining Co. COM 422704106 828 438100 SH SOLE 438100
Hecla Mining Preferred Conv. COM 422704205 710 35500 SH SOLE 35500
Helmerich & Payne Inc. COM 423452101 18040 450000 SH SOLE 450000
Honeywell International Inc. COM 438516106 7654 200000 SH SOLE 200000
Hubbell Inc. Cl B COM 443510201 20562 625000 SH SOLE 625000
IMC Global, Inc. COM 449669100 20060 1360000 SH SOLE 1360000
Intermet COM 45881K104 386 55000 SH SOLE 55000
International Paper Company COM 460146103 6451 150000 SH SOLE 150000
Kellogg Company COM 487836108 6714 200000 SH SOLE 200000
Kerr McGee Corp. COM 492386107 26711 425000 SH SOLE 425000
Kinross Gold Corp. COM 496902107 231 181618 SH SOLE 181618
La-Z-Boy Inc. COM 505336107 6939 252800 SH SOLE 252800
Lancaster Colony Corp COM 513847103 3704 100000 SH SOLE 100000
Leucadia National Corp COM 527288104 7150 200000 SH SOLE 200000
Loew's Corporation COM 540424108 36612 625000 SH SOLE 625000
Longview Fibre Company COM 543213102 3862 375000 SH SOLE 375000
Louisiana-Pacific Corporation COM 546347105 12888 1200000 SH SOLE 1200000
Marathon Oil Corp COM 565849106 25920 900000 SH SOLE 900000
Markel Corporation COM 570535104 17298 85000 SH SOLE 85000
Mattel Inc. COM 577081102 8336 400000 SH SOLE 400000
McDonald's Corporation COM 580135101 8325 300000 SH SOLE 300000
Merck & Co. COM 589331107 34548 600000 SH SOLE 600000
Meridian Gold Inc. COM 589975101 3627 250000 SH SOLE 250000
Mesabi Trust COM 590672101 690 200000 SH SOLE 200000
Mississippi Chemical Corp. COM 605288208 1561 567600 SH SOLE 567600
Newmont Mining Corp. COM 651639106 41199 1487869 SH SOLE 1487869
Old Republic International COM 680223104 11989 375000 SH SOLE 375000
Park Place Entertainment COM 700690100 10550 1000000 SH SOLE 1000000
Phelps Dodge COM 717265102 8420 200000 SH SOLE 200000
Phillip Morris Cos. COM 718154107 51353 975000 SH SOLE 975000
Phillips Petroleum Co. COM 718507106 21038 335000 SH SOLE 335000
Placer Dome, Inc. COM 725906101 18987 1550000 SH SOLE 1550000
Pope & Talbot COM 732827100 6230 425000 SH SOLE 425000
Potlatch Corp COM 737628107 8422 250000 SH SOLE 250000
Procter & Gamble COM 742718109 8108 90000 SH SOLE 90000
RPM Inc. (Ohio) COM 749685103 3110 200000 SH SOLE 200000
Railamerica Inc. COM 750753105 24029 2284162 SH SOLE 2284162
Roadway Express Inc. COM 769742107 925 25000 SH SOLE 25000
Royal Gold Inc. COM 780287108 4450 500000 SH SOLE 500000
Ruddick Corporation COM 781258108 4160 250000 SH SOLE 250000
San Juan Basin Rty Trust Unit COM 798241105 1547 130000 SH SOLE 130000
Saul Centers Inc. COM 804395101 4440 200000 SH SOLE 200000
Schering-Plough Corp COM 806605101 15650 500000 SH SOLE 500000
Sherwin-Williams Co. COM 824348106 19224 675000 SH SOLE 675000
Tenneco Automotive Inc. COM 880349105 4312 1078000 SH SOLE 1078000
The Walt Disney Company COM 254687106 15464 670000 SH SOLE 670000
Thomas & Betts Corp. COM 884315102 8464 400000 SH SOLE 400000
Timken Company COM 887389104 13854 600000 SH SOLE 600000
Transocean Sedco Forex Inc. COM G90078109 4984 150000 SH SOLE 150000
Triarc Companies Inc. COM 895927101 22240 800000 SH SOLE 800000
Tyson Foods Inc-Cl A COM 902494103 14976 1200000 SH SOLE 1200000
UST Inc. COM 902911106 7786 200000 SH SOLE 200000
Union Pacific Corp COM 907818108 8078 130000 SH SOLE 130000
United States Steel Corp COM 912909108 19578 1078700 SH SOLE 1078700
Volvo AB ADR COM 928856400 1970 100000 SH SOLE 100000
Washington Post - Cl B COM 939640108 13355 22000 SH SOLE 22000
Weyerhaeuser Co. COM 962166104 7857 125000 SH SOLE 125000
White Mountains Insurance Grou COM G9618E107 8290 24000 SH SOLE 24000