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 29030 1161206 SH SOLE 1161206
AGCO Corporation COM 001084102 2941 325000 SH SOLE 325000
ASA Ltd. COM 002050102 6671 360000 SH SOLE 360000
AT&T Corporation COM 001957109 4342 225000 SH SOLE 225000
AT&T Wireless Services COM 00209A106 1082 72405 SH SOLE 72405
Airborne Inc. COM 009269101 9550 1000000 SH SOLE 1000000
Alberto Culver Co. CL-A COM 013068200 5771 175000 SH SOLE 175000
Alcoa Inc. COM 013817101 14110 455000 SH SOLE 455000
Alleghany Corporation COM 017175100 4795 24095 SH SOLE 24095
American Express COM 025816109 5085 175000 SH SOLE 175000
Anglogold Limited Sponsored AD COM 035128206 17880 1120312 SH SOLE 1120312
Apache Corporation COM 037411105 16538 384600 SH SOLE 384600
Archer-Daniels-Midland COM 039483102 10607 842500 SH SOLE 842500
Barrick Gold Corp COM 067901108 13880 800000 SH SOLE 800000
Berkshire Hathaway Inc. Cl B COM 084670207 46600 20000 SH SOLE 20000
Bethlehem Steel COM 087509105 1856 1450000 SH SOLE 1450000
Borden Chemical and Plastic COM 099541203 10 633000 SH SOLE 633000
Boston Scientific Corporation COM 101137107 10250 500000 SH SOLE 500000
Bowne & Company COM 103043105 10729 1057000 SH SOLE 1057000
Brookstone Inc. COM 114537103 2587 241800 SH SOLE 241800
Burlington Northern Santa Fe COM 12189t104 13375 500000 SH SOLE 500000
Carpenter Technology COM 144285103 9481 426100 SH SOLE 426100
Chubb Corp. COM 171232101 2856 40000 SH SOLE 40000
Circuit City Stores COM 172737108 1200 100000 SH SOLE 100000
Cleveland-Cliffs Inc. COM 185896107 4320 300000 SH SOLE 300000
Coca-Cola Company COM 191216100 4685 100000 SH SOLE 100000
Coeur D Alene Mines Corp. COM 192108108 219 260181 SH SOLE 260181
ConAgra Inc. COM 205887102 15715 700000 SH SOLE 700000
Conoco Inc. Cl A COM 208251306 35348 1390000 SH SOLE 1390000
Corn Products International In COM 219023108 8619 300000 SH SOLE 300000
Cott Corporation COM 22163n106 12032 800000 SH SOLE 800000
Dow Jones & Company, Inc. COM 260561105 5679 125000 SH SOLE 125000
Du Pont (E. I.) de Nemours COM 263534109 28140 750000 SH SOLE 750000
Eastman Kodak Corp. COM 277461109 4879 150000 SH SOLE 150000
Esg Re Limited COM g31215109 676 255000 SH SOLE 255000
Exxon Mobil Corporation COM 30231G102 4925 125000 SH SOLE 125000
Fairfax Financial Holdings, Lt COM 303901102 5124 40000 SH SOLE 40000
Ferro Corporation COM 315405100 2318 100000 SH SOLE 100000
Fleetwood Enterprises COM 339099103 6149 550000 SH SOLE 550000
Franco-Nevada Mining COM 351860101 7300 500000 SH SOLE 500000
Gannett Company COM 364730101 31558 525000 SH SOLE 525000
General Motors Corp. Cl H COM 370442832 8331 625000 SH SOLE 625000
Germany Fund COM 374143105 726 109200 SH SOLE 109200
Gold Field Limited New, ADR COM 38059t106 2599 585344 SH SOLE 585344
Grainger, W.W. Inc. COM 384802104 15540 400000 SH SOLE 400000
Halliburton COM 406216101 2819 125000 SH SOLE 125000
Hecla Mining Co. COM 422704106 552 438100 SH SOLE 438100
Hecla Mining Preferred Conv. COM 422704205 321 35500 SH SOLE 35500
Helmerich & Payne Inc. COM 423452101 10440 400000 SH SOLE 400000
Hershey Foods Corp. COM 427866108 8171 125000 SH SOLE 125000
Homestake Mining Co. COM 437614100 13717 1475000 SH SOLE 1475000
Honeywell International Inc. COM 438516106 13200 500000 SH SOLE 500000
Hubbell Inc. Cl B COM 443510201 18225 625000 SH SOLE 625000
IMC Global, Inc. COM 449669100 12240 1360000 SH SOLE 1360000
Intermet COM 45881K104 154 55000 SH SOLE 55000
International Paper Company COM 460146103 5226 150000 SH SOLE 150000
Kellogg Company COM 487836108 6000 200000 SH SOLE 200000
Kerr McGee Corp. COM 492386107 22062 425000 SH SOLE 425000
Kinross Gold Corp. COM 496902107 176 181618 SH SOLE 181618
La-Z-Boy Inc. COM 505336107 4516 286000 SH SOLE 286000
Lancaster Colony Corp COM 513847103 1798 64200 SH SOLE 64200
Leucadia National Corp COM 527288104 4680 150000 SH SOLE 150000
Loew's Corporation COM 540424108 28925 625000 SH SOLE 625000
Longview Fibre Company COM 543213102 3787 375000 SH SOLE 375000
Louisiana-Pacific Corporation COM 546347105 7800 1200000 SH SOLE 1200000
Markel Corporation COM 570535104 22425 115000 SH SOLE 115000
Mattel Inc. COM 577081102 7830 500000 SH SOLE 500000
McDonald's Corporation COM 580135101 7463 275000 SH SOLE 275000
Mead Corp. COM 582834107 2768 100000 SH SOLE 100000
Merck & Co. COM 589331107 8325 125000 SH SOLE 125000
Meridian Gold Inc. COM 589975101 2831 259500 SH SOLE 259500
Mesabi Trust COM 590672101 560 200000 SH SOLE 200000
Mississippi Chemical Corp. COM 605288208 2681 975000 SH SOLE 975000
Newmont Mining Corp. COM 651639106 25674 1087869 SH SOLE 1087869
Old Republic International COM 680223104 13105 500000 SH SOLE 500000
Park Place Entertainment COM 700690100 733 100000 SH SOLE 100000
Phelps Dodge COM 717265102 7975 290000 SH SOLE 290000
Phillip Morris Cos. COM 718154107 13280 275000 SH SOLE 275000
Phillips Petroleum Co. COM 718507106 18070 335000 SH SOLE 335000
Placer Dome, Inc. COM 725906101 19185 1500000 SH SOLE 1500000
Pope & Talbot COM 732827100 5440 425000 SH SOLE 425000
Potlatch Corp COM 737628107 6747 250000 SH SOLE 250000
Procter & Gamble COM 742718109 7279 100000 SH SOLE 100000
RPM Inc. (Ohio) COM 749685103 4016 425000 SH SOLE 425000
Railamerica Inc. COM 750753105 28760 2300762 SH SOLE 2300762
Roadway Express Inc. COM 769742107 2289 95000 SH SOLE 95000
Royal Gold Inc. COM 780287108 2890 500000 SH SOLE 500000
Ruddick Corporation COM 781258108 3825 250000 SH SOLE 250000
SAFECO Corp. COM 786429100 15165 500000 SH SOLE 500000
San Juan Basin Rty Trust Unit COM 798241105 1548 150000 SH SOLE 150000
Saul Centers Inc. COM 804395101 3800 200000 SH SOLE 200000
Sherwin-Williams Co. COM 824348106 14998 675000 SH SOLE 675000
Tenneco Automotive Inc. COM 880349105 2264 1078000 SH SOLE 1078000
The Walt Disney Company COM 254687106 12475 670000 SH SOLE 670000
Thomas & Betts Corp. COM 884315102 6992 400000 SH SOLE 400000
Timken Company COM 887389104 8562 625000 SH SOLE 625000
Transportacion Maritima Mexica COM 893868208 23055 4154056 SH SOLE 4154056
Transportacion Maritima Mexica COM 893868307 19778 3696859 SH SOLE 3696859
Triarc Companies Inc. COM 895927101 24457 1058763 SH SOLE 1058763
UST Inc. COM 902911106 8300 250000 SH SOLE 250000
USX Marathon Group COM 902905827 24075 900000 SH SOLE 900000
USX-U.S. Steel Group COM 90337T101 14032 1003700 SH SOLE 1003700
Union Pacific Corp COM 907818108 11725 250000 SH SOLE 250000
Volvo AB ADR COM 928856400 1535 120000 SH SOLE 120000
Washington Post - Cl B COM 939640108 10396 20000 SH SOLE 20000
Weyerhaeuser Co. COM 962166104 8768 180000 SH SOLE 180000
White Mountains Insurance Grou COM G9618E107 6327 19000 SH SOLE 19000