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 12226 935400 SH SOLE 935400
AGCO Corporation COM 001084102 7182 325000 SH SOLE 325000
ASA Ltd. COM 002050102 14753 360000 SH SOLE 360000
AT&T Wireless Services COM 00209A106 2825 500000 SH SOLE 500000
Advanced Micro Devices, Inc. COM 007903107 7913 1225000 SH SOLE 1225000
Airborne Inc. COM 009269101 7044 475000 SH SOLE 475000
Alberto Culver Co. CL-A COM 013068200 7288 150000 SH SOLE 150000
Alcoa Inc. COM 013817101 2847 125000 SH SOLE 125000
Alleghany Corporation COM 017175100 4362 24576 SH SOLE 24576
Anadarko Pete Corp. COM 032511107 4790 100000 SH SOLE 100000
Anglogold Limited Sponsored AD COM 035128206 49516 1445312 SH SOLE 1445312
Apache Corporation COM 037411105 26215 460000 SH SOLE 460000
Archer-Daniels-Midland COM 039483102 6200 500000 SH SOLE 500000
BJ's Wholesale Club Inc. COM 05548J106 2745 150000 SH SOLE 150000
Barrick Gold Corp COM 067901108 8861 575000 SH SOLE 575000
Berkshire Hathaway Inc. Cl B COM 084670207 48460 20000 SH SOLE 20000
Boeing Company COM 097023105 15175 460000 SH SOLE 460000
Bowne & Company COM 103043105 11532 965000 SH SOLE 965000
Bristol-Myers Squibb COM 110122108 25465 1100000 SH SOLE 1100000
Brookstone Inc. COM 114537103 717 50000 SH SOLE 50000
Burlington Northern Santa Fe COM 12189t104 6502 250000 SH SOLE 250000
Carpenter Technology COM 144285103 5914 475000 SH SOLE 475000
ChevronTexaco Corp COM 166764100 6648 100000 SH SOLE 100000
Cimarex Energy Co. COM 171798101 951 53146 SH SOLE 53146
Circuit City Stores COM 172737108 1484 200000 SH SOLE 200000
Cleveland-Cliffs Inc. COM 185896107 5955 300000 SH SOLE 300000
Coca-Cola Company COM 191216100 5480 125000 SH SOLE 125000
Coeur D Alene Mines Corp. COM 192108108 500 260181 SH SOLE 260181
ConAgra Inc. COM 205887102 17507 700000 SH SOLE 700000
ConocoPhillips COM 20825C104 40663 840310 SH SOLE 840310
Corn Products International In COM 219023108 7532 250000 SH SOLE 250000
Corning Incorporated COM 219350105 4303 1300000 SH SOLE 1300000
Cott Corporation COM 22163n106 5346 300000 SH SOLE 300000
Cummins Engine COM 231021106 4923 175000 SH SOLE 175000
Dow Jones & Company, Inc. COM 260561105 8646 200000 SH SOLE 200000
Du Pont (E. I.) de Nemours COM 263534109 15900 375000 SH SOLE 375000
Eastman Kodak Corp. COM 277461109 7008 200000 SH SOLE 200000
Esg Re Limited COM g31215109 130 255000 SH SOLE 255000
Exxon Mobil Corporation COM 30231G102 6114 175000 SH SOLE 175000
Fairfax Financial Holdings, Lt COM 303901102 5391 70000 SH SOLE 70000
Flowers Foods Inc. COM 343498101 2926 150000 SH SOLE 150000
GEHL Company COM 368483103 657 75300 SH SOLE 75300
Gannett Company COM 364730101 35900 500000 SH SOLE 500000
Gatx Corp COM 361448103 5134 225000 SH SOLE 225000
General Motors Corp. Cl H COM 370442832 4280 400000 SH SOLE 400000
Germany Fund COM 374143105 1582 350000 SH SOLE 350000
Gold Field Limited New, ADR COM 38059t106 8027 575000 SH SOLE 575000
Grainger, W.W. Inc. COM 384802104 15465 300000 SH SOLE 300000
Grupo TMM-SP ADR A COM 40051D105 40265 7818515 SH SOLE 7818515
Hecla Mining Co. COM 422704106 3226 637600 SH SOLE 637600
Helmerich & Payne Inc. COM 423452101 11164 400000 SH SOLE 400000
Hershey Foods Corp. COM 427866108 6744 100000 SH SOLE 100000
Hubbell Inc. Cl B COM 443510201 21962 625000 SH SOLE 625000
IMC Global, Inc. COM 449669100 13871 1300000 SH SOLE 1300000
Intermet COM 45881K104 168 40000 SH SOLE 40000
Interpublic Group of COS Inc COM 460690100 4365 310000 SH SOLE 310000
Kerr McGee Corp. COM 492386107 23036 520000 SH SOLE 520000
Kimberly-Clark Corp COM 494368103 949 20000 SH SOLE 20000
Kinross Gold Corp. COM 496902107 445 181618 SH SOLE 181618
LSI Logic Corp COM 502161102 4183 725000 SH SOLE 725000
La-Z-Boy Inc. COM 505336107 5395 225000 SH SOLE 225000
Lancaster Colony Corp COM 513847103 3103 79400 SH SOLE 79400
Leucadia National Corp COM 527288104 7462 200000 SH SOLE 200000
Loew's Corporation COM 540424108 27787 625000 SH SOLE 625000
Longview Fibre Company COM 543213102 2711 375000 SH SOLE 375000
Louisiana-Pacific Corporation COM 546347105 9672 1200000 SH SOLE 1200000
Marathon Oil Corp COM 565849106 21290 1000000 SH SOLE 1000000
Markel Corporation COM 570535104 11919 58000 SH SOLE 58000
Mattel Inc. COM 577081102 3830 200000 SH SOLE 200000
McDonald's Corporation COM 580135101 7236 450000 SH SOLE 450000
Merck & Co. COM 589331107 43873 775000 SH SOLE 775000
Meridian Gold Inc. COM 589975101 3526 200000 SH SOLE 200000
Mesabi Trust COM 590672101 810 200000 SH SOLE 200000
Newmont Mining Corp. COM 651639106 46096 1587869 SH SOLE 1587869
Old Republic International COM 680223104 9100 325000 SH SOLE 325000
Park Place Entertainment COM 700690100 10521 1252500 SH SOLE 1252500
Phelps Dodge COM 717265102 6330 200000 SH SOLE 200000
Phillip Morris Cos. COM 718154107 40530 1000000 SH SOLE 1000000
Placer Dome, Inc. COM 725906101 17825 1550000 SH SOLE 1550000
Pope & Talbot COM 732827100 5419 380000 SH SOLE 380000
Potlatch Corp COM 737628107 1218 51000 SH SOLE 51000
Procter & Gamble COM 742718109 1289 15000 SH SOLE 15000
RPM Inc. (Ohio) COM 749685103 3056 200000 SH SOLE 200000
Railamerica Inc. COM 750753105 15797 2203162 SH SOLE 2203162
Royal Gold Inc. COM 780287108 12460 500000 SH SOLE 500000
Ruddick Corporation COM 781258108 3149 230000 SH SOLE 230000
San Juan Basin Rty Trust Unit COM 798241105 1370 100000 SH SOLE 100000
Saul Centers Inc. COM 804395101 4760 200000 SH SOLE 200000
Schering-Plough Corp COM 806605101 24975 1125000 SH SOLE 1125000
Schlumberger Ltd. COM 806857108 6313 150000 SH SOLE 150000
Schweitzer-Mauduit Intl. Inc. COM 808541106 3062 125000 SH SOLE 125000
Sherwin-Williams Co. COM 824348106 16950 600000 SH SOLE 600000
Smithfield Foods, Inc. COM 832248108 5059 255000 SH SOLE 255000
Tenneco Automotive Inc. COM 880349105 3596 890000 SH SOLE 890000
The Walt Disney Company COM 254687106 11825 725000 SH SOLE 725000
Thomas & Betts Corp. COM 884315102 5915 350000 SH SOLE 350000
Timken Company COM 887389104 10982 575000 SH SOLE 575000
Transocean Sedco Forex Inc. COM G90078109 8816 380000 SH SOLE 380000
Triarc Companies Inc. COM 895927101 20940 798000 SH SOLE 798000
Tyco International LTD COM 902124106 8540 500000 SH SOLE 500000
Tyson Foods Inc-Cl A COM 902494103 13464 1200000 SH SOLE 1200000
UST Inc. COM 902911106 6686 200000 SH SOLE 200000
Union Pacific Corp COM 907818108 10178 170000 SH SOLE 170000
United States Steel Corp COM 912909108 656 50000 SH SOLE 50000
Volvo AB ADR COM 928856400 1655 100000 SH SOLE 100000
Washington Post - Cl B COM 939640108 16236 22000 SH SOLE 22000
Weyerhaeuser Co. COM 962166104 4921 100000 SH SOLE 100000
White Mountains Insurance Grou COM G9618E107 8721 27000 SH SOLE 27000