13F-HR 1 horizonthirteenfsepteight.txt HORIZONTHIRTEENFSEPTEIGHT UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Quarter ended: September 30, 2008 Not an amendment. Institutional Investment Manager Filing this Report: Name: Horizon Asset Management, Inc. Address: 470 Park Avenue South 4th Floor South New York, N.Y. 10016 13F File Number: 28-6986 The institutional investment manager filing this report; and person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person signing this Report on Behalf of Reporting Manager: Name: Andrew M. Fishman Title: Director of Compliance and General Counsel Phone: 646-495-7347 Signature, Place, and Date of Signing: Andrew M. Fishman New York, New York November 10, 2008 Report Type: 13F HOLDINGS REPORT List of Other Managers Reporting for this Manager: none I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE ACT OF 1934. Report Summary: Number of Other Included Managers: none Form 13F Information Table Entry Total: 358 Form Information Table Value Total: $8,077,075,981 VALUE SHRS PUT INVESTOTHER VOTING NAME OF ISSUER CLASS CUSIP (x1000) PRINAMT CALL DISC MGRS AUTH ALEXANDERS INC Cmnstk 014752109 2364 5910 SOLE SOLE ALLEGHENY CORP Cmnstk 017175100 3950 10822 SOLE SOLE ALLIANCEBERNSTEIN LP 01881G106 2950 79713 SOLE SOLE ALTRIA GROUP INC Cmnstk 02209S103 519 26150 SOLE SOLE AMBAC FINANCIAL Cmnstk 023139108 4512 1936470 SOLE SOLE AMERICAN CAPITAL Cmnstk 02503Y103 8634 338448 SOLE SOLE AMER REAL EST PTRS NT Cvt Bd 029169AA7 13736 20100000 SOLE SOLE AMGEN INC Cmnstk 031162100 402 6775 SOLE SOLE AMGEN INC Cmnstk 031162100 32 3600PUT SOLE SOLE ANADARKO PETE CORP Cmnstk 032511107 382 7880 SOLE SOLE ANADARKO PETE CORP Cmnstk 032511107 8 3000PUT SOLE SOLE ANGLO AMERICAN PLC ADR/GDR 03485P201 98274 5931942 SOLE SOLE APACHE CORP Cmnstk 037411105 228 2190 SOLE SOLE APACHE CORP Cmnstk 037411105 3 1800PUT SOLE SOLE APOLLO INVT CORP SBI 03761U106 3698 216901 SOLE SOLE APPLIED MATERIALS Cmnstk 038222105 523 34600 SOLE SOLE APPLIED MATERIALS Cmnstk 038222105 8 6000PUT SOLE SOLE ARBITRON INC Cmnstk 03875Q108 195 4365 SOLE SOLE BP PLC SPONS ADR ADR/GDR 055622104 3164 63062 SOLE SOLE BANK OF AMERICA Cmnstk 060505104 2145 61277 SOLE SOLE BANK OF AMERICA Cmnstk 060505104 147 7800PUT SOLE SOLE BANK NY MELLON Cmnstk 064058100 21486 659497 SOLE SOLE BAXTER INTL INC Cmnstk 071813109 388 5909 SOLE SOLE BECTON DICKINSON Cmnstk 075887109 265 3300 SOLE SOLE BERKSHIRE HATHAWAY A Cmnstk 084670108 7575 58 SOLE SOLE BERKSHIRE HATHAWAY B Cmnstk 084670207 365220 83099 SOLE SOLE BHP BILLITON LTD ADR/GDR 088606108 31393 603826 SOLE SOLE BLACKROCK INC Cmnstk 09247X101 903 4642 SOLE SOLE BLACKSTONE GROUP LP Cmnstk 09253U108 19 4000CALL SOLE SOLE BLACKSTONE GROUP LP LP 09253U108 30763 2005379 SOLE SOLE BLOCKBUSTER INC NT 9.0 Conv 093679AC2 107 150000 SOLE SOLE BOEING CO COM Cmnstk 097023105 1147 19992 SOLE SOLE BOSTON SCIENTIFIC CORP Cmnstk 101137107 299 24364 SOLE SOLE BRISTOL MYERS SQUIBB Cmnstk 110122108 732 35086 SOLE SOLE BROADRIDGE FINL SOL Cmnstk 11133T103 19 10000CALL SOLE SOLE BROADRIDGE FINL SOL Cmnstk 11133T103 3145 204376 SOLE SOLE BROOKFIELD ASSET MGMT Cmnstk 112585104 18 2000CALL SOLE SOLE BROOKFIELD ASSET MGMT Cmnstk 112585104 469205 17111973 SOLE SOLE BUCKEYE GP HLDGS L P LP 118167105 1106 71569 SOLE SOLE BURLINGTON NORTHERN Cmnstk 12189T103 248555 2689119 SOLE SOLE BURLINGTON NRTH Cmnstk 12189T103 1 200PUT SOLE SOLE CBS CORP NEW CL B Cmnstk 124857202 168 11500 SOLE SOLE CME GROUP Cmnstk 12572Q105 109437 295465 SOLE SOLE CME GROUP Cmnstk 12572Q105 94 600PUT SOLE SOLE CME GROUP Cmnstk 12572Q105 215 1400PUT SOLE SOLE CMS ENERGY CORP Cmnstk 125896100 27680 2254635 SOLE SOLE CMS ENERGY CORP Cmnstk 125896100 7 2400PUT SOLE SOLE CNOOC LTD ADR/GDR 126132109 299552 2617967 SOLE SOLE CSX CORP Cmnstk 126408103 339 6209 SOLE SOLE CABLEVISION SYS CL A Cmnstk 12686C109 2359 93764 SOLE SOLE CACI INTL INC CL A Cmnstk 127190304 26401 538138 SOLE SOLE CACI INTL INC CL A Cmnstk 127190304 2 1000PUT SOLE SOLE CADBURY PLC ADR/GDR 127209302 1273 31152 SOLE SOLE CALPINE CORP Cmnstk 131347304 111232 8591597 SOLE SOLE CAMECO CORP Cmnstk 13321L108 34 8000CALL SOLE SOLE CAMECO CORP Cmnstk 13321L108 741 33250 SOLE SOLE CAMECO CORP Cmnstk 13321L108 8 1000PUT SOLE SOLE CANADIAN NAT RES LTD Cmnstk 136385101 6723 98196 SOLE SOLE CANADIAN NAT RES LTD Cmnstk 136385101 1 800PUT SOLE SOLE CARBO CERAMICS INC Cmnstk 140781105 315 6100 SOLE SOLE CARNIVAL CORP NEW Cmnstk 143658300 213248 6032462 SOLE SOLE CATHAY GEN BANCORP Cmnstk 149150104 10142 436569 SOLE SOLE CENTER FINL CORP CALIF Cmnstk 15146E102 8823 710055 SOLE SOLE CENTERPOINT ENERGY Cmnstk 15189T107 73618 5052705 SOLE SOLE CHEVRON CORP NEW Cmnstk 166764100 2271 27528 SOLE SOLE CHICAGO BRIDGE & IRON Cmnstk 167250109 195 10111 SOLE SOLE CHINA EASTERN AIR ADR/GDR 16937R104 1139 66889 SOLE SOLE CHINA LIFE INS CO ADR/GDR 16939P106 45750 822544 SOLE SOLE CHINA LIFE INS CO Cmnstk 16939P106 1 1000PUT SOLE SOLE CHINA SOUTHERN AIR Cmnstk 169409109 1012 104216 SOLE SOLE CHINA NETCOM ADR/GDR 16940Q101 48995 1090592 SOLE SOLE CHINA MOBILE ADR/GDR 16941M109 970 19365 SOLE SOLE CINCINNATI FINL Cmnstk 172062101 377 13257 SOLE SOLE CISCO SYS INC Cmnstk 17275R102 210 9320 SOLE SOLE CISCO SYS INC Cmnstk 17275R102 1 6000PUT SOLE SOLE CITIGROUP INC Cmnstk 172967101 811 39529 SOLE SOLE ALLEGHENY ENERGY Cmnstk 17361106 290788 7941440 SOLE SOLE COHEN & STEERS INC Cmnstk 19247A100 15955 563196 SOLE SOLE COLGATE -PALMOLIVE Cmnstk 194162103 322 4270 SOLE SOLE COMDISCO HOLDING Cmnstk 200334100 2020 212420 SOLE SOLE COMDISCO HOLDING RTS Rights 200334118 885 10404523 SOLE SOLE CONOCOPHILLIPS Cmnstk 20825C104 802 10946 SOLE SOLE COUNTRYWIDE Cmnstk 222372954 301 12600PUT SOLE SOLE CUBIC CORP Cmnstk 229669106 680 27668 SOLE SOLE DTF TAX-FREE INC Cmnstk 23334J107 182 15600 SOLE SOLE DANA CORP Cmnstk 235825205 145 30060 SOLE SOLE DANAHER CORP Cmnstk 235851102 208 3000 SOLE SOLE DEAN FOODS CO Cmnstk 242370104 49 6000CALL SOLE SOLE DEAN FOODS CO Cmnstk 242370104 468 20050 SOLE SOLE DEAN FOODS CO Cmnstk 242370104 13 2000PUT SOLE SOLE DEERFIELD CAP Cmnstk 244331104 14 21369 SOLE SOLE DELL INC Cmnstk 24702R101 1450 88000 SOLE SOLE DELPHI 6.5% 08/15/13 Conv 247126AE5 20 160000 SOLE SOLE DELUXE CORP Cmnstk 248019101 551 38300 SOLE SOLE DEUTSCHE TELEKOM Cmnstk 251566105 392 25766 SOLE SOLE RH DONNELLY 9% Conv 25212EAF7 2300 5000000 SOLE SOLE DISNEY WALT CO Cmnstk 254687106 2510 81788 SOLE SOLE DISCOVER FINL SVCS Cmnstk 254709108 685 49589 SOLE SOLE DOW CHEMICAL CO Cmnstk 260543103 347 10913 SOLE SOLE DREAMWORKS ANIM Cmnstk 26153C103 5229 166273 SOLE SOLE DREAMWORKS ANIM Cmnstk 26153C103 10 4000PUT SOLE SOLE DU PONT Cmnstk 263534109 395 9792 SOLE SOLE DYNEGY CL A Cmnstk 26817G102 18 40000CALL SOLE SOLE DYNEGY CL A Cmnstk 26817G102 38687 10890178 SOLE SOLE AMER INTL GROUP Cmnstk 26874107 175 52674 SOLE SOLE EOG RES INC Cmnstk 26875P101 308 3440 SOLE SOLE EAST WEST BANCORP Cmnstk 27579R104 5801 435905 SOLE SOLE EATON VANCE Cmnstk 278265103 2577 73149 SOLE SOLE EBAY INC Cmnstk 278642103 217 9700 SOLE SOLE EDISON INTL Cmnstk 281020107 260 6510 SOLE SOLE ABBOTT LABS Cmnstk 2824100 3603 62578 SOLE SOLE EL PASO CORP Cmnstk 28336L109 8 2000CALL SOLE SOLE EL PASO CORP Cmnstk 28336L109 193867 15286112 SOLE SOLE EL PASO CORP Cmnstk 28336L109 25 6000PUT SOLE SOLE EMERSON ELEC CO Cmnstk 291011104 647 15872 SOLE SOLE ENCANA CORP Cmnstk 292505104 273088 4154712 SOLE SOLE ENCANA CORP Cmnstk 292505104 0 1000PUT SOLE SOLE ENTERPRISE PRODS LP 293792107 654 25394 SOLE SOLE EQUIFAX INC Cmnstk 294429105 312 9054 SOLE SOLE EXXON MOBIL Cmnstk 30231G102 24064 309861 SOLE SOLE FTI CONSULTING Cmnstk 302941109 3623 50149 SOLE SOLE FAIRFAX FINL Cmnstk 303901102 1365 4162 SOLE SOLE FREDDIE MAC Cmnstk 313400301 6390 3718843 SOLE SOLE FEDERAL NATL MTG Cmnstk 313586109 6 7560000CALL SOLE SOLE FEDERAL NATL MTG Cmnstk 313586109 10178 6645455 SOLE SOLE FEDERAL NATL MTG Cmnstk 313586109 47 2000PUT SOLE SOLE FIDELITY NTL INF Cmnstk 31620M106 269 14596 SOLE SOLE FIDELITY NATL FINL Cmnstk 31620R105 832 56611 SOLE SOLE FINANCIAL TECH ADR/GDR 31769V206 171 38000 SOLE SOLE FINOVA GROUP INC Cmnstk 317928109 1 141250 SOLE SOLE FIRST BANK OF DEL Cmnstk 319307104 60 33400 SOLE SOLE FIRST INDL RLTY Unit Tr 32054K103 409 14261 SOLE SOLE FOREST CITY ENT A Cmnstk 345550107 30198 989439 SOLE SOLE FOREST CITY ENT B Cmnstk 345550305 585 18988 SOLE SOLE FOREST LABS Cmnstk 345838106 1244 44000 SOLE SOLE FORTRESS INVT Cmnstk 34958B106 1862 177305 SOLE SOLE FRANKLIN RES Cmnstk 354613101 167327 1898640 SOLE SOLE FRANKLIN RES Cmnstk 354613101 1357 3384200PUT SOLE SOLE GFI GROUP INC Cmnstk 361652209 1341 284665 SOLE SOLE GENCORP INC Cmnstk 368682100 1218 180755 SOLE SOLE GENERAL DYNAMICS Cmnstk 369550108 465 6312 SOLE SOLE GENERAL ELECTRIC Cmnstk 369604103 1970 77262 SOLE SOLE GENERAL MTRS PFD C PFD 370442717 491 61350 SOLE SOLE GENUINE PARTS CO Cmnstk 372460105 343 8540 SOLE SOLE GENWORTH FINL CL A Cmnstk 37247D106 385 44728 SOLE SOLE GLAXOSMITHKLINE Cmnstk 37733W105 10363 238447 SOLE SOLE GOLDMAN SACHS Cmnstk 38141G104 292 2285 SOLE SOLE GOOGLE INC CL A Cmnstk 38259P508 236 585 SOLE SOLE GREAT PLAINS ENE Cmnstk 391164100 22711 1022098 SOLE SOLE GREENHILL & CO Cmnstk 395259104 2118 28714 SOLE SOLE HABER INC Cmnstk 404450108 25 413600 SOLE SOLE HALLIBURTON CO Cmnstk 406216101 65 2000 SOLE SOLE HALLIBURTON CO Cmnstk 406216101 7 3000PUT SOLE SOLE HANMI FINL CORP Cmnstk 410495105 3674 752398 SOLE SOLE HARRIS CORP DEL Cmnstk 413875105 1153 24966 SOLE SOLE HARRY WINSTON Cmnstk 41587B100 468 35186 SOLE SOLE HARTE -HANKS Cmnstk 416196103 152 14635 SOLE SOLE HEINZ H J CO Cmnstk 423074103 1543 30877 SOLE SOLE HONEYWELL INTL Cmnstk 438516106 775 18650 SOLE SOLE HUANENG PWR INTL ADR/GDR 443304100 173514 6536246 SOLE SOLE HUTCHISON TELECOM ADR/GDR 44841T107 183 11008 SOLE SOLE ICIC BANK LTD ADR/GDR 45104G104 56495 2402007 SOLE SOLE ICAHN ENTERPRISES LP 451100101 59049 1382278 SOLE SOLE ICAHN ENTERPRISE LP PFD 451100200 99 11663 SOLE SOLE IDEARC INC Cmnstk 451663108 2877 2301602 SOLE SOLE IMPERIAL OIL LTD Cmnstk 453038408 278894 6546797 SOLE SOLE INTEL CORP Cmnstk 458140100 1812 96720 SOLE SOLE INTERCONTINENTAL EXCH Cmnstk 45865V100 44170 549805 SOLE SOLE INTL ASSETS HLDG Cmnstk 459028106 802 33284 SOLE SOLE INTL BUSINESS MACHS Cmnstk 459200101 301 2577 SOLE SOLE INTL FLAVORS & FRAG Cmnstk 459506101 319 8085 SOLE SOLE INTL GAME TECH Cmnstk 459902102 12 4000CALL SOLE SOLE INTL GAME TECH Cmnstk 459902102 204 11847 SOLE SOLE INTL GAME TECH Cmnstk 459902102 18 1000PUT SOLE SOLE ISHARES TR U S TIP Cmnstk 464287176 19733 194800 SOLE SOLE ISHARES S&P 500 GROWTH Cmnstk 464287309 484 8525 SOLE SOLE JPMORGAN CHASE & CO Cmnstk 46625H100 0 1000CALL SOLE SOLE JPMORGAN CHASE & CO Cmnstk 46625H100 629 13477 SOLE SOLE JANUS CAPITAL GROUP Cmnstk 47102X105 3263 134385 SOLE SOLE JARDEN CORP Cmnstk 471109108 8 2000CALL SOLE SOLE JARDEN CORP Cmnstk 471109108 2234 95278 SOLE SOLE JARDEN CORP Cmnstk 471109108 22 2000PUT SOLE SOLE JEFFERIES GROUP Cmnstk 472319102 14701 656315 SOLE SOLE JOHNSON & JOHNSON Cmnstk 478160104 5179 74753 SOLE SOLE KINDER MORGAN ENERGY LP 494550106 208 4000 SOLE SOLE KOREA ELECTRIC POWER ADR/GDR 500631106 12694 1024554 SOLE SOLE KRAFT FOODS A Cmnstk 50075N104 6514 198912 SOLE SOLE LICT CORPORATION Cmnstk 50187G104 432 104 SOLE SOLE LABRANCHE & CO Cmnstk 505447102 29646 6736417 SOLE SOLE LAS VEGAS SANDS Cmnstk 517834107 26 5400CALL SOLE SOLE LAS VEGAS SANDS Cmnstk 517834107 186171 5161849 SOLE SOLE LAS VEGAS SANDS Cmnstk 517834107 21 600PUT SOLE SOLE LEGG MASON Cmnstk 524901105 199282 5244875 SOLE SOLE LEGG MASON Cmnstk 524901105 39 1400PUT SOLE SOLE LEHMAN BROS HLDGS Cmnstk 524908100 881 9402000CALL SOLE SOLE LEHMAN BROS HLDGS Cmnstk 524908100 4 20623 SOLE SOLE LESCARDEN INC Cmnstk 526867106 30 379969 SOLE SOLE LEUCADIA NATIONAL Cmnstk 527288104 598847 13214958 SOLE SOLE LEUCADIA NATIONAL Cmnstk 527288104 4 4000PUT SOLE SOLE LEUCADIA NATL CONV 3.7 Conv 527288AX2 16430 7910000 SOLE SOLE LIBERTY GLOBAL A Cmnstk 530555101 2645 87288 SOLE SOLE LIBERTY GLOBAL SER C Cmnstk 530555309 635 22616 SOLE SOLE LILLY ELI & CO Cmnstk 532457108 1528 34695 SOLE SOLE LOCKHEED MARTIN Cmnstk 539830109 237 2162 SOLE SOLE LOEWS CORPORATION Cmnstk 540424108 193 13800CALL SOLE SOLE LOEWS CORP Cmnstk 540424108 8141 206164 SOLE SOLE LOEWS CORPORATION Cmnstk 540424108 1068 11270100PUT SOLE SOLE M&T BANK CORP Cmnstk 55261F104 23285 260899 SOLE SOLE MBIA INC Cmnstk 55262C100 95246 8106230 SOLE SOLE MGM MIRAGE Cmnstk 552953101 12 3000CALL SOLE SOLE MGM MIRAGE Cmnstk 552953101 8708 305533 SOLE SOLE MGM MIRAGE Cmnstk 552953951 35 800PUT SOLE SOLE MARATHON OIL Cmnstk 565849106 2662 66757 SOLE SOLE MARKEL CORP Cmnstk 570535104 9783 27831 SOLE SOLE MARSH & MCLENNAN Cmnstk 571748102 1770 55727 SOLE SOLE MASTERCARD A Cmnstk 57636Q104 80814 455729 SOLE SOLE MASTERCARD A Cmnstk 57636Q104 2 1000PUT SOLE SOLE MCDONALDS CORP Cmnstk 580135101 590 9558 SOLE SOLE MCGRAW HILL Cmnstk 580645109 3856 121988 SOLE SOLE MEDALLION FINL Cmnstk 583928106 1517 144869 SOLE SOLE MEDCO HEALTH Cmnstk 58405U102 626 13906 SOLE SOLE MELCO CROWN ENTMT Cmnstk 585464100 199 49941 SOLE SOLE MERCK & CO INC Cmnstk 589331107 1423 45103 SOLE SOLE MERCURY GENERAL Cmnstk 589400100 223 4068 SOLE SOLE MERRILL LYNCH & CO Cmnstk 590188108 89 6960000CALL SOLE SOLE MERRILL LYNCH & CO Cmnstk 590188108 48 1908 SOLE SOLE MERRILL LYNCH & CO Cmnstk 590188108 54 1800PUT SOLE SOLE MIDDLESEX WATER CO Cmnstk 596680108 185 10600 SOLE SOLE MIRANT CORP Cmnstk 60467R100 2 3000CALL SOLE SOLE MIRANT CORP Cmnstk 60467R100 17785 972388 SOLE SOLE MIRANT CORP Cmnstk 60467R100 23 2000PUT SOLE SOLE MONSANTO Cmnstk 61166W101 203 2046 SOLE SOLE MOODYS CORP Cmnstk 615369105 710 20870 SOLE SOLE MOTOROLA INC Cmnstk 620076109 100 14032 SOLE SOLE NRG ENERGY Cmnstk 629377508 59 4000CALL SOLE SOLE NRG ENERGY Cmnstk 629377508 39129 1580979 SOLE SOLE NRG ENERGY Cmnstk 629377508 15 2000PUT SOLE SOLE NYSE EURONEXT Cmnstk 629491101 360333 9204929 SOLE SOLE NYSE EURONEXT Cmnstk 629491101 126 3600PUT SOLE SOLE NARA BANCORP Cmnstk 63080P105 8607 782702 SOLE SOLE NASDAQ OMX Cmnstk 631103108 23 2000CALL SOLE SOLE NASDAQ OMX Cmnstk 631103108 441435 14449805 SOLE SOLE NASDAQ OMX Cmnstk 631103108 107 1706000PUT SOLE SOLE NATIONAL ENERGY Cmnstk 635812209 1081 308882 SOLE SOLE NATIONWIDE HEALTH Unit Tr 638620104 217 6034 SOLE SOLE NORFOLK SOUTHERN Cmnstk 655844108 895 13519 SOLE SOLE NORTHERN TRUST Cmnstk 665859104 1629 22556 SOLE SOLE NORTHROP GRUMMAN Cmnstk 666807102 374 6178 SOLE SOLE NOVARTIS A G ADR/GDR 66987V109 840 15900 SOLE SOLE NUVEEN N Y MUN VAL Cmnstk 67062M105 114 12600 SOLE SOLE NUVEEN PERFORM PLUS Cmnstk 67062P108 14590 1316811 SOLE SOLE NUVEEN PREM INC MUN Cmnstk 67063W102 461 43462 SOLE SOLE ORACLE CORP Cmnstk 68389X105 1020 50200 SOLE SOLE PG & E CORP Cmnstk 69331C108 1175 31373 SOLE SOLE PICO HOLDINGS INC Cmnstk 693366205 2170 60426 SOLE SOLE PALL CORP Cmnstk 696429307 2279 66265 SOLE SOLE PENN WEST ENERGY Cmnstk 707885109 31896 1323541 SOLE SOLE PENN VIRGINIA HLDG Cmnstk 70788P105 1787 85553 SOLE SOLE PEPSICO INC Cmnstk 713448108 1930 27074 SOLE SOLE PETROCHINA ADR/GDR 71646E100 7744 75387 SOLE SOLE PFIZER INC Cmnstk 717081103 30524 1670808 SOLE SOLE PHILIP MORRIS INTL Cmnstk 718172109 84788 1773938 SOLE SOLE POWERSHARES QQQ TR Cmnstk 73935A104 599 15400 SOLE SOLE POWERSHARES QQQ TR Cmnstk 73935A104 1141 187000PUT SOLE SOLE POWERSHARES GOLDEN Cmnstk 73935X401 330 17300 SOLE SOLE PREFERRED BANK Cmnstk 740367107 1803 160898 SOLE SOLE PROCTER & GAMBLE Cmnstk 742718109 786 11273 SOLE SOLE PROCTER & GAMBLE Cmnstk 742718109 1 1800PUT SOLE SOLE PROGRESSIVE CORP Cmnstk 743315103 28914 1661714 SOLE SOLE ULTRASHORT QQQ PROSHS Rev Cert 74347R875 350 6400 SOLE SOLE PZENA INVST MGMT CL A Cmnstk 74731Q103 137 14500 SOLE SOLE QUANTA SERVICES INC Cmnstk 74762E102 17284 639923 SOLE SOLE QUEST DIAGNOSTICS INC Cmnstk 74834L100 899 17400 SOLE SOLE R.H. DONNELLEY CORP Cmnstk 74955W307 4309 2165493 SOLE SOLE RAYTHEON CO Cmnstk 755111507 540 10098 SOLE SOLE RELIANT ENERGY Cmnstk 75952B105 188089 25627720 SOLE SOLE RELIANT ENERGY Cmnstk 75952B105 20 2000PUT SOLE SOLE REYNOLDS AMERN Cmnstk 761713106 512 10532 SOLE SOLE RIO TINTO PLC Cmnstk 767204100 29757 119265 SOLE SOLE RITCHIE BROS Cmnstk 767744105 2675 114496 SOLE SOLE ROCKWELL AUTO Cmnstk 773903109 698 18700 SOLE SOLE ROYAL DUTCH ADR/GDR 780259206 2364 40059 SOLE SOLE RYLAND GROUP Cmnstk 783764103 318 11990 SOLE SOLE RYLAND GROUP Cmnstk 783764103 37 3200PUT SOLE SOLE SPDR TR UNIT SER 1 Cmnstk 78462F103 24896 214637 SOLE SOLE SPDR GOLD TR Cmnstk 78463V107 393 4620 SOLE SOLE SPDR SER TR LEHMAN Cmnstk 78464A680 447 9695 SOLE SOLE THE ST JOE COMPANY Cmnstk 790148100 13447 344003 SOLE SOLE SCHLUMBERGER LTD Cmnstk 806857108 1616 20690 SOLE SOLE SCHLUMBERGER LTD Cmnstk 806857108 3 1500PUT SOLE SOLE SCHWAB Cmnstk 808513105 494 19000 SOLE SOLE SCRIPPS E W Cmnstk 811054204 157 22205 SOLE SOLE SCRIPPS E W CL A Cmnstk 811054402 285 40247 SOLE SOLE SCRIPPS NETWORKS A Cmnstk 811065101 6759 186157 SOLE SOLE SEARS HOLDINGS Cmnstk 812350106 62313 675433 SOLE SOLE SIERRA PACIFIC Cmnstk 826428104 227300 23870276 SOLE SOLE SIGMA ALDRICH Cmnstk 826552101 1035 19752 SOLE SOLE SOTHEBYS Cmnstk 835898107 13694 682674 SOLE SOLE SOUTHERN UNION Cmnstk 844030106 1100 53270 SOLE SOLE STAR STRUCK LTD Cmnstk 855188108 72 90000 SOLE SOLE STATE STREET Cmnstk 857477103 5576 98034 SOLE SOLE STRYKER CORP Cmnstk 863667101 405 6500 SOLE SOLE STUDENT LOAN Cmnstk 863902102 47754 513486 SOLE SOLE SUNCOR ENERGY Cmnstk 867229106 27 2000CALL SOLE SOLE SUNCOR ENERGY Cmnstk 867229106 79703 1891414 SOLE SOLE SWEDISH EXPT CR Cmnstk 870297603 120 13300 SOLE SOLE TELEFLEX INC Cmnstk 879369106 608 9584 SOLE SOLE TELEFONICA ADR/GDR 879382208 838 11715 SOLE SOLE TEL & DATA SYS Cmnstk 879433100 1176 32890 SOLE SOLE TEL & DATA SYS SPL Cmnstk 879433860 359 10001 SOLE SOLE TEMPLETON EMG MKTS Cmnstk 880192109 122 11200 SOLE SOLE TEXAS PACIFIC LAND Cmnstk 882610108 19214 514889 SOLE SOLE TIME WARNER INC Cmnstk 887317105 334736 25631737 SOLE SOLE TRAVELERS COS Cmnstk 89417E109 248 5477 SOLE SOLE UCBH HOLDINGS Cmnstk 90262T308 5408 867919 SOLE SOLE UST INC Cmnstk 902911106 2258 33934 SOLE SOLE US GLOBAL CL A Cmnstk 902952100 2068 205813 SOLE SOLE UTS ENERGY Cmnstk 903396109 57 48050 SOLE SOLE UNION PACIFIC Cmnstk 907818108 166013 2332956 SOLE SOLE VEECO INSTR Cmnstk 922417100 256 17300 SOLE SOLE VERTICAL BRANDING Cmnstk 92534X109 7 19750 SOLE SOLE VIACOM INC CL B Cmnstk 92553P201 286 11500 SOLE SOLE VIRGIN MEDIA Cmnstk 92769L101 179 22718 SOLE SOLE VISA CL A Cmnstk 92826C839 66897 1089712 SOLE SOLE VISHAY INTERTECH Cmnstk 928298108 113 17029 SOLE SOLE VORNADO RLTY TR Cmnstk 929042109 11008 121034 SOLE SOLE VORNADO RLTY TR Cmnstk 929042109 16 800PUT SOLE SOLE WD-40 CO Cmnstk 929236107 566 15750 SOLE SOLE WARNER MUSIC 9 1/2 Conv 92930MAF0 3451 6274000 SOLE SOLE WACHOVIA CORP Cmnstk 929903102 41 11761 SOLE SOLE WALGREEN Cmnstk 931422109 480 15500 SOLE SOLE WARNER MUSIC Cmnstk 934550104 2 696000CALL SOLE SOLE WARNER MUSIC Cmnstk 934550104 14172 1864738 SOLE SOLE BLOCK H & R INC Cmnstk 93671105 292 12837 SOLE SOLE BLOCKBUSTER CL A Cmnstk 93679108 31 14900 SOLE SOLE WASHINGTON MUTUAL Cmnstk 939322103 2 26225 SOLE SOLE WASHINGTON POST Cmnstk 939640108 49070 89489 SOLE SOLE WELLS FARGO Cmnstk 949746101 15530 413805 SOLE SOLE WENDYS ARBYS Cmnstk 950587105 5338 1000017 SOLE SOLE WESCO FINL CORP Cmnstk 950817106 2728 7641 SOLE SOLE THE WESTERN UNION Cmnstk 959802109 4053 164284 SOLE SOLE WILEY JOHN CL A Cmnstk 968223206 2873 71018 SOLE SOLE WILLIAMS COS Cmnstk 969457100 37438 1612718 SOLE SOLE WILSHIRE BANCORP Cmnstk 97186T108 9177 777887 SOLE SOLE WYETH Cmnstk 983024100 576 15600 SOLE SOLE WYNN RESORTS LTD Cmnstk 983134107 55 2400CALL SOLE SOLE WYNN RESORTS LTD Cmnstk 983134107 28615 353897 SOLE SOLE WYNN RESORTS LTD Cmnstk 983134107 11 600PUT SOLE SOLE XO HLDGS INC COM Cmnstk 98417K106 35 85850 SOLE SOLE ASSURED GUARANTY LTD Cmnstk G0585R106 354 21800 SOLE SOLE BROOKFIELD INFRAST Cmnstk G16252101 430 27665 SOLE SOLE CLIMATE EXCHANGE PLC Cmnstk G2311R103 180 17600 SOLE SOLE GREENLIGHT CAPITAL Cmnstk G4095J109 605 26300 SOLE SOLE LAZARD A Cmnstk G54050102 4314 100899 SOLE SOLE MONTPELIER RE HLDG Cmnstk G62185106 2353 142497 SOLE SOLE SIEM INDUSTRIES Cmnstk G81226105 457 7376 SOLE SOLE WHITE MOUNTAINS INS Cmnstk G9618E107 24620 52410 SOLE SOLE ROYAL CARRIBBEAN Cmnstk V7780T103 1109 53464 SOLE SOLE