MAD RIVER INVESTORS Information

84 STATE STREET, BOSTON, Massachusetts, 02109, (617) 728-0444

Report Date: 12/31/2013

Position Statistics

Total Positions 36
New Positions 0
Increased Positions 23
Decreased Positions 10
Positions with Activity 33
Sold Out Positions 3
Total Mkt Value (in $ millions) 133

Institutional Holdings information is filed by major institutions on form 13-F with the Securities and Exchange Commission.

Sector Weighting

Basic Materials 4.09%
Capital Goods 2.11%
Conglomerates
Consumer Cyclical
Consumer/Non-Cyclical
Energy 3.47%
Financial 15.98%
Healthcare 0%
Services 71.12%
Technology 2.48%
Transportation
Utilities

36 Positions as of 12/31/2013

Company Class Value of Shares ($1,000s) ▼ Change in Value ($1,000s) Change (%) Shares Held
HOWARD HUGHES CORP COM 14,183 312 2.25 100,137
ICAHN ENTERPRISES LP DEPOSITARY UNIT 11,064 205 1.89 110,727
LIBERTY MEDIA CORP DELAWARE CL A 11,017 49 .44 85,806
LIBERTY INTERACTIVE CORP LBT VENT COM A 8,352 -24 (0.28) 140,860
WENDYS CO COM 7,478 53 .72 884,975
ROUSE PPTYS INC COM 6,404 71 1.12 378,963
BERKSHIRE HATHAWAY INC DEL CL B NEW 6,062 25 .42 47,655
TEXAS PAC LD TR SUB CTF PROP I T 5,471 148 2.79 40,559
DREAMWORKS ANIMATION SKG INC CL A 5,289 123 2.38 191,550
SEARS HLDGS CORP COM 5,109 945 22.68 118,135
LIBERTY INTERACTIVE CORP INT COM SER A 4,923 64 1.33 166,025
LEUCADIA NATL CORP COM 4,902 1,334 37.40 186,758
CONTINENTAL RESOURCES INC COM 4,611 88 1.95 34,010
PIMCO DYNAMIC INCOME FD SHS 4,245 -79 (1.83) 131,575
BROOKFIELD ASSET MGMT INC CL A LTD VT SH 3,394 61 1.83 82,108
AUTONATION INC COM 3,389 -2,086 (38.1) 63,450
LIVE NATION ENTERTAINMENT INC COM 2,923 66 2.30 135,500
BROOKFIELD RESIDENTIAL PPTYS I COM 2,807 61 2.22 138,425
DISH NETWORK CORP CL A 2,687 88 3.39 44,975
STARZ COM SER A 2,674 14 .54 84,044