The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
1-800-Flowers.com Inc. COM 68243Q106 3,632 113,973 SH   SOLE   113,973 0 0
3M Company COM 88579Y101 1,090 5,490 SH   SOLE   5,490 0 0
ACI Worldwide, Inc. COM 004498101 2,601 70,026 SH   SOLE   70,026 0 0
AZZ Incorporated COM 002474104 212 4,100 SH   SOLE   4,100 0 0
AbbVie Inc. COM 00287Y109 4,233 37,584 SH   SOLE   37,584 0 0
Allstate Corporation COM 020002101 303 2,325 SH   SOLE   2,325 0 0
Amazon.com COM 023135106 836 243 SH   SOLE   243 0 0
Apple Inc. COM 037833100 315 2,300 SH   SOLE   2,300 0 0
AutoZone, Inc. COM 053332102 236 158 SH   SOLE   158 0 0
Berkshire Hathaway COM 084670108 3,767 9 SH   SOLE   9 0 0
Berkshire Hathaway Cl B COM 084670702 4,611 16,590 SH   SOLE   16,590 0 0
Caterpillar COM 149123101 270 1,240 SH   SOLE   1,240 0 0
Cheniere Energy, Inc. COM 16411R208 230 2,650 SH   SOLE   2,650 0 0
Cimarex Energy Company COM 171798101 3,053 42,139 SH   SOLE   42,139 0 0
Columbia Sportswear COM 198516106 371 3,775 SH   SOLE   3,775 0 0
ConocoPhillips Company COM 718507BK1 4,836 79,410 SH   SOLE   79,410 0 0
Continental Resources COM 212015101 291 7,650 SH   SOLE   7,650 0 0
EOG Resources, Inc. COM 26875P101 3,503 41,980 SH   SOLE   41,980 0 0
FRMO Corporation COM 30262F205 296 28,872 SH   SOLE   28,872 0 0
Helmerich & Payne Inc. COM 423452101 1,544 47,312 SH   SOLE   47,312 0 0
Intel Corp COM 458140100 3,710 66,081 SH   SOLE   66,081 0 0
International Business Machine COM 459200101 6,109 41,674 SH   SOLE   41,674 0 0
Johnson & Johnson COM 478160104 7,027 42,656 SH   SOLE   42,656 0 0
Keweenaw Land Association COM 493026108 826 10,110 SH   SOLE   10,110 0 0
Kinder Morgan, Inc. COM 49456B101 3,104 170,260 SH   SOLE   170,260 0 0
Merck & Co. COM 58933Y105 3,144 40,422 SH   SOLE   40,422 0 0
Mesabi Trust Ctfs COM 590672101 13,944 393,893 SH   SOLE   393,893 0 0
Microsoft Corp COM 594918104 413 1,525 SH   SOLE   1,525 0 0
Oracle Corp COM 68389X105 3,908 50,210 SH   SOLE   50,210 0 0
Organon & Co. COM 68622V106 1,694 55,983 SH   SOLE   55,983 0 0
Pfizer, Inc COM 717081103 5,393 137,728 SH   SOLE   137,728 0 0
Powell Industries COM 739128106 286 9,250 SH   SOLE   9,250 0 0
Pure Cycle Corporation COM 746228303 242 17,500 SH   SOLE   17,500 0 0
Surface Oncology Inc. COM 86877M100 75 10,000 SH   SOLE   10,000 0 0
Texas Pacific Land Corporation COM 882610108 17,540 10,964 SH   SOLE   10,964 0 0
Timken Company COM 887389104 538 6,675 SH   SOLE   6,675 0 0
Viatris COM 92556V106 3,358 235,016 SH   SOLE   235,016 0 0
Westinghouse Air Brake Technol COM 929740108 1,678 20,385 SH   SOLE   20,385 0 0
Bristol-Myers Squibb Contingen RTS 110122157 0 570,289 SH   SOLE   570,289 0 0
ABB Ltd ADR 000375204 4,161 122,425 SH   SOLE   122,425 0 0
Anheuser-Busch InBev SA ADR 03524A108 976 13,555 SH   SOLE   13,555 0 0
Autoliv, Inc. ADR 052800109 4,690 47,976 SH   SOLE   47,976 0 0
Banco Latinoamericano de Expor ADR P16994132 6,674 434,222 SH   SOLE   434,222 0 0
Franco-Nevada Coporation ADR 351858105 7,130 49,152 SH   SOLE   49,152 0 0
Investor AB 'B' ORD W48102128 12,357 533,098 SH   SOLE   533,098 0 0
Koninklijke Philips NV ADR 500472303 3,494 70,306 SH   SOLE   70,306 0 0
Liberty Global A plc ADR G5480U104 1,576 58,025 SH   SOLE   58,025 0 0
Nestle S.A. ADR 641069406 5,933 47,563 SH   SOLE   47,563 0 0
Orion Engineered Carbons, S.A. ADR L72967109 247 13,000 SH   SOLE   13,000 0 0
Pandora A/S ADS ADR 698341203 521 15,500 SH   SOLE   15,500 0 0
Pandora A/S ords ORD K7681L102 2,322 16,767 SH   SOLE   16,767 0 0
Pershing Square Holdings ADR G7016V101 714 19,500 SH   SOLE   19,500 0 0
Pilot Corporation ADR J6378K106 2,182 64,700 SH   SOLE   64,700 0 0
Royal Dutch Shell Cl B ADR 780259107 2,439 62,805 SH   SOLE   62,805 0 0
Siemens AG ADR 826197501 3,786 47,541 SH   SOLE   47,541 0 0
Siemens Energy AG ADR D6T47E106 3,395 111,116 SH   SOLE   111,116 0 0
Wheaton Precious Metals Corp ADR 962879102 2,364 53,650 SH   SOLE   53,650 0 0