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
3M COMPANY COM 88579y101 461 3,215 SH   SOLE   3,215 0 0
ABBOTT LABS COM COM 002824100 516 12,609 SH   SOLE   12,609 0 0
ABBVIE INC COM COM 00287y109 345 6,105 SH   SOLE   6,105 0 0
AMERN EAGLE OUTFIT NEW COM COM 02553E106 8,204 731,202 SH   SOLE   717,152 0 14,050
AMERN EAGLE OUTFIT NEW COM COM 02553E106 47 4,150 SH   OTR   4,150 0 0
APPLE COMPUTER INC COM 037833100 269 2,898 SH   SOLE   2,898 0 0
ARCOS DORADOS HOLDINGS INC SHS COM G0457F107 15,615 1,394,231 SH   SOLE   1,377,331 0 16,900
ARCOS DORADOS HOLDINGS INC SHS COM G0457F107 88 7,875 SH   OTR   7,875 0 0
BANK OF NEW YORK CO (New) COM 064058100 9,622 256,722 SH   SOLE   248,847 0 7,875
BANK OF NEW YORK CO (New) COM 064058100 334 8,900 SH   OTR   1,500 0 7,400
BERKSHIRE HATHAWAY CL B COM 084670702 401 3,168 SH   SOLE   3,168 0 0
BOEING COMPANY COM 097023105 2,807 22,065 SH   SOLE   20,645 0 1,420
BOEING COMPANY COM 097023105 38 300 SH   OTR   300 0 0
BRISTOL-MEYERS SQUIBB COM 110122108 399 8,227 SH   SOLE   8,227 0 0
CARNIVAL CORPORATION COM 143658300 13,175 349,936 SH   SOLE   342,511 0 7,425
CARNIVAL CORPORATION COM 143658300 75 2,000 SH   OTR   1,750 0 250
CATERPILLAR INC COM 149123101 279 2,565 SH   SOLE   2,565 0 0
CHEVRON CORP COM 166764100 3,192 24,452 SH   SOLE   24,327 0 125
CHEVRON CORP COM 166764100 261 2,000 SH   OTR   0 0 2,000
CHUBB CORPORATION COM 171232101 13,210 143,324 SH   SOLE   136,474 0 6,850
CHUBB CORPORATION COM 171232101 336 3,650 SH   OTR   950 0 2,700
CLOROX COMPANY COM 189054109 788 8,621 SH   SOLE   7,621 0 1,000
COCA-COLA COMPANY COM 191216100 429 10,118 SH   SOLE   10,118 0 0
COLGATE-PALMOLIVE CO COM 194162103 227 3,324 SH   SOLE   3,324 0 0
CONOCOPHILLIPS COM 20825c104 298 3,477 SH   SOLE   3,077 0 400
CORNING INCORPORATED COM 219350105 250 11,367 SH   SOLE   11,367 0 0
CST BRANDS INC COM COM 12646R105 1,095 31,725 SH   SOLE   30,850 0 875
CST BRANDS INC COM COM 12646R105 26 749 SH   OTR   194 0 555
CVS CAREMARK CORPORATION COM 126650100 20,175 267,685 SH   SOLE   257,410 0 10,275
CVS CAREMARK CORPORATION COM 126650100 422 5,600 SH   OTR   1,500 0 4,100
DEERE & COMPANY COM 244199105 70 768 SH   SOLE   768 0 0
DEERE & COMPANY COM 244199105 181 2,000 SH   OTR   0 0 2,000
DIGITAL RLTY TR INC COM COM 253868103 214 3,675 SH   SOLE   3,675 0 0
EMERSON ELECTRIC CO COM 291011104 8,762 132,044 SH   SOLE   129,919 0 2,125
EMERSON ELECTRIC CO COM 291011104 50 750 SH   OTR   750 0 0
EXXON MOBIL CORPORATION COM 30231G102 5,791 57,518 SH   SOLE   53,315 0 4,203
EXXON MOBIL CORPORATION COM 30231G102 481 4,778 SH   OTR   0 0 4,778
GENERAL ELECTRIC CO COM 369604103 829 31,550 SH   SOLE   28,735 0 2,815
GENERAL ELECTRIC CO COM 369604103 145 5,515 SH   OTR   0 0 5,515
GENERAL MOTORS CORP. COM 37045V100 20,841 574,140 SH   SOLE   565,115 0 9,025
GENERAL MOTORS CORP. COM 37045V100 106 2,925 SH   OTR   2,925 0 0
GENUINE PARTS COMPANY COM 372460105 565 6,440 SH   SOLE   6,440 0 0
GLAXO SMITHKLINE ADS COM 37733w105 264 4,934 SH   SOLE   4,934 0 0
HSBC HLDGS PLC ADS COM 404280406 5,733 112,861 SH   SOLE   109,869 0 2,992
HSBC HLDGS PLC ADS COM 404280406 32 637 SH   OTR   637 0 0
IBM CORP COM 459200101 677 3,735 SH   SOLE   3,009 0 726
IBM CORP COM 459200101 148 814 SH   OTR   0 0 814
INTEL CORPORATION COM 458140100 11,504 372,301 SH   SOLE   361,351 0 10,950
INTEL CORPORATION COM 458140100 185 6,000 SH   OTR   0 0 6,000
JOHNSON & JOHNSON COM 478160104 1,411 13,487 SH   SOLE   13,287 0 200
JOHNSON CONTROLS INC COM 478366107 24,882 498,337 SH   SOLE   488,037 0 10,300
JOHNSON CONTROLS INC COM 478366107 501 10,025 SH   OTR   2,275 0 7,750
KOHL'S CORPORATION COM 500255104 6,601 125,313 SH   SOLE   122,463 0 2,850
KOHL'S CORPORATION COM 500255104 38 725 SH   OTR   725 0 50
LEUCADIA NATIONAL COR COM 527288104 17,782 678,175 SH   SOLE   667,250 0 10,925
LEUCADIA NATIONAL COR COM 527288104 97 3,700 SH   OTR   3,700 0 0
LIBERTY MEDIA CORP DELAWARE CL COM 531229102 9,682 70,837 SH   SOLE   69,642 0 1,195
LIBERTY MEDIA CORP DELAWARE CL COM 531229102 55 400 SH   OTR   400 0 0
LIBERTY MEDIA HLDG CP A INTERA COM 53071M104 11,207 381,699 SH   SOLE   373,474 0 8,225
LIBERTY MEDIA HLDG CP A INTERA COM 53071M104 60 2,050 SH   OTR   2,050 0 0
MARKEL CORP COM COM 570535104 20,460 31,206 SH   SOLE   30,491 0 715
MARKEL CORP COM COM 570535104 115 175 SH   OTR   175 0 0
MARSH & McLENNAN COS COM 571748102 306 5,905 SH   SOLE   5,905 0 0
MCKESSON CORP COM 58155q103 260 1,395 SH   SOLE   1,395 0 0
MERCK & CO. INC. COM 58933Y105 13,600 235,090 SH   SOLE   229,865 0 5,225
MERCK & CO. INC. COM 58933Y105 275 4,750 SH   OTR   1,750 0 3,100
MICROSOFT CORPORATION COM 594918104 22,902 549,211 SH   SOLE   533,461 0 15,750
MICROSOFT CORPORATION COM 594918104 438 10,500 SH   OTR   3,000 0 7,500
MONSANTO CO COM 61166w101 315 2,523 SH   SOLE   2,523 0 0
NATIONAL OIL WELL VARCO COM 637071101 9,480 115,120 SH   SOLE   111,495 0 3,625
NATIONAL OIL WELL VARCO COM 637071101 136 1,650 SH   OTR   650 0 1,000
NOVARTIS AG ADS COM 66987v109 521 5,759 SH   SOLE   5,759 0 0
NOW INC COM COM 67011P100 9,137 252,341 SH   SOLE   246,459 0 5,882
NOW INC COM COM 67011P100 63 1,751 SH   OTR   1,501 0 250
PEPSICO INC. COM 713448108 1,178 13,180 SH   SOLE   12,680 0 500
PFIZER INC. COM 717081103 1,998 67,334 SH   SOLE   64,591 0 2,743
PFIZER INC. COM 717081103 70 2,364 SH   OTR   0 0 2,364
PROCTER & GAMBLE CO. COM 742718109 1,441 18,338 SH   SOLE   15,138 0 3,200
PROCTER & GAMBLE CO. COM 742718109 440 5,600 SH   OTR   0 0 5,600
REDWOOD TRUST INC COM 758075402 9,674 496,882 SH   SOLE   485,227 0 11,655
REDWOOD TRUST INC COM 758075402 202 10,400 SH   OTR   2,600 0 7,800
ROCKWELL COLLINS COM 774341101 1,661 21,252 SH   SOLE   20,902 0 350
ROCKWELL COLLINS COM 774341101 133 1,700 SH   OTR   600 0 1,100
ROYAL DUTCH SHELL ADR COM 780259206 808 9,810 SH   SOLE   8,385 0 1,425
ROYAL DUTCH SHELL ADR COM 780259206 82 1,000 SH   OTR   0 0 1,000
SEMPRA ENERGY COM 816851109 277 2,650 SH   SOLE   350 0 2,300
SEMPRA ENERGY COM 816851109 516 4,930 SH   OTR   0 0 4,930
STERLING RESOURCES L COM 858915101 22 40,000 SH   SOLE   40,000 0 0
TARGET CORPORATION COM 87612E106 439 7,572 SH   SOLE   3,342 0 4,230
TARGET CORPORATION COM 87612E106 361 6,230 SH   OTR   0 0 6,230
UNILEVER PLC ADR COM 904767704 7,546 166,551 SH   SOLE   162,591 0 3,960
UNILEVER PLC ADR COM 904767704 274 6,040 SH   OTR   1,000 0 5,040
UNITED TECHNOLOGIES COM 913017109 764 6,621 SH   SOLE   300 0 6,321
UNITED TECHNOLOGIES COM 913017109 730 6,321 SH   OTR   0 0 6,321
VALERO ENERGY CORP. COM 91913Y100 8,098 161,642 SH   SOLE   156,992 0 4,650
VALERO ENERGY CORP. COM 91913Y100 227 4,525 SH   OTR   975 0 3,550
WELLS FARGO & CO COM 949746101 22,098 420,434 SH   SOLE   408,309 0 12,125
WELLS FARGO & CO COM 949746101 363 6,900 SH   OTR   2,300 0 4,600