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
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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 445 3,140 SH   SOLE   3,140 0 0
ABBOTT LABS COM COM 002824100 524 12,609 SH   SOLE   12,609 0 0
AMERN EAGLE OUTFIT NEW COM COM 02553E106 10,439 718,932 SH   SOLE   718,457 0 475
AMERN EAGLE OUTFIT NEW COM COM 02553E106 60 4,150 SH   OTR   4,150 0 0
APPLE COMPUTER INC COM 037833100 292 2,898 SH   SOLE   2,898 0 0
ARCOS DORADOS HOLDINGS INC SHS COM G0457F107 8,257 1,380,775 SH   SOLE   1,380,575 0 200
ARCOS DORADOS HOLDINGS INC SHS COM G0457F107 47 7,875 SH   OTR   7,875 0 0
BANK OF NEW YORK CO (New) COM 064058100 9,394 242,547 SH   SOLE   242,547 0 0
BANK OF NEW YORK CO (New) COM 064058100 345 8,900 SH   OTR   1,500 0 7,400
BERKSHIRE HATHAWAY CL B COM 084670702 438 3,168 SH   SOLE   3,168 0 0
BOEING COMPANY COM 097023105 2,690 21,115 SH   SOLE   21,115 0 0
BOEING COMPANY COM 097023105 38 300 SH   OTR   300 0 0
BRISTOL-MEYERS SQUIBB COM 110122108 419 8,177 SH   SOLE   8,177 0 0
CARNIVAL CORPORATION COM 143658300 13,788 343,234 SH   SOLE   343,234 0 0
CARNIVAL CORPORATION COM 143658300 80 2,000 SH   OTR   1,750 0 250
CATERPILLAR INC COM 149123101 256 2,590 SH   SOLE   2,590 0 0
CHEVRON CORP COM 166764100 2,916 24,442 SH   SOLE   24,442 0 0
CHEVRON CORP COM 166764100 239 2,000 SH   OTR   0 0 2,000
CHUBB CORPORATION COM 171232101 12,553 137,829 SH   SOLE   137,529 0 300
CHUBB CORPORATION COM 171232101 332 3,650 SH   OTR   950 0 2,700
CLOROX COMPANY COM 189054109 776 8,080 SH   SOLE   8,080 0 0
COCA-COLA COMPANY COM 191216100 432 10,118 SH   SOLE   10,118 0 0
COLGATE-PALMOLIVE CO COM 194162103 217 3,324 SH   SOLE   3,324 0 0
CONOCOPHILLIPS COM 20825c104 263 3,437 SH   SOLE   3,437 0 0
CORNING INCORPORATED COM 219350105 220 11,367 SH   SOLE   11,367 0 0
CST BRANDS INC COM COM 12646R105 1,095 30,455 SH   SOLE   30,455 0 0
CST BRANDS INC COM COM 12646R105 27 749 SH   OTR   194 0 555
CVS CAREMARK CORPORATION COM 126650100 20,201 253,812 SH   SOLE   253,812 0 0
CVS CAREMARK CORPORATION COM 126650100 446 5,600 SH   OTR   1,500 0 4,100
DEERE & CO COM COM 244199105 63 768 SH   SOLE   768 0 0
DEERE & CO COM COM 244199105 164 2,000 SH   OTR   0 0 2,000
EMERSON ELECTRIC CO COM 291011104 8,060 128,789 SH   SOLE   128,789 0 0
EMERSON ELECTRIC CO COM 291011104 47 750 SH   OTR   750 0 0
EXXON MOBIL CORPORATION COM 30231G102 5,193 55,210 SH   SOLE   54,510 0 700
EXXON MOBIL CORPORATION COM 30231G102 449 4,778 SH   OTR   0 0 4,778
GENERAL ELECTRIC CO COM 369604103 741 28,935 SH   SOLE   28,635 0 300
GENERAL ELECTRIC CO COM 369604103 141 5,515 SH   OTR   0 0 5,515
GENERAL MOTORS CORP. COM 37045V100 18,237 570,978 SH   SOLE   570,978 0 0
GENERAL MOTORS CORP. COM 37045V100 93 2,925 SH   OTR   2,925 0 0
GENUINE PARTS COMPANY COM 372460105 539 6,140 SH   SOLE   6,140 0 0
GLAXO SMITHKLINE ADS COM 37733w105 227 4,934 SH   SOLE   4,934 0 0
HSBC HLDGS PLC ADS COM 404280406 5,549 109,056 SH   SOLE   109,056 0 0
HSBC HLDGS PLC ADS COM 404280406 32 637 SH   OTR   637 0 0
IBM CORP COM 459200101 633 3,334 SH   SOLE   3,234 0 100
IBM CORP COM 459200101 155 814 SH   OTR   0 0 814
INTEL CORPORATION COM 458140100 12,736 365,771 SH   SOLE   365,771 0 0
INTEL CORPORATION COM 458140100 209 6,000 SH   OTR   0 0 6,000
JOHNSON & JOHNSON COM 478160104 1,411 13,237 SH   SOLE   13,237 0 0
JOHNSON CONTROLS INC COM 478366107 21,567 490,164 SH   SOLE   489,664 0 500
JOHNSON CONTROLS INC COM 478366107 441 10,025 SH   OTR   2,275 0 7,750
KOHL'S CORPORATION COM 500255104 7,550 123,708 SH   SOLE   123,508 0 200
KOHL'S CORPORATION COM 500255104 44 725 SH   OTR   725 0 0
LEUCADIA NATIONAL COR COM 527288104 16,790 704,264 SH   SOLE   704,264 0 0
LEUCADIA NATIONAL COR COM 527288104 88 3,700 SH   OTR   3,700 0 0
LIBERTY MEDIA CORP DELAWARE CL COM 531229102 3,291 69,757 SH   SOLE   69,757 0 0
LIBERTY MEDIA CORP DELAWARE CL COM 531229102 19 400 SH   OTR   400 0 0
LIBERTY MEDIA CORP DELAWARE CO COM 531229300 6,674 142,028 SH   SOLE   142,028 0 0
LIBERTY MEDIA CORP DELAWARE CO COM 531229300 38 800 SH   OTR   800 0 0
LIBERTY MEDIA HLDG CP A INTERA COM 53071MXXX 10,991 385,369 SH   SOLE   385,019 0 350
LIBERTY MEDIA HLDG CP A INTERA COM 53071MXXX 58 2,050 SH   OTR   2,050 0 0
MARKEL CORP COM COM 570535104 19,828 31,169 SH   SOLE   31,119 0 50
MARKEL CORP COM COM 570535104 111 175 SH   OTR   175 0 0
MARSH & McLENNAN COS COM 571748102 309 5,905 SH   SOLE   5,905 0 0
MCKESSON CORP COM 58155q103 272 1,395 SH   SOLE   1,395 0 0
MERCK & CO. INC. COM 58933Y105 13,534 228,310 SH   SOLE   227,910 0 400
MERCK & CO. INC. COM 58933Y105 282 4,750 SH   OTR   1,750 0 3,000
MICROSOFT CORPORATION COM 594918104 24,715 533,117 SH   SOLE   532,692 0 425
MICROSOFT CORPORATION COM 594918104 487 10,500 SH   OTR   3,000 0 7,500
MONSANTO CO COM 61166w101 284 2,523 SH   SOLE   2,523 0 0
NATIONAL OIL WELL VARCO COM 637071101 8,584 112,797 SH   SOLE   112,697 0 100
NATIONAL OIL WELL VARCO COM 637071101 126 1,650 SH   OTR   650 0 1,000
NOVARTIS AG ADS COM 66987v109 542 5,759 SH   SOLE   5,759 0 0
NOW INC COM COM 67011P100 7,620 250,580 SH   SOLE   250,555 0 25
NOW INC COM COM 67011P100 53 1,751 SH   OTR   1,501 0 250
PEPSICO INC. COM 713448108 1,115 11,980 SH   SOLE   11,680 0 300
PFIZER INC. COM 717081103 1,939 65,561 SH   SOLE   65,561 0 0
PFIZER INC. COM 717081103 70 2,364 SH   OTR   0 0 2,364
PROCTER & GAMBLE CO. COM 742718109 1,268 15,138 SH   SOLE   15,138 0 0
PROCTER & GAMBLE CO. COM 742718109 469 5,600 SH   OTR   0 0 5,600
REDWOOD TRUST INC COM 758075402 8,177 493,193 SH   SOLE   492,763 0 430
REDWOOD TRUST INC COM 758075402 172 10,400 SH   OTR   2,600 0 7,800
ROCKWELL COLLINS COM 774341101 1,505 19,177 SH   SOLE   19,177 0 0
ROCKWELL COLLINS COM 774341101 133 1,700 SH   OTR   600 0 1,100
ROYAL DUTCH SHELL ADR COM 780259206 663 8,710 SH   SOLE   8,710 0 0
ROYAL DUTCH SHELL ADR COM 780259206 76 1,000 SH   OTR   0 0 1,000
SEMPRA ENERGY COM 816851109 37 350 SH   SOLE   350 0 0
SEMPRA ENERGY COM 816851109 520 4,930 SH   OTR   0 0 4,930
STERLING RESOURCES L COM 858915101 18 40,000 SH   SOLE   40,000 0 0
TARGET CORPORATION COM 87612E106 209 3,342 SH   SOLE   3,342 0 0
TARGET CORPORATION COM 87612E106 390 6,230 SH   OTR   0 0 6,230
UNILEVER PLC ADR COM 904767704 6,890 164,441 SH   SOLE   164,441 0 0
UNILEVER PLC ADR COM 904767704 253 6,040 SH   OTR   1,000 0 5,040
UNITED TECHNOLOGIES COM 913017109 32 300 SH   SOLE   300 0 0
UNITED TECHNOLOGIES COM 913017109 663 6,277 SH   OTR   0 0 6,277
VALERO ENERGY CORP. COM 91913Y100 7,375 159,398 SH   SOLE   159,398 0 0
VALERO ENERGY CORP. COM 91913Y100 209 4,525 SH   OTR   975 0 3,550
WELLS FARGO & CO COM 949746101 21,192 408,569 SH   SOLE   408,569 0 0
WELLS FARGO & CO COM 949746101 358 6,900 SH   OTR   2,300 0 4,600