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 516 3,140 SH   SOLE   3,140 0 0
ABBOTT LABS COM COM 002824100 261 5,788 SH   SOLE   5,788 0 0
AMERN EAGLE OUTFIT NEW COM COM 02553E106 9,872 711,219 SH   SOLE   710,744 0 475
AMERN EAGLE OUTFIT NEW COM COM 02553E106 58 4,150 SH   OTR   4,150 0 0
APPLE COMPUTER INC COM 037833100 321 2,907 SH   SOLE   2,907 0 0
ARCOS DORADOS HOLDINGS INC SHS COM G0457F107 6,112 1,129,799 SH   SOLE   1,128,074 0 1,725
ARCOS DORADOS HOLDINGS INC SHS COM G0457F107 12 2,150 SH   OTR   2,150 0 0
BANK OF NEW YORK CO (New) COM 064058100 9,767 240,744 SH   SOLE   240,744 0 0
BANK OF NEW YORK CO (New) COM 064058100 361 8,900 SH   OTR   1,500 0 7,400
BERKSHIRE HATHAWAY CL B COM 084670702 295 1,967 SH   SOLE   1,967 0 0
BOEING COMPANY COM 097023105 2,686 20,666 SH   SOLE   20,666 0 0
BOEING COMPANY COM 097023105 39 300 SH   OTR   300 0 0
BRISTOL-MEYERS SQUIBB COM 110122108 480 8,127 SH   SOLE   8,127 0 0
CARNIVAL CORPORATION COM 143658300 15,462 341,089 SH   SOLE   341,089 0 0
CARNIVAL CORPORATION COM 143658300 91 2,000 SH   OTR   1,750 0 250
CATERPILLAR INC COM 149123101 236 2,583 SH   SOLE   2,583 0 0
CHEVRON CORP COM 166764100 2,754 24,547 SH   SOLE   24,547 0 0
CHEVRON CORP COM 166764100 224 2,000 SH   OTR   0 0 2,000
CHUBB CORPORATION COM 171232101 14,080 136,075 SH   SOLE   135,775 0 300
CHUBB CORPORATION COM 171232101 378 3,650 SH   OTR   950 0 2,700
CLOROX COMPANY COM 189054109 842 8,080 SH   SOLE   8,080 0 0
COCA-COLA COMPANY COM 191216100 427 10,118 SH   SOLE   10,118 0 0
COLGATE-PALMOLIVE CO COM 194162103 230 3,324 SH   SOLE   3,324 0 0
CONOCOPHILLIPS COM 20825c104 203 2,937 SH   SOLE   2,937 0 0
CORNING INCORPORATED COM 219350105 261 11,367 SH   SOLE   11,367 0 0
CST BRANDS INC COM COM 12646R105 1,324 30,352 SH   SOLE   30,352 0 0
CST BRANDS INC COM COM 12646R105 33 749 SH   OTR   194 0 555
CVS CAREMARK CORPORATION COM 126650100 23,711 246,193 SH   SOLE   246,193 0 0
CVS CAREMARK CORPORATION COM 126650100 539 5,600 SH   OTR   1,500 0 4,100
DEERE & CO COM COM 244199105 68 768 SH   SOLE   768 0 0
DEERE & CO COM COM 244199105 177 2,000 SH   OTR   0 0 2,000
EMERSON ELECTRIC CO COM 291011104 7,778 126,002 SH   SOLE   126,002 0 0
EMERSON ELECTRIC CO COM 291011104 46 750 SH   OTR   750 0 0
EXPRESS SCRIPTS INC COM 30219g108 1,000 11,812 SH   SOLE   11,787 0 25
EXXON MOBIL CORPORATION COM 30231G102 4,938 53,414 SH   SOLE   52,714 0 700
EXXON MOBIL CORPORATION COM 30231G102 442 4,778 SH   OTR   0 0 4,778
GENERAL ELECTRIC CO COM 369604103 731 28,935 SH   SOLE   28,635 0 300
GENERAL ELECTRIC CO COM 369604103 139 5,515 SH   OTR   0 0 5,515
GENERAL MOTORS CORP. COM 37045V100 20,043 574,137 SH   SOLE   574,137 0 0
GENERAL MOTORS CORP. COM 37045V100 102 2,925 SH   OTR   2,925 0 0
GENUINE PARTS COMPANY COM 372460105 614 5,760 SH   SOLE   5,760 0 0
GLAXO SMITHKLINE ADS COM 37733w105 211 4,934 SH   SOLE   4,934 0 0
HSBC HLDGS PLC ADS COM 404280406 5,109 108,180 SH   SOLE   108,180 0 0
HSBC HLDGS PLC ADS COM 404280406 30 637 SH   OTR   637 0 0
IBM CORP COM 459200101 531 3,309 SH   SOLE   3,209 0 100
IBM CORP COM 459200101 131 814 SH   OTR   0 0 814
INTEL CORPORATION COM 458140100 13,243 364,931 SH   SOLE   364,931 0 0
INTEL CORPORATION COM 458140100 218 6,000 SH   OTR   0 0 6,000
JOHNSON & JOHNSON COM 478160104 1,241 11,871 SH   SOLE   11,871 0 0
JOHNSON CONTROLS INC COM 478366107 23,464 485,400 SH   SOLE   484,900 0 500
JOHNSON CONTROLS INC COM 478366107 485 10,025 SH   OTR   2,275 0 7,750
KOHL'S CORPORATION COM 500255104 7,656 125,428 SH   SOLE   125,228 0 200
KOHL'S CORPORATION COM 500255104 44 725 SH   OTR   725 0 0
LEUCADIA NATIONAL COR COM 527288104 18,272 814,972 SH   SOLE   814,972 0 0
LEUCADIA NATIONAL COR COM 527288104 95 4,250 SH   OTR   4,250 0 0
LIBERTY BROADBAND CORP COM SER COM 530307107 852 17,005 SH   SOLE   17,005 0 0
LIBERTY BROADBAND CORP COM SER COM 530307107 5 100 SH   OTR   100 0 0
LIBERTY BROADBAND CORP COM SER COM 530307305 1,752 35,160 SH   SOLE   35,160 0 0
LIBERTY BROADBAND CORP COM SER COM 530307305 10 200 SH   OTR   200 0 0
LIBERTY INTERACTIVE CORP INT C COM 53071M104 11,131 378,346 SH   SOLE   377,996 0 350
LIBERTY INTERACTIVE CORP INT C COM 53071M104 60 2,050 SH   OTR   2,050 0 0
LIBERTY INTERACTIVE CORP LBT V COM 53071m880 2,018 53,508 SH   SOLE   53,459 0 49
LIBERTY INTERACTIVE CORP LBT V COM 53071m880 11 291 SH   OTR   291 0 0
LIBERTY MEDIA CORP DELAWARE CL COM 531229102 2,418 68,547 SH   SOLE   68,547 0 0
LIBERTY MEDIA CORP DELAWARE CL COM 531229102 14 400 SH   OTR   400 0 0
LIBERTY MEDIA CORP DELAWARE CO COM 531229300 4,970 141,870 SH   SOLE   141,870 0 0
LIBERTY MEDIA CORP DELAWARE CO COM 531229300 28 800 SH   OTR   800 0 0
MARKEL CORP COM COM 570535104 20,916 30,631 SH   SOLE   30,591 0 40
MARKEL CORP COM COM 570535104 119 175 SH   OTR   175 0 0
MARSH & McLENNAN COS COM 571748102 328 5,725 SH   SOLE   5,725 0 0
MCKESSON CORP COM 58155q103 290 1,395 SH   SOLE   1,395 0 0
MERCK & CO. INC. COM 58933Y105 12,762 224,714 SH   SOLE   224,314 0 400
MERCK & CO. INC. COM 58933Y105 270 4,750 SH   OTR   1,750 0 3,000
MICROSOFT CORPORATION COM 594918104 24,034 517,406 SH   SOLE   516,981 0 425
MICROSOFT CORPORATION COM 594918104 488 10,500 SH   OTR   3,000 0 7,500
MONSANTO CO COM 61166w101 301 2,523 SH   SOLE   2,523 0 0
NATIONAL OIL WELL VARCO COM 637071101 7,475 114,074 SH   SOLE   113,974 0 100
NATIONAL OIL WELL VARCO COM 637071101 108 1,650 SH   OTR   650 0 1,000
NOVARTIS AG ADS COM 66987v109 534 5,759 SH   SOLE   5,759 0 0
NOW INC COM COM 67011P100 8,167 317,411 SH   SOLE   317,386 0 25
NOW INC COM COM 67011P100 54 2,112 SH   OTR   1,862 0 250
PEPSICO INC. COM 713448108 1,133 11,983 SH   SOLE   11,683 0 300
PFIZER INC. COM 717081103 1,931 61,993 SH   SOLE   61,993 0 0
PFIZER INC. COM 717081103 74 2,364 SH   OTR   0 0 2,364
PROCTER & GAMBLE CO. COM 742718109 1,338 14,688 SH   SOLE   14,688 0 0
PROCTER & GAMBLE CO. COM 742718109 510 5,600 SH   OTR   0 0 5,600
REDWOOD TRUST INC COM 758075402 9,637 489,213 SH   SOLE   488,783 0 430
REDWOOD TRUST INC COM 758075402 205 10,400 SH   OTR   2,600 0 7,800
ROCKWELL COLLINS COM 774341101 1,524 18,044 SH   SOLE   18,044 0 0
ROCKWELL COLLINS COM 774341101 144 1,700 SH   OTR   600 0 1,100
ROYAL DUTCH SHELL ADR COM 780259206 583 8,710 SH   SOLE   8,710 0 0
ROYAL DUTCH SHELL ADR COM 780259206 67 1,000 SH   OTR   0 0 1,000
SEMPRA ENERGY COM 816851109 39 350 SH   SOLE   350 0 0
SEMPRA ENERGY COM 816851109 549 4,930 SH   OTR   0 0 4,930
STERLING RESOURCES L COM 858915101 8 40,000 SH   SOLE   40,000 0 0
TARGET CORPORATION COM 87612E106 254 3,342 SH   SOLE   3,342 0 0
TARGET CORPORATION COM 87612E106 473 6,230 SH   OTR   0 0 6,230
UNILEVER PLC ADR COM 904767704 6,646 164,173 SH   SOLE   164,173 0 0
UNILEVER PLC ADR COM 904767704 244 6,040 SH   OTR   1,000 0 5,040
UNITED TECHNOLOGIES COM 913017109 35 300 SH   SOLE   300 0 0
UNITED TECHNOLOGIES COM 913017109 722 6,277 SH   OTR   0 0 6,277
VALERO ENERGY CORP. COM 91913Y100 7,912 159,838 SH   SOLE   159,838 0 0
VALERO ENERGY CORP. COM 91913Y100 224 4,525 SH   OTR   975 0 3,550
WELLS FARGO & CO COM 949746101 22,248 405,834 SH   SOLE   405,834 0 0
WELLS FARGO & CO COM 949746101 378 6,900 SH   OTR   2,300 0 4,600