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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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
Affiliated Managers Group Com 008252108 25,073 116,740 SH   SOLE N/A 103,733 0 13,007
American Cap Ltd Com 02503Y103 1,905 128,825 SH   SOLE N/A 99,212 0 29,613
Ares Cap Corp Com 04010L103 19,055 1,109,800 SH   SOLE N/A 1,008,580 0 101,220
Berkshire Hathaway Inc Del Cl B New 084670702 26,607 184,359 SH   SOLE N/A 164,939 0 19,420
BHP Billiton Ltd Sponsored ADR 088606108 446 9,598 SH   SOLE N/A 7,728 0 1,870
Brookfield Asset Mgmt Inc Cl A Ltd Vt Sh 112585104 40,380 753,209 SH   SOLE N/A 668,749 0 84,460
Canadian Natl Ry Co Com 136375102 3,488 52,166 SH   SOLE N/A 46,618 0 5,548
Discover Finl Svcs Com 254709108 22,952 407,308 SH   SOLE N/A 361,396 0 45,912
Discovery Communicatns New Com Ser C 25470F302 16,584 562,642 SH   SOLE N/A 500,562 0 62,080
Express Scripts Hldg Co Com 30219G108 35,520 409,359 SH   SOLE N/A 363,227 0 46,132
Exxon Mobil Corp Com 30231G102 2,524 29,696 SH   SOLE N/A 27,169 0 2,527
Fluor Corp New Com 343412102 19,047 333,214 SH   SOLE N/A 296,272 0 36,942
HCC Ins Hldgs Inc Com 404132102 39,420 695,613 SH   SOLE N/A 617,060 0 78,553
Helmerich & Payne Inc Com 423452101 20,071 294,856 SH   SOLE N/A 262,304 0 32,552
Johnson & Johnson Com 478160104 4,185 41,596 SH   SOLE N/A 37,921 0 3,675
Kinder Morgan Inc Del Com 49456B101 42,319 1,006,148 SH   SOLE N/A 894,608 0 111,540
Kroger Co Com 501044101 21,392 279,050 SH   SOLE N/A 247,564 0 31,486
Level 3 Communications Inc Com New 52729N308 32,986 612,667 SH   SOLE N/A 542,878 0 69,789
National Oilwell Varco Inc Com 637071101 8,765 175,328 SH   SOLE N/A 154,794 0 20,534
Price T Rowe Group Inc Com 74144T108 3,173 39,187 SH   SOLE N/A 35,216 0 3,971
Qualcomm Inc Com 747525103 12,746 183,815 SH   SOLE N/A 162,991 0 20,824
Radian Group Inc Com 750236101 31,325 1,865,704 SH   SOLE N/A 1,657,114 0 208,590
Reliance Steel & Aluminum Co Com 759509102 19,311 316,156 SH   SOLE N/A 281,230 0 34,926
Rouse Pptys Inc Com 779287101 27,161 1,432,566 SH   SOLE N/A 1,274,878 0 157,688
Schlumberger Ltd Com 806857108 250 3,000 SH   SOLE N/A 3,000 0 0
Taiwan Semiconductor Mfg Ltd Sponsored ADR 874039100 25,667 1,093,159 SH   SOLE N/A 971,155 0 122,004
TJX Cos Inc New Com 872540109 22,078 315,169 SH   SOLE N/A 279,381 0 35,788
U S Silica Hldgs Inc Com 90346E103 14,366 403,414 SH   SOLE N/A 358,094 0 45,320
United Technologies Corp Com 913017109 20,940 178,665 SH   SOLE N/A 158,717 0 19,948
Vanguard Bd Index Fd Inc Total Bnd Mrkt 921937835 455 5,460 SH   SOLE N/A 1,850 0 3,610
Wells Fargo & Co New Com 949746101 20,691 380,357 SH   SOLE N/A 338,425 0 41,932