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
Affiliated Managers Group Com 008252108 26,193 119,821 SH   SOLE N/A 106,309 0 13,512
American Cap Ltd Com 02503Y103 1,698 125,300 SH   SOLE N/A 96,833 0 28,467
American Tower Corp New Com 03027X100 18,058 193,566 SH   SOLE N/A 171,484 0 22,082
Ares Cap Corp Com 04010L103 18,181 1,104,565 SH   SOLE N/A 1,005,795 0 98,770
Berkshire Hathaway Inc Del Cl B New 084670702 25,237 185,413 SH   SOLE N/A 165,849 0 19,564
BHP Billiton Ltd Sponsored ADR 088606108 380 9,330 SH   SOLE N/A 7,620 0 1,710
Brookfield Asset Mgmt Inc Cl A Ltd Vt Sh 112585104 39,654 1,135,251 SH   SOLE N/A 1,008,432 0 126,819
Canadian Natl Ry Co Com 136375102 2,948 51,044 SH   SOLE N/A 45,544 0 5,500
Discover Finl Svcs Com 254709108 23,880 414,432 SH   SOLE N/A 367,892 0 46,540
Discovery Communicatns New Com Ser C 25470F302 17,806 572,898 SH   SOLE N/A 509,048 0 63,850
Express Scripts Hldg Co Com 30219G108 36,822 414,015 SH   SOLE N/A 367,073 0 46,942
Exxon Mobil Corp Com 30231G102 2,459 29,556 SH   SOLE N/A 27,125 0 2,431
Fluor Corp New Com 343412102 18,045 340,406 SH   SOLE N/A 302,722 0 37,684
HCC Ins Hldgs Inc Com 404132102 832 10,832 SH   SOLE N/A 9,747 0 1,085
Helmerich & Payne Inc Com 423452101 20,634 293,017 SH   SOLE N/A 260,793 0 32,224
Johnson & Johnson Com 478160104 3,950 40,528 SH   SOLE N/A 37,093 0 3,435
Kinder Morgan Inc Del Com 49456B101 39,010 1,016,156 SH   SOLE N/A 903,332 0 112,824
Kroger Co Com 501044101 19,759 272,500 SH   SOLE N/A 241,884 0 30,616
Level 3 Communications Inc Com New 52729N308 32,655 619,993 SH   SOLE N/A 548,947 0 71,046
National Oilwell Varco Inc Com 637071101 8,434 174,693 SH   SOLE N/A 154,313 0 20,380
Price T Rowe Group Inc Com 74144T108 3,041 39,121 SH   SOLE N/A 35,370 0 3,751
Qualcomm Inc Com 747525103 11,717 187,075 SH   SOLE N/A 165,859 0 21,216
Radian Group Inc Com 750236101 35,490 1,891,779 SH   SOLE N/A 1,678,929 0 212,850
Reliance Steel & Aluminum Co Com 759509102 19,513 322,640 SH   SOLE N/A 287,042 0 35,598
Rouse Pptys Inc Com 779287101 23,952 1,464,969 SH   SOLE N/A 1,304,895 0 160,074
Taiwan Semiconductor Mfg Ltd Sponsored ADR 874039100 25,144 1,107,182 SH   SOLE N/A 984,488 0 122,694
TJX Cos Inc New Com 872540109 20,540 310,409 SH   SOLE N/A 275,271 0 35,138
U S Silica Hldgs Inc Com 90346E103 11,949 406,992 SH   SOLE N/A 361,214 0 45,778
United Technologies Corp Com 913017109 19,798 178,474 SH   SOLE N/A 158,472 0 20,002
Vanguard Bd Index Fd Inc Total Bnd Mrkt 921937835 254 3,120 SH   SOLE N/A 1,060 0 2,060
Ventas Inc Com 92276F100 18,365 295,778 SH   SOLE N/A 261,910 0 33,868
Wells Fargo & Co New Com 949746101 21,620 384,419 SH   SOLE N/A 341,907 0 42,512