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

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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
AUTOMATIC DATA PROCESSING IN COM 053015103 367 4,400 SH   SOLE   4,000 0 400
AMERICAN EXPRESS CO COM 025816109 6,193 66,559 SH   SOLE   19,213 0 47,346
BERKSHIRE HATHAWAY CL A COM 084670108 3,616 16 SH   SOLE   13 0 3
BERKSHIRE HATHAWAY CL B COM 084670702 39,934 265,958 SH   SOLE   85,125 0 180,833
CNA FINL CORP COM 126117100 12,921 333,788 SH   SOLE   99,487 0 234,301
GOLDMAN SACHS GROUP INC COM 38141G104 32,231 166,287 SH   SOLE   30,910 0 135,377
INTERNATIONAL BUSINESS MACHS COM 459200101 392 2,443 SH   SOLE   25 0 2,418
LEUCADIA NATL CORP COM 527288104 7,170 319,796 SH   SOLE   56,100 0 263,696
M D C HLDGS INC COM 552676108 6,227 235,240 SH   SOLE   29,900 0 205,340
MARKEL CORP COM 570535104 478 700 SH   SOLE   700 0 0
STARBUCKS CORP COM 855244109 24,938 303,937 SH   SOLE   141,487 0 162,450
STAPLES INC COM 855030102 3,597 198,507 SH   SOLE   10,450 0 188,057
US BANCORP DEL COM 902973304 4,302 95,697 SH   SOLE   27,762 0 67,935
WELLS FARGO & CO COM 949746101 13,159 240,047 SH   SOLE   21,037 0 219,010