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
AUTOMATIC DATA PROCESSING IN COM 053015103 404 4,400 SH   SOLE   4,000 0 400
AMERICAN EXPRESS CO COM 025816109 4,545 74,799 SH   SOLE   22,613 0 52,186
BERKSHIRE HATHAWAY CL A COM 084670108 3,472 16 SH   SOLE   13 0 3
BERKSHIRE HATHAWAY CL B COM 084670702 36,496 252,063 SH   SOLE   85,125 0 166,938
CNA FINL CORP COM 126117100 12,201 388,306 SH   SOLE   111,787 0 276,519
FIVE BELOW INC COM 33829M101 23,659 509,774 SH   SOLE   77,400 0 432,374
FOSSIL GROUP INC COM 34988V106 9,001 315,500 SH   SOLE   54,200 0 261,300
GOLDMAN SACHS GROUP INC COM 38141G104 22,335 150,320 SH   SOLE   29,570 0 120,750
INTERNATIONAL BUSINESS MACHS COM 459200101 2,234 14,718 SH   SOLE   250 0 14,468
LEUCADIA NATL CORP COM 527288104 15,519 895,496 SH   SOLE   105,500 0 789,996
M D C HLDGS INC COM 552676108 8,011 329,140 SH   SOLE   42,700 0 286,440
MARKEL CORP COM 570535104 636 667 SH   SOLE   667 0 0
STARBUCKS CORP COM 855244109 31,360 549,026 SH   SOLE   280,974 0 268,052
STAPLES INC COM 855030102 6,715 779,045 SH   SOLE   126,000 0 653,045
US BANCORP DEL COM 902973304 3,590 89,023 SH   SOLE   25,162 0 63,861
WELLS FARGO & CO COM 949746101 9,398 198,567 SH   SOLE   20,837 0 177,730