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 388 4,400 SH   SOLE   4,000 0 400
AMERICAN EXPRESS CO COM 025816109 4,725 73,789 SH   SOLE   22,613 0 51,176
BERKSHIRE HATHAWAY CL A COM 084670108 3,460 16 SH   SOLE   13 0 3
BERKSHIRE HATHAWAY CL B COM 084670702 35,486 245,628 SH   SOLE   85,125 0 160,503
CNA FINL CORP COM 126117100 13,229 384,461 SH   SOLE   111,787 0 272,674
FIVE BELOW INC COM 33829M101 20,193 501,199 SH   SOLE   77,400 0 423,799
FOSSIL GROUP INC COM 34988V106 9,035 325,335 SH   SOLE   54,200 0 271,135
GOLDMAN SACHS GROUP INC COM 38141G104 23,831 147,773 SH   SOLE   29,570 0 118,203
INTERNATIONAL BUSINESS MACHS COM 459200101 2,025 12,748 SH   SOLE   250 0 12,498
LEUCADIA NATL CORP COM 527288104 16,858 885,381 SH   SOLE   105,500 0 779,881
M D C HLDGS INC COM 552676108 8,366 324,265 SH   SOLE   42,700 0 281,565
MARKEL CORP COM 570535104 619 667 SH   SOLE   667 0 0
STARBUCKS CORP COM 855244109 29,491 544,726 SH   SOLE   280,974 0 263,752
STAPLES INC COM 855030102 6,622 774,545 SH   SOLE   126,000 0 648,545
US BANCORP DEL COM 902973304 3,743 87,272 SH   SOLE   25,162 0 62,110
WELLS FARGO & CO COM 949746101 8,316 187,812 SH   SOLE   20,837 0 166,975