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 452 4,400 SH   SOLE   4,000 0 400
AMERICAN EXPRESS CO COM 025816109 5,367 72,454 SH   SOLE   22,761 0 49,693
BERKSHIRE HATHAWAY CL A COM 084670108 3,906 16 SH   SOLE   13 0 3
BERKSHIRE HATHAWAY CL B COM 084670702 38,725 237,608 SH   SOLE   85,200 0 152,408
CNA FINL CORP COM 126117100 13,877 334,386 SH   SOLE   107,550 0 226,836
FIVE BELOW INC COM 33829M101 19,929 498,729 SH   SOLE   79,620 0 419,109
FOSSIL GROUP INC COM 34988V106 9,329 360,750 SH   SOLE   56,740 0 304,010
GOLDMAN SACHS GROUP INC COM 38141G104 30,544 127,558 SH   SOLE   27,637 0 99,921
INTERNATIONAL BUSINESS MACHS COM 459200101 569 3,429 SH   SOLE   0 0 3,429
LEUCADIA NATL CORP COM 527288104 20,304 873,303 SH   SOLE   107,250 0 766,053
M D C HLDGS INC COM 552676108 8,620 335,944 SH   SOLE   45,390 0 290,554
MARKEL CORP COM 570535104 603 667 SH   SOLE   667 0 0
STARBUCKS CORP COM 855244109 30,177 543,526 SH   SOLE   281,124 0 262,402
STAPLES INC COM 855030102 7,497 828,423 SH   SOLE   157,100 0 671,323
US BANCORP DEL COM 902973304 3,829 74,535 SH   SOLE   25,212 0 49,323
WELLS FARGO & CO COM 949746101 7,526 136,557 SH   SOLE   20,980 0 115,577