The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete. | |||||||||||||||||
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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 |
| ALPHABET INC | CAP STK CL A | 02079K305 | 18,669 | 18,000 | SH | DFND | 1 | 0 | 18,000 | 0 | |
| ALPHABET INC | CAP STK CL A | 02079K305 | 1,037 | 1,000 | SH | DFND | 1 | 0 | 1,000 | 0 | |
| ALPHABET INC | CAP STK CL A | 02079K305 | 2,904 | 2,800 | SH | DFND | 1 | 0 | 2,800 | 0 | |
| ALPHABET INC | CAP STK CL A | 02079K305 | 67,186 | 64,780 | SH | DFND | 1 | 0 | 64,780 | 0 | |
| ALPHABET INC | CAP STK CL C | 02079K107 | 35,880 | 34,775 | SH | DFND | 1 | 0 | 34,775 | 0 | |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 | 11,964 | 40 | SH | DFND | 1 | 0 | 40 | 0 | |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 | 89,730 | 300 | SH | DFND | 1 | 0 | 300 | 0 | |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 | 6,339 | 31,780 | SH | DFND | 1 | 0 | 31,780 | 0 | |
| CREDIT ACCEP CORP MICH | COM | 225310101 | 36,345 | 110,000 | SH | DFND | 1 | 0 | 110,000 | 0 | |
| EAGLE BULK SHIPPING INC | SHS NEW | Y2187A143 | 619 | 125,000 | SH | DFND | 1 | 0 | 125,000 | 0 | |
| FASTENAL CO | COM | 311900104 | 49,131 | 900,000 | SH | DFND | 1 | 0 | 900,000 | 0 | |
| FACEBOOK INC | CL A | 30303M102 | 18,695 | 117,000 | SH | DFND | 1 | 0 | 117,000 | 0 | |
| MARKEL CORP | COM | 570535104 | 2,721 | 2,325 | SH | DFND | 1 | 0 | 2,325 | 0 | |
| MICROSOFT CORP | COM | 594918104 | 2,190 | 24,000 | SH | DFND | 1 | 0 | 24,000 | 0 | |
| MICROSOFT CORP | COM | 594918104 | 913 | 10,000 | SH | DFND | 1 | 0 | 10,000 | 0 | |
| MICROSOFT CORP | COM | 594918104 | 139,643 | 1,530,000 | SH | DFND | 1 | 0 | 1,530,000 | 0 | |
| NATIONAL OILWELL VARCO INC | COM | 637071101 | 1,104 | 30,000 | SH | DFND | 1 | 0 | 30,000 | 0 | |
| NOW INC | COM | 67011P100 | 1,022 | 100,000 | SH | DFND | 1 | 0 | 100,000 | 0 | |
| NOW INC | COM | 67011P100 | 2,300 | 225,000 | SH | DFND | 1 | 0 | 225,000 | 0 | |
| NOW INC | COM | 67011P100 | 1,737 | 170,000 | SH | DFND | 1 | 0 | 170,000 | 0 | |
| SHAKE SHACK INC | CL A | 819047101 | 12,226 | 293,678 | SH | DFND | 1 | 0 | 293,678 | 0 | |
| TRIPADVISOR INC | COM | 896945201 | 2,453 | 60,000 | SH | DFND | 1 | 0 | 60,000 | 0 | |
| TRIPADVISOR INC | COM | 896945201 | 2,208 | 54,000 | SH | DFND | 1 | 0 | 54,000 | 0 | |
| TRUPANION INC | COM | 898202106 | 17,934 | 600,000 | SH | DFND | 1 | 0 | 600,000 | 0 | |
| TUCOWS INC | COM NEW | 898697206 | 3,528 | 63,000 | SH | DFND | 1 | 0 | 63,000 | 0 | |
| TUCOWS INC | COM NEW | 898697206 | 4,480 | 80,000 | SH | DFND | 1 | 0 | 80,000 | 0 | |
| TUCOWS INC | COM NEW | 898697206 | 49,616 | 885,992 | SH | DFND | 1 | 0 | 885,992 | 0 | |
| WABTEC CORP | COM | 929740108 | 37,037 | 455,000 | SH | DFND | 1 | 0 | 455,000 | 0 | |