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 | 147 | 100 | SH | DFND | 1 | 0 | 100 | 0 | |
| ALPHABET INC | CAP STK CL C | 02079K107 | 838 | 570 | SH | DFND | 1 | 0 | 570 | 0 | |
| ALPHABET INC | CAP STK CL A | 02079K305 | 1,685 | 1,150 | SH | DFND | 1 | 0 | 1,150 | 0 | |
| ALPHABET INC | CAP STK CL A | 02079K305 | 181,452 | 123,807 | SH | DFND | 1 | 0 | 123,807 | 0 | |
| ALPHABET INC | CAP STK CL C | 02079K107 | 126,055 | 85,775 | SH | DFND | 1 | 0 | 85,775 | 0 | |
| AMAZON COM INC | COM | 023135106 | 945 | 300 | SH | DFND | 1 | 0 | 300 | 0 | |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 | 96,000 | 300 | SH | DFND | 1 | 0 | 300 | 0 | |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 | 6,767 | 31,780 | SH | DFND | 1 | 0 | 31,780 | 0 | |
| CREDIT ACCEP CORP MICH | COM | 225310101 | 54,683 | 161,477 | SH | DFND | 1 | 0 | 161,477 | 0 | |
| FACEBOOK INC | CL A | 30303M102 | 57,618 | 220,000 | SH | DFND | 1 | 0 | 220,000 | 0 | |
| INTERACTIVE BROKERS GROUP IN | COM CL A | 45841N107 | 1,067 | 22,074 | SH | DFND | 1 | 0 | 22,074 | 0 | |
| INTERACTIVE BROKERS GROUP IN | COM CL A | 45841N107 | 242 | 5,000 | SH | DFND | 1 | 0 | 5,000 | 0 | |
| ITURAN LOCATION AND CONTROL | SHS | M6158M104 | 835 | 60,000 | SH | DFND | 1 | 0 | 60,000 | 0 | |
| MARKEL CORP | COM | 570535104 | 2,264 | 2,325 | SH | DFND | 1 | 0 | 2,325 | 0 | |
| MERCADOLIBRE INC | COM | 58733R102 | 346 | 320 | SH | DFND | 1 | 0 | 320 | 0 | |
| MERCADOLIBRE INC | COM | 58733R102 | 1,191 | 1,100 | SH | DFND | 1 | 0 | 1,100 | 0 | |
| MICROSOFT CORP | COM | 594918104 | 162,690 | 773,500 | SH | DFND | 1 | 0 | 773,500 | 0 | |
| MICROSOFT CORP | COM | 594918104 | 1,683 | 8,000 | SH | DFND | 1 | 0 | 8,000 | 0 | |
| SLACK TECHNOLOGIES INC | COM CL A | 83088V102 | 13,430 | 500,000 | SH | DFND | 1 | 0 | 500,000 | 0 | |
| STONECO LTD | COM CL A | G85158106 | 476 | 9,000 | SH | DFND | 1 | 0 | 9,000 | 0 | |
| TRUPANION INC | COM | 898202106 | 55,230 | 700,000 | SH | DFND | 1 | 0 | 700,000 | 0 | |
| TUCOWS INC | COM NEW | 898697206 | 6,408 | 93,000 | SH | DFND | 1 | 0 | 93,000 | 0 | |
| TUCOWS INC | COM NEW | 898697206 | 5,512 | 80,000 | SH | DFND | 1 | 0 | 80,000 | 0 | |
| TUCOWS INC | COM NEW | 898697206 | 2,067 | 30,000 | SH | DFND | 1 | 0 | 30,000 | 0 | |
| TUCOWS INC | COM NEW | 898697206 | 896 | 13,000 | SH | DFND | 1 | 0 | 13,000 | 0 | |
| TUCOWS INC | COM NEW | 898697206 | 96,021 | 1,393,627 | SH | DFND | 1 | 0 | 1,393,627 | 0 | |
| VISA INC | COM CL A | 92826C839 | 600 | 3,000 | SH | DFND | 1 | 0 | 3,000 | 0 | |
| WABTEC CORP | COM | 929740108 | 1,238 | 20,000 | SH | DFND | 1 | 0 | 20,000 | 0 | |
| WABTEC CORP | COM | 929740108 | 28,155 | 455,000 | SH | DFND | 1 | 0 | 455,000 | 0 | |
| WIX COM LTD | SHS | M98068105 | 53,519 | 210,000 | SH | DFND | 1 | 0 | 210,000 | 0 | |