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
ALLISON TRANSMISSION HLDGS 1 Common Stock 01973R101 13,560 400,000 SH   SOLE   0 0 0
AMERICAN EXPRESS CO Common Stock 025816109 18,368 197,419 SH   SOLE   0 0 0
ANTHEM INC Common Stock 036752103 14,452 115,000 SH   SOLE   0 0 0
BARRETT BUSINESS SERVICES IN Common Stock 068463958 2,839 103,600 SH Put SOLE   0 0 0
HARLEY DAVIDSON INC Common Stock 412822108 14,830 225,000 SH   SOLE   0 0 0
MARRIOTT INTL INC CL A Common Stock 571903202 2,514 32,219 SH   SOLE   0 0 0
MASTERCARD INC CL A Common Stock 57636Q104 6,893 80,000 SH   SOLE   0 0 0
MICROSOFT CORP Common Stock 594918104 23,225 500,000 SH   SOLE   0 0 0
MOTOROLA SOLUTIONS INC Common Stock 620076307 4,591 68,439 SH   SOLE   0 0 0
NVR INC Common Stock 62944T105 15,006 11,766 SH   SOLE   0 0 0
PROGRESSIVE CORP OHIO Common Stock 743315103 14,342 531,372 SH   SOLE   0 0 0
TESSERA TECHNOLOGIES INC Common Stock 88164L100 6,651 186,000 SH   SOLE   0 0 0
HOWARD HUGHES CORP Common Stock 44267D107 15,321 117,475 SH   SOLE   0 0 0
THOR INDS INC Common Stock 885160101 3,632 65,000 SH   SOLE   0 0 0
TWENTY FIRST CENTY FOX INC CL A Common Stock 90130A101 15,362 400,000 SH   SOLE   0 0 0
US BANCORP Common Stock 902973304 13,015 289,548 SH   SOLE   0 0 0
VAIL RESORTS INC Common Stock 91879Q109 15,112 165,832 SH   SOLE   0 0 0
WELLS FARGO & CO Common Stock 949746101 20,832 380,000 SH   SOLE   0 0 0