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
Abbott Laboratories COM 002824100 133,815 4,031,780 SH   SOLE   3,290,556 0 741,224
Abbott Laboratories COM 002824100 321,813 9,696,076 SH   DFND 1 9,696,076 0 0
Aon PLC COM G0408V102 760,873 10,221,294 SH   SOLE   8,104,069 0 2,117,225
Aon PLC COM G0408V102 394,805 5,303,672 SH   DFND 1 5,303,672 0 0
Bank of New York Mellon Corpor COM 064058100 793,399 26,280,202 SH   SOLE   21,019,720 0 5,260,482
Bank of New York Mellon Corpor COM 064058100 431,373 14,288,594 SH   DFND 1 14,288,594 0 0
Berkshire Hathaway Inc. Class COM 084670108 1,193 7 SH   SOLE   7 0 0
Berkshire Hathaway Inc. Class COM 084670702 180,440 1,589,638 SH   SOLE   1,248,522 0 341,116
Berkshire Hathaway Inc. Class COM 084670702 311,054 2,740,320 SH   DFND 1 2,740,320 0 0
CEMEX S.A.B. de C.V. ADR COM 151290889 395,500 35,375,663 SH   SOLE   28,345,225 0 7,030,438
Chesapeake Energy Corporation COM 165167107 1,366,777 52,812,100 SH   SOLE   42,861,608 0 9,950,492
Chesapeake Energy Corporation COM 165167107 618,411 23,895,327 SH   DFND 1 23,895,327 0 0
CNH Industrial NV COM N20944109 163,220 13,057,629 SH   SOLE   11,372,544 0 1,685,085
CNH Industrial NV COM N20944109 18,246 1,459,662 SH   DFND 1 1,459,662 0 0
CONSOL Energy Inc. COM 20854P109 355,656 10,569,258 SH   SOLE   8,569,834 0 1,999,424
CONSOL Energy Inc. COM 20854P109 393,436 11,692,000 SH   DFND 1 11,692,000 0 0
DineEquity Inc COM 254423106 3,909 56,646 SH   SOLE   35,446 0 21,200
DineEquity Inc COM 254423106 90,270 1,308,254 SH   DFND 1 1,308,254 0 0
DIRECTV COM 25490A309 955,662 15,986,315 SH   SOLE   13,008,953 0 2,977,362
DIRECTV COM 25490A309 427,161 7,145,553 SH   DFND 1 7,145,553 0 0
Everest Re Group Ltd. COM G3223R108 370,433 2,547,505 SH   SOLE   1,731,077 0 816,428
Everest Re Group Ltd. COM G3223R108 212,256 1,459,704 SH   DFND 1 1,459,704 0 0
FedEx Corporation COM 31428X106 1,185,243 10,386,849 SH   SOLE   8,514,442 0 1,872,407
FedEx Corporation COM 31428X106 583,469 5,113,213 SH   DFND 1 5,113,213 0 0
Legg Mason Inc. COM 524901105 1,328 39,700 SH   SOLE   0 0 39,700
Legg Mason Inc. COM 524901105 122,525 3,664,021 SH   DFND 1 3,664,021 0 0
Level 3 Communications Inc. COM 52729N308 669,200 25,073,074 SH   SOLE   20,963,432 0 4,109,642
Level 3 Communications Inc. COM 52729N308 634,608 23,776,992 SH   DFND 1 23,776,992 0 0
Loews Corporation COM 540424108 1,020,428 21,832,013 SH   SOLE   17,808,677 0 4,023,336
Loews Corporation COM 540424108 649,575 13,897,615 SH   DFND 1 13,897,615 0 0
Martin Marietta Materials Inc. COM 573284106 69,745 710,455 SH   SOLE   541,655 0 168,800
Martin Marietta Materials Inc. COM 573284106 37,987 386,952 SH   DFND 1 386,952 0 0
Mondelez International Inc COM 609207105 768,440 24,456,265 SH   SOLE   19,529,352 0 4,926,913
Mondelez International Inc COM 609207105 376,635 11,986,718 SH   DFND 1 11,986,718 0 0
Mosaic Company COM 61945C103 23,214 539,600 SH   SOLE   539,600 0 0
Murphy Oil Corporation COM 626717102 609,232 10,100,000 SH   SOLE   8,167,325 0 1,932,675
Murphy Oil Corporation COM 626717102 313,678 5,200,237 SH   DFND 1 5,200,237 0 0
News Corporation - Class A COM 65249B109 29,297 1,824,200 SH   SOLE   1,491,800 0 332,400
News Corporation - Class B COM 65249B208 318,252 19,370,154 SH   SOLE   15,939,054 0 3,431,100
News Corporation - Class B COM 65249B208 76,669 4,666,400 SH   DFND 1 4,666,400 0 0
Royal Philips ADR COM 500472303 423,921 13,144,833 SH   SOLE   10,795,941 0 2,348,892
Royal Philips ADR COM 500472303 86,640 2,686,500 SH   DFND 1 2,686,500 0 0
Scripps Networks Interactive COM 811065101 13,314 170,449 SH   SOLE   148,349 0 22,100
Scripps Networks Interactive COM 811065101 160,329 2,052,600 SH   DFND 1 2,052,600 0 0
Texas Industries Inc. COM 882491103 37,313 562,700 SH   SOLE   499,200 0 63,500
Texas Industries Inc. COM 882491103 498,038 7,510,757 SH   DFND 1 7,510,757 0 0
The Travelers Companies Inc. COM 89417E109 725,579 8,559,390 SH   SOLE   7,592,424 0 966,966
The Travelers Companies Inc. COM 89417E109 397,054 4,683,900 SH   DFND 1 4,683,900 0 0
The Washington Post Company COM 939640108 70,678 115,610 SH   SOLE   110,710 0 4,900
The Washington Post Company COM 939640108 261,658 428,000 SH   DFND 1 428,000 0 0
tw telecom inc. COM 87311L104 179,929 6,024,743 SH   SOLE   5,358,943 0 665,800
tw telecom inc. COM 87311L104 160,733 5,382,000 SH   DFND 1 5,382,000 0 0
Vail Resorts Inc. COM 91879Q109 6,297 90,758 SH   SOLE   53,758 0 37,000
Vail Resorts Inc. COM 91879Q109 230,133 3,317,000 SH   DFND 1 3,317,000 0 0
Vodafone Group Plc ADR COM 92857W209 65,509 1,862,110 SH   SOLE   1,314,110 0 548,000
Vodafone Group Plc ADR COM 92857W209 42,779 1,215,997 SH   DFND 1 1,215,997 0 0
Vornado Realty Trust COM 929042109 19,519 232,202 SH   SOLE   226,602 0 5,600
Vulcan Materials Company COM 929160109 63,416 1,224,011 SH   SOLE   820,811 0 403,200
Vulcan Materials Company COM 929160109 253,751 4,897,722 SH   DFND 1 4,897,722 0 0
Wendy's Company COM 95058W100 52,425 6,182,200 SH   SOLE   6,045,300 0 136,900
Wendy's Company COM 95058W100 107,662 12,696,000 SH   DFND 1 12,696,000 0 0