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

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COLUMN 1COLUMN 2COLUMN 3COLUMN 4COLUMN 5COLUMN 6COLUMN 7COLUMN 8
VALUESHRS ORSH/PUT/INVESTMENTOTHERVOTING AUTHORITY
NAME OF ISSUERTITLE OF CLASSCUSIP(x$1000)PRN AMTPRNCALLDISCRETIONMANAGERSOLESHAREDNONE
ARCOS DORADOS HOLDINGS INCSHS CLASS -A -G0457F10721,9443,060,500SH SOLE 3,060,50000
AUTONATION INCCOM05329W10267,8221,898,717SH SOLE 1,898,71700
BERKSHIRE HATHAWAY INC DELCL B NEW08467070210,462,14552,078,974SH SOLE 52,078,97400
CANADIAN NATL RY COCOM1363751021,532,51317,126,874SH SOLE 17,126,87400
CATERPILLAR INC DELCOM1491231011,525,73411,260,857SH SOLE 11,260,85700
COCA COLA FEMSA S A B DE C VSPON ADR REP L191241108410,1716,214,719SH SOLE 6,214,71900
CROWN CASTLE INTL CORP NEWCOM22822V101682,6115,332,900SH SOLE 5,332,90000
ECOLAB INCCOM278865100770,8494,366,426SH SOLE 4,366,42600
FEDEX CORPCOM31428X106548,7653,024,999SH SOLE 3,024,99900
GRUPO TELEVISA SASPON ADR REP ORD40049J206186,68316,879,104SH SOLE 16,879,10400
LIBERTY GLOBAL PLCSHS CL AG5480U10452,8182,119,515SH SOLE 2,119,51500
LIBERTY GLOBAL PLCSHS CL CG5480U12088,1093,639,349SH SOLE 3,639,34900
LIBERTY LATIN AMERICA LTDCOM CL AG9001E1027,164370,424SH SOLE 370,42400
LIBERTY LATIN AMERICA LTDCOM CL CG9001E12812,371636,044SH SOLE 636,04400
MICROSOFT CORPCOM594918104943,5208,000,000SH SOLE 8,000,00000
UNITED PARCEL SERVICE INCCL B911312106505,6604,525,329SH SOLE 4,525,32900
WALMART INCCOM9311421031,131,64111,603,000SH SOLE 11,603,00000
WASTE MGMT INC DELCOM94106L1091,936,22518,633,672SH SOLE 18,633,67200