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 |
| Apple, Inc. | COM | 037833100 | 138,531 | 1,375,000 | SH | SOLE | 1,375,000 | 0 | 0 | ||
| Berkshire Hathaway Inc. Class A | CLA | 084670108 | 46,553 | 225 | SH | SOLE | 225 | 0 | 0 | ||
| Biglari Holdings Inc. | COM | 08986R101 | 7,940 | 23,370 | SH | SOLE | 23,370 | 0 | 0 | ||
| Boardwalk Pipeline Partners, LP | UT LTD PART | 096627104 | 11,220 | 600,000 | SH | SOLE | 600,000 | 0 | 0 | ||
| Brandywine Realty Trust | SH BEN | 105368203 | 44,392 | 3,155,100 | SH | SOLE | 3,155,100 | 0 | 0 | ||
| Cabela's Inc. | COM | 126804301 | 59,931 | 1,017,500 | SH | SOLE | 1,017,500 | 0 | 0 | ||
| Caterpillar, Inc. | COM | 149123101 | 32,977 | 333,000 | SH | SOLE | 333,000 | 0 | 0 | ||
| DR Horton Inc. | COM | 23331A109 | 10,568 | 515,000 | SH | SOLE | 515,000 | 0 | 0 | ||
| Devon Energy Corporation | COM | 25179M103 | 18,204 | 267,000 | SH | SOLE | 267,000 | 0 | 0 | ||
| East West Bancorp, Inc. | COM | 27579R104 | 22,950 | 675,000 | SH | SOLE | 675,000 | 0 | 0 | ||
| FedEx Corporation | COM | 31428X106 | 46,821 | 290,000 | SH | SOLE | 290,000 | 0 | 0 | ||
| Goldman Sachs Group, Inc. | COM | 38141G104 | 50,665 | 276,000 | SH | SOLE | 276,000 | 0 | 0 | ||
| Google, Inc. | CLA | 38259P508 | 18,241 | 31,000 | SH | SOLE | 31,000 | 0 | 0 | ||
| Google, Inc. | CLC | 38259P706 | 20,669 | 35,800 | SH | SOLE | 35,800 | 0 | 0 | ||
| Halliburton Co. | COM | 406216101 | 27,739 | 430,000 | SH | SOLE | 430,000 | 0 | 0 | ||
| JP Morgan Chase & Co. | W EXP | 46634E114 | 3,117 | 155,000 | SH | SOLE | 155,000 | 0 | 0 | ||
| JP Morgan Chase & Co | COM | 46625H100 | 42,620 | 707,500 | SH | SOLE | 707,500 | 0 | 0 | ||
| K12, Inc. | COM | 48273U102 | 4,868 | 305,000 | SH | SOLE | 305,000 | 0 | 0 | ||
| KKR & Co. LP | COM | 48248M102 | 40,921 | 1,835,000 | SH | SOLE | 1,835,000 | 0 | 0 | ||
| Kansas City Southern | COM | 485170302 | 21,816 | 180,000 | SH | SOLE | 180,000 | 0 | 0 | ||
| Kelly Services, Inc. | CLA | 488152208 | 14,181 | 905,000 | SH | SOLE | 905,000 | 0 | 0 | ||
| Kelly Services, Inc. | CLB | 488152307 | 188 | 12,000 | SH | SOLE | 12,000 | 0 | 0 | ||
| Kinder Morgan Inc. Warrant | W EXP | 49456B119 | 601 | 165,000 | SH | SOLE | 165,000 | 0 | 0 | ||
| Kinder Morgan, Inc. | COM | 49456B101 | 13,994 | 365,000 | SH | SOLE | 365,000 | 0 | 0 | ||
| Mastercard Inc. | CLA | 57636Q104 | 39,695 | 537,000 | SH | SOLE | 537,000 | 0 | 0 | ||
| Polaris Industries, Inc. | COM | 731068102 | 44,338 | 296,000 | SH | SOLE | 296,000 | 0 | 0 | ||
| Ryland Group Inc. | COM | 783764103 | 10,953 | 329,500 | SH | SOLE | 329,500 | 0 | 0 | ||
| Scripps Networks Interactive, Inc | COM | 811065101 | 43,340 | 555,000 | SH | SOLE | 555,000 | 0 | 0 | ||
| Telefonica SA | ADR | 879382208 | 37,657 | 2,450,000 | SH | SOLE | 2,450,000 | 0 | 0 | ||
| The Fresh Market, Inc. | COM | 35804H106 | 9,518 | 272,500 | SH | SOLE | 272,500 | 0 | 0 | ||