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
Adtalem COM 00737L103 55,070 2,244,072 SH   SOLE   1,824,842 0 419,230
Alphabet Inc CAP STK CL A 02079K305 27,212 18,567 SH   SOLE   11,758 0 6,809
Alphabet Inc CAP STK CL C 02079K107 25,092 17,074 SH   SOLE   17,074 0 0
American Express Company COM 025816109 10,197 101,717 SH   SOLE   82,801 0 18,916
Astronics Corp COM 046433108 12,835 1,662,594 SH   SOLE   1,358,593 0 304,001
Baidu Inc SPON ADR REP A 056752108 15,032 118,746 SH   SOLE   105,355 0 13,391
Barrick Gold Corp COM 067901108 28,509 1,014,200 SH   SOLE   1,014,200 0 0
Berkshire Hathaway Inc CL A 084670108 76,800 240 SH   SOLE   194 0 46
Berkshire Hathaway Inc CL B 084670702 103,152 484,419 SH   SOLE   391,621 0 92,798
CDK Global Inc. COM 12508E101 24,988 573,258 SH   SOLE   463,589 0 109,669
Chevron COM 166764100 23,771 330,154 SH   SOLE   269,680 0 60,474
Criteo SA SPON ADS 226718104 4,592 376,719 SH   SOLE   327,497 0 49,222
Flowserve Corp. COM 34354P105 7,695 281,974 SH   SOLE   232,915 0 49,059
iShares Gold Trust ISHARES 464285105 56,224 3,125,303 SH   SOLE   832,828 0 2,292,475
LKQ Corp COM 501889208 76,164 2,746,611 SH   SOLE   2,224,668 0 521,943
Loma Negra Corp SPON ADS 54150E104 3,832 888,982 SH   SOLE   888,982 0 0
Mastercard Inc CL A 57636Q104 21,685 64,125 SH   SOLE   51,932 0 12,193
Net 1 UEPS Technologies COM 64107N206 2,691 798,561 SH   SOLE   517,092 0 281,469
Newmont Corp. COM 651639106 109,890 1,731,913 SH   SOLE   1,731,913 0 0
Phoenix New Media Ltd SPON ADS 71910C103 2,080 1,691,403 SH   SOLE   1,691,403 0 0
Qurate Retail Inc COM SER A 74915M100 3,826 532,882 SH   SOLE   432,130 0 100,752
Schlumberger Ltd COM 806857108 4,669 300,046 SH   SOLE   265,727 0 34,319
Sina Corp COM G81477104 29,274 687,030 SH   SOLE   595,793 0 91,237
Skechers USA Inc. Class A COM 830566105 14,718 487,043 SH   SOLE   406,231 0 80,812
Tapestry Inc. COM 876030107 9,543 610,573 SH   SOLE   491,880 0 118,693
Wells Fargo & Co. COM 949746101 55,255 2,350,260 SH   SOLE   1,900,551 0 449,709
Western Union Co COM 959802109 67,710 3,159,601 SH   SOLE   2,555,827 0 603,774