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 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
AUTOMATIC DATA PROCESSING IN COM 053015103 377 4,400 SH   SOLE   4,000 0 400
AMERICAN EXPRESS CO COM 025816109 5,200 66,559 SH   SOLE   19,213 0 47,346
BERKSHIRE HATHAWAY CL A COM 084670108 3,480 16 SH   SOLE   13 0 3
BERKSHIRE HATHAWAY CL B COM 084670702 38,325 265,558 SH   SOLE   85,125 0 180,433
CNA FINL CORP COM 126117100 13,497 325,788 SH   SOLE   99,487 0 226,301
GOLDMAN SACHS GROUP INC COM 38141G104 30,813 163,927 SH   SOLE   30,910 0 133,017
INTERNATIONAL BUSINESS MACHS COM 459200101 1,256 7,825 SH   SOLE   275 0 7,550
LEUCADIA NATL CORP COM 527288104 7,405 332,196 SH   SOLE   56,100 0 276,096
M D C HLDGS INC COM 552676108 6,749 236,810 SH   SOLE   29,900 0 206,910
MARKEL CORP COM 570535104 538 700 SH   SOLE   700 0 0
STARBUCKS CORP COM 855244109 27,481 290,187 SH   SOLE   140,987 0 149,200
STAPLES INC COM 855030102 2,762 169,580 SH   SOLE   10,450 0 159,130
US BANCORP DEL COM 902973304 4,170 95,497 SH   SOLE   27,762 0 67,735
WELLS FARGO & CO COM 949746101 12,519 230,127 SH   SOLE   21,037 0 209,090