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 353 4,400 SH   SOLE   4,000 0 400
AMERICAN EXPRESS CO COM 025816109 5,173 66,559 SH   SOLE   19,213 0 47,346
BERKSHIRE HATHAWAY CL A COM 084670108 3,278 16 SH   SOLE   13 0 3
BERKSHIRE HATHAWAY CL B COM 084670702 36,145 265,558 SH   SOLE   85,125 0 180,433
CNA FINL CORP COM 126117100 12,410 324,788 SH   SOLE   99,487 0 225,301
FIVE BELOW INC COM 33829M101 5,534 140,000 SH   SOLE   15,800 0 124,200
GOLDMAN SACHS GROUP INC COM 38141G104 32,409 155,224 SH   SOLE   29,695 0 125,529
INTERNATIONAL BUSINESS MACHS COM 459200101 1,273 7,825 SH   SOLE   275 0 7,550
LEUCADIA NATL CORP COM 527288104 8,088 333,121 SH   SOLE   56,100 0 277,021
M D C HLDGS INC COM 552676108 7,097 236,810 SH   SOLE   29,900 0 206,910
MARKEL CORP COM 570535104 560 700 SH   SOLE   700 0 0
STARBUCKS CORP COM 855244109 31,040 578,948 SH   SOLE   281,974 0 296,974
STAPLES INC COM 855030102 2,543 166,080 SH   SOLE   10,450 0 155,630
US BANCORP DEL COM 902973304 4,145 95,497 SH   SOLE   27,762 0 67,735
WELLS FARGO & CO COM 949746101 12,676 225,397 SH   SOLE   21,037 0 204,360