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
AUTOMATIC DATA PROCESSING IN COM 053015103 373 4,400 SH   SOLE   4,000 0 400
AMERICAN EXPRESS CO COM 025816109 4,466 64,219 SH   SOLE   19,213 0 45,006
BERKSHIRE HATHAWAY CL A COM 084670108 3,165 16 SH   SOLE   13 0 3
BERKSHIRE HATHAWAY CL B COM 084670702 34,213 259,108 SH   SOLE   85,125 0 173,983
CNA FINL CORP COM 126117100 11,765 334,713 SH   SOLE   99,487 0 235,226
FIVE BELOW INC COM 33829M101 16,906 526,654 SH   SOLE   77,900 0 448,754
FOSSIL GROUP INC COM 34988V106 5,061 138,440 SH   SOLE   32,200 0 106,240
GOLDMAN SACHS GROUP INC COM 38141G104 27,398 152,019 SH   SOLE   29,695 0 122,324
INTERNATIONAL BUSINESS MACHS COM 459200101 1,862 13,528 SH   SOLE   275 0 13,253
LOEWS CORP COM 540424108 451 11,755 SH   SOLE   0 0 11,755
LEUCADIA NATL CORP COM 527288104 13,574 780,556 SH   SOLE   88,700 0 691,856
M D C HLDGS INC COM 552676108 6,298 246,705 SH   SOLE   29,900 0 216,805
MARKEL CORP COM 570535104 618 700 SH   SOLE   700 0 0
STARBUCKS CORP COM 855244109 33,487 557,841 SH   SOLE   280,974 0 276,867
STAPLES INC COM 855030102 2,566 270,960 SH   SOLE   10,700 0 260,260
US BANCORP DEL COM 902973304 3,864 90,547 SH   SOLE   25,262 0 65,285
WELLS FARGO & CO COM 949746101 11,788 216,847 SH   SOLE   21,037 0 195,810