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 395 4,400 SH   SOLE   4,000 0 400
AMERICAN EXPRESS CO COM 025816109 4,666 75,999 SH   SOLE   22,713 0 53,286
BERKSHIRE HATHAWAY CL A COM 084670108 3,415 16 SH   SOLE   13 0 3
BERKSHIRE HATHAWAY CL B COM 084670702 36,046 254,063 SH   SOLE   85,125 0 168,938
CNA FINL CORP COM 126117100 12,464 387,325 SH   SOLE   111,987 0 275,338
FIVE BELOW INC COM 33829M101 21,307 515,404 SH   SOLE   77,900 0 437,504
FOSSIL GROUP INC COM 34988V106 10,120 227,825 SH   SOLE   44,400 0 183,425
GOLDMAN SACHS GROUP INC COM 38141G104 23,904 152,276 SH   SOLE   29,695 0 122,581
INTERNATIONAL BUSINESS MACHS COM 459200101 2,266 14,963 SH   SOLE   275 0 14,688
LOEWS CORP COM 540424108 455 11,905 SH   SOLE   0 0 11,905
LEUCADIA NATL CORP COM 527288104 14,676 907,616 SH   SOLE   106,200 0 801,416
M D C HLDGS INC COM 552676108 8,220 328,030 SH   SOLE   43,100 0 284,930
MARKEL CORP COM 570535104 595 667 SH   SOLE   667 0 0
STARBUCKS CORP COM 855244109 33,118 554,741 SH   SOLE   280,974 0 273,767
STAPLES INC COM 855030102 6,733 610,470 SH   SOLE   100,700 0 509,770
US BANCORP DEL COM 902973304 3,642 89,723 SH   SOLE   25,262 0 64,461
WELLS FARGO & CO COM 949746101 10,237 211,692 SH   SOLE   21,037 0 190,655