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
ALPHABET INC CAP STK CL A 02079K305 19,704 25,828 SH   SOLE 0 25,828 0 0
ALPHABET INC CAP STK CL C 02079K107 19,293 25,898 SH   SOLE 0 25,898 0 0
APPLE INC COM 037833100 43,596 400,000 SH   SOLE 0 400,000 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 14,188 100,000 SH   SOLE 0 100,000 0 0
CARMAX INC COM 143130102 7,665 150,000 SH   SOLE 0 150,000 0 0
COSTCO WHSL CORP NEW COM 22160K105 35,456 225,000 SH   SOLE 0 225,000 0 0
DISNEY WALT CO COM DISNEY 254687106 9,931 100,000 SH   SOLE 0 100,000 0 0
EBAY INC COM 278642103 4,772 200,000 SH   SOLE 0 200,000 0 0
FACEBOOK INC CL A 30303M102 66,178 580,000 SH   SOLE 0 580,000 0 0
INFINERA CORPORATION COM 45667G103 8,030 500,000 SH   SOLE 0 500,000 0 0
MARKEL CORP COM 570535104 28,784 32,285 SH   SOLE 0 32,285 0 0
PAYPAL HLDGS INC COM 70450Y103 15,440 400,000 SH   SOLE 0 400,000 0 0
PULTE GROUP INC COM 745867101 22,452 1,200,000 SH   SOLE 0 1,200,000 0 0
SOUTHWEST AIRLS CO COM 844741108 56,448 1,260,000 SH   SOLE 0 1,260,000 0 0
STARBUCKS CORP COM 855244109 14,925 250,000 SH   SOLE 0 250,000 0 0
VALHI INC NEW COM 918905100 407 344,790 SH   SOLE 0 344,790 0 0
WPP PLC NEW ADR 92937A102 9,314 80,000 SH   SOLE 0 80,000 0 0