The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete. | |||||||||||||||||
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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 |
| ALPHABET INC | CAP STK CL A | 02079K305 | 17,527 | 18,000 | SH | DFND | 1 | 0 | 18,000 | 0 | |
| ALPHABET INC | CAP STK CL A | 02079K305 | 974 | 1,000 | SH | DFND | 1 | 0 | 1,000 | 0 | |
| ALPHABET INC | CAP STK CL A | 02079K305 | 2,726 | 2,800 | SH | DFND | 1 | 0 | 2,800 | 0 | |
| ALPHABET INC | CAP STK CL A | 02079K305 | 63,078 | 64,780 | SH | DFND | 1 | 0 | 64,780 | 0 | |
| ALPHABET INC | CAP STK CL C | 02079K107 | 33,353 | 34,775 | SH | DFND | 1 | 0 | 34,775 | 0 | |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 | 13,737 | 50 | SH | DFND | 1 | 0 | 50 | 0 | |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 | 129,403 | 471 | SH | DFND | 1 | 0 | 471 | 0 | |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 | 5,826 | 31,780 | SH | DFND | 1 | 0 | 31,780 | 0 | |
| CREDIT ACCEP CORP MICH | COM | 225310101 | 30,819 | 110,000 | SH | DFND | 1 | 0 | 110,000 | 0 | |
| EAGLE BULK SHIPPING INC | SHS NEW | Y2187A143 | 838 | 185,000 | SH | DFND | 1 | 0 | 185,000 | 0 | |
| FACEBOOK INC | CL A | 30303M102 | 36,464 | 75,000 | SH | DFND | 1 | 0 | 75,000 | 0 | |
| FASTENAL CO | COM | 311900104 | 12,815 | 800,000 | SH | DFND | 1 | 0 | 800,000 | 0 | |
| INTERACTIVE BROKERS GROUP IN | COM | 45841N107 | 676 | 15,000 | SH | DFND | 1 | 0 | 15,000 | 0 | |
| MARKEL CORP | COM | 570535104 | 2,483 | 2,325 | SH | DFND | 1 | 0 | 2,325 | 0 | |
| MICROSOFT CORP | COM | 594918104 | 1,788 | 24,000 | SH | DFND | 1 | 0 | 24,000 | 0 | |
| MICROSOFT CORP | COM | 594918104 | 1,788 | 24,000 | SH | DFND | 1 | 0 | 24,000 | 0 | |
| MICROSOFT CORP | COM | 594918104 | 113,970 | 1,530,000 | SH | DFND | 1 | 0 | 1,530,000 | 0 | |
| MICROSOFT CORP | COM | 594918104 | 1,192 | 16,000 | SH | DFND | 1 | 0 | 16,000 | 0 | |
| NATIONAL OILWELL VARCO INC | COM | 637071101 | 1,072 | 30,000 | SH | DFND | 1 | 0 | 30,000 | 0 | |
| NOW INC | COM | 67011P100 | 1,105 | 80,000 | SH | DFND | 1 | 0 | 80,000 | 0 | |
| NOW INC | COM | 67011P100 | 2,072 | 150,000 | SH | DFND | 1 | 0 | 150,000 | 0 | |
| NOW INC | COM | 67011P100 | 2,210 | 160,000 | SH | DFND | 1 | 0 | 160,000 | 0 | |
| SHAKE SHACK INC | CL A | 819047101 | 9,759 | 293,678 | SH | DFND | 1 | 0 | 293,678 | 0 | |
| TRIPADVISOR INC | COM | 896945201 | 1,439 | 35,500 | SH | DFND | 1 | 0 | 35,500 | 0 | |
| TRUPANION INC | COM | 898202106 | 15,846 | 600,000 | SH | DFND | 1 | 0 | 600,000 | 0 | |
| TUCOWS INC | COM NEW | 898697206 | 3,162 | 54,000 | SH | DFND | 1 | 0 | 54,000 | 0 | |
| TUCOWS INC | COM NEW | 898697206 | 3,513 | 60,000 | SH | DFND | 1 | 0 | 60,000 | 0 | |
| TUCOWS INC | COM NEW | 898697206 | 45,686 | 780,292 | SH | DFND | 1 | 0 | 780,292 | 0 | |
| WABTEC | COM | 929740108 | 32,194 | 425,000 | SH | DFND | 1 | 0 | 425,000 | 0 | |