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
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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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ALPHABET INC CAP STK CL A 02079K305   324,028 2,476,140 SH   DFND 1 0 2,476,140 0
ALPHABET INC CAP STK CL C 02079K107   226,189 1,715,500 SH   DFND 1 0 1,715,500 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108   159,443 300 SH   DFND 1 0 300 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702   11,133 31,780 SH   DFND 1 0 31,780 0
BIONTECH SE SPONSORED ADS 09075V102   1,249 11,500 SH   DFND 1 0 11,500 0
CARVANA CO CL A 146869102   17,842 425,000 SH   DFND 1 0 425,000 0
CREDIT ACCEP CORP MICH COM 225310101   46,932 102,000 SH   DFND 1 0 102,000 0
FERGUSON PLC NEW SHS G3421J106   5,756 35,000 SH   DFND 1 0 35,000 0
FERGUSON PLC NEW SHS G3421J106   4,112 25,000 SH   DFND 1 0 25,000 0
INTERACTIVE BROKERS GROUP IN COM CL A 45841N107   17,312 200,000 SH   DFND 1 0 200,000 0
MARKEL CORP COM 570535104   3,424 2,325 SH   DFND 1 0 2,325 0
MERCADOLIBRE INC COM 58733R102   2,092 1,650 SH   DFND 1 0 1,650 0
META PLATFORMS INC CL A 30303M102   52,237 174,000 SH   DFND 1 0 174,000 0
MICROSOFT CORP COM 594918104   244,233 773,500 SH   DFND 1 0 773,500 0
MICROSOFT CORP COM 594918104   537 1,700 SH   DFND 1 0 1,700 0
NU HLDGS LTD ORD SHS CL A G6683N103   761 105,000 SH   DFND 1 0 105,000 0
PAYPAL HLDGS INC COM 70450Y103   1,228 21,000 SH   DFND 1 0 21,000 0
PDD HOLDINGS INC SPONSORED ADS 722304102   11,768 120,000 SH   DFND 1 0 120,000 0
SALESFORCE INC COM 79466L302   29,510 145,528 SH   DFND 1 0 145,528 0
SPOTIFY TECHNOLOGY S A SHS L8681T102   2,165 14,000 SH   DFND 1 0 14,000 0
TUCOWS INC COM NEW 898697206   3,572 175,005 SH   DFND 1 0 175,005 0
TUCOWS INC COM NEW 898697206   4,694 230,000 SH   DFND 1 0 230,000 0
TUCOWS INC COM NEW 898697206   2,043 100,100 SH   DFND 1 0 100,100 0
TUCOWS INC COM NEW 898697206   1,042 51,050 SH   DFND 1 0 51,050 0
TUCOWS INC COM NEW 898697206   28,848 1,413,439 SH   DFND 1 0 1,413,439 0
WIX COM LTD SHS M98068105   22,950 250,000 SH   DFND 1 0 250,000 0