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   373,723,810 2,476,140 SH   DFND 1 0 2,476,140 0
ALPHABET INC CAP STK CL C 02079K107   261,202,030 1,715,500 SH   DFND 1 0 1,715,500 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108   190,332,000 300 SH   DFND 1 0 300 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702   13,364,126 31,780 SH   DFND 1 0 31,780 0
BIONTECH SE SPONSORED ADS 09075V102   1,337,625 14,500 SH   DFND 1 0 14,500 0
BIO RAD LABS INC CL A 090572207   2,766,960 8,000 SH   DFND 1 0 8,000 0
CARVANA CO CL A 146869102   51,704,179 588,149 SH   DFND 1 0 588,149 0
CREDIT ACCEP CORP MICH COM 225310101   50,742,600 92,000 SH   DFND 1 0 92,000 0
FERGUSON PLC NEW SHS G3421J106   6,116,040 28,000 SH   DFND 1 0 28,000 0
FERGUSON PLC NEW SHS G3421J106   4,914,675 22,500 SH   DFND 1 0 22,500 0
INTERACTIVE BROKERS GROUP IN COM CL A 45841N107   22,342,000 200,000 SH   DFND 1 0 200,000 0
INTERACTIVE BROKERS GROUP IN COM CL A 45841N107   1,088,837 9,747 SH   DFND 1 0 9,747 0
MARKEL CORP COM 570535104   3,537,441 2,325 SH   DFND 1 0 2,325 0
MERCADOLIBRE INC COM 58733R102   2,343,538 1,550 SH   DFND 1 0 1,550 0
META PLATFORMS INC CL A 30303M102   65,067,720 134,000 SH   DFND 1 0 134,000 0
MICROSOFT CORP COM 594918104   325,426,920 773,500 SH   DFND 1 0 773,500 0
NU HLDGS LTD ORD SHS CL A G6683N103   1,193,000 100,000 SH   DFND 1 0 100,000 0
PAYPAL HLDGS INC COM 70450Y103   1,574,265 23,500 SH   DFND 1 0 23,500 0
PDD HOLDINGS INC SPONSORED ADS 722304102   23,250,000 200,000 SH   DFND 1 0 200,000 0
SPOTIFY TECHNOLOGY S A SHS L8681T102   2,770,950 10,500 SH   DFND 1 0 10,500 0
TUCOWS INC COM NEW 898697206   3,248,093 175,005 SH   DFND 1 0 175,005 0
TUCOWS INC COM NEW 898697206   4,268,800 230,000 SH   DFND 1 0 230,000 0
TUCOWS INC COM NEW 898697206   2,693,056 145,100 SH   DFND 1 0 145,100 0
TUCOWS INC COM NEW 898697206   947,488 51,050 SH   DFND 1 0 51,050 0
TUCOWS INC COM NEW 898697206   26,233,428 1,413,439 SH   DFND 1 0 1,413,439 0
WIX COM LTD SHS M98068105   34,370,000 250,000 SH   DFND 1 0 250,000 0