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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
1STDIBS COM INC COM 320551104   353,812 78,800 SH   DFND 1 0 78,800 0
ALPHABET INC CAP STK CL A 02079K305   451,028,901 2,476,140 SH   DFND 1 0 2,476,140 0
ALPHABET INC CAP STK CL C 02079K107   314,657,010 1,715,500 SH   DFND 1 0 1,715,500 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108   122,448,200 200 SH   DFND 1 0 200 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702   12,928,104 31,780 SH   DFND 1 0 31,780 0
BIONTECH SE SPONSORED ADS 09075V102   602,700 7,500 SH   DFND 1 0 7,500 0
BIONTECH SE SPONSORED ADS 09075V102   1,044,680 13,000 SH   DFND 1 0 13,000 0
BIO RAD LABS INC CL A 090572207   2,184,880 8,000 SH   DFND 1 0 8,000 0
CARVANA CO CL A 146869102   75,706,539 588,149 SH   DFND 1 0 588,149 0
CREDIT ACCEP CORP MICH COM 225310101   47,350,560 92,000 SH   DFND 1 0 92,000 0
FERGUSON PLC NEW SHS G3421J106   5,422,200 28,000 SH   DFND 1 0 28,000 0
FERGUSON PLC NEW SHS G3421J106   4,357,125 22,500 SH   DFND 1 0 22,500 0
INTERACTIVE BROKERS GROUP IN COM CL A 45841N107   24,520,000 200,000 SH   DFND 1 0 200,000 0
INTERACTIVE BROKERS GROUP IN COM CL A 45841N107   1,194,982 9,747 SH   DFND 1 0 9,747 0
MARKEL CORP COM 570535104   3,230,103 2,050 SH   DFND 1 0 2,050 0
MERCADOLIBRE INC COM 58733R102   2,547,270 1,550 SH   DFND 1 0 1,550 0
META PLATFORMS INC CL A 30303M102   67,565,480 134,000 SH   DFND 1 0 134,000 0
MICROSOFT CORP COM 594918104   345,715,825 773,500 SH   DFND 1 0 773,500 0
NU HLDGS LTD ORD SHS CL A G6683N103   1,289,000 100,000 SH   DFND 1 0 100,000 0
PAYPAL HLDGS INC COM 70450Y103   1,363,705 23,500 SH   DFND 1 0 23,500 0
PDD HOLDINGS INC SPONSORED ADS 722304102   29,249,000 220,000 SH   DFND 1 0 220,000 0
SPOTIFY TECHNOLOGY S A SHS L8681T102   3,059,453 9,750 SH   DFND 1 0 9,750 0
TUCOWS INC COM NEW 898697206   3,381,097 175,005 SH   DFND 1 0 175,005 0
TUCOWS INC COM NEW 898697206   4,443,600 230,000 SH   DFND 1 0 230,000 0
TUCOWS INC COM NEW 898697206   2,803,332 145,100 SH   DFND 1 0 145,100 0
TUCOWS INC COM NEW 898697206   986,286 51,050 SH   DFND 1 0 51,050 0
TUCOWS INC COM NEW 898697206   27,307,641 1,413,439 SH   DFND 1 0 1,413,439 0
WIX COM LTD SHS M98068105   39,767,500 250,000 SH   DFND 1 0 250,000 0