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

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COLUMN 1COLUMN 2COLUMN 3COLUMN 4COLUMN 5COLUMN 6COLUMN 7COLUMN 8
VALUESHRS ORSH/PUT/INVESTMENTOTHERVOTING AUTHORITY
NAME OF ISSUERTITLE OF CLASSCUSIP(x$1000)PRN AMTPRNCALLDISCRETIONMANAGERSOLESHAREDNONE
Alphabet IncClass C02079K10788,95143,000SH SOLE 43,00000
AlibabaSponsored ADS01609W10256,682250,000SH SOLE 250,00000
Alta BancorpCOM02134710941,631990,283SH SOLE 990,28300
Arch Capital Group LTDCOMG0450A10595,9252,500,000SH SOLE 2,500,00000
Avalon BayCOM05348410173,804400,000SH SOLE 400,00000
Bank of the OzarksCOM06390410640,527992,115SH SOLE 992,11500
Berkshire Hathaway Inc Del Cl A FrmlyCL A08467010846,284120SH SOLE 12000
Berkshire Hathaway Inc Del Cl B FrmlyCL B08467070251,094200,000SH SOLE 200,00000
AXOS Financial IncCOM05465C10031,763675,676SH SOLE 675,67600
Cadence BancorporationCOM12739A10151,8252,500,000SH SOLE 2,500,00000
Chubb LimitedCOMH1467J10471,086450,000SH SOLE 450,00000
CitigroupCOM17296742443,650600,000SH SOLE 600,00000
Eagle BancorpCOM26894810615,442290,214SH SOLE 290,21400
FacebookCl A30303M102117,812400,000SH SOLE 400,00000
Goldman Sachs Group IncCOM38141G10439,240120,000SH SOLE 120,00000
Jones Lange Lasalle Inc.COM48020Q10771,616400,000SH SOLE 400,00000
KKR & Co.COM48248M10248,8501,000,000SH SOLE 1,000,00000
MarkelCOM57053510428,49025,000SH SOLE 25,00000
Mastercard IncCOM57636Q10430,26485,000SH SOLE 85,00000
Moodys CorpCOM61536910514,93050,000SH SOLE 50,00000
Pacwest BancorpCOM69526310377,4442,030,000SH SOLE 2,030,00000
Raymond James Financial IncCOM75473010924,512200,000SH SOLE 200,00000
S&P Global IncCOM78409V10417,64350,000SH SOLE 50,00000
Schwab CharlesCOM80851310528,254433,479SH SOLE 433,47900
Servisfirst Bancshares IncCOM81768T10865,7261,071,682SH SOLE 1,071,68200
Signature Bank New YorkCOM82669G104113,050500,000SH SOLE 500,00000
Sterling BancorpCOM85917A10028,7751,250,000SH SOLE 1,250,00000
Timberland Bancorp IncCOM8870981014,852174,476SH SOLE 174,47600
US Bancorp Del Com NewCOM90297330496,3021,741,141SH SOLE 1,741,14100
Visa Inc ComCOM92826C83963,519300,000SH SOLE 300,00000
Wells Fargo & Co. NewCOM94974610113,870355SH SOLE 35500
Western Alliance BancorpCOM957638109163,9511,736,035SH SOLE 1,736,03500