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
AUTOMATIC DATA PROCESSING INCOM053015103220,6311,481,837SH SOLE 1,481,83700
BERKSHIRE HATHAWAY INC DELCL B NEW08467070239,054218,778SH SOLE 218,77800
BOOKING HOLDINGS INCCOM09857L10834,27821,527SH SOLE 21,52700
CANADIAN NAT RES LTDCOM136385101298,65217,134,359SH SOLE 17,134,35900
CARNIVAL CORPUNIT 99/99/9999143658300834,64450,830,926SH SOLE 50,830,92600
CISCO SYS INCCOM17275R102270,7545,805,199SH SOLE 5,805,19900
LIVE NATION ENTERTAINMENT INCOM538034109557,01412,565,167SH SOLE 12,565,16700
SELECT SECTOR SPDR TRRL EST SEL SEC81369Y8601,596,33945,858,624SH SOLE 45,858,62400
SELECT SECTOR SPDR TRSBI INT-UTILS81369Y8861,861,42832,986,504SH SOLE 32,986,50400
SELECT SECTOR SPDR TRSBI MATERIALS81369Y8601,195,87421,222,246SH SOLE 21,222,24600
SUNCOR ENERGY INC NEWCOM867224107859,44450,975,315SH SOLE 50,975,31500
UBER TECHNOLOGIES INCCOM90353T1002,263,88472,840,541SH SOLE 72,840,54100
UNION PAC CORPCOM90781810891,843543,224SH SOLE 543,22400