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 (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
3 M COM 88579Y101 287 2,114 SH   SOLE   2,114 0 0
ABBOTT LABORATORIES COM 002824100 210 5,455 SH   SOLE   5,455 0 0
ABBVIE INC COM 00287y109 315 6,134 SH   SOLE   6,134 0 0
AFFILIATED MANAGERS GRP COM 008252108 27,817 139,050 SH   SOLE   138,650 400 0
AMERICAN EXPRESS CO COM 025816109 29,761 330,569 SH   SOLE   329,269 1,300 0
ANNALY CAP MGMT INC COM 035710409 12,927 1,178,400 SH   SOLE   1,178,400 0 0
APACHE CORP COM 037411105 715 8,615 SH   SOLE   8,615 0 0
APPLE INC COM 037833100 5,270 9,819 SH   SOLE   9,819 0 0
BANK OF AMERICA CORP COM 060505104 224 13,000 SH   SOLE   13,000 0 0
BB&T CORPORATION COM 054937107 219 5,450 SH   SOLE   5,450 0 0
BERKSHIRE HATHAWAY A COM 084670108 8,056 43 SH   SOLE   43 0 0
BERKSHIRE HATHAWAY B COM 084670702 96,737 774,078 SH   SOLE   771,078 3,000 0
BIGLARI HOLDINGS INC COM 08986r101 5,042 10,343 SH   SOLE   10,343 0 0
BLACKSTONE GROUP COM 09253u908 1,812 54,500 SH   SOLE   54,500 0 0
BP PLC ADR F SPONSORED ADR 1 A COM 055622104 947 19,695 SH   SOLE   19,695 0 0
BROOKFIELD ASSET MGMT COM 112585104 9,962 243,857 SH   SOLE   243,857 0 0
CBS CORPORATION CL B NEW COM 124857202 221 3,580 SH   SOLE   3,580 0 0
CHEVRON CORPORATION COM 166764100 2,922 24,572 SH   SOLE   24,572 0 0
CHURCHILL DOWNS COM 171484108 2,896 31,725 SH   SOLE   31,725 0 0
CITY NATIONAL CORP COM 178566105 28,934 367,558 SH   SOLE   367,058 500 0
COCA COLA COM COM 191216100 23,834 616,515 SH   SOLE   615,515 1,000 0
CONOCOPHILLIPS COM 20825C104 866 12,307 SH   SOLE   12,307 0 0
COSTCO WHSL CORP NEW COM 22160K105 385 3,450 SH   SOLE   3,450 0 0
DIAMOND HILL INVESTMENT GROUP COM 25264R207 329 2,500 SH   SOLE   2,500 0 0
DIAMONDS TRUST SERIES 1 PUT 78467x959 328 2,000 SH   SOLE   2,000 0 0
DISNEY WALT CO COM 254687106 2,816 35,165 SH   SOLE   35,165 0 0
DOUGLAS EMMETT INC COM 25960p109 17,509 645,128 SH   SOLE   643,128 2,000 0
DU PONT E I DE NEMOURS COM 263534109 362 5,393 SH   SOLE   5,393 0 0
ENSTAR GROUP LTD COM g3075p101 27,885 204,571 SH   SOLE   204,171 400 0
ESTEE LAUDER COM 518439104 10,122 151,346 SH   SOLE   150,846 500 0
EXPEDITORS INTL WASH COM 302130109 811 20,475 SH   SOLE   20,475 0 0
EXXON MOBIL CORP COM COM 30231g102 36,394 372,589 SH   SOLE   371,589 1,000 0
FAIRFAX FINL HLDGS LTD COM 303901102 2,641 6,073 SH   SOLE   6,073 0 0
FARMERS CAP BK CORP COM 309562106 213 9,500 SH   SOLE   9,500 0 0
FDX CORP COM 31428x106 265 2,000 SH   SOLE   2,000 0 0
FIRST BUSEY CORP COM 319383105 192 33,100 SH   SOLE   33,100 0 0
GAMCO INVS INC COM 361438104 31,315 403,285 SH   SOLE   402,185 1,100 0
GAMING & LEISURE PPTYS COM 36467j108 14,444 396,171 SH   SOLE   395,275 896 0
GENERAL ELECTRIC CO COM 369604103 299 11,568 SH   SOLE   11,568 0 0
GOLDMAN SACHS GRP INC COM 38141g104 21,880 133,534 SH   SOLE   133,284 250 0
GOOGLE INC CL A COM 38259p508 19,762 17,732 SH   SOLE   17,732 0 0
HALIBURTON CO COM 406216101 248 4,209 SH   SOLE   4,209 0 0
HOWARD HUGHES CORP COM 44267d107 1,994 13,975 SH   SOLE   13,975 0 0
HUMANA INC COM 444859102 3,029 26,875 SH   SOLE   26,875 0 0
INTERNATIONAL BUS MACH COM 459200101 422 2,190 SH   SOLE   2,190 0 0
INTUIT COM 461202103 206 2,650 SH   SOLE   2,650 0 0
ISHARES MSCI EAFE INDEX FUND COM 464287465 318 4,725 SH   SOLE   4,725 0 0
JOHNSON AND JOHNSON COM 478160104 25,258 257,131 SH   SOLE   256,631 500 0
JPMORGAN CHASE & CO COM 46625h100 16,050 264,369 SH   SOLE   261,917 2,452 0
JPMORGAN CHASE & CO CALL 46625h900 61 1,000 SH   SOLE   1,000 0 0
KRAFT FOODS GROUP INC COM 50076q106 317 5,643 SH   SOLE   5,643 0 0
LAS VEGAS SANDS CORP COM 517834107 1,056 13,070 SH   SOLE   13,070 0 0
LEUCADIA NATL CORP COM 527288104 27,204 971,561 SH   SOLE   969,561 2,000 0
LifePoint Hospitals COM 53219l109 273 5,000 SH   SOLE   5,000 0 0
MARKEL CORP COM COM 570535104 48,298 81,024 SH   SOLE   80,774 250 0
MCDONALDS CORP COM 580135101 2,003 20,437 SH   SOLE   20,437 0 0
MERCK & CO INC COM 58933y105 390 6,877 SH   SOLE   6,877 0 0
MONDELEZ INTL INC COM 609207105 262 7,578 SH   SOLE   7,578 0 0
NESTLE S.A SPONS COM 641069406 220 2,922 SH   SOLE   2,922 0 0
NIKE INC CL B COM 654106103 13,300 180,075 SH   SOLE   180,075 0 0
NORTHERN TRUST CORP COM 665859104 754 11,500 SH   SOLE   11,500 0 0
OCCIDENTAL PETE CORP COM 674599105 2,441 25,621 SH   SOLE   25,621 0 0
PENN NATL GAMING CORP COM 707569109 4,527 367,433 SH   SOLE   366,683 750 0
PEPSICO INC COM 713448108 22,195 265,805 SH   SOLE   265,405 400 0
PFIZER INC COM 717081103 659 20,529 SH   SOLE   20,529 0 0
PHILIP MORRIS INTL INC COM 718172109 738 9,016 SH   SOLE   9,016 0 0
PNC FINL SERVICES GP INC COM 693475105 2,694 30,966 SH   SOLE   29,316 1,650 0
PROCTER & GAMBLE CO COM 742718109 14,639 181,627 SH   SOLE   181,027 600 0
QUALCOMM INC COM 747525103 250 3,164 SH   SOLE   3,164 0 0
REALOGY HLDGS CORP COM 75605y106 4,463 102,725 SH   SOLE   102,725 0 0
ROYAL DUTCH SHELL A ADRF SPONS COM 780259206 278 3,801 SH   SOLE   3,801 0 0
S&P DEPOSITARY RECEIPTS COM 78462F103 498 2,663 SH   SOLE   2,663 0 0
S&P DEPOSITARY RECEIPTS PUT 78462F953 3,740 20,000 SH   SOLE   20,000 0 0
S&P DEPOSITARY RECEIPTS PUT 78462F953 561 3,000 SH   SOLE   3,000 0 0
S&P MIDCAP 400 COM 595635103 263 1,049 SH   SOLE   1,049 0 0
SCHLUMBERGER LTD COM 806857108 5,303 54,388 SH   SOLE   54,388 0 0
SCHWAB CHARLES CORP COM 808513105 290 10,600 SH   SOLE   10,600 0 0
SEACOAST BKG CORP FLA COM 811707801 3,829 348,055 SH   SOLE   348,055 0 0
SOUTHERN NATL BANCORP VA COM 843395104 4,337 425,620 SH   SOLE   425,620 0 0
SPECTRA ENERGY CORP COM 847560109 329 8,900 SH   SOLE   8,900 0 0
SYNOVUS FINANCIAL COM 87161c105 43 12,625 SH   SOLE   12,625 0 0
T ROWE PRICE ASSOCIATES COM 74144t108 2,334 28,341 SH   SOLE   28,341 0 0
TIFFANY & CO NEW COM 886547108 16,961 196,872 SH   SOLE   196,472 400 0
TOTAL SYS SERV INC COM 891906109 207 6,819 SH   SOLE   6,819 0 0
ULTRA PETROLEUM CORP COM 903914109 252 9,350 SH   SOLE   9,350 0 0
UNDER ARMOUR INC PUT 904311957 573 5,000 SH   SOLE   5,000 0 0
UNITED PARCEL SVC COM 911312106 1,482 15,217 SH   SOLE   15,217 0 0
UNITED TECHNOLOGIES CP COM 913017109 1,156 9,891 SH   SOLE   9,891 0 0
US BANCORP DEL COM 902973304 1,313 30,644 SH   SOLE   30,644 0 0
VORNADO REALTY TRUST COM 929042109 23,253 235,925 SH   SOLE   235,175 750 0
WAL-MART STORES INC COM 931142103 26,517 346,946 SH   SOLE   345,846 1,100 0
WELLS FARGO & CO COM 949746101 27,806 559,023 SH   SOLE   556,273 2,750 0
WESTERN UNION CO COM 959802109 335 20,500 SH   SOLE   20,500 0 0
WINTRUST FINANCIAL CORP COM 97650w108 2,115 43,465 SH   SOLE   43,465 0 0
WYNN RESORTS LTD COM 983134107 32,605 146,768 SH   SOLE   146,368 400 0
YUM BRANDS INC COM 988498101 141 1,866 SH   SOLE   1,866 0 0
YUM BRANDS INC CALL 988498901 113 1,500 SH   SOLE   1,500 0 0