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 358 2,554 SH   SOLE   2,554 0 0
ABBOTT LABORATORIES COM 002824100 219 5,701 SH   SOLE   5,701 0 0
ABBVIE INC COM 00287y109 358 6,785 SH   SOLE   6,785 0 0
AFFILIATED MANAGERS GRP COM 008252108 32,362 149,215 SH   SOLE   148,765 450 0
AMAZON.COM INC. COM 023135106 41 102 SH   SOLE   102 0 0
AMAZON.COM INC. PUT 023135956 160 400 SH   SOLE   400 0 0
AMERICAN EXPRESS CO COM 025816109 30,455 335,669 SH   SOLE   334,369 1,300 0
ANNALY CAP MGMT INC COM 035710409 11,663 1,169,775 SH   SOLE   1,169,775 0 0
APACHE CORP COM 037411105 733 8,535 SH   SOLE   8,535 0 0
APPLE INC COM 037833100 5,545 9,884 SH   SOLE   9,884 0 0
BANK OF AMERICA CORP COM 060505104 257 16,500 SH   SOLE   16,500 0 0
BB&T CORPORATION COM 054937107 259 6,950 SH   SOLE   6,950 0 0
BERKSHIRE HATHAWAY A COM 084670108 8,005 45 SH   SOLE   45 0 0
BERKSHIRE HATHAWAY B COM 084670702 91,807 774,353 SH   SOLE   771,353 3,000 0
BIGLARI HOLDINGS INC COM 08986r101 5,278 10,418 SH   SOLE   10,418 0 0
BLACKSTONE GROUP COM 09253u908 1,717 54,500 SH   SOLE   54,500 0 0
BP PLC ADR F SPONSORED ADR 1 A COM 055622104 964 19,827 SH   SOLE   19,827 0 0
BROOKFIELD ASSET MGMT COM 112585104 9,508 244,857 SH   SOLE   244,857 0 0
CBS CORPORATION CL B NEW COM 124857202 287 4,500 SH   SOLE   4,500 0 0
CHEVRON CORPORATION COM 166764100 3,139 25,132 SH   SOLE   25,132 0 0
CHURCHILL DOWNS COM 171484108 2,851 31,800 SH   SOLE   31,800 0 0
CITY NATIONAL CORP COM 178566105 29,691 374,795 SH   SOLE   374,295 500 0
COCA COLA COM COM 191216100 23,478 568,337 SH   SOLE   567,337 1,000 0
CONOCOPHILLIPS COM 20825C104 869 12,302 SH   SOLE   12,302 0 0
COSTCO WHSL CORP NEW COM 22160K105 408 3,424 SH   SOLE   3,424 0 0
DIAMOND HILL INVESTMENT GROUP COM 25264R207 296 2,500 SH   SOLE   2,500 0 0
DIAMONDS TRUST SERIES 1 PUT 78467x959 496 3,000 SH   SOLE   3,000 0 0
DISNEY WALT CO COM 254687106 2,824 36,965 SH   SOLE   36,965 0 0
DOUGLAS EMMETT INC COM 25960p109 15,239 654,328 SH   SOLE   652,328 2,000 0
DU PONT E I DE NEMOURS COM 263534109 355 5,463 SH   SOLE   5,463 0 0
ENSTAR GROUP LTD COM g3075p101 26,271 189,121 SH   SOLE   188,821 300 0
ESTEE LAUDER COM 518439104 11,496 152,626 SH   SOLE   152,126 500 0
EXPEDITORS INTL WASH COM 302130109 906 20,475 SH   SOLE   20,475 0 0
EXXON MOBIL CORP COM COM 30231g102 38,028 375,774 SH   SOLE   374,774 1,000 0
FAIRFAX FINL HLDGS LTD COM 303901102 2,431 6,088 SH   SOLE   6,088 0 0
FARMERS CAP BK CORP COM 309562106 207 9,500 SH   SOLE   9,500 0 0
FDX CORP COM 31428x106 288 2,000 SH   SOLE   2,000 0 0
FIRST BUSEY CORP COM 319383105 198 34,100 SH   SOLE   34,100 0 0
GAMCO INVS INC COM 361438104 36,714 422,150 SH   SOLE   420,900 1,250 0
GAMING & LEISURE PPTYS COM 36467j108 16,208 318,983 SH   SOLE   318,233 750 0
GENERAL ELECTRIC CO COM 369604103 302 10,776 SH   SOLE   10,776 0 0
GOLDMAN SACHS GRP INC COM 38141g104 23,915 134,913 SH   SOLE   134,663 250 0
GOOGLE INC CL A COM 38259p508 20,121 17,954 SH   SOLE   17,954 0 0
HALIBURTON CO COM 406216101 214 4,209 SH   SOLE   4,209 0 0
HOWARD HUGHES CORP COM 44267d107 1,808 15,050 SH   SOLE   15,050 0 0
HUMANA INC COM 444859102 730 7,075 SH   SOLE   7,075 0 0
INTERNATIONAL BUS MACH COM 459200101 411 2,190 SH   SOLE   2,190 0 0
INTUIT COM 461202103 202 2,650 SH   SOLE   2,650 0 0
ISHARES MSCI EAFE INDEX FUND COM 464287465 480 7,161 SH   SOLE   7,161 0 0
JOHNSON AND JOHNSON COM 478160104 23,748 259,289 SH   SOLE   258,789 500 0
JPMORGAN CHASE & CO COM 46625h100 20,302 347,165 SH   SOLE   344,713 2,452 0
JPMORGAN CHASE & CO CALL 46625h900 175 3,000 SH   SOLE   3,000 0 0
KRAFT FOODS GROUP INC COM 50076q106 304 5,631 SH   SOLE   5,631 0 0
LAS VEGAS SANDS CORP COM 517834107 1,173 14,870 SH   SOLE   14,870 0 0
LEUCADIA NATL CORP COM 527288104 27,214 960,281 SH   SOLE   958,281 2,000 0
MARKEL CORP COM COM 570535104 47,135 81,219 SH   SOLE   80,969 250 0
MCDONALDS CORP COM 580135101 2,027 20,887 SH   SOLE   20,887 0 0
MERCK & CO INC COM 58933y105 383 7,647 SH   SOLE   7,647 0 0
MONDELEZ INTL INC COM 609207105 279 7,898 SH   SOLE   7,898 0 0
NESTLE S.A SPONS COM 641069406 215 2,922 SH   SOLE   2,922 0 0
NIKE INC CL B COM 654106103 14,902 189,497 SH   SOLE   189,497 0 0
NORFOLK SOUTHERN CORP COM 655844108 212 2,285 SH   SOLE   2,285 0 0
NORTHERN TRUST CORP COM 665859104 874 14,125 SH   SOLE   14,125 0 0
OCCIDENTAL PETE CORP COM 674599105 2,465 25,920 SH   SOLE   25,920 0 0
PENN NATL GAMING CORP COM 707569109 5,448 380,208 SH   SOLE   379,458 750 0
PEPSICO INC COM 713448108 22,269 268,501 SH   SOLE   268,101 400 0
PFIZER INC COM 717081103 628 20,499 SH   SOLE   20,499 0 0
PHILIP MORRIS INTL INC COM 718172109 761 8,736 SH   SOLE   8,736 0 0
PNC FINL SERVICES GP INC COM 693475105 3,682 47,466 SH   SOLE   45,816 1,650 0
PROCTER & GAMBLE CO COM 742718109 15,675 192,542 SH   SOLE   191,942 600 0
QUALCOMM INC COM 747525103 235 3,164 SH   SOLE   3,164 0 0
REALOGY HLDGS CORP COM 75605y106 3,639 73,550 SH   SOLE   73,550 0 0
ROYAL DUTCH SHELL A ADRF SPONS COM 780259206 285 3,998 SH   SOLE   3,998 0 0
S&P DEPOSITARY RECEIPTS COM 78462F103 386 2,090 SH   SOLE   2,090 0 0
S&P DEPOSITARY RECEIPTS PUT 78462F953 3,232 17,500 SH   SOLE   17,500 0 0
S&P DEPOSITARY RECEIPTS PUT 78462F953 2,770 15,000 SH   SOLE   15,000 0 0
S&P MIDCAP 400 COM 595635103 284 1,162 SH   SOLE   1,162 0 0
SCHLUMBERGER LTD COM 806857108 4,885 54,214 SH   SOLE   54,214 0 0
SCHWAB CHARLES CORP COM 808513105 389 14,950 SH   SOLE   14,950 0 0
SEACOAST BKG CORP FLA COM 811707801 4,559 373,710 SH   SOLE   373,710 0 0
SOUTHERN NATL BANCORP VA COM 843395104 2,826 282,284 SH   SOLE   282,284 0 0
SPECTRA ENERGY CORP COM 847560109 341 9,580 SH   SOLE   9,580 0 0
STARWOOD PPTY TR COM 85571b105 205 7,400 SH   SOLE   7,400 0 0
SYNOVUS FINANCIAL COM 87161c105 45 12,625 SH   SOLE   12,625 0 0
T ROWE PRICE ASSOCIATES COM 74144t108 2,374 28,341 SH   SOLE   28,341 0 0
TIFFANY & CO NEW COM 886547108 18,466 199,030 SH   SOLE   198,630 400 0
TOTAL SYS SERV INC COM 891906109 227 6,819 SH   SOLE   6,819 0 0
ULTRA PETROLEUM CORP COM 903914109 202 9,350 SH   SOLE   9,350 0 0
UNITED PARCEL SVC COM 911312106 1,647 15,677 SH   SOLE   15,677 0 0
UNITED TECHNOLOGIES CP COM 913017109 1,124 9,880 SH   SOLE   9,880 0 0
US BANCORP DEL COM 902973304 1,413 34,968 SH   SOLE   34,968 0 0
VIACOM INC CL B NEW COM 925524308 268 3,073 SH   SOLE   3,073 0 0
VORNADO REALTY TRUST COM 929042109 21,102 237,666 SH   SOLE   236,916 750 0
WAL-MART STORES INC COM 931142103 27,638 351,221 SH   SOLE   350,121 1,100 0
WELLS FARGO & CO COM 949746101 25,623 564,377 SH   SOLE   561,627 2,750 0
WESTERN UNION CO COM 959802109 388 22,500 SH   SOLE   22,500 0 0
WINTRUST FINANCIAL CORP COM 97650W108 2,204 47,785 SH   SOLE   47,785 0 0
WYNN RESORTS LTD COM 983134107 30,008 154,514 SH   SOLE   154,114 400 0