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
Abbott Laboratories COM 002824100 149,952 3,605,479 SH   SOLE   3,016,515 0 588,964
Abbott Laboratories COM 002824100 369,240 8,878,087 SH   DFND 1 8,878,087 0 0
Aon PLC COM G0408V102 681,722 7,775,997 SH   SOLE   6,040,497 0 1,735,500
Aon PLC COM G0408V102 67,930 774,841 SH   DFND 1 774,841 0 0
Bank of New York Mellon Corpor COM 064058100 323,548 8,353,950 SH   SOLE   6,948,650 0 1,405,300
Bank of New York Mellon Corpor COM 064058100 316,863 8,181,331 SH   DFND 1 8,181,331 0 0
Berkshire Hathaway Inc. Class COM 084670108 1,448 7 SH   SOLE   7 0 0
Berkshire Hathaway Inc. Class COM 084670702 201,845 1,461,162 SH   SOLE   1,251,945 0 209,217
Berkshire Hathaway Inc. Class COM 084670702 378,548 2,740,320 SH   DFND 1 2,740,320 0 0
Chesapeake Energy Corporation COM 165167107 1,008,789 43,879,449 SH   SOLE   35,364,600 0 8,514,849
Chesapeake Energy Corporation COM 165167107 434,985 18,920,627 SH   DFND 1 18,920,627 0 0
CNH Industrial NV COM N20944109 230,366 29,049,995 SH   SOLE   20,780,120 0 8,269,875
CONSOL Energy Inc. COM 20854P109 402,993 10,644,305 SH   SOLE   8,925,903 0 1,718,402
CONSOL Energy Inc. COM 20854P109 442,659 11,692,000 SH   DFND 1 11,692,000 0 0
Deltic Timber Corp COM 247850100 690 11,079 SH   SOLE   0 0 11,079
Deltic Timber Corp COM 247850100 12,440 199,615 SH   DFND 1 199,615 0 0
DreamWorks Animation SKG Inc. COM 26153C103 1,689 61,938 SH   SOLE   0 0 61,938
DreamWorks Animation SKG Inc. COM 26153C103 130,499 4,785,426 SH   DFND 1 4,785,426 0 0
Empire State Realty Trust Inc. COM 292104106 2,176 144,903 SH   SOLE   0 0 144,903
Empire State Realty Trust Inc. COM 292104106 184,308 12,270,850 SH   DFND 1 12,270,850 0 0
Everest Re Group Ltd. COM G3223R108 349,627 2,158,058 SH   SOLE   1,616,958 0 541,100
Everest Re Group Ltd. COM G3223R108 234,850 1,449,600 SH   DFND 1 1,449,600 0 0
FedEx Corporation COM 31428X106 1,015,756 6,291,458 SH   SOLE   5,138,914 0 1,152,544
FedEx Corporation COM 31428X106 499,168 3,091,780 SH   DFND 1 3,091,780 0 0
Franklin Resources Inc. COM 354613101 59,249 1,084,949 SH   SOLE   1,042,749 0 42,200
Franklin Resources Inc. COM 354613101 51,066 935,100 SH   DFND 1 935,100 0 0
Graham Holdings Company COM 384637104 188,106 268,881 SH   SOLE   214,505 0 54,376
Graham Holdings Company COM 384637104 299,425 428,000 SH   DFND 1 428,000 0 0
Level 3 Communications Inc. COM 52729N308 977,473 21,374,867 SH   SOLE   18,175,218 0 3,199,649
Level 3 Communications Inc. COM 52729N308 1,100,314 24,061,092 SH   DFND 1 24,061,092 0 0
Loews Corporation COM 540424108 857,237 20,576,989 SH   SOLE   17,123,889 0 3,453,100
Loews Corporation COM 540424108 584,790 14,037,215 SH   DFND 1 14,037,215 0 0
McDonald's Corporation COM 580135101 364,319 3,842,618 SH   SOLE   3,013,118 0 829,500
McDonald's Corporation COM 580135101 323,302 3,410,000 SH   DFND 1 3,410,000 0 0
Mondelez International Inc COM 609207105 663,813 19,372,926 SH   SOLE   15,154,126 0 4,218,800
Mondelez International Inc COM 609207105 386,149 11,269,500 SH   DFND 1 11,269,500 0 0
Murphy Oil Corporation COM 626717102 507,045 8,909,599 SH   SOLE   7,266,049 0 1,643,550
Murphy Oil Corporation COM 626717102 297,954 5,235,537 SH   DFND 1 5,235,537 0 0
News Corporation - Class A COM 65249B109 253,776 15,521,498 SH   SOLE   11,487,605 0 4,033,893
News Corporation - Class A COM 65249B109 8,719 533,300 SH   DFND 1 533,300 0 0
News Corporation - Class B COM 65249B208 329,296 20,415,115 SH   SOLE   17,094,215 0 3,320,900
News Corporation - Class B COM 65249B208 79,700 4,941,100 SH   DFND 1 4,941,100 0 0
Rayonier Inc. COM 754907103 3,070 98,600 SH   SOLE   0 0 98,600
Rayonier Inc. COM 754907103 237,533 7,627,921 SH   DFND 1 7,627,921 0 0
Royal Philips ADR COM 500472303 499,506 15,752,315 SH   SOLE   13,050,374 0 2,701,941
Royal Philips ADR COM 500472303 86,711 2,734,493 SH   DFND 1 2,734,493 0 0
Scripps Networks Interactive COM 811065101 300,784 3,851,766 SH   SOLE   3,014,378 0 837,388
Scripps Networks Interactive COM 811065101 359,922 4,609,065 SH   DFND 1 4,609,065 0 0
The Travelers Companies Inc. COM 89417E109 549,273 5,847,063 SH   SOLE   5,222,863 0 624,200
The Travelers Companies Inc. COM 89417E109 299,752 3,190,885 SH   DFND 1 3,190,885 0 0
tw telecom inc. COM 87311L104 399,269 9,595,510 SH   SOLE   6,969,810 0 2,625,700
tw telecom inc. COM 87311L104 223,945 5,382,000 SH   DFND 1 5,382,000 0 0
Vail Resorts Inc. COM 91879Q109 6,435 74,173 SH   SOLE   45,473 0 28,700
Vail Resorts Inc. COM 91879Q109 214,905 2,477,000 SH   DFND 1 2,477,000 0 0
ViaSat Inc. COM 92552V100 2,476 44,924 SH   SOLE   0 0 44,924
ViaSat Inc. COM 92552V100 168,371 3,054,635 SH   DFND 1 3,054,635 0 0
Vodafone Group Plc ADR COM 92857W308 194,761 5,921,594 SH   SOLE   5,024,394 0 897,200
Vodafone Group Plc ADR COM 92857W308 7,719 234,700 SH   DFND 1 234,700 0 0