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 143,709 3,749,268 SH   SOLE   3,160,304 0 588,964
Abbott Laboratories COM 002824100 371,651 9,696,076 SH   DFND 1 9,696,076 0 0
Aon PLC COM G0408V102 802,348 9,564,281 SH   SOLE   7,545,256 0 2,019,025
Aon PLC COM G0408V102 65,001 774,841 SH   DFND 1 774,841 0 0
Bank of New York Mellon Corpor COM 064058100 871,940 24,955,361 SH   SOLE   20,017,779 0 4,937,582
Bank of New York Mellon Corpor COM 064058100 503,635 14,414,294 SH   DFND 1 14,414,294 0 0
Berkshire Hathaway Inc. Class COM 084670108 1,245 7 SH   SOLE   7 0 0
Berkshire Hathaway Inc. Class COM 084670702 177,809 1,499,738 SH   SOLE   1,200,722 0 299,016
Berkshire Hathaway Inc. Class COM 084670702 324,892 2,740,320 SH   DFND 1 2,740,320 0 0
Chesapeake Energy Corporation COM 165167107 1,353,963 49,888,085 SH   SOLE   40,417,093 0 9,470,992
Chesapeake Energy Corporation COM 165167107 509,921 18,788,527 SH   DFND 1 18,788,527 0 0
CNH Industrial NV COM N20944109 120,334 10,602,144 SH   SOLE   9,791,491 0 810,653
CNH Industrial NV COM N20944109 16,567 1,459,662 SH   DFND 1 1,459,662 0 0
CONSOL Energy Inc. COM 20854P109 418,413 10,999,279 SH   SOLE   8,912,240 0 2,087,039
CONSOL Energy Inc. COM 20854P109 444,764 11,692,000 SH   DFND 1 11,692,000 0 0
DineEquity Inc COM 254423106 4,457 53,346 SH   SOLE   33,246 0 20,100
DineEquity Inc COM 254423106 105,411 1,261,654 SH   DFND 1 1,261,654 0 0
DIRECTV COM 25490A309 1,068,348 15,469,848 SH   SOLE   12,625,168 0 2,844,680
DIRECTV COM 25490A309 430,970 6,240,509 SH   DFND 1 6,240,509 0 0
Empire State Realty Trust Inc. COM 292104106 2,217 144,903 SH   SOLE   0 0 144,903
Empire State Realty Trust Inc. COM 292104106 187,744 12,270,850 SH   DFND 1 12,270,850 0 0
Everest Re Group Ltd. COM G3223R108 419,593 2,691,945 SH   SOLE   1,875,517 0 816,428
Everest Re Group Ltd. COM G3223R108 228,553 1,466,304 SH   DFND 1 1,466,304 0 0
FedEx Corporation COM 31428X106 1,318,129 9,168,315 SH   SOLE   7,481,858 0 1,686,457
FedEx Corporation COM 31428X106 597,712 4,157,419 SH   DFND 1 4,157,419 0 0
Graham Holdings Company COM 384637104 76,421 115,210 SH   SOLE   110,310 0 4,900
Graham Holdings Company COM 384637104 283,901 428,000 SH   DFND 1 428,000 0 0
Legg Mason Inc. COM 524901105 1,239 28,500 SH   SOLE   0 0 28,500
Legg Mason Inc. COM 524901105 134,327 3,089,387 SH   DFND 1 3,089,387 0 0
Level 3 Communications Inc. COM 52729N308 810,041 24,420,905 SH   SOLE   20,563,329 0 3,857,576
Level 3 Communications Inc. COM 52729N308 798,106 24,061,092 SH   DFND 1 24,061,092 0 0
Loews Corporation COM 540424108 1,014,491 21,030,077 SH   SOLE   17,196,741 0 3,833,336
Loews Corporation COM 540424108 673,175 13,954,715 SH   DFND 1 13,954,715 0 0
Martin Marietta Materials Inc. COM 573284106 65,246 652,855 SH   SOLE   513,355 0 139,500
Martin Marietta Materials Inc. COM 573284106 38,672 386,952 SH   DFND 1 386,952 0 0
Mondelez International Inc COM 609207105 816,842 23,139,994 SH   SOLE   18,428,481 0 4,711,513
Mondelez International Inc COM 609207105 423,131 11,986,718 SH   DFND 1 11,986,718 0 0
Murphy Oil Corporation COM 626717102 635,022 9,787,635 SH   SOLE   7,946,260 0 1,841,375
Murphy Oil Corporation COM 626717102 337,391 5,200,237 SH   DFND 1 5,200,237 0 0
News Corporation - Class A COM 65249B109 138,174 7,667,791 SH   SOLE   5,652,798 0 2,014,993
News Corporation - Class B COM 65249B208 364,841 20,462,198 SH   SOLE   17,031,098 0 3,431,100
News Corporation - Class B COM 65249B208 86,007 4,823,700 SH   DFND 1 4,823,700 0 0
Rayonier Inc. COM 754907103 641 15,229 SH   SOLE   14,193 0 1,036
Rayonier Inc. COM 754907103 3,255 77,324 SH   DFND 1 77,324 0 0
Royal Philips ADR COM 500472303 462,819 12,518,771 SH   SOLE   10,407,679 0 2,111,092
Royal Philips ADR COM 500472303 97,726 2,643,400 SH   DFND 1 2,643,400 0 0
Scripps Networks Interactive COM 811065101 14,728 170,449 SH   SOLE   148,349 0 22,100
Scripps Networks Interactive COM 811065101 177,365 2,052,600 SH   DFND 1 2,052,600 0 0
Texas Industries Inc. COM 882491103 37,788 549,400 SH   SOLE   485,900 0 63,500
Texas Industries Inc. COM 882491103 516,590 7,510,757 SH   DFND 1 7,510,757 0 0
The Travelers Companies Inc. COM 89417E109 582,061 6,428,774 SH   SOLE   5,693,208 0 735,566
The Travelers Companies Inc. COM 89417E109 289,202 3,194,185 SH   DFND 1 3,194,185 0 0
tw telecom inc. COM 87311L104 171,374 5,624,337 SH   SOLE   4,958,537 0 665,800
tw telecom inc. COM 87311L104 163,990 5,382,000 SH   DFND 1 5,382,000 0 0
Vail Resorts Inc. COM 91879Q109 6,008 79,858 SH   SOLE   51,158 0 28,700
Vail Resorts Inc. COM 91879Q109 186,345 2,477,000 SH   DFND 1 2,477,000 0 0
Vodafone Group Plc ADR COM 92857W209 70,267 1,787,506 SH   SOLE   1,239,506 0 548,000
Vodafone Group Plc ADR COM 92857W209 47,801 1,215,997 SH   DFND 1 1,215,997 0 0
Vornado Realty Trust COM 929042109 20,617 232,202 SH   SOLE   226,602 0 5,600
Vulcan Materials Company COM 929160109 61,126 1,028,708 SH   SOLE   744,711 0 283,997
Vulcan Materials Company COM 929160109 234,948 3,954,016 SH   DFND 1 3,954,016 0 0
Wendy's Company COM 95058W100 23,058 2,644,317 SH   SOLE   2,536,565 0 107,752
Wendy's Company COM 95058W100 73,339 8,410,411 SH   DFND 1 8,410,411 0 0