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
BERKSHIRE HATHAWAY-B-NEW CL B NEW 084670702 150,742 844,446 SH   DFND   0 0 0
CARMAX INC COM 143130102 95,494 1,066,378 SH   DFND   0 0 0
AMETEK INC COM 031100100 66,813 747,603 SH   DFND   0 0 0
VISA INC CLASS-A COM CL A 92826C839 57,979 300,144 SH   DFND   0 0 0
ALPHABET INC CL-C CAP STK CL C 02079K107 51,348 36,324 SH   DFND   0 0 0
PROGRESSIVE CORP OHIO COM 743315103 48,381 603,936 SH   DFND   0 0 0
FACEBOOK INC CL-A CL A 30303M102 47,855 210,751 SH   DFND   0 0 0
NVR INC COM 62944T105 46,001 14,116 SH   DFND   0 0 0
HEICO CORP CLASS A CL A 422806208 41,330 508,738 SH   DFND   0 0 0
MARKEL CORP HOLDING COM 570535104 40,776 44,170 SH   DFND   0 0 0
KEYSIGHT TECHNOLOGIES INC COM 49338L103 40,544 402,300 SH   DFND   0 0 0
FORTUNE BRNDS HME&SEC COM 34964C106 32,372 506,373 SH   DFND   0 0 0
SCHWAB CHARLES CORP COM 808513105 32,265 956,291 SH   DFND   0 0 0
JP MORGAN CHASE & CO COM 46625H100 31,239 332,123 SH   DFND   0 0 0
FIVE BELOW INC COM 33829M101 30,854 288,602 SH   DFND   0 0 0
BANK OF AMERICA COM 060505104 29,980 1,262,324 SH   DFND   0 0 0
EDWARDS LIFESCIENCES CORP COM 28176E108 25,752 372,627 SH   DFND   0 0 0
INTERCONTINENTAL EXCHANGE COM 45866F104 23,534 256,926 SH   DFND   0 0 0
DISNEY WALT COMPANY COM 254687106 20,761 186,183 SH   DFND   0 0 0
AUTOHOME INC CL-A ADR SP ADR RP CL A 05278C107 14,980 198,417 SH   DFND   0 0 0
ALPHABET INC CL-A CAP STK CL A 02079K305 13,050 9,203 SH   DFND   0 0 0
LITTELFUSE INC COM 537008104 9,938 58,242 SH   DFND   0 0 0
SLEEP NUMBER CORP COM 83125X103 9,018 216,569 SH   DFND   0 0 0
HEALTH CARE SERVICES GRP COM 421906108 8,773 358,648 SH   DFND   0 0 0
BANK OZK COM 06417N103 8,364 356,374 SH   DFND   0 0 0
SS&C TECHNOLOGIES INC COM 78467J100 3,003 53,161 SH   DFND   0 0 0
CREDIT ACCEPTANCE CORP COM 225310101 2,768 6,605 SH   DFND   0 0 0
MASTERCARD INC CL-A CL A 57636Q104 2,410 8,151 SH   DFND   0 0 0
ARISTA NETWORKS INC COM 040413106 2,173 10,345 SH   DFND   0 0 0
SPDR S&P 500 ETF TR UNIT 78462F103 1,633 5,295 SH   DFND   0 0 0
BERKSHIRE HATHAWAY-A CL A 084670108 1,604 6 SH   DFND   0 0 0
TJX COMPANIES INC COM 872540109 1,511 29,880 SH   DFND   0 0 0
LULULEMON ATHLETICA INC COM 550021109 1,449 4,645 SH   SOLE   0 0 0
AMAZON COM INC COM 023135106 1,266 459 SH   DFND   0 0 0
JACOBS ENGR GROUP INC COM 469814107 1,201 14,159 SH   DFND   0 0 0
LIBERTY BROADBAND CORP COM SER C 530307305 1,178 9,507 SH   DFND   0 0 0
APPLE INC COM 037833100 1,008 2,764 SH   DFND   0 0 0
FIRST REP BK SAN FRANCISCO C COM 33616C100 943 8,893 SH   DFND   0 0 0
BROOKFIELD ASSET MGT-A LV CL A LTD VT SH 112585104 545 16,576 SH   DFND   0 0 0
MICROSOFT CORP COM 594918104 718 3,529 SH   SOLE   0 0 0
WAYFAIR INC CL A 94419L101 695 3,518 SH   DFND   0 0 0
OLD DOMINION FREIGHT LINE COM 679580100 690 4,067 SH   SOLE   0 0 0
CHARTER COMMUNICATIONS INC N CL A 16119P108 510 1,000 SH   DFND   0 0 0
ROPER TECHNOLOGIES INC COM 776696106 483 1,245 SH   SOLE   0 0 0
LIBERTY MEDIA CORP DEL COM SER C FRMLA 531229854 389 12,274 SH   DFND   0 0 0
FASTENAL CO COM 311900104 384 8,954 SH   SOLE   0 0 0
KNIGHT-SWIFT TRANSPORT-A CL A 499049104 336 8,046 SH   SOLE   0 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS 874039100 303 5,336 SH   DFND   0 0 0
UNITEDHEALTH GROUP INC COM 91324P102 299 1,014 SH   DFND   0 0 0