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
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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
Alphabet Inc Class C 02079K107 60,785 43,000 SH   SOLE   43,000 0 0
Alibaba Sponsored ADS 01609W102 53,925 250,000 SH   SOLE   250,000 0 0
Arch Capital Group LTD COM G0450A105 28,650 1,000,000 SH   SOLE   1,000,000 0 0
Avalon Bay COM 053484101 23,196 150,000 SH   SOLE   150,000 0 0
Bank of the Ozarks COM 063904106 23,284 992,115 SH   SOLE   992,115 0 0
Berkshire Hathaway Inc Del Cl A Frmly CL A 084670108 32,076 120 SH   SOLE   120 0 0
Berkshire Hathaway Inc Del Cl B Frmly CL B 084670702 35,702 200,000 SH   SOLE   200,000 0 0
AXOS Finl Inc COM 05465C100 4,381 198,428 SH   SOLE   198,428 0 0
Cadence Bancorporation COM 12739A101 17,720 2,000,000 SH   SOLE   2,000,000 0 0
Chubb Limited COM H1467J104 56,979 450,000 SH   SOLE   450,000 0 0
Citigroup COM 172967424 20,440 400,000 SH   SOLE   400,000 0 0
Facebook Cl A 30303M102 90,828 400,000 SH   SOLE   400,000 0 0
Goldman Sachs Group Inc COM 38141G104 23,714 120,000 SH   SOLE   120,000 0 0
Jones Lange Lasalle Inc. COM 48020Q107 25,865 250,000 SH   SOLE   250,000 0 0
KKR & Co. COM 48248M102 30,880 1,000,000 SH   SOLE   1,000,000 0 0
Mastercard Inc COM 57636Q104 25,134 85,000 SH   SOLE   85,000 0 0
Moodys Corp COM 615369105 33,929 123,500 SH   SOLE   123,500 0 0
Peoples Utah Bancorp COM 712706209 19,957 888,180 SH   SOLE   888,180 0 0
Raymond James Financial Inc COM 754730109 13,766 200,000 SH   SOLE   200,000 0 0
S&P Global Inc COM 78409V104 49,422 150,000 SH   SOLE   150,000 0 0
Servisfirst Bancshares Inc COM 81768T108 38,323 1,071,682 SH   SOLE   1,071,682 0 0
Signature Bank New York COM 82669G104 26,730 250,000 SH   SOLE   250,000 0 0
Sterling Bancorp COM 85917A100 14,650 1,250,000 SH   SOLE   1,250,000 0 0
SVB Financial Group COM 78486Q101 38,021 176,410 SH   SOLE   176,410 0 0
TD Ameritrade Hldg Corp COM 87236Y108 14,552 400,000 SH   SOLE   400,000 0 0
Timberland Bancorp Inc COM 887098101 2,091 114,850 SH   SOLE   114,850 0 0
US Bancorp Del Com New COM 902973304 64,108 1,741,141 SH   SOLE   1,741,141 0 0
Visa Inc Com COM 92826C839 57,951 300,000 SH   SOLE   300,000 0 0
Watford Holdings Ltd Com G94787101 7,345 440,120 SH   SOLE   440,120 0 0
Wells Fargo & Co. New COM 949746101 9,088 355 SH   SOLE   355 0 0
Western Alliance Bancorp COM 957638109 65,743 1,736,035 SH   SOLE   1,736,035 0 0