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
BERKSHIRE HATHAWAY-B-NEW CL B NEW 084670702 143,555 674,157 SH   DFND   0 0 0
CARMAX INC COM 143130102 99,136 1,078,615 SH   DFND   0 0 0
AMETEK INC COM 031100100 75,139 755,926 SH   DFND   0 0 0
VISA INC CLASS-A COM CL A 92826C839 60,231 301,201 SH   DFND   0 0 0
PROGRESSIVE CORP OHIO COM 743315103 58,152 614,264 SH   DFND   0 0 0
NVR INC COM 62944T105 57,000 13,960 SH   DFND   0 0 0
FACEBOOK INC CL-A CL A 30303M102 55,434 211,661 SH   DFND   0 0 0
ALPHABET INC CL-C CAP STK CL C 02079K107 53,141 36,160 SH   DFND   0 0 0
HEICO CORP CLASS A CL A 422806208 46,471 524,146 SH   DFND   0 0 0
MARKEL CORP HOLDING COM 570535104 43,547 44,723 SH   DFND   0 0 0
FORTUNE BRNDS HME&SEC COM 34964C106 43,489 502,647 SH   DFND   0 0 0
KEYSIGHT TECHNOLOGIES INC COM 49338L103 39,337 398,232 SH   DFND   0 0 0
FIVE BELOW INC COM 33829M101 36,837 290,052 SH   DFND   0 0 0
SCHWAB CHARLES CORP COM 808513105 34,786 960,145 SH   DFND   0 0 0
JP MORGAN CHASE & CO COM 46625H100 32,398 336,528 SH   DFND   0 0 0
BANK OF AMERICA COM 060505104 30,402 1,262,012 SH   DFND   0 0 0
EDWARDS LIFESCIENCES CORP COM 28176E108 29,807 373,422 SH   DFND   0 0 0
INTERCONTINENTAL EXCHANGE COM 45866F104 26,662 266,489 SH   DFND   0 0 0
DISNEY WALT COMPANY COM 254687106 22,482 181,188 SH   DFND   0 0 0
AUTOHOME INC CL-A ADR SP ADR RP CL A 05278C107 18,702 194,817 SH   DFND   0 0 0
ALPHABET INC CL-A CAP STK CL A 02079K305 11,411 7,786 SH   DFND   0 0 0
SLEEP NUMBER CORP COM 83125X103 10,438 213,410 SH   DFND   0 0 0
LITTELFUSE INC COM 537008104 10,197 57,501 SH   DFND   0 0 0
HEALTH CARE SERVICES GRP COM 421906108 7,680 356,693 SH   DFND   0 0 0
BANK OZK COM 06417N103 7,506 352,055 SH   DFND   0 0 0
SS&C TECHNOLOGIES INC COM 78467J100 4,327 71,502 SH   DFND   0 0 0
ARISTA NETWORKS INC COM 040413106 2,906 14,045 SH   DFND   0 0 0
MASTERCARD INC CL-A CL A 57636Q104 2,795 8,266 SH   DFND   0 0 0
CREDIT ACCEPTANCE CORP COM 225310101 2,717 8,023 SH   DFND   0 0 0
LIBERTY BROADBAND CORP COM SER C 530307305 2,561 17,926 SH   DFND   0 0 0
BERKSHIRE HATHAWAY-A CL A 084670108 2,560 8 SH   DFND   0 0 0
TJX COMPANIES INC COM 872540109 1,970 35,392 SH   DFND   0 0 0
FIRST REP BK SAN FRANCISCO C COM 33616C100 1,811 16,601 SH   DFND   0 0 0
SPDR S&P 500 ETF TR UNIT 78462F103 1,773 5,295 SH   DFND   0 0 0
AMAZON COM INC COM 023135106 1,628 517 SH   DFND   0 0 0
LULULEMON ATHLETICA INC COM 550021109 1,520 4,615 SH   SOLE   0 0 0
JACOBS ENGR GROUP INC COM 469814107 1,437 15,487 SH   DFND   0 0 0
WAYFAIR INC CL A 94419L101 1,260 4,331 SH   DFND   0 0 0
APPLE INC COM 037833100 1,092 9,432 SH   DFND   0 0 0
TAIWAN SEMICON MAN SP/ADR SPONSORED ADS 874039100 1,005 12,397 SH   DFND   0 0 0
MICROSOFT CORP COM 594918104 742 3,529 SH   SOLE   0 0 0
OLD DOMINION FREIGHT LINE COM 679580100 736 4,067 SH   SOLE   0 0 0
BROOKFIELD ASSET MGT-A LV CL A LTD VT SH 112585104 562 16,989 SH   DFND   0 0 0
STARBUCKS CORP COM 855244109 544 6,327 SH   SOLE   0 0 0
ISHARES SILVER TR ISHARES 46428Q109 498 23,000 SH   DFND   0 0 0
ROPER TECHNOLOGIES INC COM 776696106 492 1,245 SH   SOLE   0 0 0
NOVO-NORDISK A/S-ADR ADR 670100205 430 6,200 SH   SOLE   0 0 0
FASTENAL CO COM 311900104 404 8,954 SH   SOLE   0 0 0
KNIGHT-SWIFT TRANSPORT-A CL A 499049104 327 8,046 SH   SOLE   0 0 0
LIBERTY BROADBAND CO CLASS A COM SER A 530307107 171 1,205 SH   DFND   0 0 0
INTUITIVE SURGICAL COM NEW 46120E602 96 135 SH   SOLE   0 0 0
RESMED INC COM 761152107 75 437 SH   SOLE   0 0 0
ELI LILLY & CO COM 532457108 64 432 SH   SOLE   0 0 0
RITCHIE BROTHERS AUCTIONR COM 767744105 63 1,070 SH   SOLE   0 0 0