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
ADOBE INC COM 00724F101 570,137 1,140,000 SH   SOLE   1,140,000 0 0
ALARM COM HLDGS INC COM 011642105 205,023 1,981,858 SH   SOLE   1,981,858 0 0
AMERICAN TOWER CORP NEW COM 03027X100 1,600,525 7,130,558 SH   SOLE   7,130,558 0 0
ANSYS INC COM 03662Q105 221,832 609,764 SH   SOLE   609,764 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 4,316 18,614 SH   SOLE   18,614 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108 1,043 3 SH   SOLE   3 0 0
BROOKFIELD ASSET MGMT INC CL A LTD VT SH 112585104 538,185 13,040,575 SH   SOLE   13,040,575 0 0
CARMAX INC COM 143130102 706,489 7,479,242 SH   SOLE   7,479,242 0 0
COLONY CAP INC NEW CL A COM 19626G108 51,490 10,704,800 SH   SOLE   10,704,800 0 0
COSTAR GROUP INC COM 22160N109 892,818 965,961 SH   SOLE   965,961 0 0
DANAHER CORP DEL COM 235851102 367,708 1,655,300 SH   SOLE   1,655,300 0 0
DESCARTES SYS GROUP INC COM 249906108 12,123 207,300 SH   SOLE   207,300 0 0
DOLLAR TREE INC COM 256746108 489,049 4,526,552 SH   SOLE   4,526,552 0 0
GOOSEHEAD INS INC COM CL A 38267D109 30,362 243,366 SH   SOLE   243,366 0 0
KKR & CO L P DEL COM UNITS 48251W104 596,274 14,726,448 SH   SOLE   14,726,448 0 0
LAMAR ADVERTISING CO CL A 512816109 4,039 48,530 SH   SOLE   48,530 0 0
LIVE NATION ENTERTAINMENT IN COM 538034109 401,892 5,469,400 SH   SOLE   5,469,400 0 0
MARKEL CORP COM 570535104 320,943 310,600 SH   SOLE   310,600 0 0
MASTERCARD INC CL A 57636Q104 2,098,880 5,880,205 SH   SOLE   5,880,205 0 0
MOODYS CORP COM 615369105 1,634,836 5,632,705 SH   SOLE   5,632,705 0 0
O REILLY AUTOMOTIVE INC NEW COM 67103H107 832,613 1,839,744 SH   SOLE   1,839,744 0 0
OLLIES BARGAIN OUTLT HLDGS I COM 681116109 40,885 500,000 SH   SOLE   500,000 0 0
PRIMO WTR CORP COM 74167P108 469 29,899 SH   SOLE   29,899 0 0
ROPER INDS INC NEW COM 776696106 824,678 1,913,007 SH   SOLE   1,913,007 0 0
SBA COMMUNICATIONS CORP COM 78410G104 695,450 2,465,000 SH   SOLE   2,465,000 0 0
THE TRADE DESK INC COM CL A 88339J105 356 445 SH   SOLE   445 0 0
VERISK ANALYTICS INC CL A 92345Y106 508,691 2,450,461 SH   SOLE   2,450,461 0 0
VISA INC COM CL A 92826C839 1,146,705 5,242,558 SH   SOLE   5,242,558 0 0