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 160,064 690,317 SH   DFND   0 0 0
CARMAX INC COM 143130102 105,411 1,115,937 SH   DFND   0 0 0
AMETEK INC COM 031100100 86,174 712,537 SH   DFND   0 0 0
VISA INC CLASS-A COM CL A 92826C839 66,758 305,206 SH   DFND   0 0 0
ALPHABET INC CL-C CAP STK CL C 02079K107 64,914 37,054 SH   DFND   0 0 0
PROGRESSIVE CORP OHIO COM 743315103 64,690 654,224 SH   DFND   0 0 0
HEICO CORP CLASS A CL A 422806208 62,756 536,099 SH   DFND   0 0 0
FACEBOOK INC CL-A CL A 30303M102 59,983 219,590 SH   DFND   0 0 0
NVR INC COM 62944T105 58,330 14,297 SH   DFND   0 0 0
KEYSIGHT TECHNOLOGIES INC COM 49338L103 53,389 404,190 SH   DFND   0 0 0
SCHWAB CHARLES CORP COM 808513105 52,925 997,825 SH   DFND   0 0 0
FIVE BELOW INC COM 33829M101 52,126 297,896 SH   DFND   0 0 0
MARKEL CORP HOLDING COM 570535104 48,309 46,752 SH   DFND   0 0 0
FORTUNE BRNDS HME&SEC COM 34964C106 44,231 515,998 SH   DFND   0 0 0
JP MORGAN CHASE & CO COM 46625H100 43,917 345,615 SH   DFND   0 0 0
BANK OF AMERICA COM 060505104 38,726 1,277,648 SH   DFND   0 0 0
EDWARDS LIFESCIENCES CORP COM 28176E108 35,380 387,814 SH   DFND   0 0 0
DISNEY WALT COMPANY COM 254687106 34,142 188,443 SH   DFND   0 0 0
INTERCONTINENTAL EXCHANGE COM 45866F104 31,701 274,971 SH   DFND   0 0 0
AUTOHOME INC CL-A ADR SP ADR RP CL A 05278C107 31,407 315,266 SH   DFND   0 0 0
SLEEP NUMBER CORP COM 83125X103 26,994 329,758 SH   DFND   0 0 0
ALPHABET INC CL-A CAP STK CL A 02079K305 14,971 8,542 SH   DFND   0 0 0
BANK OZK COM 06417N103 11,135 356,092 SH   DFND   0 0 0
HEALTH CARE SERVICES GRP COM 421906108 10,168 361,849 SH   DFND   0 0 0
SS&C TECHNOLOGIES INC COM 78467J100 6,102 83,871 SH   DFND   0 0 0
ARISTA NETWORKS INC COM 040413106 4,742 16,319 SH   DFND   0 0 0
MASTERCARD INC CL-A CL A 57636Q104 3,443 9,645 SH   DFND   0 0 0
CREDIT ACCEPTANCE CORP COM 225310101 3,377 9,757 SH   DFND   0 0 0
LIBERTY BROADBAND CORP COM SER C 530307305 3,294 20,797 SH   DFND   0 0 0
BERKSHIRE HATHAWAY-A CL A 084670108 2,783 8 SH   DFND   0 0 0
FIRST REP BK SAN FRANCISCO C COM 33616C100 2,743 18,671 SH   DFND   0 0 0
TJX COMPANIES INC COM 872540109 2,733 40,027 SH   DFND   0 0 0
SPDR S&P 500 ETF TR UNIT 78462F103 1,846 4,937 SH   DFND   0 0 0
JACOBS ENGR GROUP INC COM 469814107 1,746 16,022 SH   DFND   0 0 0
LULULEMON ATHLETICA INC COM 550021109 1,606 4,615 SH   SOLE   0 0 0
APPLE INC COM 037833100 1,580 11,904 SH   DFND   0 0 0
AMAZON COM INC COM 023135106 1,518 466 SH   DFND   0 0 0
TAIWAN SEMICON MAN SP/ADR SPONSORED ADS 874039100 1,022 9,377 SH   DFND   0 0 0
MICROSOFT CORP COM 594918104 796 3,578 SH   DFND   0 0 0
OLD DOMINION FREIGHT LINE COM 679580100 794 4,067 SH   SOLE   0 0 0
LITTELFUSE INC COM 537008104 710 2,788 SH   DFND   0 0 0
BROOKFIELD ASSET MGT-A LV CL A LTD VT SH 112585104 701 16,989 SH   DFND   0 0 0
STARBUCKS CORP COM 855244109 677 6,327 SH   SOLE   0 0 0
ISHARES SILVER TR ISHARES 46428Q109 565 23,000 SH   DFND   0 0 0
ROPER TECHNOLOGIES INC COM 776696106 537 1,245 SH   SOLE   0 0 0
FASTENAL CO COM 311900104 437 8,954 SH   SOLE   0 0 0
NOVO-NORDISK A/S-ADR ADR 670100205 433 6,200 SH   SOLE   0 0 0
WAYFAIR INC CL A 94419L101 344 1,525 SH   DFND   0 0 0
KNIGHT-SWIFT TRANSPORT-A CL A 499049104 336 8,046 SH   SOLE   0 0 0
INTUITIVE SURGICAL COM NEW 46120E602 110 135 SH   SOLE   0 0 0
RESMED INC COM 761152107 93 437 SH   SOLE   0 0 0
RITCHIE BROTHERS AUCTIONR COM 767744105 74 1,070 SH   SOLE   0 0 0
ELI LILLY & CO COM 532457108 73 432 SH   SOLE   0 0 0