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
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 591 4,976 SH   DFND   0 0 0
ALPHABET INC CAP STK CL A 02079K305 27,171 9,379 SH   DFND   0 0 0
ALPHABET INC CAP STK CL C 02079K107 116,603 40,297 SH   DFND   0 0 0
AMAZON COM INC COM 023135106 2,527 758 SH   DFND   0 0 0
AMETEK INC COM 031100100 116,666 793,433 SH   DFND   0 0 0
ANALOG DEVICES INC COM 032654105 805 4,578 SH   DFND   0 0 0
APPLE INC COM 037833100 2,890 16,276 SH   DFND   0 0 0
ARISTA NETWORKS INC COM 040413106 12,526 87,136 SH   SOLE   0 0 0
AUTOHOME INC SP ADS RP CL A 05278C107 9,661 327,698 SH   DFND   0 0 0
BANK OZK COM 06417N103 8,381 180,120 SH   DFND   0 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108 3,605 8 SH   SOLE   0 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 165,822 554,588 SH   DFND   0 0 0
BK OF AMERICA CORP COM 060505104 39,043 877,569 SH   DFND   0 0 0
BOOT BARN HLDGS INC COM 099406100 1,016 8,253 SH   DFND   0 0 0
BROOKFIELD ASSET MGMT INC CL A LTD VT SH 112585104 1,298 16,989 SH   DFND   0 0 0
CARMAX INC COM 143130102 144,456 1,109,239 SH   DFND   0 0 0
CGI INC CL A SUB VTG 12532H104 147 1,665 SH   DFND   0 0 0
CIENA CORP COM NEW 171779309 25,630 332,984 SH   DFND   0 0 0
CREDIT ACCEP CORP MICH COM 225310101 10,260 14,920 SH   DFND   0 0 0
DISNEY WALT CO COM 254687106 32,397 209,162 SH   DFND   0 0 0
EDWARDS LIFESCIENCES CORP COM 28176E108 52,566 405,762 SH   DFND   0 0 0
FASTENAL CO COM 311900104 622 9,704 SH   DFND   0 0 0
FIRST REP BK SAN FRANCISCO C COM 33616C100 5,626 27,241 SH   DFND   0 0 0
FIVE BELOW INC COM 33829M101 71,714 346,629 SH   DFND   0 0 0
FORTUNE BRANDS HOME & SEC IN COM 34964C106 61,758 577,718 SH   DFND   0 0 0
HEICO CORP NEW CL A 422806208 79,476 618,391 SH   DFND   0 0 0
II-VI INC COM 902104108 4,788 70,068 SH   SOLE   0 0 0
INSTALLED BLDG PRODS INC COM 45780R101 22,042 157,758 SH   DFND   0 0 0
INTERCONTINENTAL EXCHANGE IN COM 45866F104 45,530 332,894 SH   DFND   0 0 0
ISHARES SILVER TR ISHARES 46428Q109 495 23,000 SH   SOLE   0 0 0
ISHARES TR U.S. FINLS ETF 464287788 270 3,110 SH   DFND   0 0 0
ISHARES TR US HOME CONS ETF 464288752 347 4,181 SH   DFND   0 0 0
JPMORGAN CHASE & CO COM 46625H100 42,325 267,287 SH   DFND   0 0 0
KEYSIGHT TECHNOLOGIES INC COM 49338L103 89,808 434,886 SH   DFND   0 0 0
KNIGHT-SWIFT TRANSN HLDGS IN CL A 499049104 490 8,046 SH   DFND   0 0 0
LEVI STRAUSS & CO NEW CL A COM STK 52736R102 824 32,939 SH   DFND   0 0 0
LIBERTY BROADBAND CORP COM SER C 530307305 5,939 36,865 SH   SOLE   0 0 0
LILLY ELI & CO COM 532457108 119 432 SH   DFND   0 0 0
LITTELFUSE INC COM 537008104 872 2,770 SH   DFND   0 0 0
LULULEMON ATHLETICA INC COM 550021109 1,807 4,615 SH   DFND   0 0 0
M & T BK CORP COM 55261F104 43,369 282,384 SH   DFND   0 0 0
MARKEL CORP COM 570535104 94,171 76,314 SH   DFND   0 0 0
MASTERCARD INCORPORATED CL A 57636Q104 5,227 14,547 SH   DFND   0 0 0
META PLATFORMS INC CL A 30303M102 83,519 248,311 SH   DFND   0 0 0
MICROSOFT CORP COM 594918104 1,203 3,578 SH   DFND   0 0 0
NOVO-NORDISK A S ADR 670100205 694 6,200 SH   DFND   0 0 0
NVR INC COM 62944T105 92,308 15,622 SH   DFND   0 0 0
OLD DOMINION FREIGHT LINE IN COM 679580100 1,458 4,067 SH   DFND   0 0 0
PROGRESSIVE CORP COM 743315103 83,840 816,752 SH   DFND   0 0 0
RESMED INC COM 761152107 114 437 SH   DFND   0 0 0
RITCHIE BROS AUCTIONEERS COM 767744105 65 1,070 SH   DFND   0 0 0
ROPER TECHNOLOGIES INC COM 776696106 718 1,460 SH   DFND   0 0 0
SCHWAB CHARLES CORP COM 808513105 96,081 1,142,461 SH   DFND   0 0 0
SITEONE LANDSCAPE SUPPLY INC COM 82982L103 909 3,753 SH   DFND   0 0 0
SLEEP NUMBER CORP COM 83125X103 27,468 358,590 SH   DFND   0 0 0
SPDR GOLD TR GOLD SHS 78463V107 729 4,265 SH   SOLE   0 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 2,389 5,030 SH   DFND   0 0 0
SS&C TECHNOLOGIES HLDGS INC COM 78467J100 52,093 635,433 SH   DFND   0 0 0
STARBUCKS CORP COM 855244109 739 6,322 SH   DFND   0 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS 874039100 1,586 13,183 SH   DFND   0 0 0
TJX COS INC NEW COM 872540109 698 9,197 SH   DFND   0 0 0
UNITEDHEALTH GROUP INC COM 91324P102 2,040 4,063 SH   SOLE   0 0 0
VISA INC COM CL A 92826C839 73,157 337,580 SH   DFND   0 0 0
WAYFAIR INC CL A 94419L101 1,064 5,602 SH   SOLE   0 0 0