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
AON PLC SHS CL A G0403H108 39,618 147,900 SH   SOLE   147,900 0 0
AXALTA COATING SYS LTD COM G0750C108 15,448 733,500 SH   SOLE   733,500 0 0
ACCENTURE PLC IRELAND SHS CLASS A G1151C101 23,003 89,400 SH   SOLE   89,400 0 0
LIBERTY GLOBAL PLC SHS CL C G5480U120 31,697 1,921,000 SH   SOLE   1,921,000 0 0
LINDE PLC SHS G5494J103 20,054 74,386 SH   SOLE   74,386 0 0
LIBERTY LATIN AMERICA LTD COM CL C G9001E128 10,032 1,631,300 SH   SOLE   1,631,300 0 0
ACI WORLDWIDE INC COM 004498101 7,016 335,700 SH   SOLE   335,700 0 0
ADOBE SYSTEMS INC COM 00724F101 17,888 65,000 SH   SOLE   65,000 0 0
ALPHABET INC CAP STK CL C 02079K107 109,617 1,140,060 SH   SOLE   1,140,060 0 0
AMAZON COM INC COM 023135106 45,200 400,000 SH   SOLE   400,000 0 0
ANALOG DEVICES INC COM 032654105 35,587 255,400 SH   SOLE   255,400 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 106,928 400,450 SH   SOLE   400,450 0 0
BLACK KNIGHT INC COM 09215C105 24,144 373,000 SH   SOLE   373,000 0 0
CARMAX INC COM 143130102 52,506 795,300 SH   SOLE   795,300 0 0
COMCAST CORP NEW CL A 20030N101 1,895 64,600 SH   SOLE   64,600 0 0
COSTAR GROUP INC COM 22160N109 86,902 1,247,700 SH   SOLE   1,247,700 0 0
DANAHER CORPORATION COM 235851102 63,935 247,532 SH   SOLE   247,532 0 0
DIAGEO PLC SPON ADR NEW 25243Q205 1,987 11,700 SH   SOLE   11,700 0 0
DOLBY LABORATORIES INC COM CL A 25659T107 5,179 79,500 SH   SOLE   79,500 0 0
DUN & BRADSTREET HLDGS INC COM 26484T106 8,839 713,383 SH   SOLE   713,383 0 0
META PLATFORMS INC CL A 30303M102 57,291 422,250 SH   SOLE   422,250 0 0
FIDELITY NATL INFORMATION SV COM 31620M106 51,078 675,900 SH   SOLE   675,900 0 0
FIRST REP BK SAN FRANCISCO C COM 33616C100 12,931 99,050 SH   SOLE   99,050 0 0
FORTIVE CORP COM 34959J108 2,379 40,800 SH   SOLE   40,800 0 0
GARTNER INC COM 366651107 38,706 139,890 SH   SOLE   139,890 0 0
GUIDEWIRE SOFTWARE INC COM 40171V100 11,903 193,300 SH   SOLE   193,300 0 0
HEICO CORP NEW CL A 422806208 21,033 183,500 SH   SOLE   183,500 0 0
HONEYWELL INTL INC COM 438516106 1,994 11,944 SH   SOLE   11,944 0 0
IDEX CORP COM 45167R104 14,409 72,100 SH   SOLE   72,100 0 0
INGERSOLL RAND INC COM 45687V106 3,461 80,000 SH   SOLE   80,000 0 0
CORECARD CORPORATION COM 45816D100 13,715 630,000 SH   SOLE   630,000 0 0
JPMORGAN CHASE & CO COM 46625H100 2,090 20,000 SH   SOLE   20,000 0 0
LKQ CORP COM 501889208 20,449 433,700 SH   SOLE   433,700 0 0
LABORATORY CORP AMER HLDGS COM NEW 50540R409 54,490 266,050 SH   SOLE   266,050 0 0
LIBERTY BROADBAND CORP COM SER A 530307107 14,174 190,000 SH   SOLE   190,000 0 0
LIBERTY BROADBAND CORP COM SER C 530307305 56,951 771,700 SH   SOLE   771,700 0 0
LIBERTY MEDIA CORP DEL COM A SIRIUSXM 531229409 14,276 375,000 SH   SOLE   375,000 0 0
LIBERTY MEDIA CORP DEL COM C SIRIUSXM 531229607 62,870 1,667,200 SH   SOLE   1,667,200 0 0
MARKEL CORP COM 570535104 42,653 39,340 SH   SOLE   39,340 0 0
MARKETAXESS HLDGS INC COM 57060D108 12,459 56,000 SH   SOLE   56,000 0 0
MARTIN MARIETTA MATLS INC COM 573284106 22,240 69,050 SH   SOLE   69,050 0 0
MASTERCARD INCORPORATED CL A 57636Q104 66,550 234,050 SH   SOLE   234,050 0 0
MICROSOFT CORP COM 594918104 4,774 20,500 SH   SOLE   20,500 0 0
ORACLE CORP COM 68389X105 22,016 360,500 SH   SOLE   360,500 0 0
PERIMETER SOLUTIONS SA COM L7579L106 16,421 2,050,000 SH   SOLE   2,050,000 0 0
QURATE RETAIL INC COM SER A 74915M100 603 300,000 SH   SOLE   300,000 0 0
RWT HLDGS INC NOTE 5.750%10/0 749772AD1 3,008 3,500,000 PRN   SOLE   3,500,000 0 0
REDWOOD TR INC NOTE 4.750% 8/1 758075AC9 10,714 10,850,000 PRN   SOLE   10,850,000 0 0
REDWOOD TR INC NOTE 5.625% 7/1 758075AD7 8,167 9,000,000 PRN   SOLE   9,000,000 0 0
REDWOOD TR INC COM 758075402 720 125,485 SH   SOLE   125,485 0 0
ROPER TECHNOLOGIES INC COM 776696106 38,589 107,300 SH   SOLE   107,300 0 0
S&P GLOBAL INC COM 78409V104 22,558 73,875 SH   SOLE   73,875 0 0
SALESFORCE COM INC COM 79466L302 17,980 125,000 SH   SOLE   120,000 0 0
SCHWAB CHARLES CORP COM 808513105 55,458 771,650 SH   SOLE   771,650 0 0
TEXAS INSTRS INC COM 882508104 28,046 181,201 SH   SOLE   181,201 0 0
THERMO FISHER SCIENTIFIC INC COM 883556102 37,005 72,960 SH   SOLE   72,960 0 0
VISA INC COM CL A 92826C839 73,831 415,600 SH   SOLE   415,600 0 0
VULCAN MATLS CO COM 929160109 54,110 343,100 SH   SOLE   343,100 0 0