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 G0408V102 132,910 2,065,430 SH   SOLE   2,031,430 0 34,000
ACCENTURE PLC IRELAND SHS CLASS A G1151C101 16,213 225,300 SH   SOLE   225,300 0 0
LIBERTY GLOBAL PLC SHS CL C G5480U120 100,097 1,474,400 SH   SOLE   1,449,900 0 24,500
WILLIS GROUP HOLDINGS PUBLIC SHS G96666105 4,078 100,000 SH   SOLE   100,000 0 0
ACI WORLDWIDE INC COM 004498101 325 7,000 SH   SOLE   7,000 0 0
APACHE CORP COM 037411105 77,205 920,976 SH   SOLE   903,976 0 17,000
APPLE INC COM 037833100 317 800 SH   SOLE   800 0 0
ASCENT CAP GROUP INC COM SER A 043632108 4,684 60,000 SH   SOLE   60,000 0 0
AVON PRODS INC COM 054303102 315 15,000 SH   SOLE   15,000 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108 11,633 69 SH   SOLE   69 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 123,469 1,103,192 SH   SOLE   1,082,192 0 21,000
BROWN & BROWN INC COM 115236101 9,994 310,000 SH   SOLE   310,000 0 0
CNA FINL CORP COM 126117100 7,503 230,000 SH   SOLE   230,000 0 0
CVS CAREMARK CORPORATION COM 126650100 11,505 201,200 SH   SOLE   192,200 0 9,000
CACI INTL INC CL A 127190304 20,983 330,500 SH   SOLE   330,500 0 0
COINSTAR INC COM 19259P300 35,333 602,229 SH   SOLE   586,929 0 15,300
COMPASS MINERALS INTL INC COM 20451N101 7,185 85,000 SH   SOLE   85,000 0 0
CUMULUS MEDIA INC CL A 231082108 11,187 3,300,000 SH   SOLE   3,300,000 0 0
DIAGEO P L C SPON ADR NEW 25243Q205 14,507 126,200 SH   SOLE   126,200 0 0
DIRECTV COM 25490A309 137,160 2,225,900 SH   SOLE   2,185,400 0 40,500
DISNEY WALT CO COM DISNEY 254687106 22,721 359,800 SH   SOLE   359,800 0 0
EXPRESS SCRIPTS HLDG CO COM 30219G108 60,117 974,500 SH   SOLE   951,400 0 23,100
FLIR SYS INC COM 302445101 71,189 2,639,570 SH   SOLE   2,573,570 0 66,000
FTI CONSULTING INC COM 302941109 6,058 184,202 SH   SOLE   184,202 0 0
FIDELITY NATL INFORMATION SV COM 31620M106 24,243 565,900 SH   SOLE   550,400 0 15,500
GOOGLE INC CL A 38259P508 71,099 80,760 SH   SOLE   79,010 0 1,750
HEWLETT PACKARD CO COM 428236103 26,961 1,087,130 SH   SOLE   1,087,130 0 0
ITT EDUCATIONAL SERVICES INC COM 45068B109 743 30,450 SH   SOLE   30,450 0 0
ICONIX BRAND GROUP INC COM 451055107 78,742 2,677,400 SH   SOLE   2,616,400 0 61,000
INTELLIGENT SYS CORP NEW COM 45816D100 2,853 2,270,000 SH   SOLE   2,270,000 0 0
INTERVAL LEISURE GROUP INC COM 46113M108 51,275 2,574,047 SH   SOLE   2,510,947 0 63,100
LABORATORY CORP AMER HLDGS COM NEW 50540R409 61,316 612,550 SH   SOLE   599,650 0 12,900
LIBERTY INTERACTIVE CORP INT COM SER A 53071M104 85,689 3,724,000 SH   SOLE   3,665,300 0 58,700
LIBERTY INTERACTIVE CORP LBT VENT COM A 53071M880 23,161 272,450 SH   SOLE   267,550 0 4,900
LIBERTY MEDIA CORP DELAWARE CL A 531229102 66,460 524,300 SH   SOLE   515,000 0 9,300
LIVE NATION ENTERTAINMENT IN COM 538034109 56,319 3,633,500 SH   SOLE   3,590,300 0 43,200
MARTIN MARIETTA MATLS INC COM 573284106 64,819 658,600 SH   SOLE   648,000 0 10,600
MICROSOFT CORP COM 594918104 64,052 1,854,955 SH   SOLE   1,818,955 0 36,000
MOSAIC CO NEW COM 61945C103 6,726 125,000 SH   SOLE   125,000 0 0
NATIONAL CINEMEDIA INC COM 635309107 32,433 1,920,245 SH   SOLE   1,920,245 0 0
OMNICARE INC COM 681904108 35,636 746,920 SH   SOLE   722,520 0 24,400
OMNICOM GROUP INC COM 681919106 26,405 420,000 SH   SOLE   420,000 0 0
ORACLE CORP COM 68389X105 276 9,000 SH   SOLE   9,000 0 0
PRAXAIR INC COM 74005P104 14,395 125,000 SH   SOLE   125,000 0 0
PRESTIGE BRANDS HLDGS INC COM 74112D101 7,285 250,000 SH   SOLE   250,000 0 0
PROSHARES TR SHRT 20+YR TRE 74347X849 4,707 150,000 SH   SOLE   150,000 0 0
RANGE RES CORP COM 75281A109 49,485 640,000 SH   SOLE   640,000 0 0
REDWOOD TR INC NOTE 4.625% 4/1 758075AB1 16,798 17,000,000 SH   SOLE   17,000,000 0 0
REDWOOD TR INC COM 758075402 92,011 5,412,409 SH   SOLE   5,324,809 0 87,600
SANDRIDGE ENERGY INC COM 80007P307 7,140 1,500,000 SH   SOLE   1,500,000 0 0
SAPIENT CORP COM 803062108 10,840 830,000 SH   SOLE   830,000 0 0
SOUTHWESTERN ENERGY CO COM 845467109 41,146 1,126,360 SH   SOLE   1,099,360 0 27,000
TARGET CORP COM 87612E106 56,859 825,714 SH   SOLE   805,770 0 19,944
TEXAS INSTRS INC COM 882508104 97,986 2,810,050 SH   SOLE   2,759,150 0 50,900
TRANSDIGM GROUP INC COM 893641100 47,345 302,000 SH   SOLE   302,000 0 0
US BANCORP DEL COM NEW 902973304 723 20,000 SH   SOLE   20,000 0 0
UNITED PARCEL SERVICE INC CL B 911312106 34,160 395,000 SH   SOLE   395,000 0 0
VALEANT PHARMACEUTICALS INTL COM 91911K102 180,357 2,095,230 SH   SOLE   2,066,430 0 28,800
WELLS FARGO & CO NEW COM 949746101 104,917 2,542,200 SH   SOLE   2,497,600 0 44,600
WORLD FUEL SVCS CORP COM 981475106 9,195 230,000 SH   SOLE   230,000 0 0
XO GROUP INC COM 983772104 29,329 2,618,660 SH   SOLE   2,558,960 0 59,700