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 77,055 918,520 SH   SOLE   901,320 0 17,200
ACCENTURE PLC IRELAND SHS CLASS A G1151C101 18,615 226,400 SH   SOLE   226,400 0 0
LIBERTY GLOBAL PLC SHS CL C G5480U120 145,256 1,722,670 SH   SOLE   1,693,970 0 28,700
WILLIS GROUP HOLDINGS PUBLIC SHS G96666105 4,481 100,000 SH   SOLE   100,000 0 0
THE ADT CORPORATION COM 00101J106 15,176 375,000 SH   SOLE   375,000 0 0
ACI WORLDWIDE INC COM 004498101 9,811 150,944 SH   SOLE   150,944 0 0
ANHEUSER BUSCH INBEV SA/NV SPONSORED ADR 03524A108 1,384 13,000 SH   SOLE   13,000 0 0
APACHE CORP COM 037411105 92,270 1,073,656 SH   SOLE   1,056,656 0 17,000
APPLE INC COM 037833100 449 800 SH   SOLE   800 0 0
ASCENT CAP GROUP INC COM SER A 043632108 5,134 60,000 SH   SOLE   60,000 0 0
AVON PRODS INC COM 054303102 12,571 730,000 SH   SOLE   730,000 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108 12,275 69 SH   SOLE   69 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 132,666 1,118,981 SH   SOLE   1,098,981 0 20,000
BROWN & BROWN INC COM 115236101 16,534 526,718 SH   SOLE   526,718 0 0
CNA FINL CORP COM 126117100 9,865 230,000 SH   SOLE   230,000 0 0
CVS CAREMARK CORPORATION COM 126650100 716 10,000 SH   SOLE   10,000 0 0
CACI INTL INC CL A 127190304 23,020 314,400 SH   SOLE   314,400 0 0
COMPASS MINERALS INTL INC COM 20451N101 6,804 85,000 SH   SOLE   85,000 0 0
CUMULUS MEDIA INC CL A 231082108 25,509 3,300,000 SH   SOLE   3,300,000 0 0
DIAGEO P L C SPON ADR NEW 25243Q205 16,797 126,850 SH   SOLE   126,850 0 0
DIRECTV COM 25490A309 140,524 2,033,920 SH   SOLE   2,000,520 0 33,400
DISNEY WALT CO COM DISNEY 254687106 27,622 361,550 SH   SOLE   361,550 0 0
ENDO HEALTH SOLUTIONS INC COM 29264F205 30,082 445,920 SH   SOLE   445,920 0 0
EXPRESS SCRIPTS HLDG CO COM 30219G108 83,222 1,184,825 SH   SOLE   1,160,525 0 24,300
FLIR SYS INC COM 302445101 78,297 2,601,235 SH   SOLE   2,536,335 0 64,900
FTI CONSULTING INC COM 302941109 12,353 300,266 SH   SOLE   300,266 0 0
FIDELITY NATL INFORMATION SV COM 31620M106 30,592 569,890 SH   SOLE   554,390 0 15,500
GOOGLE INC CL A 38259P508 81,745 72,940 SH   SOLE   71,340 0 1,600
HEWLETT PACKARD CO COM 428236103 30,639 1,095,030 SH   SOLE   1,095,030 0 0
ITT EDUCATIONAL SERVICES INC COM 45068B109 583 17,360 SH   SOLE   17,360 0 0
ICONIX BRAND GROUP INC COM 451055107 102,216 2,574,720 SH   SOLE   2,520,720 0 54,000
INTELLIGENT SYS CORP NEW COM 45816D100 3,677 2,270,000 SH   SOLE   2,270,000 0 0
INTERVAL LEISURE GROUP INC COM 46113M108 77,593 2,511,116 SH   SOLE   2,453,616 0 57,500
LABORATORY CORP AMER HLDGS COM NEW 50540R409 82,508 903,010 SH   SOLE   890,110 0 12,900
LIBERTY INTERACTIVE CORP INT COM SER A 53071M104 144,465 4,922,140 SH   SOLE   4,853,440 0 68,700
LIBERTY INTERACTIVE CORP LBT VENT COM A 53071M880 39,584 322,900 SH   SOLE   318,400 0 4,500
LIBERTY MEDIA CORP DELAWARE CL A 531229102 84,901 579,730 SH   SOLE   568,530 0 11,200
LIQUIDITY SERVICES INC COM 53635B107 7,704 340,000 SH   SOLE   340,000 0 0
LIVE NATION ENTERTAINMENT IN COM 538034109 56,501 2,859,340 SH   SOLE   2,824,740 0 34,600
MARTIN MARIETTA MATLS INC COM 573284106 87,804 878,571 SH   SOLE   867,971 0 10,600
MICROSOFT CORP COM 594918104 68,782 1,837,625 SH   SOLE   1,805,225 0 32,400
NATIONAL CINEMEDIA INC COM 635309107 35,569 1,782,000 SH   SOLE   1,782,000 0 0
OMNICOM GROUP INC COM 681919106 18,161 244,200 SH   SOLE   244,200 0 0
ORACLE CORP COM 68389X105 67,001 1,751,190 SH   SOLE   1,727,390 0 23,800
OUTERWALL INC COM 690070107 1,467 21,804 SH   SOLE   21,804 0 0
PRAXAIR INC COM 74005P104 16,345 125,700 SH   SOLE   125,700 0 0
PRESTIGE BRANDS HLDGS INC COM 74112D101 5,370 150,000 SH   SOLE   150,000 0 0
PROSHARES TR SHRT 20+YR TRE 74347X849 16,455 500,000 SH   SOLE   500,000 0 0
RANGE RES CORP COM 75281A109 73,529 872,130 SH   SOLE   862,130 0 10,000
REDWOOD TR INC NOTE 4.625% 4/1 758075AB1 17,733 17,000,000 SH   SOLE   16,898,200 0 101,800
REDWOOD TR INC COM 758075402 118,606 6,123,169 SH   SOLE   6,123,169 0 0
SAPIENT CORP COM 803062108 9,548 550,000 SH   SOLE   550,000 0 0
SOUTHWESTERN ENERGY CO COM 845467109 37,577 955,440 SH   SOLE   933,440 0 22,000
TARGET CORP COM 87612E106 51,675 816,735 SH   SOLE   797,735 0 19,000
TEXAS INSTRS INC COM 882508104 105,891 2,411,550 SH   SOLE   2,372,050 0 39,500
TRANSDIGM GROUP INC COM 893641100 95,357 592,205 SH   SOLE   588,205 0 4,000
US BANCORP DEL COM NEW 902973304 606 15,000 SH   SOLE   15,000 0 0
UNITED PARCEL SERVICE INC CL B 911312106 24,604 234,150 SH   SOLE   234,150 0 0
VALEANT PHARMACEUTICALS INTL COM 91911K102 217,096 1,849,200 SH   SOLE   1,824,200 0 25,000
WELLS FARGO & CO NEW COM 949746101 112,800 2,484,590 SH   SOLE   2,443,790 0 40,800
WORLD FUEL SVCS CORP COM 981475106 21,580 500,000 SH   SOLE   500,000 0 0
XO GROUP INC COM 983772104 39,415 2,652,403 SH   SOLE   2,592,703 0 59,700