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 142,919 1,919,920 SH   SOLE   1,887,720 0 32,200
ACCENTURE PLC IRELAND SHS CLASS A G1151C101 16,672 226,400 SH   SOLE   226,400 0 0
LIBERTY GLOBAL PLC SHS CL C G5480U120 113,726 1,507,700 SH   SOLE   1,484,200 0 23,500
WILLIS GROUP HOLDINGS PUBLIC SHS G96666105 4,333 100,000 SH   SOLE   100,000 0 0
ACI WORLDWIDE INC COM 004498101 8,155 150,844 SH   SOLE   150,844 0 0
ANHEUSER BUSCH INBEV SA/NV SPONSORED ADR 03524A108 1,290 13,000 SH   SOLE   13,000 0 0
APACHE CORP COM 037411105 89,363 1,049,596 SH   SOLE   1,032,596 0 17,000
APPLE INC COM 037833100 381 800 SH   SOLE   800 0 0
ASCENT CAP GROUP INC COM SER A 043632108 4,837 60,000 SH   SOLE   60,000 0 0
AVON PRODS INC COM 054303102 309 15,000 SH   SOLE   15,000 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108 11,758 69 SH   SOLE   69 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 126,676 1,115,992 SH   SOLE   1,095,992 0 20,000
BROWN & BROWN INC COM 115236101 11,572 360,497 SH   SOLE   360,497 0 0
CNA FINL CORP COM 126117100 8,781 230,000 SH   SOLE   230,000 0 0
CVS CAREMARK CORPORATION COM 126650100 11,456 201,860 SH   SOLE   192,860 0 9,000
CACI INTL INC CL A 127190304 21,728 314,400 SH   SOLE   314,400 0 0
COMPASS MINERALS INTL INC COM 20451N101 6,483 85,000 SH   SOLE   85,000 0 0
CUMULUS MEDIA INC CL A 231082108 17,490 3,300,000 SH   SOLE   3,300,000 0 0
DIAGEO P L C SPON ADR NEW 25243Q205 16,120 126,850 SH   SOLE   126,850 0 0
DIRECTV COM 25490A309 118,342 1,980,620 SH   SOLE   1,947,220 0 33,400
DISNEY WALT CO COM DISNEY 254687106 23,316 361,550 SH   SOLE   361,550 0 0
EXPRESS SCRIPTS HLDG CO COM 30219G108 60,684 982,255 SH   SOLE   961,055 0 21,200
FLIR SYS INC COM 302445101 78,142 2,488,605 SH   SOLE   2,426,605 0 62,000
FTI CONSULTING INC COM 302941109 15,517 410,502 SH   SOLE   410,502 0 0
FIDELITY NATL INFORMATION SV COM 31620M106 26,392 568,310 SH   SOLE   552,810 0 15,500
GOOGLE INC CL A 38259P508 72,985 83,325 SH   SOLE   81,725 0 1,600
HEWLETT PACKARD CO COM 428236103 22,932 1,093,030 SH   SOLE   1,093,030 0 0
ITT EDUCATIONAL SERVICES INC COM 45068B109 712 22,960 SH   SOLE   22,960 0 0
ICONIX BRAND GROUP INC COM 451055107 88,997 2,679,020 SH   SOLE   2,620,920 0 58,100
INTELLIGENT SYS CORP NEW COM 45816D100 3,428 2,270,000 SH   SOLE   2,270,000 0 0
INTERVAL LEISURE GROUP INC COM 46113M108 61,477 2,601,667 SH   SOLE   2,544,167 0 57,500
LABORATORY CORP AMER HLDGS COM NEW 50540R409 67,463 680,480 SH   SOLE   667,580 0 12,900
LIBERTY INTERACTIVE CORP INT COM SER A 53071M104 93,800 3,996,580 SH   SOLE   3,937,880 0 58,700
LIBERTY INTERACTIVE CORP LBT VENT COM A 53071M880 26,663 302,400 SH   SOLE   297,900 0 4,500
LIBERTY MEDIA CORP DELAWARE CL A 531229102 77,178 524,485 SH   SOLE   515,685 0 8,800
LIVE NATION ENTERTAINMENT IN COM 538034109 64,268 3,464,590 SH   SOLE   3,425,390 0 39,200
MARTIN MARIETTA MATLS INC COM 573284106 70,061 713,670 SH   SOLE   703,070 0 10,600
MICROSOFT CORP COM 594918104 61,816 1,855,775 SH   SOLE   1,823,375 0 32,400
NATIONAL CINEMEDIA INC COM 635309107 34,927 1,851,900 SH   SOLE   1,851,900 0 0
OMNICARE INC COM 681904108 6,310 113,700 SH   SOLE   113,700 0 0
OMNICOM GROUP INC COM 681919106 20,282 319,700 SH   SOLE   319,700 0 0
ORACLE CORP COM 68389X105 299 9,000 SH   SOLE   9,000 0 0
OUTERWALL INC COM 690070107 30,152 603,166 SH   SOLE   589,266 0 13,900
PRAXAIR INC COM 74005P104 15,110 125,700 SH   SOLE   125,700 0 0
PRESTIGE BRANDS HLDGS INC COM 74112D101 4,518 150,000 SH   SOLE   150,000 0 0
PROSHARES TR SHRT 20+YR TRE 74347X849 10,570 330,000 SH   SOLE   330,000 0 0
RANGE RES CORP COM 75281A109 60,815 801,360 SH   SOLE   794,160 0 7,200
REDWOOD TR INC NOTE 4.625% 4/1 758075AB1 17,999 17,000,000 SH   SOLE   17,000,000 0 0
REDWOOD TR INC COM 758075402 117,355 5,960,149 SH   SOLE   5,858,349 0 101,800
SAPIENT CORP COM 803062108 10,447 671,000 SH   SOLE   671,000 0 0
SOUTHWESTERN ENERGY CO COM 845467109 41,044 1,128,200 SH   SOLE   1,103,600 0 24,600
TARGET CORP COM 87612E106 53,072 829,505 SH   SOLE   810,505 0 19,000
TEXAS INSTRS INC COM 882508104 108,566 2,695,950 SH   SOLE   2,648,050 0 47,900
TRANSDIGM GROUP INC COM 893641100 70,100 505,405 SH   SOLE   501,405 0 4,000
US BANCORP DEL COM NEW 902973304 732 20,000 SH   SOLE   20,000 0 0
UNITED PARCEL SERVICE INC CL B 911312106 36,274 397,000 SH   SOLE   397,000 0 0
VALEANT PHARMACEUTICALS INTL COM 91911K102 213,129 2,042,835 SH   SOLE   2,017,835 0 25,000
WELLS FARGO & CO NEW COM 949746101 105,200 2,545,990 SH   SOLE   2,505,190 0 40,800
WORLD FUEL SVCS CORP COM 981475106 18,282 490,000 SH   SOLE   490,000 0 0
XO GROUP INC COM 983772104 33,844 2,619,488 SH   SOLE   2,559,788 0 59,700