The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete. | |||||||||||||||||
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F INFORMATION TABLE |
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| 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 |
| Apple, Inc. | COM | 037833100 | 134,980,825 | 1,452,500 | SH | SOLE | None | 1,452,500 | 0 | 0 | |
| Berkshire Hathaway Inc. Class A | CLA | 084670108 | 43,297,314 | 228 | SH | SOLE | None | 228 | 0 | 0 | |
| Biglari Holdings Inc. | COM | 08986R101 | 8,142,173 | 19,250 | SH | SOLE | None | 19,250 | 0 | 0 | |
| Boardwalk Pipeline Partners, LP | UT LTD PART | 096627104 | 10,822,500 | 585,000 | SH | SOLE | None | 585,000 | 0 | 0 | |
| Brandywine Realty Trust | SH BEN | 105368203 | 49,257,000 | 3,157,500 | SH | SOLE | None | 3,157,500 | 0 | 0 | |
| Cabela's Inc. | COM | 126804301 | 61,152,000 | 980,000 | SH | SOLE | None | 980,000 | 0 | 0 | |
| Caterpillar, Inc. | COM | 149123101 | 35,589,425 | 327,500 | SH | SOLE | None | 327,500 | 0 | 0 | |
| DR Horton Inc. | COM | 23331A109 | 5,530,500 | 225,000 | SH | SOLE | None | 225,000 | 0 | 0 | |
| Devon Energy Corporation | COM | 25179M103 | 20,644,000 | 260,000 | SH | SOLE | None | 260,000 | 0 | 0 | |
| East West Bancorp, Inc. | COM | 27579R104 | 23,618,250 | 675,000 | SH | SOLE | None | 675,000 | 0 | 0 | |
| FedEx Corporation | COM | 31428X106 | 46,397,970 | 306,500 | SH | SOLE | None | 306,500 | 0 | 0 | |
| Goldman Sachs Group, Inc. | COM | 38141G104 | 45,208,800 | 270,000 | SH | SOLE | None | 270,000 | 0 | 0 | |
| Google, Inc. | CLA | 38259P508 | 19,586,445 | 33,500 | SH | SOLE | None | 33,500 | 0 | 0 | |
| Google, Inc. | CLC | 38259P706 | 20,595,024 | 35,800 | SH | SOLE | None | 35,800 | 0 | 0 | |
| Halliburton Co. | COM | 406216101 | 28,901,070 | 407,000 | SH | SOLE | None | 407,000 | 0 | 0 | |
| JP Morgan Chase & Co. | W EXP | 46634E114 | 2,744,860 | 142,000 | SH | SOLE | None | 142,000 | 0 | 0 | |
| JP Morgan Chase & Co | COM | 46625H100 | 40,564,480 | 704,000 | SH | SOLE | None | 704,000 | 0 | 0 | |
| K12, Inc. | COM | 48273U102 | 3,791,025 | 157,500 | SH | SOLE | None | 157,500 | 0 | 0 | |
| KKR & Co. LP | COM | 48248M102 | 43,185,750 | 1,775,000 | SH | SOLE | None | 1,775,000 | 0 | 0 | |
| Kansas City Southern | COM | 485170302 | 19,244,290 | 179,000 | SH | SOLE | None | 179,000 | 0 | 0 | |
| Kelly Services, Inc. | CLA | 488152208 | 14,972,240 | 872,000 | SH | SOLE | None | 872,000 | 0 | 0 | |
| Kelly Services, Inc. | CLB | 488152307 | 192,938 | 11,250 | SH | SOLE | None | 11,250 | 0 | 0 | |
| Kinder Morgan Inc. Warrant | W EXP | 49456B119 | 437,850 | 157,500 | SH | SOLE | None | 157,500 | 0 | 0 | |
| Kinder Morgan, Inc. | COM | 49456B101 | 9,427,600 | 260,000 | SH | SOLE | None | 260,000 | 0 | 0 | |
| Mastercard Inc. | CLA | 57636Q104 | 39,453,390 | 537,000 | SH | SOLE | None | 537,000 | 0 | 0 | |
| Polaris Industries, Inc. | COM | 731068102 | 39,111,072 | 300,300 | SH | SOLE | None | 300,300 | 0 | 0 | |
| Ryland Group Inc. | COM | 783764103 | 5,916,000 | 150,000 | SH | SOLE | None | 150,000 | 0 | 0 | |
| Scripps Networks Interactive, Inc | COM | 811065101 | 43,612,750 | 537,500 | SH | SOLE | None | 537,500 | 0 | 0 | |
| Telefonica SA | ADR | 879382208 | 43,071,600 | 2,510,000 | SH | SOLE | None | 2,510,000 | 0 | 0 | |
| The Fresh Market, Inc. | COM | 35804H106 | 6,442,975 | 192,500 | SH | SOLE | None | 192,500 | 0 | 0 | |
| The PNC Financial Services Group, Inc. | COM | 693475105 | 13,802,750 | 155,000 | SH | SOLE | None | 155,000 | 0 | 0 | |