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 | 82,001,000 | 172,000 | SH | SOLE | None | 172,000 | 0 | 0 | |
| Berkshire Hathaway Inc. Class A | CLA | 084670108 | 33,570,770 | 197 | SH | SOLE | None | 197 | 0 | 0 | |
| Biglari Holdings Inc. | COM | 08986R101 | 8,084,618 | 19,591 | SH | SOLE | None | 19,591 | 0 | 0 | |
| Brandywine Realty Trust | COM | 105368203 | 38,353,800 | 2,910,000 | SH | SOLE | None | 2,910,000 | 0 | 0 | |
| Cabela's Inc. | COM | 126804301 | 49,005,825 | 777,500 | SH | SOLE | None | 777,500 | 0 | 0 | |
| Caterpillar, Inc. | COM | 149123101 | 24,644,700 | 295,500 | SH | SOLE | None | 295,500 | 0 | 0 | |
| Devon Energy Corporation | COM | 25179M103 | 12,620,560 | 218,500 | SH | SOLE | None | 218,500 | 0 | 0 | |
| East West Bancorp, Inc. | COM | 27579R104 | 21,726,000 | 680,000 | SH | SOLE | None | 680,000 | 0 | 0 | |
| FedEx Corporation | COM | 31428X106 | 35,545,265 | 311,500 | SH | SOLE | None | 311,500 | 0 | 0 | |
| Goldman Sachs Group, Inc. | COM | 38141G104 | 34,173,360 | 216,000 | SH | SOLE | None | 216,000 | 0 | 0 | |
| Google, Inc. | CLA | 38259P508 | 33,722,535 | 38,500 | SH | SOLE | None | 38,500 | 0 | 0 | |
| Halliburton Co. | COM | 406216101 | 16,250,625 | 337,500 | SH | SOLE | None | 337,500 | 0 | 0 | |
| JM Smucker Co. | COM | 832696405 | 8,980,920 | 85,500 | SH | SOLE | None | 85,500 | 0 | 0 | |
| JP Morgan Chase & Co | COM | 46625H100 | 2,054,776 | 122,600 | SH | SOLE | None | 122,600 | 0 | 0 | |
| JP Morgan Chase & Co. | W EXP | 46634E114 | 32,021,955 | 619,500 | SH | SOLE | None | 619,500 | 0 | 0 | |
| KKR & Co. LP | COM | 48248M102 | 34,986,000 | 1,700,000 | SH | SOLE | None | 1,700,000 | 0 | 0 | |
| Kansas City Southern | COM | 485170302 | 14,271,480 | 130,500 | SH | SOLE | None | 130,500 | 0 | 0 | |
| Kelly Services, Inc. | CLA | 488152208 | 15,488,385 | 795,500 | SH | SOLE | None | 795,500 | 0 | 0 | |
| Kelly Services, Inc. | CLB | 488152307 | 166,940 | 8,500 | SH | SOLE | None | 8,500 | 0 | 0 | |
| Kinder Morgan Inc. Warrant | W EXP | 49456B119 | 652,064 | 131,200 | SH | SOLE | None | 131,200 | 0 | 0 | |
| Kinder Morgan, Inc. | COM | 49456B101 | 3,379,150 | 95,000 | SH | SOLE | None | 95,000 | 0 | 0 | |
| Mastercard Inc. | CLA | 57636Q104 | 37,002,900 | 55,000 | SH | SOLE | None | 55,000 | 0 | 0 | |
| Polaris Industries, Inc. | COM | 731068102 | 38,108,100 | 295,000 | SH | SOLE | None | 295,000 | 0 | 0 | |
| Scripps Networks Interactive, Inc | COM | 811065101 | 34,954,225 | 447,500 | SH | SOLE | None | 447,500 | 0 | 0 | |
| Southwestern Energy Co. | COM | 845467109 | 11,441,510 | 314,500 | SH | SOLE | None | 314,500 | 0 | 0 | |
| Stryker Corp. | COM | 863667101 | 5,745,150 | 85,000 | SH | SOLE | None | 85,000 | 0 | 0 | |
| Telefonica SA | ADR | 879382208 | 37,152,000 | 2,400,000 | SH | SOLE | None | 2,400,000 | 0 | 0 | |
| The PNC Financial Services Group, Inc. | COM | 693475105 | 9,418,500 | 130,000 | SH | SOLE | None | 130,000 | 0 | 0 | |