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 38,916 235,800 SH   SOLE   235,800 0 0
AXALTA COATING SYS LTD COM G0750C108 13,795 798,800 SH   SOLE   798,800 0 0
ACCENTURE PLC IRELAND SHS CLASS A G1151C101 16,816 103,000 SH   SOLE   103,000 0 0
LIBERTY GLOBAL PLC SHS CL C G5480U120 56,760 3,613,000 SH   SOLE   3,613,000 0 0
LINDE PLC SHS G5494J103 19,030 110,000 SH   SOLE   110,000 0 0
MARVELL TECHNOLOGY GROUP LTD ORD G5876H105 15,176 670,600 SH   SOLE   670,600 0 0
LIBERTY LATIN AMERICA LTD COM CL C G9001E128 18,829 1,835,200 SH   SOLE   1,835,200 0 0
ACI WORLDWIDE INC COM 004498101 20,278 839,650 SH   SOLE   839,650 0 0
ALPHABET INC CAP STK CL C 02079K107 104,537 89,900 SH   SOLE   89,900 0 0
AMAZON COM INC COM 023135106 38,020 19,500 SH   SOLE   19,500 0 0
ANALOG DEVICES INC COM 032654105 23,981 267,500 SH   SOLE   267,500 0 0
APPLE INC COM 037833100 36 140 SH   SOLE   0 0 140
BERKSHIRE HATHAWAY INC DEL CL A 084670108 151,776 558 SH   SOLE   153 0 405
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 144,759 791,771 SH   SOLE   787,001 0 4,770
BLACK KNIGHT INC COM 09215C105 33,930 584,400 SH   SOLE   584,400 0 0
BOX INC CL A 10316T104 17,592 1,253,000 SH   SOLE   1,253,000 0 0
CARMAX INC COM 143130102 36,949 686,400 SH   SOLE   686,400 0 0
CHARTER COMMUNICATIONS INC N CL A 16119P108 2,400 5,500 SH   SOLE   5,500 0 0
COMCAST CORP NEW CL A 20030N101 20,800 605,000 SH   SOLE   605,000 0 0
COSTAR GROUP INC COM 22160N109 38,110 64,900 SH   SOLE   64,900 0 0
DXC TECHNOLOGY CO COM 23355L106 7,830 600,000 SH   SOLE   600,000 0 0
DANAHER CORPORATION COM 235851102 27,682 200,000 SH   SOLE   200,000 0 0
DIAGEO P L C SPON ADR NEW 25243Q205 17,670 139,000 SH   SOLE   139,000 0 0
EQUITY COMWLTH COM SH BEN INT 294628102 7,928 250,000 SH   SOLE   250,000 0 0
EXPEDIA GROUP INC COM NEW 30212P303 1,688 30,000 SH   SOLE   30,000 0 0
FACEBOOK INC CL A 30303M102 63,401 380,100 SH   SOLE   380,100 0 0
FIRST HAWAIIAN INC COM 32051X108 4,298 260,000 SH   SOLE   260,000 0 0
FORTIVE CORP COM 34959J108 1,380 25,000 SH   SOLE   25,000 0 0
GCI LIBERTY INC COM CLASS A 36164V305 9,685 170,000 SH   SOLE   170,000 0 0
GUIDEWIRE SOFTWARE INC COM 40171V100 17,369 219,000 SH   SOLE   219,000 0 0
HEICO CORP NEW CL A 422806208 10,144 158,750 SH   SOLE   158,750 0 0
HONEYWELL INTL INC COM 438516106 1,338 10,000 SH   SOLE   10,000 0 0
IDEX CORP COM 45167R104 8,755 63,394 SH   SOLE   63,394 0 0
INGERSOLL RAND INC COM 45687V106 5,704 230,000 SH   SOLE   230,000 0 0
INTELLIGENT SYS CORP NEW COM 45816D100 52,311 1,539,000 SH   SOLE   1,539,000 0 0
ISHARES TR RUS 1000 ETF 464287622 233 1,648 SH   SOLE   0 0 1,648
JPMORGAN CHASE & CO COM 46625H100 28,089 312,000 SH   SOLE   312,000 0 0
LKQ CORP COM 501889208 14,140 689,400 SH   SOLE   689,400 0 0
LABORATORY CORP AMER HLDGS COM NEW 50540R409 66,589 526,850 SH   SOLE   526,850 0 0
LIBERTY BROADBAND CORP COM SER A 530307107 20,598 192,500 SH   SOLE   192,500 0 0
LIBERTY BROADBAND CORP COM SER C 530307305 100,274 905,656 SH   SOLE   905,656 0 0
LIBERTY MEDIA CORP DEL COM A SIRIUSXM 531229409 11,725 370,000 SH   SOLE   370,000 0 0
LIBERTY MEDIA CORP DEL COM C SIRIUSXM 531229607 52,410 1,657,500 SH   SOLE   1,657,500 0 0
LIBERTY MEDIA CORP DEL COM A BRAVES GRP 531229706 215 11,000 SH   SOLE   11,000 0 0
LIBERTY MEDIA CORP DEL COM SER C FRMLA 531229854 1,362 50,000 SH   SOLE   50,000 0 0
LIBERTY MEDIA CORP DEL COM SER A FRMLA 531229870 710 27,500 SH   SOLE   27,500 0 0
LIBERTY MEDIA CORP DEL COM C BRAVES GRP 531229888 2,001 105,000 SH   SOLE   105,000 0 0
MARKEL CORP COM 570535104 51,036 55,002 SH   SOLE   55,002 0 0
MARTIN MARIETTA MATLS INC COM 573284106 10,300 54,430 SH   SOLE   54,430 0 0
MASTERCARD INC CL A 57636Q104 70,914 293,565 SH   SOLE   293,565 0 0
MICROSOFT CORP COM 594918104 2,760 17,500 SH   SOLE   17,500 0 0
ORACLE CORP COM 68389X105 41,124 850,900 SH   SOLE   850,900 0 0
QURATE RETAIL INC COM SER A 74915M100 9,615 1,575,000 SH   SOLE   1,575,000 0 0
REDWOOD TR INC NOTE 4.750% 8/1 758075AC9 8,723 13,350,000 PRN   SOLE   13,350,000 0 0
REDWOOD TR INC NOTE 5.625% 7/1 758075AD7 3,878 7,000,000 PRN   SOLE   7,000,000 0 0
REDWOOD TR INC COM 758075402 18,149 3,586,850 SH   SOLE   3,586,850 0 0
S&P GLOBAL INC COM 78409V104 16,786 68,500 SH   SOLE   68,500 0 0
SALESFORCE COM INC COM 79466L302 20,157 140,000 SH   SOLE   140,000 0 0
SCHWAB CHARLES CORP COM 808513105 42,457 1,262,850 SH   SOLE   1,262,850 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 24,984 1,200,000 SH   SOLE   1,200,000 0 0
SUMMIT MATLS INC CL A 86614U100 27,318 1,821,200 SH   SOLE   1,821,200 0 0
TEXAS INSTRS INC COM 882508104 30,109 301,300 SH   SOLE   301,300 0 0
THERMO FISHER SCIENTIFIC INC COM 883556102 31,196 110,000 SH   SOLE   110,000 0 0
VANGUARD BD INDEX FDS INTERMED TERM 921937819 212 2,371 SH   SOLE   0 0 2,371
VANGUARD BD INDEX FDS SHORT TRM BOND 921937827 386 4,692 SH   SOLE   0 0 4,692
VANGUARD TAX-MANAGED INTL FD FTSE DEV MKT ETF 921943858 552 16,555 SH   SOLE   0 0 16,555
VANGUARD INDEX FDS TOTAL STK MKT 922908769 1,040 8,068 SH   SOLE   0 0 8,068
VISA INC COM CL A 92826C839 77,064 478,300 SH   SOLE   478,300 0 0
VULCAN MATLS CO COM 929160109 48,026 444,400 SH   SOLE   444,400 0 0