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 G0403H108 55,344 287,350 SH   SOLE   287,350 0 0
AXALTA COATING SYS LTD COM G0750C108 16,540 733,500 SH   SOLE   733,500 0 0
ACCENTURE PLC IRELAND SHS CLASS A G1151C101 22,116 103,000 SH   SOLE   103,000 0 0
LIBERTY GLOBAL PLC SHS CL C G5480U120 44,870 2,086,000 SH   SOLE   2,086,000 0 0
LINDE PLC SHS G5494J103 23,332 110,000 SH   SOLE   110,000 0 0
LIBERTY LATIN AMERICA LTD COM CL C G9001E128 13,735 1,455,000 SH   SOLE   1,455,000 0 0
ACI WORLDWIDE INC COM 004498101 22,498 833,585 SH   SOLE   833,585 0 0
ALPHABET INC CAP STK CL C 02079K107 120,581 85,300 SH   SOLE   85,300 0 0
AMAZON COM INC COM 023135106 44,141 16,000 SH   SOLE   16,000 0 0
ANALOG DEVICES INC COM 032654105 32,806 267,500 SH   SOLE   267,500 0 0
APPLE INC COM 037833100 51 140 SH   SOLE   0 0 140
BERKSHIRE HATHAWAY INC DEL CL A 084670108 149,153 558 SH   SOLE   153 0 405
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 141,339 791,771 SH   SOLE   787,001 0 4,770
BLACK KNIGHT INC COM 09215C105 31,963 440,500 SH   SOLE   440,500 0 0
BOX INC CL A 10316T104 21,777 1,049,000 SH   SOLE   1,049,000 0 0
CARMAX INC COM 143130102 58,208 650,000 SH   SOLE   650,000 0 0
CHARTER COMMUNICATIONS INC N CL A 16119P108 2,550 5,000 SH   SOLE   5,000 0 0
COMCAST CORP NEW CL A 20030N101 23,583 605,000 SH   SOLE   605,000 0 0
COSTAR GROUP INC COM 22160N109 56,783 79,900 SH   SOLE   79,900 0 0
DANAHER CORPORATION COM 235851102 35,366 200,000 SH   SOLE   200,000 0 0
DIAGEO P L C SPON ADR NEW 25243Q205 18,680 139,000 SH   SOLE   139,000 0 0
DOLBY LABORATORIES INC COM CL A 25659T107 3,294 50,000 SH   SOLE   50,000 0 0
DUPONT DE NEMOURS INC COM 26614N102 5 95 SH   SOLE   0 0 95
EQUITY COMWLTH COM SH BEN INT 294628102 4,669 145,000 SH   SOLE   145,000 0 0
FACEBOOK INC CL A 30303M102 76,568 337,200 SH   SOLE   337,200 0 0
FIRST HAWAIIAN INC COM 32051X108 5,172 300,000 SH   SOLE   300,000 0 0
FORTIVE CORP COM 34959J108 1,692 25,000 SH   SOLE   25,000 0 0
GCI LIBERTY INC COM CLASS A 36164V305 6,330 89,000 SH   SOLE   89,000 0 0
GUIDEWIRE SOFTWARE INC COM 40171V100 25,030 225,800 SH   SOLE   225,800 0 0
HEICO CORP NEW CL A 422806208 14,258 175,500 SH   SOLE   175,500 0 0
HONEYWELL INTL INC COM 438516106 1,590 11,000 SH   SOLE   11,000 0 0
IDEX CORP COM 45167R104 11,015 69,700 SH   SOLE   69,700 0 0
INGERSOLL RAND INC COM 45687V106 5,624 200,000 SH   SOLE   200,000 0 0
INTELLIGENT SYS CORP NEW COM 45816D100 34,029 998,497 SH   SOLE   998,497 0 0
ISHARES TR RUS 1000 ETF 464287622 283 1,648 SH   SOLE   0 0 1,648
JPMORGAN CHASE & CO COM 46625H100 24,644 262,000 SH   SOLE   262,000 0 0
LKQ CORP COM 501889208 16,034 612,000 SH   SOLE   612,000 0 0
LABORATORY CORP AMER HLDGS COM NEW 50540R409 74,899 450,900 SH   SOLE   450,900 0 0
LIBERTY BROADBAND CORP COM SER A 530307107 21,841 178,750 SH   SOLE   178,750 0 0
LIBERTY BROADBAND CORP COM SER C 530307305 91,582 738,800 SH   SOLE   738,800 0 0
LIBERTY MEDIA CORP DEL COM A SIRIUSXM 531229409 12,772 370,000 SH   SOLE   370,000 0 0
LIBERTY MEDIA CORP DEL COM C SIRIUSXM 531229607 57,091 1,657,200 SH   SOLE   1,657,200 0 0
LIBERTY MEDIA CORP DEL COM A BRAVES GRP 531229706 221 11,000 SH   SOLE   11,000 0 0
LIBERTY MEDIA CORP DEL COM C BRAVES GRP 531229888 2,073 105,000 SH   SOLE   105,000 0 0
MARKEL CORP COM 570535104 50,267 54,450 SH   SOLE   54,450 0 0
MARTIN MARIETTA MATLS INC COM 573284106 14,553 70,450 SH   SOLE   70,450 0 0
MASTERCARD INCORPORATED CL A 57636Q104 78,675 266,065 SH   SOLE   266,065 0 0
MICROSOFT CORP COM 594918104 3,561 17,500 SH   SOLE   17,500 0 0
ORACLE CORP COM 68389X105 44,188 799,500 SH   SOLE   799,500 0 0
QURATE RETAIL INC COM SER A 74915M100 10,450 1,100,000 SH   SOLE   1,100,000 0 0
REDWOOD TR INC NOTE 4.750% 8/1 758075AC9 12,062 13,350,000 PRN   SOLE   13,350,000 0 0
REDWOOD TR INC NOTE 5.625% 7/1 758075AD7 6,066 7,000,000 PRN   SOLE   7,000,000 0 0
REDWOOD TR INC COM 758075402 22,826 3,260,850 SH   SOLE   3,260,850 0 0
S&P GLOBAL INC COM 78409V104 22,569 68,500 SH   SOLE   68,500 0 0
SALESFORCE COM INC COM 79466L302 26,226 140,000 SH   SOLE   140,000 0 0
SCHWAB CHARLES CORP COM 808513105 56,930 1,687,300 SH   SOLE   1,687,300 0 0
SUMMIT MATLS INC CL A 86614U100 27,698 1,722,500 SH   SOLE   1,722,500 0 0
TEXAS INSTRS INC COM 882508104 32,466 255,700 SH   SOLE   255,700 0 0
THERMO FISHER SCIENTIFIC INC COM 883556102 39,857 110,000 SH   SOLE   110,000 0 0
VANGUARD BD INDEX FDS INTERMED TERM 921937819 221 2,371 SH   SOLE   0 0 2,371
VANGUARD BD INDEX FDS SHORT TRM BOND 921937827 390 4,692 SH   SOLE   0 0 4,692
VANGUARD TAX-MANAGED FDS FTSE DEV MKT ETF 921943858 642 16,555 SH   SOLE   0 0 16,555
VANGUARD INDEX FDS TOTAL STK MKT 922908769 1,263 8,068 SH   SOLE   0 0 8,068
VISA INC COM CL A 92826C839 82,735 428,300 SH   SOLE   428,300 0 0
VULCAN MATLS CO COM 929160109 54,589 471,200 SH   SOLE   471,200 0 0