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 66,233 321,050 SH   SOLE   321,050 0 0
AXALTA COATING SYS LTD COM G0750C108 16,262 733,500 SH   SOLE   733,500 0 0
ACCENTURE PLC IRELAND SHS CLASS A G1151C101 23,277 103,000 SH   SOLE   103,000 0 0
LIBERTY GLOBAL PLC SHS CL C G5480U120 42,836 2,086,000 SH   SOLE   2,086,000 0 0
LINDE PLC SHS G5494J103 24,766 104,000 SH   SOLE   104,000 0 0
LIBERTY LATIN AMERICA LTD COM CL C G9001E128 15,030 1,846,395 SH   SOLE   1,846,395 0 0
ACI WORLDWIDE INC COM 004498101 21,782 833,585 SH   SOLE   833,585 0 0
ALPHABET INC CAP STK CL C 02079K107 94,451 64,270 SH   SOLE   64,270 0 0
AMAZON COM INC COM 023135106 40,933 13,000 SH   SOLE   13,000 0 0
ANALOG DEVICES INC COM 032654105 31,228 267,500 SH   SOLE   267,500 0 0
APPLE INC COM 037833100 65 560 SH   SOLE   0 0 560
BERKSHIRE HATHAWAY INC DEL CL A 084670108 178,561 558 SH   SOLE   153 0 405
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 151,565 711,771 SH   SOLE   707,001 0 4,770
BLACK KNIGHT INC COM 09215C105 35,691 410,000 SH   SOLE   410,000 0 0
BOX INC CL A 10316T104 18,211 1,049,000 SH   SOLE   1,049,000 0 0
CARMAX INC COM 143130102 58,363 635,000 SH   SOLE   635,000 0 0
CHARTER COMMUNICATIONS INC N CL A 16119P108 3,122 5,000 SH   SOLE   5,000 0 0
COMCAST CORP NEW CL A 20030N101 27,525 595,000 SH   SOLE   595,000 0 0
COSTAR GROUP INC COM 22160N109 67,796 79,900 SH   SOLE   79,900 0 0
DANAHER CORPORATION COM 235851102 40,913 190,000 SH   SOLE   190,000 0 0
DIAGEO PLC SPON ADR NEW 25243Q205 21,750 158,000 SH   SOLE   158,000 0 0
DOLBY LABORATORIES INC COM CL A 25659T107 3,314 50,000 SH   SOLE   50,000 0 0
DUPONT DE NEMOURS INC COM 26614N102 5 95 SH   SOLE   0 0 95
FACEBOOK INC CL A 30303M102 66,496 253,900 SH   SOLE   253,900 0 0
FIDELITY NATL INFORMATION SV COM 31620M106 37,686 256,000 SH   SOLE   256,000 0 0
FIRST HAWAIIAN INC COM 32051X108 3,473 240,000 SH   SOLE   240,000 0 0
FIRST REP BK SAN FRANCISCO C COM 33616C100 9,930 91,050 SH   SOLE   91,050 0 0
FORTIVE CORP COM 34959J108 1,905 25,000 SH   SOLE   25,000 0 0
GCI LIBERTY INC COM CLASS A 36164V305 7,294 89,000 SH   SOLE   89,000 0 0
GUIDEWIRE SOFTWARE INC COM 40171V100 21,719 208,300 SH   SOLE   208,300 0 0
HEICO CORP NEW CL A 422806208 15,560 175,500 SH   SOLE   175,500 0 0
HONEYWELL INTL INC COM 438516106 1,811 11,000 SH   SOLE   11,000 0 0
IDEX CORP COM 45167R104 12,714 69,700 SH   SOLE   69,700 0 0
INGERSOLL RAND INC COM 45687V106 6,764 190,000 SH   SOLE   190,000 0 0
INTELLIGENT SYS CORP NEW COM 45816D100 34,692 890,000 SH   SOLE   890,000 0 0
ISHARES TR RUS 1000 ETF 464287622 308 1,648 SH   SOLE   0 0 1,648
JPMORGAN CHASE & CO COM 46625H100 25,223 262,000 SH   SOLE   262,000 0 0
LKQ CORP COM 501889208 16,971 612,000 SH   SOLE   612,000 0 0
LABORATORY CORP AMER HLDGS COM NEW 50540R409 87,809 466,400 SH   SOLE   466,400 0 0
LIBERTY BROADBAND CORP COM SER A 530307107 18,967 133,750 SH   SOLE   133,750 0 0
LIBERTY BROADBAND CORP COM SER C 530307305 82,150 575,000 SH   SOLE   575,000 0 0
LIBERTY MEDIA CORP DEL COM A SIRIUSXM 531229409 13,931 420,000 SH   SOLE   420,000 0 0
LIBERTY MEDIA CORP DEL COM C SIRIUSXM 531229607 60,609 1,832,200 SH   SOLE   1,832,200 0 0
LIBERTY MEDIA CORP DEL COM A BRAVES GRP 531229706 230 11,000 SH   SOLE   11,000 0 0
LIBERTY MEDIA CORP DEL COM C BRAVES GRP 531229888 2,206 105,000 SH   SOLE   105,000 0 0
MARKEL CORP COM 570535104 51,850 53,250 SH   SOLE   53,250 0 0
MARTIN MARIETTA MATLS INC COM 573284106 16,581 70,450 SH   SOLE   70,450 0 0
MASTERCARD INCORPORATED CL A 57636Q104 81,521 241,065 SH   SOLE   241,065 0 0
MICROSOFT CORP COM 594918104 3,681 17,500 SH   SOLE   17,500 0 0
ORACLE CORP COM 68389X105 45,939 769,500 SH   SOLE   769,500 0 0
QURATE RETAIL INC COM SER A 74915M100 13,714 1,910,000 SH   SOLE   1,910,000 0 0
REDWOOD TR INC NOTE 4.750% 8/1 758075AC9 9,960 10,850,000 PRN   SOLE   10,850,000 0 0
REDWOOD TR INC NOTE 5.625% 7/1 758075AD7 8,325 9,000,000 PRN   SOLE   9,000,000 0 0
REDWOOD TR INC COM 758075402 13,356 1,776,050 SH   SOLE   1,776,050 0 0
S&P GLOBAL INC COM 78409V104 24,701 68,500 SH   SOLE   68,500 0 0
SALESFORCE COM INC COM 79466L302 30,158 120,000 SH   SOLE   120,000 0 0
SCHWAB CHARLES CORP COM 808513105 67,109 1,852,300 SH   SOLE   1,852,300 0 0
SUMMIT MATLS INC CL A 86614U100 28,490 1,722,500 SH   SOLE   1,722,500 0 0
TEXAS INSTRS INC COM 882508104 35,412 248,000 SH   SOLE   248,000 0 0
THERMO FISHER SCIENTIFIC INC COM 883556102 41,944 95,000 SH   SOLE   95,000 0 0
VANGUARD BD INDEX FDS INTERMED TERM 921937819 222 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 INTL FD FTSE DEV MKT ETF 921943858 677 16,555 SH   SOLE   0 0 16,555
VANGUARD INDEX FDS TOTAL STK MKT 922908769 1,374 8,068 SH   SOLE   0 0 8,068
VISA INC COM CL A 92826C839 83,148 415,800 SH   SOLE   415,800 0 0
VULCAN MATLS CO COM 929160109 63,866 471,200 SH   SOLE   471,200 0 0