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 97,302 422,850 SH   SOLE   422,850 0 0
AXALTA COATING SYS LTD COM G0750C108 21,697 733,500 SH   SOLE   733,500 0 0
ACCENTURE PLC IRELAND SHS CLASS A G1151C101 28,454 103,000 SH   SOLE   103,000 0 0
LIBERTY GLOBAL PLC SHS CL C G5480U120 53,787 2,106,000 SH   SOLE   2,106,000 0 0
LINDE PLC SHS G5494J103 23,532 84,000 SH   SOLE   84,000 0 0
LIBERTY LATIN AMERICA LTD COM CL C G9001E128 22,957 1,768,620 SH   SOLE   1,768,620 0 0
ACI WORLDWIDE INC COM 004498101 19,835 521,300 SH   SOLE   521,300 0 0
ALPHABET INC CAP STK CL C 02079K107 127,965 61,860 SH   SOLE   61,860 0 0
AMAZON COM INC COM 023135106 41,770 13,500 SH   SOLE   13,500 0 0
ANALOG DEVICES INC COM 032654105 37,607 242,500 SH   SOLE   242,500 0 0
AUTOZONE INC COM 053332102 56,137 39,975 SH   SOLE   39,975 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 144,673 566,300 SH   SOLE   566,300 0 0
BLACK KNIGHT INC COM 09215C105 28,338 383,000 SH   SOLE   383,000 0 0
BOX INC CL A 10316T104 28,562 1,244,000 SH   SOLE   1,244,000 0 0
CARMAX INC COM 143130102 75,576 569,700 SH   SOLE   569,700 0 0
CHARTER COMMUNICATIONS INC N CL A 16119P108 3,085 5,000 SH   SOLE   5,000 0 0
COMCAST CORP NEW CL A 20030N101 33,007 610,000 SH   SOLE   610,000 0 0
COSTAR GROUP INC COM 22160N109 68,587 83,450 SH   SOLE   83,450 0 0
DANAHER CORPORATION COM 235851102 37,138 165,000 SH   SOLE   165,000 0 0
DIAGEO PLC SPON ADR NEW 25243Q205 2,956 18,000 SH   SOLE   18,000 0 0
DOLBY LABORATORIES INC COM CL A 25659T107 4,936 50,000 SH   SOLE   50,000 0 0
DUN & BRADSTREET HLDGS INC COM 26484T106 7,143 300,000 SH   SOLE   300,000 0 0
FACEBOOK INC CL A 30303M102 84,501 286,900 SH   SOLE   286,900 0 0
FIDELITY NATL INFORMATION SV COM 31620M106 55,119 392,000 SH   SOLE   392,000 0 0
FIRST HAWAIIAN INC COM 32051X108 4,106 150,000 SH   SOLE   150,000 0 0
FIRST REP BK SAN FRANCISCO C COM 33616C100 16,517 99,050 SH   SOLE   99,050 0 0
FORTIVE CORP COM 34959J108 2,119 30,000 SH   SOLE   30,000 0 0
GUIDEWIRE SOFTWARE INC COM 40171V100 18,375 180,800 SH   SOLE   180,800 0 0
HEICO CORP NEW CL A 422806208 19,937 175,500 SH   SOLE   175,500 0 0
HONEYWELL INTL INC COM 438516106 2,388 11,000 SH   SOLE   11,000 0 0
IDEX CORP COM 45167R104 14,590 69,700 SH   SOLE   69,700 0 0
INGERSOLL RAND INC COM 45687V106 6,397 130,000 SH   SOLE   130,000 0 0
INTELLIGENT SYS CORP NEW COM 45816D100 26,387 645,000 SH   SOLE   645,000 0 0
JPMORGAN CHASE & CO COM 46625H100 27,782 182,500 SH   SOLE   182,500 0 0
LKQ CORP COM 501889208 28,022 662,000 SH   SOLE   662,000 0 0
LABORATORY CORP AMER HLDGS COM NEW 50540R409 100,788 395,200 SH   SOLE   395,200 0 0
LIBERTY BROADBAND CORP COM SER A 530307107 22,317 153,750 SH   SOLE   153,750 0 0
LIBERTY BROADBAND CORP COM SER C 530307305 92,342 615,000 SH   SOLE   615,000 0 0
LIBERTY MEDIA CORP DEL COM A SIRIUSXM 531229409 18,514 420,000 SH   SOLE   420,000 0 0
LIBERTY MEDIA CORP DEL COM C SIRIUSXM 531229607 83,024 1,882,200 SH   SOLE   1,882,200 0 0
LIBERTY MEDIA CORP DEL COM A BRAVES GRP 531229706 314 11,000 SH   SOLE   11,000 0 0
LIBERTY MEDIA CORP DEL COM C BRAVES GRP 531229888 2,921 105,000 SH   SOLE   105,000 0 0
MARKEL CORP COM 570535104 66,326 58,200 SH   SOLE   58,200 0 0
MARTIN MARIETTA MATLS INC COM 573284106 23,659 70,450 SH   SOLE   70,450 0 0
MASTERCARD INCORPORATED CL A 57636Q104 85,755 240,850 SH   SOLE   240,850 0 0
MICROSOFT CORP COM 594918104 4,126 17,500 SH   SOLE   17,500 0 0
ORACLE CORP COM 68389X105 38,067 542,500 SH   SOLE   542,500 0 0
QURATE RETAIL INC COM SER A 74915M100 12,936 1,100,000 SH   SOLE   1,100,000 0 0
RWT HLDGS INC NOTE 5.750%10/0 749772AD1 3,505 3,500,000 PRN   SOLE   3,500,000 0 0
REDWOOD TR INC NOTE 4.750% 8/1 758075AC9 10,877 10,850,000 PRN   SOLE   10,850,000 0 0
REDWOOD TR INC NOTE 5.625% 7/1 758075AD7 8,947 9,000,000 PRN   SOLE   9,000,000 0 0
REDWOOD TR INC COM 758075402 5,850 562,000 SH   SOLE   562,000 0 0
S&P GLOBAL INC COM 78409V104 24,172 68,500 SH   SOLE   68,500 0 0
SALESFORCE COM INC COM 79466L302 25,424 120,000 SH   SOLE   120,000 0 0
SCHWAB CHARLES CORP COM 808513105 91,904 1,410,000 SH   SOLE   1,410,000 0 0
SUMMIT MATLS INC CL A 86614U100 36,443 1,300,600 SH   SOLE   1,300,600 0 0
TEXAS INSTRS INC COM 882508104 35,946 190,200 SH   SOLE   190,200 0 0
THERMO FISHER SCIENTIFIC INC COM 883556102 37,880 83,000 SH   SOLE   83,000 0 0
VISA INC COM CL A 92826C839 87,974 415,500 SH   SOLE   415,500 0 0
VULCAN MATLS CO COM 929160109 73,271 434,200 SH   SOLE   434,200 0 0