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 100,960 422,850 SH   SOLE   422,850 0 0
AXALTA COATING SYS LTD COM G0750C108 22,364 733,500 SH   SOLE   733,500 0 0
ACCENTURE PLC IRELAND SHS CLASS A G1151C101 28,889 98,000 SH   SOLE   98,000 0 0
LIBERTY GLOBAL PLC SHS CL C G5480U120 56,946 2,106,000 SH   SOLE   2,106,000 0 0
LINDE PLC SHS G5494J103 24,284 84,000 SH   SOLE   84,000 0 0
LIBERTY LATIN AMERICA LTD COM CL C G9001E128 24,938 1,768,620 SH   SOLE   1,768,620 0 0
ACI WORLDWIDE INC COM 004498101 10,982 295,700 SH   SOLE   295,700 0 0
ALPHABET INC CAP STK CL C 02079K107 150,028 59,860 SH   SOLE   59,860 0 0
AMAZON COM INC COM 023135106 49,882 14,500 SH   SOLE   14,500 0 0
ANALOG DEVICES INC COM 032654105 39,166 227,500 SH   SOLE   227,500 0 0
AUTOZONE INC COM 053332102 52,190 34,975 SH   SOLE   34,975 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 140,391 505,150 SH   SOLE   505,150 0 0
BLACK KNIGHT INC COM 09215C105 32,206 413,000 SH   SOLE   413,000 0 0
CARMAX INC COM 143130102 71,640 554,700 SH   SOLE   554,700 0 0
CHARTER COMMUNICATIONS INC N CL A 16119P108 3,607 5,000 SH   SOLE   5,000 0 0
COMCAST CORP NEW CL A 20030N101 31,931 560,000 SH   SOLE   560,000 0 0
COSTAR GROUP INC COM 22160N109 74,497 899,500 SH   SOLE   899,500 0 0
DANAHER CORPORATION COM 235851102 44,279 165,000 SH   SOLE   165,000 0 0
DIAGEO PLC SPON ADR NEW 25243Q205 2,875 15,000 SH   SOLE   15,000 0 0
DOLBY LABORATORIES INC COM CL A 25659T107 4,915 50,000 SH   SOLE   50,000 0 0
DUN & BRADSTREET HLDGS INC COM 26484T106 33,679 1,576,000 SH   SOLE   1,576,000 0 0
FACEBOOK INC CL A 30303M102 99,758 286,900 SH   SOLE   286,900 0 0
FIDELITY NATL INFORMATION SV COM 31620M106 54,118 382,000 SH   SOLE   382,000 0 0
FIRST HAWAIIAN INC COM 32051X108 4,251 150,000 SH   SOLE   150,000 0 0
FIRST REP BK SAN FRANCISCO C COM 33616C100 18,539 99,050 SH   SOLE   99,050 0 0
FORTIVE CORP COM 34959J108 2,092 30,000 SH   SOLE   30,000 0 0
GUIDEWIRE SOFTWARE INC COM 40171V100 20,380 180,800 SH   SOLE   180,800 0 0
HEICO CORP NEW CL A 422806208 21,794 175,500 SH   SOLE   175,500 0 0
HONEYWELL INTL INC COM 438516106 2,413 11,000 SH   SOLE   11,000 0 0
IDEX CORP COM 45167R104 15,337 69,700 SH   SOLE   69,700 0 0
INGERSOLL RAND INC COM 45687V106 6,345 130,000 SH   SOLE   130,000 0 0
INTELLIGENT SYS CORP NEW COM 45816D100 19,820 630,000 SH   SOLE   630,000 0 0
JPMORGAN CHASE & CO COM 46625H100 24,886 160,000 SH   SOLE   160,000 0 0
LKQ CORP COM 501889208 32,584 662,000 SH   SOLE   662,000 0 0
LABORATORY CORP AMER HLDGS COM NEW 50540R409 102,120 370,200 SH   SOLE   370,200 0 0
LIBERTY BROADBAND CORP COM SER A 530307107 25,856 153,750 SH   SOLE   153,750 0 0
LIBERTY BROADBAND CORP COM SER C 530307305 106,801 615,000 SH   SOLE   615,000 0 0
LIBERTY MEDIA CORP DEL COM A SIRIUSXM 531229409 19,564 420,000 SH   SOLE   420,000 0 0
LIBERTY MEDIA CORP DEL COM C SIRIUSXM 531229607 84,996 1,832,200 SH   SOLE   1,832,200 0 0
LIBERTY MEDIA CORP DEL COM A BRAVES GRP 531229706 310 11,000 SH   SOLE   11,000 0 0
LIBERTY MEDIA CORP DEL COM C BRAVES GRP 531229888 2,916 105,000 SH   SOLE   105,000 0 0
MARKEL CORP COM 570535104 66,693 56,200 SH   SOLE   56,200 0 0
MARKETAXESS HLDGS INC COM 57060D108 17,524 37,800 SH   SOLE   37,800 0 0
MARTIN MARIETTA MATLS INC COM 573284106 24,785 70,450 SH   SOLE   70,450 0 0
MASTERCARD INCORPORATED CL A 57636Q104 87,932 240,850 SH   SOLE   240,850 0 0
MICROSOFT CORP COM 594918104 4,741 17,500 SH   SOLE   17,500 0 0
ORACLE CORP COM 68389X105 28,217 362,500 SH   SOLE   362,500 0 0
QURATE RETAIL INC COM SER A 74915M100 14,399 1,100,000 SH   SOLE   1,100,000 0 0
RWT HLDGS INC NOTE 5.750%10/0 749772AD1 3,548 3,500,000 PRN   SOLE   3,500,000 0 0
REDWOOD TR INC NOTE 4.750% 8/1 758075AC9 10,904 10,850,000 PRN   SOLE   10,850,000 0 0
REDWOOD TR INC NOTE 5.625% 7/1 758075AD7 9,338 9,000,000 PRN   SOLE   9,000,000 0 0
REDWOOD TR INC COM 758075402 6,457 535,000 SH   SOLE   535,000 0 0
ROPER TECHNOLOGIES INC COM 776696106 28,682 61,000 SH   SOLE   61,000 0 0
S&P GLOBAL INC COM 78409V104 28,116 68,500 SH   SOLE   68,500 0 0
SALESFORCE COM INC COM 79466L302 29,312 120,000 SH   SOLE   120,000 0 0
SCHWAB CHARLES CORP COM 808513105 96,473 1,325,000 SH   SOLE   1,325,000 0 0
TEXAS INSTRS INC COM 882508104 35,614 185,200 SH   SOLE   185,200 0 0
THERMO FISHER SCIENTIFIC INC COM 883556102 41,871 83,000 SH   SOLE   83,000 0 0
VISA INC COM CL A 92826C839 97,152 415,500 SH   SOLE   415,500 0 0
VULCAN MATLS CO COM 929160109 72,970 419,200 SH   SOLE   419,200 0 0