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 112,896 395,060 SH   SOLE   395,060 0 0
AXALTA COATING SYS LTD COM G0750C108 21,411 733,500 SH   SOLE   733,500 0 0
ACCENTURE PLC IRELAND SHS CLASS A G1151C101 31,352 98,000 SH   SOLE   98,000 0 0
LIBERTY GLOBAL PLC SHS CL C G5480U120 60,275 2,046,000 SH   SOLE   2,046,000 0 0
LINDE PLC SHS G5494J103 24,644 84,000 SH   SOLE   84,000 0 0
LIBERTY LATIN AMERICA LTD COM CL C G9001E128 23,204 1,768,620 SH   SOLE   1,768,620 0 0
ACI WORLDWIDE INC COM 004498101 9,087 295,700 SH   SOLE   295,700 0 0
ALPHABET INC CAP STK CL C 02079K107 159,545 59,860 SH   SOLE   59,860 0 0
AMAZON COM INC COM 023135106 47,633 14,500 SH   SOLE   14,500 0 0
ANALOG DEVICES INC COM 032654105 38,102 227,500 SH   SOLE   227,500 0 0
AUTOZONE INC COM 053332102 58,199 34,275 SH   SOLE   34,275 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 137,876 505,150 SH   SOLE   505,150 0 0
BLACK KNIGHT INC COM 09215C105 29,736 413,000 SH   SOLE   413,000 0 0
CARMAX INC COM 143130102 69,700 544,700 SH   SOLE   544,700 0 0
COMCAST CORP NEW CL A 20030N101 31,321 560,000 SH   SOLE   560,000 0 0
COSTAR GROUP INC COM 22160N109 80,853 939,500 SH   SOLE   939,500 0 0
DANAHER CORPORATION COM 235851102 47,188 155,000 SH   SOLE   155,000 0 0
DIAGEO PLC SPON ADR NEW 25243Q205 2,895 15,000 SH   SOLE   15,000 0 0
DOLBY LABORATORIES INC COM CL A 25659T107 4,400 50,000 SH   SOLE   50,000 0 0
DUN & BRADSTREET HLDGS INC COM 26484T106 30,863 1,836,000 SH   SOLE   1,836,000 0 0
FACEBOOK INC CL A 30303M102 97,371 286,900 SH   SOLE   286,900 0 0
FIDELITY NATL INFORMATION SV COM 31620M106 50,132 412,000 SH   SOLE   412,000 0 0
FIRST REP BK SAN FRANCISCO C COM 33616C100 19,105 99,050 SH   SOLE   99,050 0 0
FORTIVE CORP COM 34959J108 2,117 30,000 SH   SOLE   30,000 0 0
GUIDEWIRE SOFTWARE INC COM 40171V100 21,492 180,800 SH   SOLE   180,800 0 0
HEICO CORP NEW CL A 422806208 20,784 175,500 SH   SOLE   175,500 0 0
HONEYWELL INTL INC COM 438516106 2,335 11,000 SH   SOLE   11,000 0 0
IDEX CORP COM 45167R104 14,424 69,700 SH   SOLE   69,700 0 0
INGERSOLL RAND INC COM 45687V106 6,553 130,000 SH   SOLE   130,000 0 0
INTELLIGENT SYS CORP NEW COM 45816D100 25,584 630,000 SH   SOLE   630,000 0 0
JPMORGAN CHASE & CO COM 46625H100 26,190 160,000 SH   SOLE   160,000 0 0
LKQ CORP COM 501889208 33,312 662,000 SH   SOLE   662,000 0 0
LABORATORY CORP AMER HLDGS COM NEW 50540R409 101,600 361,000 SH   SOLE   361,000 0 0
LIBERTY BROADBAND CORP COM SER A 530307107 25,884 153,750 SH   SOLE   153,750 0 0
LIBERTY BROADBAND CORP COM SER C 530307305 108,456 628,000 SH   SOLE   628,000 0 0
LIBERTY MEDIA CORP DEL COM A SIRIUSXM 531229409 19,811 420,000 SH   SOLE   420,000 0 0
LIBERTY MEDIA CORP DEL COM C SIRIUSXM 531229607 86,975 1,832,200 SH   SOLE   1,832,200 0 0
LIBERTY MEDIA CORP DEL COM A BRAVES GRP 531229706 296 11,000 SH   SOLE   11,000 0 0
LIBERTY MEDIA CORP DEL COM C BRAVES GRP 531229888 2,774 105,000 SH   SOLE   105,000 0 0
MARKEL CORP COM 570535104 67,166 56,200 SH   SOLE   56,200 0 0
MARKETAXESS HLDGS INC COM 57060D108 17,164 40,800 SH   SOLE   40,800 0 0
MARTIN MARIETTA MATLS INC COM 573284106 24,071 70,450 SH   SOLE   70,450 0 0
MASTERCARD INCORPORATED CL A 57636Q104 85,738 246,600 SH   SOLE   246,600 0 0
MICROSOFT CORP COM 594918104 4,934 17,500 SH   SOLE   17,500 0 0
ORACLE CORP COM 68389X105 31,585 362,500 SH   SOLE   362,500 0 0
QURATE RETAIL INC COM SER A 74915M100 11,209 1,100,000 SH   SOLE   1,100,000 0 0
RWT HLDGS INC NOTE 5.750%10/0 749772AD1 3,587 3,500,000 PRN   SOLE   3,500,000 0 0
REDWOOD TR INC NOTE 4.750% 8/1 758075AC9 11,121 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 1,611 125,000 SH   SOLE   125,000 0 0
ROPER TECHNOLOGIES INC COM 776696106 27,214 61,000 SH   SOLE   61,000 0 0
S&P GLOBAL INC COM 78409V104 29,105 68,500 SH   SOLE   68,500 0 0
SALESFORCE COM INC COM 79466L302 32,546 120,000 SH   SOLE   120,000 0 0
SCHWAB CHARLES CORP COM 808513105 96,513 1,325,000 SH   SOLE   1,325,000 0 0
TEXAS INSTRS INC COM 882508104 35,597 185,200 SH   SOLE   185,200 0 0
THERMO FISHER SCIENTIFIC INC COM 883556102 47,420 83,000 SH   SOLE   83,000 0 0
VISA INC COM CL A 92826C839 95,226 427,500 SH   SOLE   427,500 0 0
VULCAN MATLS CO COM 929160109 70,912 419,200 SH   SOLE   419,200 0 0