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 51,417 157,900 SH   SOLE   157,900 0 0
AXALTA COATING SYS LTD COM G0750C108 18,029 733,500 SH   SOLE   733,500 0 0
ACCENTURE PLC IRELAND SHS CLASS A G1151C101 30,148 89,400 SH   SOLE   89,400 0 0
LIBERTY GLOBAL PLC SHS CL C G5480U120 53,012 2,046,000 SH   SOLE   2,046,000 0 0
LINDE PLC SHS G5494J103 26,955 84,386 SH   SOLE   84,386 0 0
LIBERTY LATIN AMERICA LTD COM CL C G9001E128 16,961 1,768,620 SH   SOLE   1,768,620 0 0
ACI WORLDWIDE INC COM 004498101 10,571 335,700 SH   SOLE   335,700 0 0
ALPHABET INC CAP STK CL C 02079K107 164,725 58,978 SH   SOLE   58,978 0 0
AMAZON COM INC COM 023135106 53,789 16,500 SH   SOLE   16,500 0 0
ANALOG DEVICES INC COM 032654105 38,536 233,300 SH   SOLE   233,300 0 0
AUTOZONE INC COM 053332102 49,448 24,185 SH   SOLE   24,185 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 153,675 435,450 SH   SOLE   435,450 0 0
BLACK KNIGHT INC COM 09215C105 24,240 418,000 SH   SOLE   418,000 0 0
CARMAX INC COM 143130102 69,446 719,800 SH   SOLE   719,800 0 0
COMCAST CORP NEW CL A 20030N101 25,182 537,843 SH   SOLE   537,843 0 0
COSTAR GROUP INC COM 22160N109 96,125 1,443,100 SH   SOLE   1,443,100 0 0
DANAHER CORPORATION COM 235851102 46,170 157,400 SH   SOLE   157,400 0 0
DIAGEO PLC SPON ADR NEW 25243Q205 2,377 11,700 SH   SOLE   11,700 0 0
DOLBY LABORATORIES INC COM CL A 25659T107 6,336 81,000 SH   SOLE   81,000 0 0
DUN & BRADSTREET HLDGS INC COM 26484T106 32,167 1,836,000 SH   SOLE   1,836,000 0 0
META PLATFORMS INC CL A 30303M102 88,333 397,250 SH   SOLE   397,250 0 0
FIDELITY NATL INFORMATION SV COM 31620M106 60,645 603,909 SH   SOLE   603,909 0 0
FIRST REP BK SAN FRANCISCO C COM 33616C100 16,056 99,050 SH   SOLE   99,050 0 0
FORTIVE CORP COM 34959J108 2,334 38,300 SH   SOLE   38,300 0 0
GARTNER INC COM 366651107 38,069 127,979 SH   SOLE   127,979 0 0
GUIDEWIRE SOFTWARE INC COM 40171V100 17,628 186,300 SH   SOLE   186,300 0 0
HEICO CORP NEW CL A 422806208 22,259 175,500 SH   SOLE   175,500 0 0
HONEYWELL INTL INC COM 438516106 2,324 11,944 SH   SOLE   11,944 0 0
IDEX CORP COM 45167R104 13,785 71,900 SH   SOLE   71,900 0 0
INGERSOLL RAND INC COM 45687V106 6,546 130,000 SH   SOLE   130,000 0 0
CORECARD CORPORATION COM 45816D100 16,714 610,000 SH   SOLE   610,000 0 0
JPMORGAN CHASE & CO COM 46625H100 2,263 16,600 SH   SOLE   16,600 0 0
LKQ CORP COM 501889208 19,694 433,700 SH   SOLE   433,700 0 0
LABORATORY CORP AMER HLDGS COM NEW 50540R409 72,103 273,469 SH   SOLE   273,469 0 0
LIBERTY BROADBAND CORP COM SER A 530307107 21,461 163,750 SH   SOLE   163,750 0 0
LIBERTY BROADBAND CORP COM SER C 530307305 92,180 681,200 SH   SOLE   681,200 0 0
LIBERTY MEDIA CORP DEL COM A SIRIUSXM 531229409 19,198 420,000 SH   SOLE   420,000 0 0
LIBERTY MEDIA CORP DEL COM C SIRIUSXM 531229607 82,643 1,807,200 SH   SOLE   1,807,200 0 0
LIBERTY MEDIA CORP DEL COM A BRAVES GRP 531229706 317 11,000 SH   SOLE   11,000 0 0
LIBERTY MEDIA CORP DEL COM C BRAVES GRP 531229888 2,931 105,000 SH   SOLE   105,000 0 0
MARKEL CORP COM 570535104 73,272 49,668 SH   SOLE   49,668 0 0
MARKETAXESS HLDGS INC COM 57060D108 14,561 42,800 SH   SOLE   42,800 0 0
MARTIN MARIETTA MATLS INC COM 573284106 25,884 67,250 SH   SOLE   67,250 0 0
MASTERCARD INCORPORATED CL A 57636Q104 92,579 259,050 SH   SOLE   259,050 0 0
MICROSOFT CORP COM 594918104 5,618 18,221 SH   SOLE   18,221 0 0
ORACLE CORP COM 68389X105 29,824 360,500 SH   SOLE   360,500 0 0
PERIMETER SOLUTIONS SA COM L7579L106 24,341 2,010,000 SH   SOLE   2,010,000 0 0
QURATE RETAIL INC COM SER A 74915M100 3,618 760,000 SH   SOLE   760,000 0 0
RWT HLDGS INC NOTE 5.750%10/0 749772AD1 3,441 3,500,000 PRN   SOLE   3,500,000 0 0
REDWOOD TR INC NOTE 4.750% 8/1 758075AC9 10,752 10,850,000 PRN   SOLE   10,850,000 0 0
REDWOOD TR INC NOTE 5.625% 7/1 758075AD7 9,023 9,000,000 PRN   SOLE   9,000,000 0 0
REDWOOD TR INC COM 758075402 1,321 125,485 SH   SOLE   125,485 0 0
ROPER TECHNOLOGIES INC COM 776696106 36,503 77,300 SH   SOLE   77,300 0 0
S&P GLOBAL INC COM 78409V104 30,476 74,300 SH   SOLE   74,300 0 0
SALESFORCE COM INC COM 79466L302 25,478 120,000 SH   SOLE   120,000 0 0
SCHWAB CHARLES CORP COM 808513105 61,685 731,650 SH   SOLE   731,650 0 0
TEXAS INSTRS INC COM 882508104 34,164 186,201 SH   SOLE   186,201 0 0
THERMO FISHER SCIENTIFIC INC COM 883556102 46,273 78,342 SH   SOLE   78,342 0 0
VISA INC COM CL A 92826C839 98,821 445,600 SH   SOLE   445,600 0 0
VULCAN MATLS CO COM 929160109 62,789 341,800 SH   SOLE   341,800 0 0