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 39,886 147,900 SH   SOLE   147,900 0 0
AXALTA COATING SYS LTD COM G0750C108 16,218 733,500 SH   SOLE   733,500 0 0
ACCENTURE PLC IRELAND SHS CLASS A G1151C101 24,822 89,400 SH   SOLE   89,400 0 0
LIBERTY GLOBAL PLC SHS CL C G5480U120 44,754 2,026,000 SH   SOLE   2,026,000 0 0
LINDE PLC SHS G5494J103 22,826 79,386 SH   SOLE   79,386 0 0
LIBERTY LATIN AMERICA LTD COM CL C G9001E128 13,778 1,768,620 SH   SOLE   1,768,620 0 0
ACI WORLDWIDE INC COM 004498101 8,691 335,700 SH   SOLE   335,700 0 0
ADOBE SYSTEMS INC COM 00724F101 21,964 60,000 SH   SOLE   60,000 0 0
ALPHABET INC CAP STK CL C 02079K107 126,879 58,003 SH   SOLE   58,003 0 0
AMAZON COM INC COM 023135106 42,484 400,000 SH   SOLE   400,000 0 0
ANALOG DEVICES INC COM 032654105 37,311 255,400 SH   SOLE   255,400 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 112,061 410,450 SH   SOLE   410,450 0 0
BLACK KNIGHT INC COM 09215C105 28,314 433,000 SH   SOLE   433,000 0 0
CARMAX INC COM 143130102 71,054 785,300 SH   SOLE   785,300 0 0
COMCAST CORP NEW CL A 20030N101 20,193 514,600 SH   SOLE   514,600 0 0
COSTAR GROUP INC COM 22160N109 88,416 1,463,600 SH   SOLE   1,463,600 0 0
DANAHER CORPORATION COM 235851102 62,754 247,532 SH   SOLE   247,532 0 0
DIAGEO PLC SPON ADR NEW 25243Q205 2,037 11,700 SH   SOLE   11,700 0 0
DOLBY LABORATORIES INC COM CL A 25659T107 5,796 81,000 SH   SOLE   81,000 0 0
DUN & BRADSTREET HLDGS INC COM 26484T106 26,092 1,736,000 SH   SOLE   1,736,000 0 0
META PLATFORMS INC CL A 30303M102 68,088 422,250 SH   SOLE   422,250 0 0
FIDELITY NATL INFORMATION SV COM 31620M106 61,043 665,900 SH   SOLE   665,900 0 0
FIRST REP BK SAN FRANCISCO C COM 33616C100 14,283 99,050 SH   SOLE   99,050 0 0
FORTIVE CORP COM 34959J108 2,219 40,800 SH   SOLE   40,800 0 0
GARTNER INC COM 366651107 33,830 139,890 SH   SOLE   139,890 0 0
GUIDEWIRE SOFTWARE INC COM 40171V100 13,722 193,300 SH   SOLE   193,300 0 0
HEICO CORP NEW CL A 422806208 19,337 183,500 SH   SOLE   183,500 0 0
HONEYWELL INTL INC COM 438516106 2,076 11,944 SH   SOLE   11,944 0 0
IDEX CORP COM 45167R104 13,277 73,100 SH   SOLE   73,100 0 0
INGERSOLL RAND INC COM 45687V106 5,470 130,000 SH   SOLE   130,000 0 0
CORECARD CORPORATION COM 45816D100 14,890 610,000 SH   SOLE   610,000 0 0
JPMORGAN CHASE & CO COM 46625H100 2,252 20,000 SH   SOLE   20,000 0 0
LKQ CORP COM 501889208 21,290 433,700 SH   SOLE   433,700 0 0
LABORATORY CORP AMER HLDGS COM NEW 50540R409 64,090 273,469 SH   SOLE   273,469 0 0
LIBERTY BROADBAND CORP COM SER A 530307107 22,710 200,000 SH   SOLE   200,000 0 0
LIBERTY BROADBAND CORP COM SER C 530307305 82,301 711,700 SH   SOLE   711,700 0 0
LIBERTY MEDIA CORP DEL COM A SIRIUSXM 531229409 15,858 440,000 SH   SOLE   440,000 0 0
LIBERTY MEDIA CORP DEL COM C SIRIUSXM 531229607 61,905 1,717,200 SH   SOLE   1,717,200 0 0
MARKEL CORP COM 570535104 50,876 39,340 SH   SOLE   39,340 0 0
MARKETAXESS HLDGS INC COM 57060D108 14,337 56,000 SH   SOLE   56,000 0 0
MARTIN MARIETTA MATLS INC COM 573284106 20,663 69,050 SH   SOLE   69,050 0 0
MASTERCARD INCORPORATED CL A 57636Q104 73,838 234,050 SH   SOLE   234,050 0 0
MICROSOFT CORP COM 594918104 5,265 20,500 SH   SOLE   20,500 0 0
ORACLE CORP COM 68389X105 25,188 360,500 SH   SOLE   360,500 0 0
PERIMETER SOLUTIONS SA COM L7579L106 22,764 2,100,000 SH   SOLE   2,100,000 0 0
QURATE RETAIL INC COM SER A 74915M100 861 300,000 SH   SOLE   300,000 0 0
RWT HLDGS INC NOTE 5.750%10/0 749772AD1 3,130 3,500,000 PRN   SOLE   3,500,000 0 0
REDWOOD TR INC NOTE 4.750% 8/1 758075AC9 10,321 10,850,000 PRN   SOLE   10,850,000 0 0
REDWOOD TR INC NOTE 5.625% 7/1 758075AD7 8,145 9,000,000 PRN   SOLE   9,000,000 0 0
REDWOOD TR INC COM 758075402 967 125,485 SH   SOLE   125,485 0 0
ROPER TECHNOLOGIES INC COM 776696106 40,373 102,300 SH   SOLE   102,300 0 0
S&P GLOBAL INC COM 78409V104 26,586 78,875 SH   SOLE   78,875 0 0
SALESFORCE COM INC COM 79466L302 20,630 125,000 SH   SOLE   120,000 0 0
SCHWAB CHARLES CORP COM 808513105 48,753 771,650 SH   SOLE   771,650 0 0
TEXAS INSTRS INC COM 882508104 28,610 186,201 SH   SOLE   186,201 0 0
THERMO FISHER SCIENTIFIC INC COM 883556102 42,562 78,342 SH   SOLE   78,342 0 0
VISA INC COM CL A 92826C839 85,765 435,600 SH   SOLE   435,600 0 0
VULCAN MATLS CO COM 929160109 48,755 343,100 SH   SOLE   343,100 0 0