Greenbrier Partners Capital Management, LLC Activity Q4 2011-Q3 2023

Q2 2023

			Value		Shares		↓ Weighting
AAPL	New	APPLE INC	$281,191,714	–	1,449,666	–	30.76%	–
COST	New	COSTCO WHSL CORP NEW	$121,948,454	–	226,510	–	13.34%	–
FB	New	META PLATFORMS INCcl a	$117,006,912	–	407,718	–	12.80%	–
AMZN	New	AMAZON COM INC	$82,676,789	–	634,219	–	9.04%	–
GOOG	New	ALPHABET INCcap stk cl c	$56,994,532	–	471,146	–	6.24%	–
GOOGL	New	ALPHABET INCcap stk cl a	$56,396,176	–	471,146	–	6.17%	–
LUV	New	SOUTHWEST AIRLS CO	$41,337,734	–	1,141,611	–	4.52%	–
MKL	New	MARKEL GROUP INC	$39,748,444	–	28,737	–	4.35%	–
MSFT	New	MICROSOFT CORP	$31,791,112	–	93,355	–	3.48%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$30,895,964	–	90,604	–	3.38%	–
PYPL	New	PAYPAL HLDGS INC	$27,429,100	–	411,046	–	3.00%	–
DIS	New	DISNEY WALT CO	$20,836,970	–	233,389	–	2.28%	–
SPOT	New	SPOTIFY TECHNOLOGY S A	$5,774,341	–	35,966	–	0.63%	–

Q4 2022

			Value		Shares		↓ Weighting
SPOT	Exit	SPOTIFY TECHNOLOGY S A	$0	–	-38,526	–	-0.42%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-100,000	–	-2.98%	–
DIS	Exit	DISNEY WALT CO	$0	–	-250,000	–	-3.02%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-97,053	–	-3.31%	–
PHM	Exit	PULTE GROUP INC	$0	–	-889,764	–	-4.27%	–
MKL	Exit	MARKEL CORP	$0	–	-31,333	–	-4.34%	–
LUV	Exit	SOUTHWEST AIRLS CO	$0	–	-1,222,866	–	-4.82%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-450,000	–	-4.95%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-504,680	–	-6.17%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-504,680	–	-6.21%	–
FB	Exit	META PLATFORMS INCcl a	$0	–	-436,738	–	-7.58%	–
AMZN	Exit	AMAZON COM INC	$0	–	-679,360	–	-9.82%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-242,632	–	-14.66%	–
AAPL	Exit	APPLE INC	$0	–	-1,552,848	–	-27.45%	–

Q3 2022

			Value		Shares		↓ Weighting
GOOG	Buy	ALPHABET INCcap stk cl c	$48,525,000	-12.1%	504,680	+1900.0%	6.21%	-8.5%
GOOGL	Buy	ALPHABET INCcap stk cl a	$48,273,000	-12.2%	504,680	+1900.0%	6.17%	-8.7%
NFLX	Exit	NETFLIX INC	$0	–	-8,000	–	-0.17%	–

Q2 2022

			Value		Shares		↓ Weighting
AAPL	New	APPLE INC	$212,305,000	–	1,552,848	–	26.10%	–
COST	New	COSTCO WHSL CORP NEW	$116,289,000	–	242,632	–	14.29%	–
AMZN	New	AMAZON COM INC	$72,155,000	–	679,360	–	8.87%	–
FB	New	META PLATFORMS INCcl a	$70,424,000	–	436,738	–	8.66%	–
GOOG	New	ALPHABET INCcap stk cl c	$55,198,000	–	25,234	–	6.78%	–
GOOGL	New	ALPHABET INCcap stk cl a	$54,991,000	–	25,234	–	6.76%	–
LUV	New	SOUTHWEST AIRLS CO	$44,170,000	–	1,222,866	–	5.43%	–
MKL	New	MARKEL CORP	$40,521,000	–	31,333	–	4.98%	–
PHM	New	PULTE GROUP INC	$35,261,000	–	889,764	–	4.33%	–
PYPL	New	PAYPAL HLDGS INC	$31,428,000	–	450,000	–	3.86%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$26,497,000	–	97,053	–	3.26%	–
MSFT	New	MICROSOFT CORP	$25,683,000	–	100,000	–	3.16%	–
DIS	New	DISNEY WALT CO	$23,600,000	–	250,000	–	2.90%	–
SPOT	New	SPOTIFY TECHNOLOGY S A	$3,615,000	–	38,526	–	0.44%	–
NFLX	New	NETFLIX INC	$1,399,000	–	8,000	–	0.17%	–

Q4 2021

			Value		Shares		↓ Weighting
DISCK	Exit	DISCOVERY INC	$0	–	-20,000	–	-0.04%	–
NFLX	Exit	NETFLIX INC	$0	–	-8,000	–	-0.45%	–
SPOT	Exit	SPOTIFY TECHNOLOGY S A	$0	–	-38,526	–	-0.80%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-97,053	–	-2.42%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-100,000	–	-2.58%	–
MKL	Exit	MARKEL CORP	$0	–	-31,333	–	-3.43%	–
PHM	Exit	PULTE GROUP INC	$0	–	-889,764	–	-3.74%	–
DIS	Exit	DISNEY WALT CO	$0	–	-250,000	–	-3.87%	–
LUV	Exit	SOUTHWEST AIRLS CO	$0	–	-1,222,866	–	-5.76%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-25,234	–	-6.16%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-25,234	–	-6.18%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-242,632	–	-9.98%	–
AMZN	Exit	AMAZON COM INC	$0	–	-33,968	–	-10.21%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-450,000	–	-10.72%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-436,738	–	-13.57%	–
AAPL	Exit	APPLE INC	$0	–	-1,552,848	–	-20.11%	–

Q2 2021

			Value		Shares		↓ Weighting
AAPL	New	APPLE INC	$212,678,000	–	1,552,848	–	19.38%	–
FB	New	FACEBOOK INCcl a	$151,858,000	–	436,738	–	13.84%	–
PYPL	New	PAYPAL HLDGS INC	$131,166,000	–	450,000	–	11.95%	–
AMZN	New	AMAZON COM INC	$116,855,000	–	33,968	–	10.65%	–
COST	New	COSTCO WHSL CORP NEW	$96,002,000	–	242,632	–	8.75%	–
LUV	New	SOUTHWEST AIRLS CO	$64,922,000	–	1,222,866	–	5.92%	–
GOOG	New	ALPHABET INCcap stk cl c	$63,244,000	–	25,234	–	5.76%	–
GOOGL	New	ALPHABET INCcap stk cl a	$61,616,000	–	25,234	–	5.61%	–
PHM	New	PULTE GROUP INC	$48,554,000	–	889,764	–	4.42%	–
DIS	New	DISNEY WALT CO	$43,943,000	–	250,000	–	4.00%	–
MKL	New	MARKEL CORP	$37,183,000	–	31,333	–	3.39%	–
MSFT	New	MICROSOFT CORP	$27,090,000	–	100,000	–	2.47%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$26,973,000	–	97,053	–	2.46%	–
SPOT	New	SPOTIFY TECHNOLOGY S A	$10,617,000	–	38,526	–	0.97%	–
NFLX	New	NETFLIX INC	$4,226,000	–	8,000	–	0.38%	–
DISCK	New	DISCOVERY INC	$580,000	–	20,000	–	0.05%	–

Q4 2020

			Value		Shares		↓ Weighting
VHI	Exit	VALHI INC NEW	$0	–	-27,885	–	-0.04%	–
SPOT	Exit	SPOTIFY TECHNOLOGY S A	$0	–	-38,526	–	-1.11%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-77,642	–	-1.94%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-97,053	–	-2.45%	–
DIS	Exit	DISNEY WALT CO	$0	–	-172,053	–	-2.53%	–
MKL	Exit	MARKEL CORP	$0	–	-31,333	–	-3.62%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-25,234	–	-4.39%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-25,234	–	-4.40%	–
PHM	Exit	PULTE GROUP INC	$0	–	-889,764	–	-4.89%	–
LUV	Exit	SOUTHWEST AIRLS CO	$0	–	-1,222,866	–	-5.44%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-242,632	–	-10.22%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-485,263	–	-11.35%	–
AMZN	Exit	AMAZON COM INC	$0	–	-33,968	–	-12.69%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-436,738	–	-13.58%	–
AAPL	Exit	APPLE INC	$0	–	-1,552,848	–	-21.34%	–

Q3 2020

			Value		Shares		↓ Weighting
AAPL	Buy	APPLE INC	$179,835,000	+27.0%	1,552,848	+300.0%	21.34%	+9.7%

Q2 2020

			Value		Shares		↓ Weighting
AAPL	New	APPLE INC	$141,620,000	–	388,212	–	19.46%	–
FB	New	FACEBOOK INCcl a	$99,170,000	–	436,738	–	13.63%	–
AMZN	New	AMAZON COM INC	$93,712,000	–	33,968	–	12.88%	–
PYPL	New	PAYPAL HLDGS INC	$84,547,000	–	485,263	–	11.62%	–
COST	New	COSTCO WHSL CORP NEW	$73,568,000	–	242,632	–	10.11%	–
LUV	New	SOUTHWEST AIRLS CO	$41,798,000	–	1,222,866	–	5.74%	–
GOOGL	New	ALPHABET INCcap stk cl a	$35,783,000	–	25,234	–	4.92%	–
GOOG	New	ALPHABET INCcap stk cl c	$35,671,000	–	25,234	–	4.90%	–
PHM	New	PULTE GROUP INC	$30,279,000	–	889,764	–	4.16%	–
MKL	New	MARKEL CORP	$28,926,000	–	31,333	–	3.98%	–
DIS	New	DISNEY WALT CO	$19,186,000	–	172,053	–	2.64%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$17,325,000	–	97,053	–	2.38%	–
MSFT	New	MICROSOFT CORP	$15,801,000	–	77,642	–	2.17%	–
SPOT	New	SPOTIFY TECHNOLOGY S A	$9,947,000	–	38,526	–	1.37%	–
VHI	New	VALHI INC NEW	$292,000	–	27,885	–	0.04%	–

Q4 2019

			Value		Shares		↓ Weighting
VHI	Exit	VALHI INC NEW	$0	–	-342,765	–	-0.11%	–
SPOT	Exit	SPOTIFY TECHNOLOGY S A	$0	–	-49,706	–	-0.93%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-79,530	–	-1.82%	–
DIS	Exit	DISNEY WALT CO	$0	–	-99,413	–	-2.13%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-99,413	–	-3.40%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-25,847	–	-5.18%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-25,847	–	-5.19%	–
PHM	Exit	PULTE GROUP INC	$0	–	-994,127	–	-5.97%	–
MKL	Exit	MARKEL CORP	$0	–	-32,095	–	-6.24%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-497,063	–	-8.47%	–
AMZN	Exit	AMAZON COM INC	$0	–	-34,794	–	-9.93%	–
LUV	Exit	SOUTHWEST AIRLS CO	$0	–	-1,252,600	–	-11.12%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-248,532	–	-11.77%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-447,357	–	-13.10%	–
AAPL	Exit	APPLE INC	$0	–	-397,651	–	-14.64%	–

Q3 2019

			Value		Shares		↓ Weighting
AAPL	Sell	APPLE INC	$89,062,000	+12.5%	397,651	-0.6%	14.64%	+10.4%
FB	Sell	FACEBOOK INCcl a	$79,665,000	-8.3%	447,357	-0.6%	13.10%	-10.0%
COST	Sell	COSTCO WHSL CORP NEW	$71,605,000	+8.4%	248,532	-0.6%	11.77%	+6.4%
LUV	Sell	SOUTHWEST AIRLS CO	$67,653,000	+5.7%	1,252,600	-0.6%	11.12%	+3.8%
AMZN	Sell	AMAZON COM INC	$60,399,000	-8.9%	34,794	-0.6%	9.93%	-10.6%
PYPL	Sell	PAYPAL HLDGS INC	$51,491,000	-10.0%	497,063	-0.6%	8.47%	-11.7%
MKL	Sell	MARKEL CORP	$37,933,000	+7.8%	32,095	-0.6%	6.24%	+5.8%
PHM	Sell	PULTE GROUP INC	$36,335,000	+14.9%	994,127	-0.6%	5.97%	+12.8%
GOOGL	Sell	ALPHABET INCcap stk cl a	$31,563,000	+12.1%	25,847	-0.6%	5.19%	+10.0%
GOOG	Sell	ALPHABET INCcap stk cl c	$31,507,000	+12.1%	25,847	-0.6%	5.18%	+10.0%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$20,680,000	-3.0%	99,413	-0.6%	3.40%	-4.8%
DIS	Sell	DISNEY WALT CO	$12,956,000	-7.2%	99,413	-0.6%	2.13%	-8.9%
MSFT	Sell	MICROSOFT CORP	$11,057,000	+3.2%	79,530	-0.6%	1.82%	+1.3%
SPOT	Sell	SPOTIFY TECHNOLOGY S A	$5,666,000	-22.5%	49,706	-0.6%	0.93%	-23.9%
VHI	Sell	VALHI INC NEW	$651,000	-36.4%	342,765	-0.6%	0.11%	-37.8%

Q2 2019

			Value		Shares		↓ Weighting
FB	New	FACEBOOK INCcl a	$86,850,000	–	450,000	–	14.55%	–
AAPL	New	APPLE INC	$79,168,000	–	400,000	–	13.26%	–
AMZN	New	AMAZON COM INC	$66,277,000	–	35,000	–	11.10%	–
COST	New	COSTCO WHSL CORP NEW	$66,065,000	–	250,000	–	11.07%	–
LUV	New	SOUTHWEST AIRLS CO	$63,983,000	–	1,260,000	–	10.72%	–
PYPL	New	PAYPAL HLDGS INC	$57,230,000	–	500,000	–	9.59%	–
MKL	New	MARKEL CORP	$35,178,000	–	32,285	–	5.89%	–
PHM	New	PULTE GROUP INC	$31,620,000	–	1,000,000	–	5.30%	–
GOOGL	New	ALPHABET INCcap stk cl a	$28,153,000	–	26,000	–	4.72%	–
GOOG	New	ALPHABET INCcap stk cl c	$28,104,000	–	26,000	–	4.71%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$21,317,000	–	100,000	–	3.57%	–
DIS	New	DISNEY WALT CO	$13,964,000	–	100,000	–	2.34%	–
MSFT	New	MICROSOFT CORP	$10,717,000	–	80,000	–	1.80%	–
SPOT	New	SPOTIFY TECHNOLOGY S A	$7,311,000	–	50,000	–	1.22%	–
VHI	New	VALHI INC NEW	$1,024,000	–	344,790	–	0.17%	–

Q4 2018

			Value		Shares		↓ Weighting
VHI	Exit	VALHI INC NEW	$0	–	-344,790	–	-0.13%	–
BKNG	Exit	BOOKING HLDGS INC	$0	–	-1,500	–	-0.50%	–
HD	Exit	HOME DEPOT INC	$0	–	-20,000	–	-0.70%	–
LEN	Exit	LENNAR CORPcl a	$0	–	-100,000	–	-0.78%	–
DIS	Exit	DISNEY WALT CO	$0	–	-100,000	–	-1.97%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-100,000	–	-3.60%	–
PHM	Exit	PULTE GROUP INC	$0	–	-1,000,000	–	-4.16%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-25,898	–	-5.20%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-25,828	–	-5.24%	–
MKL	Exit	MARKEL CORP	$0	–	-32,285	–	-6.45%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-500,000	–	-7.38%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-250,000	–	-9.87%	–
AMZN	Exit	AMAZON COM INC	$0	–	-35,000	–	-11.78%	–
LUV	Exit	SOUTHWEST AIRLS CO	$0	–	-1,260,000	–	-13.23%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-500,000	–	-13.82%	–
AAPL	Exit	APPLE INC	$0	–	-400,000	–	-15.18%	–

Q3 2018

			Value		Shares		↓ Weighting
LEN	Sell	LENNAR CORPcl a	$4,669,000	-55.5%	100,000	-50.0%	0.78%	-58.2%

Q2 2018

			Value		Shares		↓ Weighting
FB	New	FACEBOOK INCcl a	$97,160,000	–	500,000	–	17.39%	–
AAPL	New	APPLE INC	$74,044,000	–	400,000	–	13.25%	–
LUV	New	SOUTHWEST AIRLS CO	$64,109,000	–	1,260,000	–	11.47%	–
AMZN	New	AMAZON COM INC	$59,493,000	–	35,000	–	10.65%	–
COST	New	COSTCO WHSL CORP NEW	$52,245,000	–	250,000	–	9.35%	–
PYPL	New	PAYPAL HLDGS INC	$41,635,000	–	500,000	–	7.45%	–
MKL	New	MARKEL CORP	$35,008,000	–	32,285	–	6.27%	–
GOOGL	New	ALPHABET INCcap stk cl a	$29,165,000	–	25,828	–	5.22%	–
GOOG	New	ALPHABET INCcap stk cl c	$28,893,000	–	25,898	–	5.17%	–
PHM	New	PULTE GROUP INC	$28,750,000	–	1,000,000	–	5.15%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$18,665,000	–	100,000	–	3.34%	–
LEN	New	LENNAR CORPcl a	$10,500,000	–	200,000	–	1.88%	–
DIS	New	DISNEY WALT CO	$10,481,000	–	100,000	–	1.88%	–
HD	New	HOME DEPOT INC	$3,902,000	–	20,000	–	0.70%	–
BKNG	New	BOOKING HLDGS INC	$3,041,000	–	1,500	–	0.54%	–
VHI	New	VALHI INC NEW	$1,641,000	–	344,790	–	0.29%	–

Q4 2017

			Value		Shares		↓ Weighting
VHI	Exit	VALHI INC NEW	$0	–	-344,790	–	-0.17%	–
TROW	Exit	PRICE T ROWE GROUP INC	$0	–	-30,000	–	-0.55%	–
INFN	Exit	INFINERA CORPORATION	$0	–	-500,000	–	-0.89%	–
DIS	Exit	DISNEY WALT CO	$0	–	-100,000	–	-1.99%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-250,000	–	-2.71%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-100,000	–	-3.70%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-25,898	–	-5.01%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-25,828	–	-5.07%	–
AMZN	Exit	AMAZON COM INC	$0	–	-30,000	–	-5.82%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-500,000	–	-6.46%	–
PHM	Exit	PULTE GROUP INC	$0	–	-1,200,000	–	-6.61%	–
MKL	Exit	MARKEL CORP	$0	–	-32,285	–	-6.95%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-225,000	–	-7.45%	–
AAPL	Exit	APPLE INC	$0	–	-400,000	–	-12.43%	–
LUV	Exit	SOUTHWEST AIRLS CO	$0	–	-1,260,000	–	-14.22%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-580,000	–	-19.98%	–

Q2 2017

			Value		Shares		↓ Weighting
FB	New	FACEBOOK INCcl a	$87,568,000	–	580,000	–	18.45%	–
LUV	New	SOUTHWEST AIRLS CO	$78,296,000	–	1,260,000	–	16.50%	–
AAPL	New	APPLE INC	$57,608,000	–	400,000	–	12.14%	–
COST	New	COSTCO WHSL CORP NEW	$35,984,000	–	225,000	–	7.58%	–
MKL	New	MARKEL CORP	$31,506,000	–	32,285	–	6.64%	–
PHM	New	PULTE GROUP INC	$29,436,000	–	1,200,000	–	6.20%	–
AMZN	New	AMAZON COM INC	$29,040,000	–	30,000	–	6.12%	–
PYPL	New	PAYPAL HLDGS INC	$26,835,000	–	500,000	–	5.66%	–
GOOGL	New	ALPHABET INCcap stk cl a	$24,012,000	–	25,828	–	5.06%	–
GOOG	New	ALPHABET INCcap stk cl c	$23,534,000	–	25,898	–	4.96%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$16,937,000	–	100,000	–	3.57%	–
SBUX	New	STARBUCKS CORP	$14,578,000	–	250,000	–	3.07%	–
DIS	New	DISNEY WALT CO	$10,625,000	–	100,000	–	2.24%	–
INFN	New	INFINERA CORPORATION	$5,335,000	–	500,000	–	1.12%	–
TROW	New	PRICE T ROWE GROUP INC	$2,226,000	–	30,000	–	0.47%	–
VHI	New	VALHI INC NEW	$1,027,000	–	344,790	–	0.22%	–

Q4 2016

			Value		Shares		↓ Weighting
VHI	Exit	VALHI INC NEW	$0	–	-344,790	–	-0.20%	–
LEN	Exit	LENNAR CORPcl a	$0	–	-50,000	–	-0.54%	–
NKE	Exit	NIKE INCcl b	$0	–	-50,000	–	-0.67%	–
INFN	Exit	INFINERA CORPORATION	$0	–	-500,000	–	-1.15%	–
DIS	Exit	DISNEY WALT CO	$0	–	-100,000	–	-2.37%	–
WPP	Exit	WPP PLC NEWadr	$0	–	-80,000	–	-2.40%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-250,000	–	-3.45%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-100,000	–	-3.69%	–
AMZN	Exit	AMAZON COM INC	$0	–	-20,000	–	-4.27%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-25,898	–	-5.14%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-500,000	–	-5.23%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-25,828	–	-5.30%	–
PHM	Exit	PULTE GROUP INC	$0	–	-1,200,000	–	-6.14%	–
MKL	Exit	MARKEL CORP	$0	–	-32,285	–	-7.65%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-225,000	–	-8.76%	–
AAPL	Exit	APPLE INC	$0	–	-400,000	–	-11.54%	–
LUV	Exit	SOUTHWEST AIRLS CO	$0	–	-1,260,000	–	-12.50%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-580,000	–	-18.99%	–

Q3 2016

			Value		Shares		↓ Weighting
PYPL	Buy	PAYPAL HLDGS INC	$20,485,000	+40.3%	500,000	+25.0%	5.23%	+30.2%
NKE	New	NIKE INCcl b	$2,633,000	–	50,000	–	0.67%	–

Q2 2016

			Value		Shares		↓ Weighting
FB	New	FACEBOOK INCcl a	$66,282,000	–	580,000	–	18.22%	–
LUV	New	SOUTHWEST AIRLS CO	$49,405,000	–	1,260,000	–	13.58%	–
AAPL	New	APPLE INC	$38,240,000	–	400,000	–	10.51%	–
COST	New	COSTCO WHSL CORP NEW	$35,334,000	–	225,000	–	9.71%	–
MKL	New	MARKEL CORP	$30,761,000	–	32,285	–	8.46%	–
PHM	New	PULTE GROUP INC	$23,388,000	–	1,200,000	–	6.43%	–
GOOGL	New	ALPHABET INCcap stk cl a	$18,171,000	–	25,828	–	5.00%	–
GOOG	New	ALPHABET INCcap stk cl c	$17,924,000	–	25,898	–	4.93%	–
PYPL	New	PAYPAL HLDGS INC	$14,604,000	–	400,000	–	4.01%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$14,479,000	–	100,000	–	3.98%	–
AMZN	New	AMAZON	$14,312,000	–	20,000	–	3.93%	–
SBUX	New	STARBUCKS CORP	$14,280,000	–	250,000	–	3.92%	–
DIS	New	DISNEY WALT CO	$9,782,000	–	100,000	–	2.69%	–
WPP	New	WPP PLC NEWadr	$8,362,000	–	80,000	–	2.30%	–
INFN	New	INFINERA CORPORATION	$5,640,000	–	500,000	–	1.55%	–
LEN	New	LENNAR	$2,305,000	–	50,000	–	0.63%	–
VHI	New	VALHI INC NEW	$541,000	–	344,790	–	0.15%	–

Q4 2015

			Value		Shares		↓ Weighting
VHI	Exit	VALHI INC NEW	$0	–	-344,790	–	-0.17%	–
EBAY	Exit	EBAY INC	$0	–	-368,976	–	-2.41%	–
INFN	Exit	INFINERA CORPORATION	$0	–	-500,000	–	-2.61%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-368,976	–	-3.06%	–
WPP	Exit	WPP PLC NEWadr	$0	–	-120,000	–	-3.33%	–
DIS	Exit	DISNEY WALT CO	$0	–	-138,366	–	-3.78%	–
KMX	Exit	CARMAX INC	$0	–	-250,000	–	-3.96%	–
GOOG	Exit	GOOGLE INCcl c	$0	–	-25,898	–	-4.21%	–
GOOGL	Exit	GOOGLE INCcl a	$0	–	-25,828	–	-4.40%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-300,000	–	-4.55%	–
PHM	Exit	PULTE GROUP INC	$0	–	-922,442	–	-4.65%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-150,000	–	-5.22%	–
MKL	Exit	MARKEL CORP	$0	–	-32,285	–	-6.91%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-225,000	–	-8.68%	–
AAPL	Exit	APPLE INC	$0	–	-419,711	–	-12.36%	–
LUV	Exit	SOUTHWEST AIRLS CO	$0	–	-1,400,000	–	-14.22%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-645,709	–	-15.50%	–

Q3 2015

			Value		Shares		↓ Weighting
LUV	Buy	SOUTHWEST AIRLS CO	$53,256,000	+16.3%	1,400,000	+1.2%	14.22%	+25.7%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$19,560,000	-22.1%	150,000	-18.7%	5.22%	-15.8%
SBUX	Sell	STARBUCKS CORP	$17,052,000	-13.8%	300,000	-18.7%	4.55%	-6.8%
KMX	Sell	CARMAX INC	$14,830,000	-19.1%	250,000	-9.7%	3.96%	-12.5%
WPP	Sell	WPP PLC NEWadr	$12,484,000	-35.1%	120,000	-29.7%	3.33%	-29.9%
PYPL	New	PAYPAL HLDGS INC	$11,453,000	–	368,976	–	3.06%	–
MON	Exit	MONSANTO CO NEW	$0	–	-150,000	–	-3.95%	–

Q2 2015

			Value		Shares		↓ Weighting
FB	New	FACEBOOK INCcl a	$55,379,000	–	645,709	–	13.68%	–
AAPL	New	APPLE INC	$52,642,000	–	419,711	–	13.00%	–
LUV	New	SOUTHWEST AIRLS CO	$45,785,000	–	1,383,663	–	11.31%	–
COST	New	COSTCO WHSL CORP NEW	$30,389,000	–	225,000	–	7.50%	–
MKL	New	MARKEL CORP	$25,850,000	–	32,285	–	6.38%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$25,111,000	–	184,488	–	6.20%	–
EBAY	New	EBAY INC	$22,227,000	–	368,976	–	5.49%	–
SBUX	New	STARBUCKS CORP	$19,783,000	–	368,976	–	4.88%	–
WPP	New	WPP PLC NEWadr	$19,234,000	–	170,638	–	4.75%	–
PHM	New	PULTE GROUP INC	$18,587,000	–	922,442	–	4.59%	–
KMX	New	CARMAX INC	$18,322,000	–	276,732	–	4.52%	–
MON	New	MONSANTO CO NEW	$15,989,000	–	150,000	–	3.95%	–
DIS	New	DISNEY WALT CO	$15,793,000	–	138,366	–	3.90%	–
GOOGL	New	GOOGLE INCcl a	$13,948,000	–	25,828	–	3.44%	–
GOOG	New	GOOGLE INCcl c	$13,480,000	–	25,898	–	3.33%	–
INFN	New	INFINERA CORPORATION	$10,490,000	–	500,000	–	2.59%	–
VHI	New	VALHI INC NEW	$1,952,000	–	344,790	–	0.48%	–

Q4 2014

			Value		Shares		↓ Weighting
VHI	Exit	VALHI INC NEW	$0	–	-344,790	–	-0.58%	–
VRX	Exit	VALEANT PHARMACEUTICALS INTL	$0	–	-20,000	–	-0.68%	–
EOG	Exit	EOG RES INC	$0	–	-36,897	–	-0.94%	–
INFN	Exit	INFINERA CORPORATION	$0	–	-474,873	–	-1.30%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-45,473	–	-2.30%	–
QCOM	Exit	QUALCOMM INC	$0	–	-138,366	–	-2.66%	–
MON	Exit	MONSANTO CO NEW	$0	–	-92,244	–	-2.67%	–
DIS	Exit	DISNEY WALT CO	$0	–	-138,366	–	-3.17%	–
BAC	Exit	BANK AMER CORP	$0	–	-737,953	–	-3.24%	–
KMX	Exit	CARMAX INC	$0	–	-276,732	–	-3.31%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-184,488	–	-3.58%	–
GOOG	Exit	GOOGLE INCcl c	$0	–	-25,828	–	-3.84%	–
GOOGL	Exit	GOOGLE INCcl a	$0	–	-25,828	–	-3.91%	–
PHM	Exit	PULTE GROUP INC	$0	–	-922,442	–	-4.19%	–
WPP	Exit	WPP PLC NEW ADRadr	$0	–	-170,638	–	-4.41%	–
MKL	Exit	MARKEL CORP	$0	–	-32,285	–	-5.28%	–
EBAY	Exit	EBAY INC	$0	–	-368,976	–	-5.38%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-184,488	–	-5.95%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-184,488	–	-6.56%	–
AAPL	Exit	APPLE INC	$0	–	-419,711	–	-10.88%	–
LUV	Exit	SOUTHWEST AIRLS CO	$0	–	-1,383,663	–	-12.02%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-645,709	–	-13.13%	–

Q3 2014

			Value		Shares		↓ Weighting
FB	Sell	FACEBOOK INCcl a	$51,037,000	+8.4%	645,709	-7.8%	13.13%	+11.2%
LUV	Sell	SOUTHWEST AIRLS CO	$46,726,000	+16.0%	1,383,663	-7.8%	12.02%	+19.0%
AAPL	Sell	APPLE INC	$42,286,000	+0.0%	419,711	-7.8%	10.88%	+2.6%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$25,485,000	+0.7%	184,488	-7.8%	6.56%	+3.3%
COST	Sell	COSTCO WHSL CORP NEW	$23,120,000	+0.4%	184,488	-7.8%	5.95%	+3.0%
EBAY	Sell	EBAY INC	$20,895,000	+4.3%	368,976	-7.8%	5.38%	+7.1%
MKL	Sell	MARKEL CORP	$20,538,000	-10.5%	32,285	-7.8%	5.28%	-8.2%
WPP	Sell	WPP PLC NEW ADRadr	$17,139,000	-20.4%	170,638	-13.6%	4.41%	-18.3%
PHM	Sell	PULTE GROUP INC	$16,290,000	-19.2%	922,442	-7.8%	4.19%	-17.1%
GOOGL	Sell	GOOGLE INCcl a	$15,197,000	-7.2%	25,828	-7.8%	3.91%	-4.7%
GOOG	Sell	GOOGLE INCcl c	$14,912,000	-7.4%	25,828	-7.8%	3.84%	-5.0%
SBUX	Sell	STARBUCKS CORP	$13,921,000	-10.0%	184,488	-7.8%	3.58%	-7.7%
KMX	Sell	CARMAX INC	$12,854,000	-17.6%	276,732	-7.8%	3.31%	-15.5%
BAC	Sell	BANK AMER CORP	$12,582,000	+2.3%	737,953	-7.8%	3.24%	+5.0%
DIS	Sell	DISNEY WALT CO	$12,319,000	-4.2%	138,366	-7.8%	3.17%	-1.7%
MON	Sell	MONSANTO CO NEW	$10,378,000	-16.8%	92,244	-7.8%	2.67%	-14.6%
QCOM	Sell	QUALCOMM INC	$10,346,000	-12.9%	138,366	-7.8%	2.66%	-10.6%
PXD	Sell	PIONEER NAT RES CO	$8,957,000	-20.9%	45,473	-7.8%	2.30%	-18.9%
INFN	Sell	INFINERA CORPORATION	$5,067,000	+7.0%	474,873	-7.8%	1.30%	+9.8%
EOG	Sell	EOG RES INC	$3,654,000	-21.8%	36,897	-7.8%	0.94%	-19.8%
VRX	New	VALEANT PHARMACEUTICALS INTL	$2,624,000	–	20,000	–	0.68%	–

Q2 2014

			Value		Shares		↓ Weighting
FB	New	FACEBOOK INCcl a	$47,103,000	–	700,000	–	11.81%	–
AAPL	New	APPLE INC	$42,283,000	–	455,000	–	10.60%	–
LUV	New	SOUTHWEST AIRLS CO	$40,290,000	–	1,500,000	–	10.10%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$25,312,000	–	200,000	–	6.35%	–
COST	New	COSTCO WHSL CORP NEW	$23,032,000	–	200,000	–	5.78%	–
MKL	New	MARKEL CORP	$22,947,000	–	35,000	–	5.76%	–
WPP	New	WPP PLC NEWadr	$21,529,000	–	197,535	–	5.40%	–
PHM	New	PULTE GROUP INC	$20,160,000	–	1,000,000	–	5.06%	–
EBAY	New	EBAY INC	$20,024,000	–	400,000	–	5.02%	–
GOOGL	New	GOOGLE INCcl a	$16,371,000	–	28,000	–	4.11%	–
GOOG	New	GOOGLE INCcl c	$16,108,000	–	28,000	–	4.04%	–
KMX	New	CARMAX INC	$15,603,000	–	300,000	–	3.91%	–
SBUX	New	STARBUCKS CORP	$15,476,000	–	200,000	–	3.88%	–
DIS	New	DISNEY WALT CO	$12,861,000	–	150,000	–	3.23%	–
MON	New	MONSANTO CO NEW	$12,474,000	–	100,000	–	3.13%	–
BAC	New	BANK OF AMERICA CORPORATION	$12,296,000	–	800,000	–	3.08%	–
QCOM	New	QUALCOMM INC	$11,880,000	–	150,000	–	2.98%	–
PXD	New	PIONEER NAT RES CO	$11,329,000	–	49,297	–	2.84%	–
INFN	New	INFINERA CORPORATION	$4,736,000	–	514,800	–	1.19%	–
EOG	New	EOG RES INC	$4,674,000	–	40,000	–	1.17%	–
VHI	New	VALHI INC NEW	$2,214,000	–	344,790	–	0.56%	–

Q4 2013

			Value		Shares		↓ Weighting
XCO	Exit	EXCO RESOURCES INC	$0	–	-175,000	–	-0.36%	–
DHI	Exit	D R HORTON INC	$0	–	-80,000	–	-0.48%	–
LEN	Exit	LENNAR CORPcl a	$0	–	-50,000	–	-0.54%	–
WSM	Exit	WILLIAMS SONOMA INC	$0	–	-50,000	–	-0.86%	–
EOG	Exit	EOG RES INC	$0	–	-20,000	–	-1.04%	–
INFN	Exit	INFINERA CORPORATION	$0	–	-514,800	–	-1.78%	–
VHI	Exit	VALHI INC NEW	$0	–	-344,790	–	-2.11%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-49,297	–	-2.85%	–
DIS	Exit	DISNEY WALT CO	$0	–	-150,000	–	-2.96%	–
QCOM	Exit	QUALCOMM INC	$0	–	-150,000	–	-3.09%	–
MON	Exit	MONSANTO CO NEW	$0	–	-100,000	–	-3.20%	–
BAC	Exit	BANK OF AMERICA CORPORATION	$0	–	-800,000	–	-3.38%	–
MKL	Exit	MARKEL CORP	$0	–	-25,000	–	-3.96%	–
KMX	Exit	CARMAX INC	$0	–	-300,000	–	-4.45%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-200,000	–	-4.72%	–
PHM	Exit	PULTE GROUP INC	$0	–	-1,000,000	–	-5.05%	–
WPP	Exit	WPP PLC NEWadr	$0	–	-197,535	–	-6.23%	–
GOOGL	Exit	GOOGLE INCcl a	$0	–	-24,000	–	-6.44%	–
LUV	Exit	SOUTHWEST AIRLS CO	$0	–	-1,500,000	–	-6.69%	–
EBAY	Exit	EBAY INC	$0	–	-400,000	–	-6.84%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-200,000	–	-6.95%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-200,000	–	-7.06%	–
AAPL	Exit	APPLE INC	$0	–	-56,000	–	-8.18%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-700,000	–	-10.77%	–

Q3 2013

			Value		Shares		↓ Weighting
FB	Buy	FACEBOOK INCcl a	$35,161,000	+135.5%	700,000	+16.7%	10.77%	+99.9%
EBAY	Buy	EBAY INC	$22,318,000	+72.6%	400,000	+60.0%	6.84%	+46.5%
LUV	Buy	SOUTHWEST AIRLS CO	$21,840,000	+41.2%	1,500,000	+25.0%	6.69%	+19.8%
PXD	Buy	PIONEER NAT RES CO	$9,307,000	+164.6%	49,297	+102.9%	2.85%	+124.7%
WSM	New	WILLIAMS SONOMA INC	$2,810,000	–	50,000	–	0.86%	–
MCD	Exit	MCDONALDS CORP	$0	–	-100,000	–	-3.57%	–

Q2 2013

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$22,384,000	–	200,000	–	8.08%	–
AAPL	New	APPLE INC	$22,206,000	–	56,000	–	8.02%	–
COST	New	COSTCO WHSL CORP NEW	$22,114,000	–	200,000	–	7.98%	–
GOOGL	New	GOOGLE INCcl a	$21,129,000	–	24,000	–	7.63%	–
PHM	New	PULTE GROUP INC	$18,970,000	–	1,000,000	–	6.85%	–
WPP	New	WPP PLC NEWadr	$16,868,000	–	197,535	–	6.09%	–
LUV	New	SOUTHWEST AIRLS CO	$15,468,000	–	1,200,000	–	5.58%	–
FB	New	FACEBOOK INCcl a	$14,928,000	–	600,000	–	5.39%	–
KMX	New	CARMAX INC	$13,848,000	–	300,000	–	5.00%	–
MKL	New	MARKEL CORP	$13,174,000	–	25,000	–	4.76%	–
SBUX	New	STARBUCKS CORP	$13,102,000	–	200,000	–	4.73%	–
EBAY	New	EBAY INC	$12,930,000	–	250,000	–	4.67%	–
BAC	New	BANK OF AMERICA CORPORATION	$10,288,000	–	800,000	–	3.71%	–
MCD	New	MCDONALDS CORP	$9,900,000	–	100,000	–	3.57%	–
MON	New	MONSANTO CO NEW	$9,880,000	–	100,000	–	3.57%	–
DIS	New	DISNEY WALT CO	$9,473,000	–	150,000	–	3.42%	–
QCOM	New	QUALCOMM INC	$9,164,000	–	150,000	–	3.31%	–
INFN	New	INFINERA CORPORATION	$5,493,000	–	514,800	–	1.98%	–
VHI	New	VALHI INC NEW	$4,737,000	–	344,790	–	1.71%	–
PXD	New	PIONEER NAT RES CO	$3,517,000	–	24,297	–	1.27%	–
EOG	New	EOG RES INC	$2,634,000	–	20,000	–	0.95%	–
LEN	New	LENNAR CORPcl a	$1,802,000	–	50,000	–	0.65%	–
DHI	New	D R HORTON INC	$1,702,000	–	80,000	–	0.61%	–
XCO	New	EXCO RESOURCES INC	$1,337,000	–	175,000	–	0.48%	–

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