INVESTMENTAKTIENGESELLSCHAFT FUER LANGFRISTIGE INVESTOREN TGV Activity Q4 2012-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
GOOGL	Sell	ALPHABET INCcap stk cl a	$324,028	+9.0%	2,476,140	-0.3%	26.45%	+6.7%
MSFT	Sell	MICROSOFT CORP	$244,770	-7.5%	775,200	-0.2%	19.98%	-9.5%
CACC	Sell	CREDIT ACCEP CORP MICH	$46,932	-20.5%	102,000	-12.2%	3.83%	-22.2%
TCX	Buy	TUCOWS INC	$40,199	-24.5%	1,969,594	+2.7%	3.28%	-26.1%
PDD	New	PDD HOLDINGS INCsponsored ads	$11,768	–	120,000	–	0.96%	–
FERG	Sell	FERGUSON PLC NEW	$9,868	-13.5%	60,000	-17.2%	0.80%	-15.4%
SPOT	Sell	SPOTIFY TECHNOLOGY S A	$2,165	-13.0%	14,000	-9.7%	0.18%	-14.9%
MELI	Sell	MERCADOLIBRE INC	$2,092	-19.7%	1,650	-25.0%	0.17%	-21.2%
BNTX	Buy	BIONTECH SEsponsored ads	$1,249	+5.2%	11,500	+4.5%	0.10%	+3.0%
PYPL	Buy	PAYPAL HLDGS INC	$1,228	-4.7%	21,000	+8.8%	0.10%	-6.5%

Q2 2023

			Value		Shares		↓ Weighting
GOOGL	New	ALPHABET INCcap stk cl a	$297,232	–	2,483,140	–	24.80%	–
MSFT	New	MICROSOFT CORP	$264,566	–	776,900	–	22.07%	–
GOOG	New	ALPHABET INCcap stk cl c	$207,524	–	1,715,500	–	17.31%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$155,343	–	300	–	12.96%	–
CACC	New	CREDIT ACCEP CORP MICH	$59,026	–	116,208	–	4.92%	–
TCX	New	TUCOWS INC	$53,221	–	1,918,544	–	4.44%	–
FB	New	META PLATFORMS INCcl a	$49,935	–	174,000	–	4.17%	–
CRM	New	SALESFORCE INC	$30,744	–	145,528	–	2.56%	–
WIX	New	WIX COM LTD	$19,560	–	250,000	–	1.63%	–
IBKR	New	INTERACTIVE BROKERS GROUP IN	$16,614	–	200,000	–	1.39%	–
FERG	New	FERGUSON PLC NEW	$11,405	–	72,500	–	0.95%	–
CVNA	New	CARVANA COcl a	$11,016	–	425,000	–	0.92%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$10,837	–	31,780	–	0.90%	–
MKL	New	MARKEL CORP	$3,216	–	2,325	–	0.27%	–
MELI	New	MERCADOLIBRE INC	$2,606	–	2,200	–	0.22%	–
SPOT	New	SPOTIFY TECHNOLOGY S A	$2,489	–	15,500	–	0.21%	–
PYPL	New	PAYPAL HLDGS INC	$1,288	–	19,300	–	0.11%	–
BNTX	New	BIONTECH SEsponsored ads	$1,187	–	11,000	–	0.10%	–
	New	NU HLDGS LTD	$828	–	105,000	–	0.07%	–

Q4 2022

			Value		Shares		↓ Weighting
STNE	Exit	STONECO LTD	$0	–	-137,500	–	-0.14%	–
SPOT	Exit	SPOTIFY TECHNOLOGY S A	$0	–	-16,500	–	-0.15%	–
IBKR	Exit	INTERACTIVE BROKERS GROUP IN	$0	–	-25,074	–	-0.17%	–
MKL	Exit	MARKEL CORP	$0	–	-2,325	–	-0.27%	–
MELI	Exit	MERCADOLIBRE INC	$0	–	-3,550	–	-0.32%	–
FERG	Exit	FERGUSON PLC NEW	$0	–	-50,000	–	-0.56%	–
CVNA	Exit	CARVANA COcl a	$0	–	-355,000	–	-0.78%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-31,780	–	-0.92%	–
FB	Exit	META PLATFORMS INCcl a	$0	–	-114,000	–	-1.67%	–
WIX	Exit	WIX COM LTD	$0	–	-250,000	–	-2.12%	–
CRM	Exit	SALESFORCE COM INC	$0	–	-175,528	–	-2.73%	–
TCX	Exit	TUCOWS INC	$0	–	-1,695,439	–	-6.86%	–
CACC	Exit	CREDIT ACCEP CORP MICH	$0	–	-147,208	–	-6.98%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-300	–	-13.19%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-1,715,500	–	-17.85%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-777,450	–	-19.59%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-2,483,140	–	-25.70%	–

Q3 2022

			Value		Shares		↓ Weighting
GOOGL	Buy	ALPHABET INCcap stk cl a	$237,513,000	-12.2%	2,483,140	+1900.0%	25.70%	-2.9%
MSFT	Sell	MICROSOFT CORP	$181,068,000	-9.4%	777,450	-0.1%	19.59%	+0.2%
GOOG	Buy	ALPHABET INCcap stk cl c	$164,945,000	-12.1%	1,715,500	+1900.0%	17.85%	-2.8%
TCX	Buy	TUCOWS INC	$63,426,000	-1.9%	1,695,439	+16.7%	6.86%	+8.5%
WIX	Sell	WIX COM LTD	$19,558,000	+14.8%	250,000	-3.8%	2.12%	+26.9%
FB	Sell	META PLATFORMS INCcl a	$15,468,000	-26.2%	114,000	-12.3%	1.67%	-18.4%
FERG	Sell	FERGUSON PLC NEW	$5,147,000	-50.0%	50,000	-46.2%	0.56%	-44.7%
MELI	Sell	MERCADOLIBRE INC	$2,939,000	+16.9%	3,550	-10.1%	0.32%	+29.3%
IBKR	Sell	INTERACTIVE BROKERS GROUP IN	$1,602,000	-57.8%	25,074	-63.7%	0.17%	-53.5%
SPOT	Buy	SPOTIFY TECHNOLOGY S A	$1,424,000	-3.7%	16,500	+4.8%	0.15%	+6.2%
STNE	Sell	STONECO LTD	$1,310,000	+3.1%	137,500	-16.7%	0.14%	+14.5%
RDCM	Exit	Radcom LTD	$0	–	-5,519	–	-0.01%	–
TWTR	Exit	TWITTER INC	$0	–	-30,000	–	-0.11%	–

Q2 2022

			Value		Shares		↓ Weighting
GOOGL	New	ALPHABET INCcap stk cl a	$270,571,000	–	124,157	–	26.47%	–
MSFT	New	MICROSOFT CORP	$199,827,000	–	778,050	–	19.55%	–
GOOG	New	ALPHABET INCcap stk cl c	$187,629,000	–	85,775	–	18.35%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$122,685,000	–	300	–	12.00%	–
CACC	New	CREDIT ACCEP CORP MICH	$69,690,000	–	147,208	–	6.82%	–
TCX	New	TUCOWS INC	$64,661,000	–	1,452,728	–	6.32%	–
CRM	New	SALESFORCE COM INC	$28,969,000	–	175,528	–	2.83%	–
FB	New	META PLATFORMS INCcl a	$20,963,000	–	130,000	–	2.05%	–
WIX	New	WIX COM LTD	$17,043,000	–	260,000	–	1.67%	–
FERG	New	FERGUSON PLC NEW	$10,296,000	–	93,000	–	1.01%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$8,677,000	–	31,780	–	0.85%	–
CVNA	New	CARVANA COcl a	$8,016,000	–	355,000	–	0.78%	–
IBKR	New	INTERACTIVE BROKERS GROUP IN	$3,799,000	–	69,074	–	0.37%	–
MKL	New	MARKEL CORP	$3,007,000	–	2,325	–	0.29%	–
MELI	New	MERCADOLIBRE INC	$2,515,000	–	3,950	–	0.25%	–
SPOT	New	SPOTIFY TECHNOLOGY S A	$1,478,000	–	15,750	–	0.14%	–
STNE	New	STONECO LTD	$1,271,000	–	165,000	–	0.12%	–
TWTR	New	TWITTER INC	$1,122,000	–	30,000	–	0.11%	–
RDCM	New	Radcom LTD	$63,000	–	5,519	–	0.01%	–

Q4 2021

			Value		Shares		↓ Weighting
AMZN	Exit	AMAZON COM INC	$0	–	-250	–	-0.06%	–
MKL	Exit	MARKEL CORP	$0	–	-2,325	–	-0.21%	–
MELI	Exit	MERCADOLIBRE INC	$0	–	-2,000	–	-0.25%	–
IBKR	Exit	INTERACTIVE BROKERS GROUP IN	$0	–	-87,074	–	-0.41%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-31,780	–	-0.65%	–
WIX	Exit	WIX COM LTD	$0	–	-260,000	–	-3.84%	–
CRM	Exit	SALESFORCE COM INC	$0	–	-210,528	–	-4.30%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-175,000	–	-4.48%	–
CACC	Exit	CREDIT ACCEP CORP MICH	$0	–	-171,508	–	-7.57%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-300	–	-9.30%	–
TCX	Exit	TUCOWS INC	$0	–	-1,667,439	–	-9.92%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-782,500	–	-16.63%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-86,175	–	-17.31%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-124,307	–	-25.05%	–

Q3 2021

			Value		Shares		↓ Weighting
GOOGL	Sell	ALPHABET INCcap stk cl a	$332,337,000	+9.3%	124,307	-0.2%	25.05%	+7.8%
GOOG	Sell	ALPHABET INCcap stk cl c	$229,683,000	+6.1%	86,175	-0.2%	17.31%	+4.7%
MSFT	Sell	MICROSOFT CORP	$220,602,000	+3.9%	782,500	-0.1%	16.63%	+2.5%
TCX	Buy	TUCOWS INC	$131,644,000	+0.8%	1,667,439	+2.6%	9.92%	-0.6%
CACC	Sell	CREDIT ACCEP CORP MICH	$100,384,000	+16.3%	171,508	-9.7%	7.57%	+14.7%
FB	Sell	FACEBOOK INCcl a	$59,393,000	-10.1%	175,000	-7.9%	4.48%	-11.3%
CRM	Buy	SALESFORCE COM INC	$57,099,000	+55.8%	210,528	+40.4%	4.30%	+53.7%
IBKR	Buy	INTERACTIVE BROKERS GROUP IN	$5,428,000	+23.1%	87,074	+29.8%	0.41%	+21.4%
MELI	Sell	MERCADOLIBRE INC	$3,359,000	-2.0%	2,000	-9.1%	0.25%	-3.4%
WORK	Exit	SLACK TECHNOLOGIES INC	$0	–	-780,000	–	-2.64%	–

Q2 2021

			Value		Shares		↓ Weighting
GOOGL	New	ALPHABET INCcap stk cl a	$304,020,000	–	124,507	–	23.24%	–
GOOG	New	ALPHABET INCcap stk cl c	$216,409,000	–	86,345	–	16.54%	–
MSFT	New	MICROSOFT CORP	$212,250,000	–	783,500	–	16.22%	–
TCX	New	TUCOWS INC	$130,570,000	–	1,625,627	–	9.98%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$125,580,000	–	300	–	9.60%	–
CACC	New	CREDIT ACCEP CORP MICH	$86,281,000	–	190,000	–	6.60%	–
WIX	New	WIX COM LTD	$75,473,000	–	260,000	–	5.77%	–
FB	New	FACEBOOK INCcl a	$66,065,000	–	190,000	–	5.05%	–
CRM	New	SALESFORCE COM INC	$36,641,000	–	150,000	–	2.80%	–
WORK	New	SLACK TECHNOLOGIES INC	$34,554,000	–	780,000	–	2.64%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$8,832,000	–	31,780	–	0.68%	–
IBKR	New	INTERACTIVE BROKERS GROUP IN	$4,409,000	–	67,074	–	0.34%	–
MELI	New	MERCADOLIBRE INC	$3,427,000	–	2,200	–	0.26%	–
MKL	New	MARKEL CORP	$2,759,000	–	2,325	–	0.21%	–
AMZN	New	AMAZON COM INC	$860,000	–	250	–	0.07%	–

Q4 2020

			Value		Shares		↓ Weighting
STNE	Exit	STONECO LTD	$0	–	-9,000	–	-0.05%	–
V	Exit	VISA INC	$0	–	-3,000	–	-0.06%	–
ITRN	Exit	ITURAN LOCATION AND CONTROL	$0	–	-60,000	–	-0.09%	–
AMZN	Exit	AMAZON COM INC	$0	–	-300	–	-0.10%	–
IBKR	Exit	INTERACTIVE BROKERS GROUP IN	$0	–	-27,074	–	-0.14%	–
MELI	Exit	MERCADOLIBRE INC	$0	–	-1,420	–	-0.16%	–
MKL	Exit	MARKEL CORP	$0	–	-2,325	–	-0.24%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-31,780	–	-0.70%	–
WORK	Exit	SLACK TECHNOLOGIES INC	$0	–	-500,000	–	-1.40%	–
WAB	Exit	WABTEC CORP	$0	–	-475,000	–	-3.06%	–
WIX	Exit	WIX COM LTD	$0	–	-210,000	–	-5.58%	–
CACC	Exit	CREDIT ACCEP CORP MICH	$0	–	-161,477	–	-5.70%	–
TRUP	Exit	TRUPANION INC	$0	–	-700,000	–	-5.75%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-220,000	–	-6.00%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-300	–	-10.00%	–
TCX	Exit	TUCOWS INC	$0	–	-1,609,627	–	-11.55%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-86,345	–	-13.22%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-781,500	–	-17.12%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-125,057	–	-19.09%	–

Q3 2020

			Value		Shares		↓ Weighting
GOOGL	Sell	ALPHABET INCcap stk cl a	$183,284,000	+2.2%	125,057	-1.1%	19.09%	-5.0%
GOOG	Sell	ALPHABET INCcap stk cl c	$126,893,000	+3.8%	86,345	-0.2%	13.22%	-3.5%
TCX	Buy	TUCOWS INC	$110,904,000	+20.7%	1,609,627	+0.4%	11.55%	+12.2%
TRUP	Sell	TRUPANION INC	$55,230,000	+61.7%	700,000	-12.5%	5.75%	+50.3%
WIX	Sell	WIX COM LTD	$53,519,000	-14.7%	210,000	-14.3%	5.58%	-20.8%
WAB	Buy	WABTEC CORP	$29,393,000	+7.8%	475,000	+0.3%	3.06%	+0.2%
WORK	New	SLACK TECHNOLOGIES INC	$13,430,000	–	500,000	–	1.40%	–
MELI	Buy	MERCADOLIBRE INC	$1,537,000	+41.8%	1,420	+29.1%	0.16%	+32.2%
IBKR	Sell	INTERACTIVE BROKERS GROUP IN	$1,309,000	-49.5%	27,074	-56.4%	0.14%	-53.3%
AMZN	Sell	AMAZON COM INC	$945,000	-42.9%	300	-50.0%	0.10%	-47.3%
ITRN	New	ITURAN LOCATION AND CONTROL	$835,000	–	60,000	–	0.09%	–
STNE	New	STONECO LTD	$476,000	–	9,000	–	0.05%	–
UNVR	Exit	UNIVAR SOLUTIONS INC	$0	–	-50,000	–	-0.09%	–
CVNA	Exit	CARVANA COcl a	$0	–	-27,400	–	-0.37%	–

Q2 2020

			Value		Shares		↓ Weighting
GOOGL	New	ALPHABET INCcap stk cl a	$179,252,000	–	126,407	–	20.09%	–
MSFT	New	MICROSOFT CORP	$159,043,000	–	781,500	–	17.82%	–
GOOG	New	ALPHABET INCcap stk cl c	$122,242,000	–	86,475	–	13.70%	–
TCX	New	TUCOWS INC	$91,892,000	–	1,603,127	–	10.30%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$80,190,000	–	300	–	8.99%	–
CACC	New	CREDIT ACCEP CORP MICH	$67,660,000	–	161,477	–	7.58%	–
WIX	New	WIX COM LTD	$62,774,000	–	245,000	–	7.04%	–
FB	New	FACEBOOK INCcl a	$49,955,000	–	220,000	–	5.60%	–
TRUP	New	TRUPANION INC	$34,152,000	–	800,000	–	3.83%	–
WAB	New	WABTEC CORP	$27,259,000	–	473,500	–	3.06%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$5,673,000	–	31,780	–	0.64%	–
CVNA	New	CARVANA COcl a	$3,293,000	–	27,400	–	0.37%	–
IBKR	New	INTERACTIVE BROKERS GROUP IN	$2,593,000	–	62,074	–	0.29%	–
MKL	New	MARKEL CORP	$2,146,000	–	2,325	–	0.24%	–
AMZN	New	AMAZON COM INC	$1,656,000	–	600	–	0.19%	–
MELI	New	MERCADOLIBRE INC	$1,084,000	–	1,100	–	0.12%	–
UNVR	New	UNIVAR SOLUTIONS INC	$843,000	–	50,000	–	0.09%	–
V	New	VISA INC	$580,000	–	3,000	–	0.06%	–

Q4 2019

			Value		Shares		↓ Weighting
CBB	Exit	CINCINNATI BELL INC	$0	–	-200,000	–	-0.13%	–
AMZN	Exit	AMAZON COM INC	$0	–	-600	–	-0.13%	–
MELI	Exit	MERCADOLIBRE INC	$0	–	-2,050	–	-0.14%	–
DNOW	Exit	NOW INC	$0	–	-175,000	–	-0.26%	–
MKL	Exit	MARKEL CORP	$0	–	-2,325	–	-0.35%	–
IBKR	Exit	INTERACTIVE BROKERS GROUP IN	$0	–	-69,274	–	-0.47%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-31,780	–	-0.84%	–
TRUP	Exit	TRUPANION INC	$0	–	-750,000	–	-2.42%	–
WAB	Exit	WABTEC CORP	$0	–	-470,500	–	-4.30%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-220,000	–	-4.98%	–
CACC	Exit	CREDIT ACCEP CORP MICH	$0	–	-110,000	–	-6.45%	–
FAST	Exit	FASTENAL CO	$0	–	-2,000,000	–	-8.31%	–
TCX	Exit	TUCOWS INC	$0	–	-1,562,038	–	-10.76%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-300	–	-11.89%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-758,000	–	-13.40%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-87,195	–	-13.51%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-139,430	–	-21.65%	–

Q3 2019

			Value		Shares		↓ Weighting
GOOGL	Buy	ALPHABET INCcap stk cl a	$170,265,000	+77.8%	139,430	+57.7%	21.65%	+70.1%
GOOG	Buy	ALPHABET INCcap stk cl c	$106,291,000	+171.7%	87,195	+140.9%	13.51%	+159.8%
MSFT	Sell	MICROSOFT CORP	$105,385,000	-47.8%	758,000	-49.7%	13.40%	-50.1%
TCX	Buy	TUCOWS INC	$84,600,000	+10.3%	1,562,038	+24.3%	10.76%	+5.5%
TRUP	Buy	TRUPANION INC	$19,065,000	-24.6%	750,000	+7.1%	2.42%	-27.9%
IBKR	Buy	INTERACTIVE BROKERS GROUP IN	$3,718,000	-0.3%	69,274	+1.1%	0.47%	-4.6%
DNOW	Sell	NOW INC	$2,007,000	-31.7%	175,000	-12.1%	0.26%	-34.6%
CBB	Buy	CINCINNATI BELL INC	$1,014,000	+13.8%	200,000	+11.1%	0.13%	+9.3%

Q2 2019

			Value		Shares		↓ Weighting
MSFT	New	MICROSOFT CORP	$202,012,000	–	1,508,000	–	26.85%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$99,505,000	–	300	–	13.23%	–
GOOGL	New	ALPHABET INCcap stk cl a	$95,752,000	–	88,430	–	12.73%	–
TCX	New	TUCOWS INC	$76,687,000	–	1,256,776	–	10.19%	–
FAST	New	FASTENAL CO	$65,180,000	–	2,000,000	–	8.66%	–
CACC	New	CREDIT ACCEP CORP MICH	$53,221,000	–	110,000	–	7.08%	–
FB	New	FACEBOOK INCcl a	$42,460,000	–	220,000	–	5.64%	–
GOOG	New	ALPHABET INCcap stk cl c	$39,124,000	–	36,195	–	5.20%	–
WAB	New	WABTEC CORP	$33,763,000	–	470,500	–	4.49%	–
TRUP	New	TRUPANION INC	$25,291,000	–	700,000	–	3.36%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$6,775,000	–	31,780	–	0.90%	–
IBKR	New	INTERACTIVE BROKERS GROUP IN	$3,731,000	–	68,500	–	0.50%	–
DNOW	New	NOW INC	$2,937,000	–	199,000	–	0.39%	–
MKL	New	MARKEL CORP	$2,533,000	–	2,325	–	0.34%	–
MELI	New	MERCADOLIBRE INC	$1,254,000	–	2,050	–	0.17%	–
AMZN	New	AMAZON COM INC	$1,136,000	–	600	–	0.15%	–
CBB	New	CINCINNATI BELL INC	$891,000	–	180,000	–	0.12%	–

Q4 2018

			Value		Shares		↓ Weighting
NOV	Exit	NATIONAL OILWELL VARCO INC	$0	–	-30,000	–	-0.18%	–
MKL	Exit	MARKEL CORP	$0	–	-2,325	–	-0.38%	–
TRIP	Exit	TRIPADVISOR INC	$0	–	-62,000	–	-0.44%	–
DNOW	Exit	NOW INC	$0	–	-319,000	–	-0.73%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-31,780	–	-0.94%	–
SHAK	Exit	SHAKE SHACK INCcl a	$0	–	-215,000	–	-1.88%	–
TRUP	Exit	TRUPANION INC	$0	–	-600,000	–	-2.98%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-190,000	–	-4.34%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-34,775	–	-5.76%	–
WAB	Exit	WABTEC CORP	$0	–	-455,000	–	-6.63%	–
CACC	Exit	CREDIT ACCEP CORP MICH	$0	–	-110,000	–	-6.69%	–
FAST	Exit	FASTENAL CO	$0	–	-1,000,000	–	-8.06%	–
TCX	Exit	TUCOWS INC	$0	–	-1,142,543	–	-8.84%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-300	–	-13.33%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-86,580	–	-14.51%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-1,530,000	–	-24.30%	–

Q3 2018

			Value		Shares		↓ Weighting
BRKA	Sell	BERKSHIRE HATHAWAY INC DELcl a	$96,000,000	+4.7%	300	-7.7%	13.33%	-3.9%
TCX	Buy	TUCOWS INC	$63,697,000	+2.1%	1,142,543	+11.0%	8.84%	-6.4%
FB	Buy	FACEBOOK INCcl a	$31,247,000	+10.9%	190,000	+31.0%	4.34%	+1.7%
DNOW	Sell	NOW INC	$5,279,000	+3.4%	319,000	-16.7%	0.73%	-5.2%
TRIP	Sell	TRIPADVISOR INC	$3,166,000	-54.2%	62,000	-50.0%	0.44%	-57.9%

Q2 2018

			Value		Shares		↓ Weighting
MSFT	New	MICROSOFT CORP	$150,873,000	–	1,530,000	–	22.84%	–
GOOGL	New	ALPHABET INCcap stk cl a	$97,765,000	–	86,580	–	14.80%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$91,663,000	–	325	–	13.87%	–
TCX	New	TUCOWS INC	$62,408,000	–	1,028,992	–	9.45%	–
FAST	New	FASTENAL CO	$48,130,000	–	1,000,000	–	7.28%	–
WAB	New	WABTEC CORP	$44,854,000	–	455,000	–	6.79%	–
CACC	New	CREDIT ACCEP CORP MICH	$38,874,000	–	110,000	–	5.88%	–
GOOG	New	ALPHABET INCcap stk cl c	$38,797,000	–	34,775	–	5.87%	–
FB	New	FACEBOOK INCcl a	$28,176,000	–	145,000	–	4.26%	–
TRUP	New	TRUPANION INC	$23,160,000	–	600,000	–	3.50%	–
SHAK	New	SHAKE SHACK INCcl a	$14,229,000	–	215,000	–	2.15%	–
TRIP	New	TRIPADVISOR INC	$6,908,000	–	124,000	–	1.05%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$5,932,000	–	31,780	–	0.90%	–
DNOW	New	NOW INC	$5,106,000	–	383,000	–	0.77%	–
MKL	New	MARKEL CORP	$2,521,000	–	2,325	–	0.38%	–
NOV	New	NATIONAL OILWELL VARCO INC	$1,302,000	–	30,000	–	0.20%	–

Q4 2017

			Value		Shares		↓ Weighting
IBKR	Exit	INTERACTIVE BROKERS GROUP IN	$0	–	-15,000	–	-0.12%	–
EGLE	Exit	EAGLE BULK SHIPPING INC	$0	–	-185,000	–	-0.14%	–
NOV	Exit	NATIONAL OILWELL VARCO INC	$0	–	-30,000	–	-0.18%	–
TRIP	Exit	TRIPADVISOR INC	$0	–	-35,500	–	-0.24%	–
MKL	Exit	MARKEL CORP	$0	–	-2,325	–	-0.42%	–
DNOW	Exit	NOW INC	$0	–	-390,000	–	-0.92%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-31,780	–	-0.99%	–
SHAK	Exit	SHAKE SHACK INCcl a	$0	–	-293,678	–	-1.66%	–
FAST	Exit	FASTENAL CO	$0	–	-800,000	–	-2.18%	–
TRUP	Exit	TRUPANION INC	$0	–	-600,000	–	-2.70%	–
CACC	Exit	CREDIT ACCEP CORP MICH	$0	–	-110,000	–	-5.25%	–
WAB	Exit	WABTEC	$0	–	-425,000	–	-5.48%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-34,775	–	-5.68%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-75,000	–	-6.21%	–
TCX	Exit	TUCOWS INC	$0	–	-894,292	–	-8.91%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-86,580	–	-14.35%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-1,594,000	–	-20.21%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-521	–	-24.36%	–

Q3 2017

			Value		Shares		↓ Weighting
MSFT	Buy	MICROSOFT CORP	$118,738,000	+20.8%	1,594,000	+11.8%	20.21%	-2.4%
GOOGL	Buy	ALPHABET INCcap stk cl a	$84,305,000	+21.5%	86,580	+16.0%	14.35%	-1.9%
TCX	Buy	TUCOWS INC	$52,361,000	+102.2%	894,292	+77.5%	8.91%	+63.4%
WAB	Buy	WABTEC	$32,194,000	+90.2%	425,000	+129.7%	5.48%	+53.6%
SHAK	New	SHAKE SHACK INCcl a	$9,759,000	–	293,678	–	1.66%	–
DNOW	Buy	NOW INC	$5,387,000	+168.0%	390,000	+212.0%	0.92%	+116.3%
TRIP	New	TRIPADVISOR INC	$1,439,000	–	35,500	–	0.24%	–
EGLE	Buy	EAGLE BULK SHIPPING INC	$838,000	+10.7%	185,000	+15.6%	0.14%	-10.6%

Q2 2017

			Value		Shares		↓ Weighting
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$132,699,000	–	521	–	27.96%	–
MSFT	New	MICROSOFT CORP	$98,260,000	–	1,425,500	–	20.70%	–
GOOGL	New	ALPHABET INCcap stk cl a	$69,396,000	–	74,645	–	14.62%	–
FAST	New	FASTENAL CO	$34,824,000	–	800,000	–	7.34%	–
GOOG	New	ALPHABET INCcap stk cl c	$31,601,000	–	34,775	–	6.66%	–
CACC	New	CREDIT ACCEP CORP MICH	$28,285,000	–	110,000	–	5.96%	–
TCX	New	TUCOWS INC	$25,892,000	–	503,961	–	5.46%	–
WAB	New	WABTEC	$16,928,000	–	185,000	–	3.57%	–
TRUP	New	TRUPANION INC	$13,428,000	–	600,000	–	2.83%	–
FB	New	FACEBOOK INCcl a	$11,324,000	–	75,000	–	2.39%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$5,383,000	–	31,780	–	1.13%	–
MKL	New	MARKEL CORP	$2,269,000	–	2,325	–	0.48%	–
DNOW	New	NOW INC	$2,010,000	–	125,000	–	0.42%	–
NOV	New	NATIONAL OILWELL VARCO INC	$988,000	–	30,000	–	0.21%	–
EGLE	New	EAGLE BULK SHIPPING INC	$757,000	–	160,000	–	0.16%	–
IBKR	New	INTERACTIVE BROKERS GROUP IN	$561,000	–	15,000	–	0.12%	–

Q4 2016

			Value		Shares		↓ Weighting
NOV	Exit	NATIONAL OILWELL VARCO INC	$0	–	-44,500	–	-0.42%	–
LUK	Exit	LEUCADIA NATL CORP	$0	–	-91,000	–	-0.44%	–
DNOW	Exit	NOW INC	$0	–	-100,000	–	-0.55%	–
MKL	Exit	MARKEL CORP	$0	–	-2,325	–	-0.56%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-31,780	–	-1.18%	–
TCX	Exit	TUCOWS INC	$0	–	-216,961	–	-1.78%	–
	Exit	VERISIGN INC	$0	–	-100,000	–	-2.01%	–
WAB	Exit	WABTEC	$0	–	-125,000	–	-2.62%	–
BIDU	Exit	BAIDU INCspon adr rep a	$0	–	-70,000	–	-3.28%	–
TRUP	Exit	TRUPANION INC	$0	–	-927,091	–	-4.03%	–
CACC	Exit	CREDIT ACCEP CORP MICH	$0	–	-100,000	–	-5.17%	–
DE	Exit	DEERE & CO	$0	–	-247,373	–	-5.42%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-34,775	–	-6.94%	–
FAST	Exit	FASTENAL CO	$0	–	-815,000	–	-8.75%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-857,000	–	-12.68%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-73,680	–	-15.22%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-521	–	-28.94%	–

Q3 2016

			Value		Shares		↓ Weighting
MSFT	Sell	MICROSOFT CORP	$49,364,000	+11.9%	857,000	-0.6%	12.68%	+7.4%
WAB	Buy	WABTEC	$10,206,000	+71.0%	125,000	+47.1%	2.62%	+64.0%
	Sell	VERISIGN INC	$7,824,000	-63.3%	100,000	-59.5%	2.01%	-64.8%
TCX	Buy	TUCOWS INC	$6,943,000	+1399.6%	216,961	+1041.9%	1.78%	+1338.7%
LUK	Sell	LEUCADIA NATL CORP	$1,733,000	-13.8%	91,000	-21.6%	0.44%	-17.3%
NOV	Sell	NATIONAL OILWELL VARCO INC	$1,635,000	-1.9%	44,500	-10.1%	0.42%	-5.8%
AMZN	Exit	AMAZON INC	$0	–	-750	–	-0.14%	–
DHR	Exit	DANAHER CORP DEL	$0	–	-11,000	–	-0.30%	–

Q2 2016

			Value		Shares		↓ Weighting
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$113,044,000	–	521	–	30.28%	–
GOOGL	New	ALPHABET INCcap stk cl a	$51,836,000	–	73,680	–	13.88%	–
MSFT	New	MICROSOFT CORP	$44,109,000	–	862,000	–	11.81%	–
FAST	New	FASTENAL CO	$36,178,000	–	815,000	–	9.69%	–
GOOG	New	ALPHABET INCcap stk cl c	$24,068,000	–	34,775	–	6.45%	–
	New	VERISIGN INC	$21,326,000	–	246,662	–	5.71%	–
DE	New	DEERE & CO	$20,047,000	–	247,373	–	5.37%	–
CACC	New	CREDIT ACCEP CORP MICH	$18,508,000	–	100,000	–	4.96%	–
TRUP	New	TRUPANION INC	$12,284,000	–	927,091	–	3.29%	–
BIDU	New	BAIDU INCspon adr rep a	$11,561,000	–	70,000	–	3.10%	–
WAB	New	WABTEC	$5,970,000	–	85,000	–	1.60%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$4,601,000	–	31,780	–	1.23%	–
MKL	New	MARKEL CORP	$2,215,000	–	2,325	–	0.59%	–
LUK	New	LEUCADIA NATL CORP	$2,010,000	–	116,000	–	0.54%	–
DNOW	New	NOW INC	$1,814,000	–	100,000	–	0.49%	–
NOV	New	NATIONAL OILWELL VARCO INC	$1,666,000	–	49,500	–	0.45%	–
DHR	New	DANAHER CORP DEL	$1,111,000	–	11,000	–	0.30%	–
AMZN	New	AMAZON INC	$537,000	–	750	–	0.14%	–
TCX	New	TUCOWS INC	$463,000	–	19,000	–	0.12%	–

Q4 2015

			Value		Shares		↓ Weighting
MORN	Exit	MORNINGSTAR INC	$0	–	-5,000	–	-0.13%	–
AMZN	Exit	AMAZON INC	$0	–	-1,120	–	-0.19%	–
DHR	Exit	DANAHER CORP DEL	$0	–	-11,000	–	-0.31%	–
LUK	Exit	LEUCADIA NATL CORP	$0	–	-78,000	–	-0.53%	–
NOV	Exit	NATIONAL OILWELL VARCO INC	$0	–	-49,500	–	-0.62%	–
MKL	Exit	MARKEL CORP	$0	–	-2,325	–	-0.62%	–
TRUP	Exit	TRUPANION INC	$0	–	-300,000	–	-0.76%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-31,780	–	-1.38%	–
DLB	Exit	DOLBY LABORATORIES INC	$0	–	-147,886	–	-1.61%	–
DE	Exit	DEERE & CO	$0	–	-120,000	–	-2.97%	–
CACC	Exit	CREDIT ACCEP CORP MICH	$0	–	-55,503	–	-3.65%	–
DNOW	Exit	NOW INC	$0	–	-768,500	–	-3.80%	–
GOOG	Exit	GOOGLE INCcl c	$0	–	-34,775	–	-7.07%	–
BIDU	Exit	BAIDU INCspon adr rep a	$0	–	-155,000	–	-7.12%	–
	Exit	VERISIGN INC	$0	–	-410,000	–	-9.67%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-662,000	–	-9.80%	–
GOOGL	Exit	GOOGLE INCcl a	$0	–	-73,780	–	-15.74%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-521	–	-34.00%	–

Q3 2015

			Value		Shares		↓ Weighting
GOOGL	Sell	GOOGLE INCcl a	$47,099,000	-5.8%	73,780	-21.4%	15.74%	-13.4%
MSFT	Buy	MICROSOFT CORP	$29,301,000	+53.6%	662,000	+53.2%	9.80%	+41.2%
BIDU	Buy	BAIDU INCspon adr rep a	$21,299,000	-20.8%	155,000	+14.8%	7.12%	-27.2%
GOOG	New	GOOGLE INCcl c	$21,158,000	–	34,775	–	7.07%	–
DNOW	Buy	NOW INC	$11,374,000	+91.4%	768,500	+157.5%	3.80%	+75.9%
DE	New	DEERE & CO	$8,880,000	–	120,000	–	2.97%	–
DLB	Sell	DOLBY LABORATORIES INC	$4,821,000	-33.2%	147,886	-18.7%	1.61%	-38.6%
TRUP	New	TRUPANION INC	$2,265,000	–	300,000	–	0.76%	–
NOV	Buy	NATIONAL OILWELL VARCO INC	$1,864,000	-2.3%	49,500	+25.3%	0.62%	-10.2%
LUK	Buy	LEUCADIA NATL CORP	$1,580,000	-10.8%	78,000	+6.8%	0.53%	-18.0%
AMZN	Buy	AMAZON INC	$573,000	+32.0%	1,120	+12.0%	0.19%	+21.5%
MRC	Exit	MRC Global INC	$0	–	-550,000	–	-3.09%	–

Q2 2015

			Value		Shares		↓ Weighting
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$106,727,000	–	521	–	38.82%	–
GOOGL	New	GOOGLE INCcl c	$50,007,000	–	93,855	–	18.19%	–
BIDU	New	BAIDU INCspon adr rep a	$26,876,000	–	135,000	–	9.78%	–
	New	VERISIGN INC	$25,305,000	–	410,000	–	9.20%	–
MSFT	New	MICROSOFT CORP	$19,073,000	–	432,000	–	6.94%	–
CACC	New	CREDIT ACCEP CORP MICH	$13,664,000	–	55,503	–	4.97%	–
MRC	New	MRC Global INC	$8,492,000	–	550,000	–	3.09%	–
DLB	New	DOLBY LABORATORIES INC	$7,222,000	–	182,000	–	2.63%	–
DNOW	New	NOW INC	$5,942,000	–	298,500	–	2.16%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$4,326,000	–	31,780	–	1.57%	–
NOV	New	NATIONAL OILWELL VARCO INC	$1,907,000	–	39,500	–	0.69%	–
MKL	New	MARKEL CORP	$1,862,000	–	2,325	–	0.68%	–
LUK	New	LEUCADIA NATL CORP	$1,772,000	–	73,000	–	0.64%	–
DHR	New	DANAHER CORP DEL	$941,000	–	11,000	–	0.34%	–
AMZN	New	AMAZON COM INC	$434,000	–	1,000	–	0.16%	–
MORN	New	MORNINGSTAR INC	$398,000	–	5,000	–	0.14%	–

Q4 2014

			Value		Shares		↓ Weighting
DHR	Exit	DANAHER CORP DEL	$0	–	-11,000	–	-0.33%	–
MKL	Exit	MARKEL CORP	$0	–	-2,325	–	-0.58%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-31,780	–	-1.73%	–
MRC	Exit	MRC Global INC	$0	–	-500,000	–	-4.59%	–
CACC	Exit	CREDIT ACCEP CORP MICH	$0	–	-106,585	–	-5.29%	–
DLB	Exit	DOLBY LABORATORIES INC	$0	–	-470,000	–	-7.73%	–
VRSN	Exit	VERISIGN INC	$0	–	-400,000	–	-8.68%	–
BIDU	Exit	BAIDU INCspon adr rep a	$0	–	-115,000	–	-9.88%	–
GOOGL	Exit	GOOGLE INCcl c	$0	–	-85,360	–	-19.58%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-511	–	-41.61%	–

Q3 2014

			Value		Shares		↓ Weighting
VRSN	New	VERISIGN INC	$22,048,000	–	400,000	–	8.68%	–
CACC	New	CREDIT ACCEP CORP MICH	$13,437,000	–	106,585	–	5.29%	–
MRC	Buy	MRC Global INC	$11,660,000	+724.0%	500,000	+900.0%	4.59%	+557.4%
DNOW	Exit	NOW INC	$0	–	-2,625	–	-0.05%	–
MORN	Exit	MORNINGSTAR INC	$0	–	-2,000	–	-0.07%	–
NOV	Exit	NATIONAL OILWELL VARCO INC	$0	–	-10,500	–	-0.43%	–
JOE	Exit	ST JOE CO	$0	–	-42,100	–	-0.53%	–
BH	Exit	BIGLARI HLDGS INC	$0	–	-3,076	–	-0.64%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-70,200	–	-1.52%	–

Q2 2014

			Value		Shares		↓ Weighting
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$97,039,000	–	511	–	47.87%	–
GOOGL	New	GOOGLE INCcl c	$49,506,000	–	85,360	–	24.42%	–
BIDU	New	BAIDU INCspon adr rep a	$21,483,000	–	115,000	–	10.60%	–
DLB	New	DOLBY LABORATORIES INC	$20,304,000	–	470,000	–	10.02%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$4,022,000	–	31,780	–	1.98%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$3,090,000	–	70,200	–	1.52%	–
MKL	New	MARKEL CORP	$1,524,000	–	2,325	–	0.75%	–
MRC	New	MRC Global INC	$1,415,000	–	50,000	–	0.70%	–
BH	New	BIGLARI HLDGS INC	$1,301,000	–	3,076	–	0.64%	–
JOE	New	ST JOE CO	$1,071,000	–	42,100	–	0.53%	–
DHR	New	DANAHER CORP DEL	$866,000	–	11,000	–	0.43%	–
NOV	New	NATIONAL OILWELL VARCO INC	$865,000	–	10,500	–	0.43%	–
MORN	New	MORNINGSTAR INC	$144,000	–	2,000	–	0.07%	–
DNOW	New	NOW INC	$95,000	–	2,625	–	0.05%	–

Q4 2013

			Value		Shares		↓ Weighting
BPY	Exit	BROOKFIELD PPTY PARTNERS L Punit ltd partn	$0	–	-1,727	–	-0.02%	–
PSX	Exit	PHILLIPS 66	$0	–	-1,387	–	-0.04%	–
MORN	Exit	MORNINGSTAR INC	$0	–	-2,000	–	-0.09%	–
ANAT	Exit	AMERICAN NATL INS CO	$0	–	-1,700	–	-0.09%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-2,120	–	-0.10%	–
UNF	Exit	UNIFIRST CORP MASS	$0	–	-1,790	–	-0.11%	–
JOY	Exit	JOY GLOBAL INC	$0	–	-3,700	–	-0.11%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-2,775	–	-0.11%	–
NWLI	Exit	NATIONAL WESTN LIFE INS COcl a	$0	–	-1,055	–	-0.12%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-2,610	–	-0.13%	–
BAX	Exit	BAXTER INTL INC	$0	–	-3,465	–	-0.13%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-3,745	–	-0.14%	–
MMM	Exit	3M CO	$0	–	-2,215	–	-0.15%	–
UNP	Exit	UNION PAC CORP	$0	–	-1,760	–	-0.15%	–
BSBR	Exit	BANCO SANTANDER BRASIL S Aads rep 1 unit	$0	–	-49,800	–	-0.20%	–
CSCO	Exit	CISCO SYS INC	$0	–	-17,150	–	-0.23%	–
HAL	Exit	HALLIBURTON CO	$0	–	-8,565	–	-0.23%	–
DVN	Exit	DEVON ENERGY CORP NEW	$0	–	-7,260	–	-0.24%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-10,515	–	-0.24%	–
BK	Exit	BANK NEW YORK MELLON CORP	$0	–	-15,630	–	-0.27%	–
DHR	Exit	DANAHER CORP DEL	$0	–	-11,000	–	-0.43%	–
NOV	Exit	NATIONAL OILWELL VARCO INC	$0	–	-10,500	–	-0.46%	–
JOE	Exit	ST JOE CO	$0	–	-42,100	–	-0.47%	–
WFCWS	Exit	WELLS FARGO & CO NEW*w exp 10/28/201	$0	–	-85,200	–	-0.68%	–
MKL	Exit	MARKEL CORP	$0	–	-2,325	–	-0.68%	–
BH	Exit	BIGLARI HLDGS INC	$0	–	-3,076	–	-0.72%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-66,500	–	-0.90%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-57,700	–	-1.26%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-31,780	–	-2.04%	–
DLB	Exit	DOLBY LABORATORIES INC	$0	–	-470,000	–	-9.15%	–
BIDU	Exit	BAIDU INCspon adr rep a	$0	–	-115,000	–	-10.07%	–
GOOGL	Exit	GOOGLE INCcl a	$0	–	-42,725	–	-21.12%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-511	–	-49.14%	–

Q3 2013

			Value		Shares		↓ Weighting
BRKA	Buy	BERKSHIRE HATHAWAY INC DELcl a	$87,079,000	+2.1%	511	+1.0%	49.14%	-9.1%
GOOGL	Buy	GOOGLE INCcl a	$37,423,000	+17.3%	42,725	+17.9%	21.12%	+4.4%
DLB	Buy	DOLBY LABORATORIES INC	$16,220,000	+31.0%	470,000	+27.0%	9.15%	+16.6%
BAM	Buy	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$2,224,000	+34.1%	57,700	+31.4%	1.26%	+19.3%
BH	Buy	BIGLARI HLDGS INC	$1,269,000	+23.1%	3,076	+22.4%	0.72%	+9.5%
BSBR	Buy	BANCO SANTANDER BRASIL S Aads rep 1 unit	$346,000	+44.8%	49,800	+29.9%	0.20%	+28.3%

Q2 2013

			Value		Shares		↓ Weighting
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$85,312,000	–	506	–	54.09%	–
GOOGL	New	GOOGLE INCcl a	$31,891,000	–	36,225	–	20.22%	–
DLB	New	DOLBY LABORATORIES INC	$12,377,000	–	370,000	–	7.85%	–
BIDU	New	BAIDU INCspon adr rep a	$10,871,000	–	115,000	–	6.89%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$3,556,000	–	31,780	–	2.26%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$1,659,000	–	43,900	–	1.05%	–
GE	New	GENERAL ELECTRIC CO	$1,542,000	–	66,500	–	0.98%	–
MKL	New	MARKEL CORP	$1,225,000	–	2,325	–	0.78%	–
WFCWS	New	WELLS FARGO & CO NEW*w exp 10/28/201	$1,165,000	–	85,200	–	0.74%	–
BH	New	BIGLARI HLDGS INC	$1,031,000	–	2,513	–	0.65%	–
JOE	New	ST JOE CO	$886,000	–	42,100	–	0.56%	–
NOV	New	NATIONAL OILWELL VARCO INC	$723,000	–	10,500	–	0.46%	–
DHR	New	DANAHER CORP DEL	$696,000	–	11,000	–	0.44%	–
BK	New	BANK NEW YORK MELLON CORP	$438,000	–	15,630	–	0.28%	–
WFC	New	WELLS FARGO & CO NEW	$434,000	–	10,515	–	0.28%	–
CSCO	New	CISCO SYS INC	$417,000	–	17,150	–	0.26%	–
DVN	New	DEVON ENERGY CORP NEW	$377,000	–	7,260	–	0.24%	–
HAL	New	HALLIBURTON CO	$357,000	–	8,565	–	0.23%	–
UNP	New	UNION PAC CORP	$272,000	–	1,760	–	0.17%	–
MMM	New	3M CO	$242,000	–	2,215	–	0.15%	–
BAX	New	BAXTER INTL INC	$240,000	–	3,465	–	0.15%	–
BSBR	New	BANCO SANTANDER BRASIL S Aads rep 1 unit	$239,000	–	38,345	–	0.15%	–
PM	New	PHILIP MORRIS INTL INC	$226,000	–	2,610	–	0.14%	–
EMR	New	EMERSON ELEC CO	$204,000	–	3,745	–	0.13%	–
NWLI	New	NATIONAL WESTN LIFE INS COcl a	$200,000	–	1,055	–	0.13%	–
JNJ	New	JOHNSON & JOHNSON	$182,000	–	2,120	–	0.12%	–
JOY	New	JOY GLOBAL INC	$180,000	–	3,700	–	0.11%	–
ANAT	New	AMERICAN NATL INS CO	$169,000	–	1,700	–	0.11%	–
COP	New	CONOCOPHILLIPS	$168,000	–	2,775	–	0.11%	–
UNF	New	UNIFIRST CORP MASS	$163,000	–	1,790	–	0.10%	–
MORN	New	MORNINGSTAR INC	$155,000	–	2,000	–	0.10%	–
PSX	New	PHILLIPS 66	$82,000	–	1,387	–	0.05%	–
BPY	New	BROOKFIELD PPTY PARTNERS L Punit ltd partn	$37,000	–	1,727	–	0.02%	–

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