Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	Freeport Mcmoran Copper	3,881	$244K	0.0%	$62.89	—	COM	35671d857
HBM	Hudbay Minerals	9,940	$235K	0.0%	$23.61	—	COM	443628102
—	Lam Research	500	$217K	0.0%	$433.33	—	COM	512807108
—	Taseko Mines	31,350	$216K	0.0%	$6.88	—	COM	89472y107
SCHA	Schwab US Small Cap ETF	5,600	$202K	0.0%	$36.13	—	ETF	808524607

Increased Positions (10)

BRK/B Berkshire Hathaway 55.3%

Value $2.01B (+10.8%) Shares 4,016,300 (+6.1%) Est. Cost $171.86 Unrealized —

MKL Markel 4.3%

Value $155M (+5.1%) Shares 79,209 (+3.0%) Est. Cost $1209.47 Unrealized —

HSY Hershey Foods 1.0%

Value $36.02M (-9.9%) Shares 205,272 (+6.7%) Est. Cost $179.19 Unrealized —

FRFHF Fairfax Finl Hldgs 0.1%

Value $3.254M (+774.8%) Shares 1,979 (+803.7%) Est. Cost $1653.34 Unrealized —

DIS Disney (Walt) 1.2%

Value $43.33M (+2.5%) Shares 450,174 (+2.7%) Est. Cost $103.64 Unrealized —

AAPL Apple 0.2%

Value $6.782M (+15.8%) Shares 23,439 (+1.6%) Est. Cost $102.81 Unrealized —

— Nvidia 0.0%

Value $616K (+66.8%) Shares 3,077 (+45.3%) Est. Cost $151.04 Unrealized —

MSFT Microsoft 0.1%

Value $2.324M (+3.3%) Shares 6,229 (+2.5%) Est. Cost $93.57 Unrealized —

WFC Wells Fargo 0.0%

Value $370K (+5.5%) Shares 4,483 (+1.6%) Est. Cost $41.49 Unrealized —

BAM Brookfield Asset Management 0.0%

Value $589K (+2.3%) Shares 13,129 (+1.4%) Est. Cost $31.70 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BRK/B	Berkshire Hathaway	4,016,300 (+6.1%)	$2.01B (+10.8%)	55.3%	$171.86	—	CALL	084670702
MKL	Markel	79,209 (+3.0%)	$155M (+5.1%)	4.3%	$1209.47	—	COM	570535104
HSY	Hershey Foods	205,272 (+6.7%)	$36.02M (-9.9%)	1.0%	$179.19	—	COM	427866108
FRFHF	Fairfax Finl Hldgs	1,979 (+803.7%)	$3.254M (+774.8%)	0.1%	$1653.34	—	COM	303901102
DIS	Disney (Walt)	450,174 (+2.7%)	$43.33M (+2.5%)	1.2%	$103.64	—	COM	254687106
AAPL	Apple	23,439 (+1.6%)	$6.782M (+15.8%)	0.2%	$102.81	—	COM	037833100
—	Nvidia	3,077 (+45.3%)	$616K (+66.8%)	0.0%	$151.04	—	COM	67066g104
MSFT	Microsoft	6,229 (+2.5%)	$2.324M (+3.3%)	0.1%	$93.57	—	COM	594918104
WFC	Wells Fargo	4,483 (+1.6%)	$370K (+5.5%)	0.0%	$41.49	—	COM	949746101
BAM	Brookfield Asset Management	13,129 (+1.4%)	$589K (+2.3%)	0.0%	$31.70	—	COM	113004105

Exited Positions (2)

— Conocophillips 0.0%

Value $334K Shares 2,534 Est. Cost $60.81 Unrealized —

— Verizon 0.0%

Value $241K Shares 4,800 Est. Cost $50.03 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	Conocophillips	2,534	$334K	0.0%	$60.81	—	—	20825c104
—	Verizon	4,800	$241K	0.0%	$50.03	—	—	92343v104

Decreased Positions (11)

BRK/B Berkshire Hathaway 11.5%

Value $419M (-21.2%) Shares 836,370 (-24.5%) Est. Cost $171.86 Unrealized —

— Alphabet 6.5%

Value $236M (+19.1%) Shares 667,737 (-3.3%) Est. Cost $140.00 Unrealized —

LKQ LKQ Corp 1.4%

Value $49.67M (-11.8%) Shares 1,886,416 (-1.6%) Est. Cost $31.96 Unrealized —

— AerCap Holdings 3.2%

Value $118M (+5.0%) Shares 807,867 (-1.2%) Est. Cost $56.03 Unrealized —

— Biglari Cl A 0.1%

Value $3.288M (+19.5%) Shares 1,562 (-1.0%) Est. Cost $713.14 Unrealized —

BRK/A Berkshire Hathaway 'A' 0.6%

Value $20.97M (+0.7%) Shares 28 (-3.4%) Est. Cost $250196.95 Unrealized —

— UnitedHealth 0.0%

Value $466K (+39.9%) Shares 1,122 (-8.9%) Est. Cost $314.19 Unrealized —

CVX Chevron 0.0%

Value $207K (-25.8%) Shares 1,250 (-7.4%) Est. Cost $152.28 Unrealized —

— Tesla Motors 0.0%

Value $988K (+6.4%) Shares 2,350 (-6.0%) Est. Cost $229.85 Unrealized —

— FedEx 0.0%

Value $301K (-14.9%) Shares 961 (-3.2%) Est. Cost $175.94 Unrealized —

TRUP Trupanion Inc. 0.0%

Value $993K (-4.8%) Shares 40,075 (-1.5%) Est. Cost $33.36 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BRK/B	Berkshire Hathaway	836,370 (-24.5%)	$419M (-21.2%)	11.5%	$171.86	—	COM	084670702
—	Alphabet	667,737 (-3.3%)	$236M (+19.1%)	6.5%	$140.00	—	COM	38259p706
LKQ	LKQ Corp	1,886,416 (-1.6%)	$49.67M (-11.8%)	1.4%	$31.96	—	COM	501889208
—	AerCap Holdings	807,867 (-1.2%)	$118M (+5.0%)	3.2%	$56.03	—	COM	n00985106
—	Biglari Cl A	1,562 (-1.0%)	$3.288M (+19.5%)	0.1%	$713.14	—	COM	08986r408
BRK/A	Berkshire Hathaway 'A'	28 (-3.4%)	$20.97M (+0.7%)	0.6%	$250196.95	—	COM	084670108
—	UnitedHealth	1,122 (-8.9%)	$466K (+39.9%)	0.0%	$314.19	—	COM	91324p102
CVX	Chevron	1,250 (-7.4%)	$207K (-25.8%)	0.0%	$152.28	—	COM	166764100
—	Tesla Motors	2,350 (-6.0%)	$988K (+6.4%)	0.0%	$229.85	—	COM	88160r101
—	FedEx	961 (-3.2%)	$301K (-14.9%)	0.0%	$175.94	—	COM	31428x106
TRUP	Trupanion Inc.	40,075 (-1.5%)	$993K (-4.8%)	0.0%	$33.36	—	COM	898202106

Unchanged Positions (27)

SIRI Sirius XM 2.4%

Value $86.49M Shares 2,927,799 Est. Cost $23.86 Unrealized —

— Cimpress 1.3%

Value $48.05M Shares 472,485 Est. Cost $75.83 Unrealized —

BN Brookfield Corp. 5.2%

Value $188M Shares 4,402,984 Est. Cost $29.77 Unrealized —

FCNCA First Citizens 2.5%

Value $92.29M Shares 44,353 Est. Cost $1540.20 Unrealized —

AMZN Amazon 1.4%

Value $49.11M Shares 206,057 Est. Cost $225.46 Unrealized —

— Jefferies 0.9%

Value $34.28M Shares 685,910 Est. Cost $55.04 Unrealized —

— Wayfair 0.4%

Value $15.62M Shares 169,025 Est. Cost $206.81 Unrealized —

CAT Caterpillar Tractor 0.1%

Value $1.828M Shares 1,717 Est. Cost $142.84 Unrealized —

GLW Corning 0.0%

Value $1.29M Shares 5,050 Est. Cost $40.86 Unrealized —

GEV GE Vernova 0.0%

Value $1.059M Shares 901 Est. Cost $191.56 Unrealized —

— General Electric 0.0%

Value $1.117M Shares 2,990 Est. Cost $87.57 Unrealized —

— Alphabet Class A 0.0%

Value $1.316M Shares 3,683 Est. Cost $158.20 Unrealized —

— Goldman Sachs 0.0%

Value $1.244M Shares 1,230 Est. Cost $236.50 Unrealized —

XT IShares Exponential Technologi 0.0%

Value $727K Shares 8,800 Est. Cost $44.93 Unrealized —

BAC Bank of America 0.0%

Value $686K Shares 12,038 Est. Cost $27.95 Unrealized —

— Biglari Holdings 0.0%

Value $412K Shares 967 Est. Cost $188.82 Unrealized —

— SPDR S&P 500 0.0%

Value $721K Shares 965 Est. Cost $305.78 Unrealized —

SCHG Schwab US Large Cap Growth 0.0%

Value $332K Shares 9,800 Est. Cost $41.64 Unrealized —

AMGN Amgen 0.0%

Value $1.407M Shares 3,885 Est. Cost $137.39 Unrealized —

CFG Citizens Financial Group 0.0%

Value $266K Shares 3,800 Est. Cost $49.19 Unrealized —

— JPMorgan Chase 0.0%

Value $313K Shares 957 Est. Cost $239.74 Unrealized —

BA Boeing Co 0.0%

Value $313K Shares 1,445 Est. Cost $168.23 Unrealized —

— Quest Diagnostics 0.0%

Value $276K Shares 1,300 Est. Cost $116.44 Unrealized —

FAST Fastenal 0.0%

Value $380K Shares 7,920 Est. Cost $25.57 Unrealized —

ITW Illinois Tool Works 0.0%

Value $298K Shares 1,100 Est. Cost $197.50 Unrealized —

RTX Raytheon Technologies 0.0%

Value $662K Shares 3,489 Est. Cost $81.24 Unrealized —

UBER Uber 0.0%

Value $351K Shares 4,865 Est. Cost $48.20 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SIRI	Sirius XM	2,927,799	$86.49M	2.4%	$23.86	—	COM	829933100
—	Cimpress	472,485	$48.05M	1.3%	$75.83	—	COM	045290255
BN	Brookfield Corp.	4,402,984	$188M	5.2%	$29.77	—	COM	11271J107
FCNCA	First Citizens	44,353	$92.29M	2.5%	$1540.20	—	COM	31946M103
AMZN	Amazon	206,057	$49.11M	1.4%	$225.46	—	COM	023135106
—	Jefferies	685,910	$34.28M	0.9%	$55.04	—	COM	47233w109
—	Wayfair	169,025	$15.62M	0.4%	$206.81	—	COM	94419l101
CAT	Caterpillar Tractor	1,717	$1.828M	0.1%	$142.84	—	COM	149123101
GLW	Corning	5,050	$1.29M	0.0%	$40.86	—	COM	219350105
GEV	GE Vernova	901	$1.059M	0.0%	$191.56	—	COM	36828A101
—	General Electric	2,990	$1.117M	0.0%	$87.57	—	COM	369604103
—	Alphabet Class A	3,683	$1.316M	0.0%	$158.20	—	COM	38259p508
—	Goldman Sachs	1,230	$1.244M	0.0%	$236.50	—	COM	38141g104
XT	IShares Exponential Technologi	8,800	$727K	0.0%	$44.93	—	ETF	46434V381
BAC	Bank of America	12,038	$686K	0.0%	$27.95	—	COM	060505104
—	Biglari Holdings	967	$412K	0.0%	$188.82	—	COM	08986r101
—	SPDR S&P 500	965	$721K	0.0%	$305.78	—	ETF	78462f103
SCHG	Schwab US Large Cap Growth	9,800	$332K	0.0%	$41.64	—	COM	808524300
AMGN	Amgen	3,885	$1.407M	0.0%	$137.39	—	COM	031162100
CFG	Citizens Financial Group	3,800	$266K	0.0%	$49.19	—	COM	174610105
—	JPMorgan Chase	957	$313K	0.0%	$239.74	—	COM	46625h100
BA	Boeing Co	1,445	$313K	0.0%	$168.23	—	COM	097023105
—	Quest Diagnostics	1,300	$276K	0.0%	$116.44	—	COM	74834l100
FAST	Fastenal	7,920	$380K	0.0%	$25.57	—	COM	311900104
ITW	Illinois Tool Works	1,100	$298K	0.0%	$197.50	—	COM	452308109
RTX	Raytheon Technologies	3,489	$662K	0.0%	$81.24	—	COM	75513E101
UBER	Uber	4,865	$351K	0.0%	$48.20	—	COM	90353T100