Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
BRK/B	BERKSHIRE HATHAWAY INC DEL	127,004	$15.06M	14.7%	$118.56	$115.63	+2.5%	CL B NEW	084670702
WFC	WELLS FARGO & CO NEW	116,825	$5.304M	5.2%	$45.40 *	$30.76	+5.4%	COM	949746101
AXP	AMERICAN EXPRESS CO	50,250	$4.559M	4.4%	$90.73 *	$69.27	+10.4%	COM	025816109
L	LOEWS CORP	87,965	$4.243M	4.1%	$48.24 *	$45.01	+1.0%	COM	540424108
AIG	AMERICAN INTL GROUP INC	83,075	$4.241M	4.1%	$51.05 *	$37.86	+2.6%	COM NEW	026874784
—	BURGER KING WORLDWIDE INC	185,000	$4.229M	4.1%	$22.86	$22.86	—	COM	121220107
PSMT	PRICESMART INC	34,193	$3.951M	3.8%	$115.55 *	$97.68	+2.7%	COM	741511109
BRK/A	BERKSHIRE HATHAWAY INC DEL	22	$3.914M	3.8%	$177909.09	$173485.66	+2.5%	CL A	084670108
UPS	UNITED PARCEL SERVICE INC	37,150	$3.904M	3.8%	$105.09 *	$64.45	+7.0%	CL B	911312106
—	LEUCADIA NATL CORP	135,736	$3.847M	3.7%	$28.34	$28.34	—	COM	527288104
AAPL	APPLE INC	6,450	$3.619M	3.5%	$561.09 *	$16.37	+6.3%	COM	037833100
GM	GENERAL MTRS CO	88,200	$3.605M	3.5%	$40.87 *	$28.17	+8.2%	COM	37045V100
JNJ	JOHNSON & JOHNSON	38,578	$3.533M	3.4%	$91.58 *	$65.75	-0.2%	COM	478160104
KO	COCA COLA CO	78,916	$3.26M	3.2%	$41.31 *	$26.95	+5.2%	COM	191216100
—	WPX ENERGY INC	151,700	$3.092M	3.0%	$20.38	$20.38	—	COM	98212B103
MDLZ	MONDELEZ INTL INC	83,007	$2.93M	2.9%	$35.30 *	$25.52	+6.6%	CL A	609207105
—	JOHNSON CTLS INC	54,850	$2.814M	2.7%	$51.30	$51.30	—	COM	478366107
USB	US BANCORP DEL	58,522	$2.364M	2.3%	$40.40 *	$25.38	+5.9%	COM NEW	902973304
GNW	GENWORTH FINL INC	135,130	$2.099M	2.0%	$15.53	$14.45	+7.5%	COM CL A	37247D106
COST	COSTCO WHSL CORP NEW	16,990	$2.022M	2.0%	$119.01 *	$95.15	-0.3%	COM	22160K105
—	PANHANDLE OIL AND GAS INC	55,068	$1.84M	1.8%	$33.41	$33.41	—	CL A	698477106
PEP	PEPSICO INC	20,750	$1.721M	1.7%	$82.94 *	$57.75	+0.4%	COM	713448108
IBM	INTERNATIONAL BUSINESS MACHS	8,920	$1.673M	1.6%	$187.56 *	$106.40	+4.2%	COM	459200101
PG	PROCTER & GAMBLE CO	18,797	$1.53M	1.5%	$81.40 *	$58.01	+0.1%	COM	742718109
—	UNILEVER PLC	35,692	$1.471M	1.4%	$41.21	$41.21	—	SPON ADR NEW	904767704
VRSK	VERISK ANALYTICS INC	18,800	$1.236M	1.2%	$65.74 *	$62.76	+0.1%	CL A	92345Y106
BP	BP PLC	23,984	$1.166M	1.1%	$48.62	$45.52	+6.8%	SPONSORED ADR	055622104
—	U S G CORP	38,562	$1.094M	1.1%	$28.37	$28.37	—	COM NEW	903293405
MA	MASTERCARD INC	1,300	$1.086M	1.1%	$835.38 *	$69.03	+12.5%	CL A	57636Q104
GTY	GETTY RLTY CORP NEW	54,425	$1M	1.0%	$18.37	$18.37	—	COM	374297109
CNI	CANADIAN NATL RY CO	12,750	$727K	0.7%	$57.02 *	$44.31	+3.9%	COM	136375102
—	ALLEGHANY CORP DEL	1,775	$710K	0.7%	$400.00	$400.00	—	COM	017175100
FMX	FOMENTO ECONOMICO MEXICANO S	5,015	$491K	0.5%	$97.91	$94.03	+4.1%	SPON ADR UNITS	344419106
—	GOOGLE INC	400	$448K	0.4%	$1120.00	$1120.00	—	CL A	38259P508
NSC	NORFOLK SOUTHERN CORP	4,150	$385K	0.4%	$92.77 *	$65.71	+8.4%	COM	655844108
RYN	RAYONIER INC	8,625	$363K	0.4%	$42.09	$42.09	—	COM	754907103
ACN	ACCENTURE PLC IRELAND	4,200	$345K	0.3%	$82.14 *	$61.54	+8.9%	SHS CLASS A	G1151C101
KMX	CARMAX INC	7,000	$329K	0.3%	$47.00	$49.02	-4.1%	COM	143130102
—	KRAFT FOODS GROUP INC	5,986	$323K	0.3%	$53.96	$53.96	—	COM	50076q106
—	CEDAR FAIR L P	6,200	$307K	0.3%	$49.52	$49.52	—	DEPOSITRY UNIT	150185106
WMT	WAL-MART STORES INC	3,800	$299K	0.3%	$78.68 *	$20.35	+2.0%	COM	931142103
TSBK	TIMBERLAND BANCORP INC	30,000	$289K	0.3%	$9.63 *	$6.31	+6.5%	COM	887098101
KMI	KINDER MORGAN INC DEL	7,692	$277K	0.3%	$36.01 *	$19.06	+3.1%	COM	49456B101
CSX	CSX CORP	9,500	$273K	0.3%	$28.74 *	$7.37	+7.4%	COM	126408103
COP	CONOCOPHILLIPS	3,750	$265K	0.3%	$70.67 *	$48.40	-1.5%	COM	20825C104
—	GENERAL ELECTRIC CO	7,700	$216K	0.2%	$28.05	$28.05	—	COM	369604103
—	EXCO RESOURCES INC	34,000	$181K	0.2%	$5.32	$5.32	—	COM	269279402
—	MFS INTER INCOME TR	13,212	$68,000	0.1%	$5.15	$5.15	—	SH BEN INT	55273C107