Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
BRK/B	BERKSHIRE HATHAWAY INC DEL	126,675	$16.03M	14.9%	$126.56	$115.63	+9.4%	CL B NEW	084670702
WFC	WELLS FARGO & CO NEW	117,375	$6.169M	5.7%	$52.56 *	$30.76	+23.7%	COM	949746101
AAPL	APPLE INC	64,225	$5.968M	5.6%	$92.92 *	$18.34	+11.3%	COM	037833100
—	BURGER KING WORLDWIDE INC	186,000	$5.063M	4.7%	$27.22	$22.86	—	COM	121220107
—	LEUCADIA NATL CORP	178,186	$4.672M	4.4%	$26.22	$27.82	—	COM	527288104
AIG	AMERICAN INTL GROUP INC	83,875	$4.578M	4.3%	$54.58 *	$37.86	+10.2%	COM NEW	026874784
AXP	AMERICAN EXPRESS CO	47,100	$4.468M	4.2%	$94.86 *	$69.27	+16.1%	COM	025816109
BRK/A	BERKSHIRE HATHAWAY INC DEL	22	$4.178M	3.9%	$189909.09	$173485.66	+9.5%	CL A	084670108
JNJ	JOHNSON & JOHNSON	36,768	$3.847M	3.6%	$104.63 *	$65.75	+15.6%	COM	478160104
UPS	UNITED PARCEL SERVICE INC	37,200	$3.819M	3.6%	$102.66 *	$64.45	+6.0%	CL B	911312106
—	WPX ENERGY INC	143,600	$3.433M	3.2%	$23.91	$20.38	—	COM	98212B103
KO	COCA COLA CO	78,916	$3.343M	3.1%	$42.36 *	$26.95	+9.6%	COM	191216100
—	WYNDHAM WORLDWIDE CORP	41,050	$3.108M	2.9%	$75.71	$73.23	—	COM	98310W108
—	PANHANDLE OIL AND GAS INC	55,068	$3.085M	2.9%	$56.02	$33.41	—	CL A	698477106
MDLZ	MONDELEZ INTL INC	81,007	$3.047M	2.8%	$37.61 *	$25.52	+14.5%	CL A	609207105
PSMT	PRICESMART INC	32,389	$2.819M	2.6%	$87.04 *	$97.68	-22.3%	COM	741511109
GM	GENERAL MTRS CO	77,500	$2.813M	2.6%	$36.30 *	$28.17	-2.3%	COM	37045V100
USB	US BANCORP DEL	58,522	$2.535M	2.4%	$43.32 *	$25.38	+14.8%	COM NEW	902973304
GNW	GENWORTH FINL INC	134,130	$2.334M	2.2%	$17.40	$14.45	+20.4%	COM CL A	37247D106
—	HARBINGER GROUP INC	172,000	$2.184M	2.0%	$12.70	$12.70	—	COM	41146a106
—	JOHNSON CTLS INC	39,300	$1.962M	1.8%	$49.92	$51.30	—	COM	478366107
COST	COSTCO WHSL CORP NEW	16,990	$1.957M	1.8%	$115.19 *	$95.15	-3.0%	COM	22160K105
PEP	PEPSICO INC	18,650	$1.666M	1.6%	$89.33 *	$57.75	+9.7%	COM	713448108
—	UNILEVER PLC	35,192	$1.595M	1.5%	$45.32	$41.21	—	SPON ADR NEW	904767704
VRSK	VERISK ANALYTICS INC	18,800	$1.128M	1.1%	$60.00 *	$62.76	-8.6%	CL A	92345Y106
MA	MASTERCARD INC	13,000	$955K	0.9%	$73.46 *	$72.35	-5.3%	CL A	57636Q104
—	PLATFORM SPECIALTY PRODS COR	32,000	$897K	0.8%	$28.03	$28.03	—	COM	72766Q105
CNI	CANADIAN NATL RY CO	12,750	$829K	0.8%	$65.02 *	$44.31	+19.4%	COM	136375102
—	ALLEGHANY CORP DEL	1,875	$821K	0.8%	$437.87	$402.02	—	COM	017175100
BP	BP PLC	15,456	$815K	0.8%	$52.73	$45.52	+15.9%	SPONSORED ADR	055622104
—	U S G CORP	24,562	$740K	0.7%	$30.13	$28.37	—	COM NEW	903293405
VZ	VERIZON COMMUNICATIONS INC	13,800	$675K	0.6%	$48.91 *	$26.80	+1.1%	COM	92343V104
POST	POST HLDGS INC	12,100	$616K	0.6%	$50.91 *	$33.45	-0.4%	COM	737446104
FMX	FOMENTO ECONOMICO MEXICANO S	5,015	$470K	0.4%	$93.72	$94.03	-0.4%	SPON ADR UNITS	344419106
PG	PROCTER & GAMBLE CO	5,972	$469K	0.4%	$78.53 *	$58.01	-1.9%	COM	742718109
NSC	NORFOLK SOUTHERN CORP	4,150	$428K	0.4%	$103.13 *	$65.71	+21.7%	COM	655844108
KMX	CARMAX INC	7,000	$364K	0.3%	$52.00	$49.02	+6.1%	COM	143130102
—	EXCO RESOURCES INC	61,000	$359K	0.3%	$5.89	$5.45	—	COM	269279402
—	KRAFT FOODS GROUP INC	5,986	$359K	0.3%	$59.97	$53.96	—	COM	50076q106
—	CEDAR FAIR L P	6,200	$328K	0.3%	$52.90	$49.52	—	DEPOSITRY UNIT	150185106
RYN	RAYONIER INC	9,125	$324K	0.3%	$35.51	$41.01	—	COM	754907103
ACN	ACCENTURE PLC IRELAND	3,800	$307K	0.3%	$80.79 *	$61.54	+8.3%	SHS CLASS A	G1151C101
TSBK	TIMBERLAND BANCORP INC	28,000	$295K	0.3%	$10.54 *	$6.31	+17.6%	COM	887098101
COP	CONOCOPHILLIPS	3,350	$287K	0.3%	$85.67 *	$48.40	+21.9%	COM	20825C104
WMT	WAL-MART STORES INC	3,800	$285K	0.3%	$75.00 *	$20.35	-1.5%	COM	931142103
—	GOOGLE INC	400	$234K	0.2%	$585.00	$1120.00	—	CL A	38259P508
—	GOOGLE INC	400	$230K	0.2%	$575.00	$575.00	—	CL C	38259P706
—	TABLEAU SOFTWARE INC	3,000	$214K	0.2%	$71.33	$71.33	—	CL A	87336U105
META	FACEBOOK INC	3,000	$202K	0.2%	$67.33	$61.09	+9.4%	CL A	30303M102