Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BRK/B	Berkshire Hathaway	3,785,700 (+7.9%)	$1.814B (+2.8%)	52.8%	$171.86	+187.1%	CALL	084670702
AMZN	Amazon	204,087 (+5762.9%)	$42.51M (+5189.9%)	1.2%	$225.46	+0.6%	COM	023135106
SIRI	Sirius XM	2,942,595 (+2.0%)	$67.92M (+17.8%)	2.0%	$23.86	-12.3%	COM	829933100
LKQ	LKQ Corp	1,917,106 (+23.0%)	$56.31M (+19.6%)	1.6%	$31.96	+4.1%	COM	501889208
FCNCA	First Citizens	44,068 (+3.0%)	$83.05M (-9.6%)	2.4%	$1540.20	+35.9%	COM	31946M103
—	Cimpress	471,466 (+16.0%)	$34.42M (+27.1%)	1.0%	$75.83	—	COM	045290255
FRFHF	Fairfax Finl Hldgs	219 (+64.7%)	$372K (+46.6%)	0.0%	$1726.61	+0.9%	COM	303901102
—	UnitedHealth	1,232 (+71.3%)	$333K (+40.5%)	0.0%	$314.19	—	COM	91324p102
BAM	Brookfield Asset Management	12,954 (+1.3%)	$576K (-14.0%)	0.0%	$31.52	+63.2%	COM	113004105
—	Alphabet Class A	3,683 (+1.7%)	$1.059M (-6.6%)	0.0%	$158.20	—	COM	38259p508
—	Jefferies	680,171 (+50.3%)	$28.07M (+0.1%)	0.8%	$55.04	—	COM	47233w109
BA	Boeing Co	1,445 (+16.1%)	$288K (+6.4%)	0.0%	$168.23	+41.8%	COM	097023105

Exited Positions (1)

— Meta Platforms Inc. 0.0%

Value $222K Shares 336 Est. Cost $738.09 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	Meta Platforms Inc.	336	$222K	0.0%	$738.09	—	—	30303m102

Decreased Positions (11)

— Alphabet 5.8%

Value $198M (-10.3%) Shares 690,399 (-1.9%) Est. Cost $140.00 Unrealized —

— AerCap Holdings 3.3%

Value $112M (-5.7%) Shares 817,655 (-1.2%) Est. Cost $56.03 Unrealized —

BAC Bank of America 0.0%

Value $587K (-86.6%) Shares 12,032 (-84.9%) Est. Cost $27.95 Unrealized +92.0%

— Biglari Cl A 0.1%

Value $2.75M (-28.2%) Shares 1,578 (-28.3%) Est. Cost $713.14 Unrealized —

AAPL Apple 0.2%

Value $5.856M (-15.2%) Shares 23,073 (-9.1%) Est. Cost $99.85 Unrealized +163.2%

— FedEx 0.0%

Value $354K (-45.3%) Shares 993 (-55.6%) Est. Cost $175.94 Unrealized —

— General Electric 0.0%

Value $848K (-15.0%) Shares 2,990 (-7.7%) Est. Cost $87.57 Unrealized —

GEV GE Vernova 0.0%

Value $786K (+21.8%) Shares 901 (-8.8%) Est. Cost $191.56 Unrealized +284.7%

— Biglari Holdings 0.0%

Value $319K (-28.5%) Shares 967 (-27.8%) Est. Cost $188.82 Unrealized —

WFC Wells Fargo 0.0%

Value $351K (-25.2%) Shares 4,413 (-12.4%) Est. Cost $40.84 Unrealized +120.5%

— Verizon 0.0%

Value $241K (+1.0%) Shares 4,800 (-18.1%) Est. Cost $50.03 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	Alphabet	690,399 (-1.9%)	$198M (-10.3%)	5.8%	$140.00	—	COM	38259p706
—	AerCap Holdings	817,655 (-1.2%)	$112M (-5.7%)	3.3%	$56.03	—	COM	n00985106
BAC	Bank of America	12,032 (-84.9%)	$587K (-86.6%)	0.0%	$27.95	+92.0%	COM	060505104
—	Biglari Cl A	1,578 (-28.3%)	$2.75M (-28.2%)	0.1%	$713.14	—	COM	08986r408
AAPL	Apple	23,073 (-9.1%)	$5.856M (-15.2%)	0.2%	$99.85	+163.2%	COM	037833100
—	FedEx	993 (-55.6%)	$354K (-45.3%)	0.0%	$175.94	—	COM	31428x106
—	General Electric	2,990 (-7.7%)	$848K (-15.0%)	0.0%	$87.57	—	COM	369604103
GEV	GE Vernova	901 (-8.8%)	$786K (+21.8%)	0.0%	$191.56	+284.7%	COM	36828A101
—	Biglari Holdings	967 (-27.8%)	$319K (-28.5%)	0.0%	$188.82	—	COM	08986r101
WFC	Wells Fargo	4,413 (-12.4%)	$351K (-25.2%)	0.0%	$40.84	+120.5%	COM	949746101
—	Verizon	4,800 (-18.1%)	$241K (+1.0%)	0.0%	$50.03	—	COM	92343v104

Unchanged Positions (27)

BN Brookfield Corp. 5.2%

Value $177M Shares 4,379,938 Est. Cost $29.77 Unrealized +56.8%

BRK/B Berkshire Hathaway 15.5%

Value $531M Shares 1,108,390 Est. Cost $171.86 Unrealized +187.1%

MKL Markel 4.3%

Value $147M Shares 76,886 Est. Cost $1187.00 Unrealized +75.1%

DIS Disney (Walt) 1.2%

Value $42.27M Shares 438,533 Est. Cost $103.83 Unrealized +5.4%

HSY Hershey Foods 1.2%

Value $39.98M Shares 192,310 Est. Cost $179.44 Unrealized +14.1%

— Wayfair 0.4%

Value $12.63M Shares 167,948 Est. Cost $206.81 Unrealized —

BRK/A Berkshire Hathaway 'A' 0.6%

Value $20.83M Shares 29 Est. Cost $250196.95 Unrealized +195.9%

MSFT Microsoft 0.1%

Value $2.25M Shares 6,079 Est. Cost $86.67 Unrealized +401.5%

TRUP Trupanion Inc. 0.0%

Value $1.042M Shares 40,695 Est. Cost $33.36 Unrealized -3.7%

GLW Corning 0.0%

Value $687K Shares 5,050 Est. Cost $40.86 Unrealized +173.3%

CAT Caterpillar Tractor 0.0%

Value $1.216M Shares 1,717 Est. Cost $142.84 Unrealized +379.1%

— Tesla Motors 0.0%

Value $929K Shares 2,500 Est. Cost $229.85 Unrealized —

— Conocophillips 0.0%

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

AMGN Amgen 0.0%

Value $1.367M Shares 3,885 Est. Cost $137.39 Unrealized +154.5%

CVX Chevron 0.0%

Value $279K Shares 1,350 Est. Cost $152.28 Unrealized +12.9%

FAST Fastenal 0.0%

Value $367K Shares 7,920 Est. Cost $25.57 Unrealized +73.1%

UBER Uber 0.0%

Value $350K Shares 4,860 Est. Cost $48.20 Unrealized +63.3%

— Goldman Sachs 0.0%

Value $1.041M Shares 1,230 Est. Cost $236.50 Unrealized —

SCHG Schwab US Large Cap Growth 0.0%

Value $285K Shares 9,800 Est. Cost $41.64 Unrealized —

RTX Raytheon Technologies 0.0%

Value $673K Shares 3,489 Est. Cost $81.24 Unrealized +142.0%

— SPDR S&P 500 0.0%

Value $628K Shares 965 Est. Cost $305.78 Unrealized —

— Quest Diagnostics 0.0%

Value $255K Shares 1,300 Est. Cost $116.44 Unrealized —

— JPMorgan Chase 0.0%

Value $281K Shares 956 Est. Cost $239.74 Unrealized —

— Nvidia 0.0%

Value $369K Shares 2,117 Est. Cost $128.80 Unrealized —

ITW Illinois Tool Works 0.0%

Value $286K Shares 1,100 Est. Cost $197.50 Unrealized +38.3%

XT IShares Exponential Technologi 0.0%

Value $600K Shares 8,800 Est. Cost $44.93 Unrealized —

CFG Citizens Financial Group 0.0%

Value $228K Shares 3,800 Est. Cost $49.19 Unrealized +28.3%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BN	Brookfield Corp.	4,379,938	$177M	5.2%	$29.77	+56.8%	COM	11271J107
BRK/B	Berkshire Hathaway	1,108,390	$531M	15.5%	$171.86	+187.1%	COM	084670702
MKL	Markel	76,886	$147M	4.3%	$1187.00	+75.1%	COM	570535104
DIS	Disney (Walt)	438,533	$42.27M	1.2%	$103.83	+5.4%	COM	254687106
HSY	Hershey Foods	192,310	$39.98M	1.2%	$179.44	+14.1%	COM	427866108
—	Wayfair	167,948	$12.63M	0.4%	$206.81	—	COM	94419l101
BRK/A	Berkshire Hathaway 'A'	29	$20.83M	0.6%	$250196.95	+195.9%	COM	084670108
MSFT	Microsoft	6,079	$2.25M	0.1%	$86.67	+401.5%	COM	594918104
TRUP	Trupanion Inc.	40,695	$1.042M	0.0%	$33.36	-3.7%	COM	898202106
GLW	Corning	5,050	$687K	0.0%	$40.86	+173.3%	COM	219350105
CAT	Caterpillar Tractor	1,717	$1.216M	0.0%	$142.84	+379.1%	COM	149123101
—	Tesla Motors	2,500	$929K	0.0%	$229.85	—	COM	88160r101
—	Conocophillips	2,534	$334K	0.0%	$60.81	—	COM	20825c104
AMGN	Amgen	3,885	$1.367M	0.0%	$137.39	+154.5%	COM	031162100
CVX	Chevron	1,350	$279K	0.0%	$152.28	+12.9%	COM	166764100
FAST	Fastenal	7,920	$367K	0.0%	$25.57	+73.1%	COM	311900104
UBER	Uber	4,860	$350K	0.0%	$48.20	+63.3%	COM	90353T100
—	Goldman Sachs	1,230	$1.041M	0.0%	$236.50	—	COM	38141g104
SCHG	Schwab US Large Cap Growth	9,800	$285K	0.0%	$41.64	—	COM	808524300
RTX	Raytheon Technologies	3,489	$673K	0.0%	$81.24	+142.0%	COM	75513E101
—	SPDR S&P 500	965	$628K	0.0%	$305.78	—	ETF	78462f103
—	Quest Diagnostics	1,300	$255K	0.0%	$116.44	—	COM	74834l100
—	JPMorgan Chase	956	$281K	0.0%	$239.74	—	COM	46625h100
—	Nvidia	2,117	$369K	0.0%	$128.80	—	COM	67066g104
ITW	Illinois Tool Works	1,100	$286K	0.0%	$197.50	+38.3%	COM	452308109
XT	IShares Exponential Technologi	8,800	$600K	0.0%	$44.93	—	ETF	46434V381
CFG	Citizens Financial Group	3,800	$228K	0.0%	$49.19	+28.3%	COM	174610105