CHECK CAPITAL MANAGEMENT INC/CA Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BRK/B	Berkshire Hathaway	3,510,000 (+21.3%)	$1,764,302 (+21.3%)	51.3%	$171.86	+189.5%	CALL	084670702
FCNCA	First Citizens	42,788 (+21.0%)	$91,831 (+45.1%)	2.7%	$1523.67	+23.6%	COM	31946M103
BRK/B	Berkshire Hathaway	1,102,508 (+2.5%)	$554,176 (+2.5%)	16.1%	$171.86	+189.5%	COM	084670702
SIRI	Sirius XM	2,883,500 (+39.9%)	$57,656 (+20.1%)	1.7%	$23.92	-10.1%	COM	829933100
—	Cimpress	406,606 (+5.8%)	$27,076 (+11.8%)	0.8%	$76.28	—	COM	045290255
BN	Brookfield Corp.	4,388,968 (+49.8%)	$201,410 (+0.3%)	5.9%	$29.77	+53.0%	COM	11271J107
AMZN	Amazon Com	3,481 (+10.8%)	$804 (+16.4%)	0.0%	$146.12	+56.6%	COM	023135106
WFC	Wells Fargo	5,038 (+14.2%)	$470 (+26.9%)	0.0%	$40.84	+112.1%	COM	949746101
—	Tesla Motors	2,500 (+2.0%)	$1,124 (+3.2%)	0.0%	$229.85	—	COM	88160r101
BAM	Brookfield Asset Management	12,786 (+10.4%)	$670 (+1.5%)	0.0%	$31.26	+71.1%	COM	113004105

Exited Positions (2)

KMX CarMax 0.8%

Value ($000) $26,924 Shares 600,043 Est. Cost $79.31 Unrealized -49.6%

— Powershares QQQ Trust 0.0%

Value ($000) $385 Shares 641 Est. Cost $468.92 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
KMX	CarMax	600,043	$26,924	0.8%	$79.31	-49.6%	—	143130102
—	Powershares QQQ Trust	641	$385	0.0%	$468.92	—	—	73935a104

Decreased Positions (6)

— Alphabet 6.4%

Value ($000) $220,794 (+26.7%) Shares 703,613 (-1.6%) Est. Cost $140.00 Unrealized —

— FedEx 0.0%

Value ($000) $646 (-98.6%) Shares 2,237 (-98.9%) Est. Cost $175.94 Unrealized —

LKQ LKQ Corp 1.4%

Value ($000) $47,066 (-3.2%) Shares 1,558,481 (-2.1%) Est. Cost $31.66 Unrealized -5.3%

BAC Bank of America 0.1%

Value ($000) $4,386 (+5.4%) Shares 79,737 (-1.1%) Est. Cost $27.95 Unrealized +88.4%

— Conocophillips 0.0%

Value ($000) $237 (-24.8%) Shares 2,534 (-24.0%) Est. Cost $60.81 Unrealized —

— Nvidia 0.0%

Value ($000) $395 (-1.4%) Shares 2,117 (-1.4%) Est. Cost $128.80 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	Alphabet	703,613 (-1.6%)	$220,794 (+26.7%)	6.4%	$140.00	—	COM	38259p706
—	FedEx	2,237 (-98.9%)	$646 (-98.6%)	0.0%	$175.94	—	COM	31428x106
LKQ	LKQ Corp	1,558,481 (-2.1%)	$47,066 (-3.2%)	1.4%	$31.66	-5.3%	COM	501889208
BAC	Bank of America	79,737 (-1.1%)	$4,386 (+5.4%)	0.1%	$27.95	+88.4%	COM	060505104
—	Conocophillips	2,534 (-24.0%)	$237 (-24.8%)	0.0%	$60.81	—	COM	20825c104
—	Nvidia	2,117 (-1.4%)	$395 (-1.4%)	0.0%	$128.80	—	COM	67066g104

Unchanged Positions (33)

— AerCap Holdings 3.5%

Value ($000) $118,942 Shares 827,362 Est. Cost $56.03 Unrealized —

MKL Markel 4.8%

Value ($000) $166,196 Shares 77,313 Est. Cost $1187.00 Unrealized +70.7%

— Wayfair 0.5%

Value ($000) $16,788 Shares 167,192 Est. Cost $206.81 Unrealized —

HSY Hershey Foods 1.0%

Value ($000) $34,702 Shares 190,689 Est. Cost $179.44 Unrealized +1.5%

AAPL Apple 0.2%

Value ($000) $6,904 Shares 25,395 Est. Cost $99.85 Unrealized +168.7%

— Biglari Cl A 0.1%

Value ($000) $3,828 Shares 2,200 Est. Cost $713.14 Unrealized —

— Alphabet Class A 0.0%

Value ($000) $1,134 Shares 3,623 Est. Cost $156.06 Unrealized —

TRUP Trupanion Inc. 0.0%

Value ($000) $1,524 Shares 40,780 Est. Cost $33.36 Unrealized +17.7%

MSFT Microsoft 0.1%

Value ($000) $2,963 Shares 6,126 Est. Cost $86.67 Unrealized +477.6%

AMGN Amgen 0.0%

Value ($000) $1,272 Shares 3,885 Est. Cost $137.39 Unrealized +130.0%

CAT Caterpillar Tractor 0.0%

Value ($000) $984 Shares 1,717 Est. Cost $142.84 Unrealized +288.9%

— Goldman Sachs 0.0%

Value ($000) $1,081 Shares 1,230 Est. Cost $236.50 Unrealized —

UBER Uber 0.0%

Value ($000) $397 Shares 4,860 Est. Cost $48.20 Unrealized +86.8%

FAST Fastenal 0.0%

Value ($000) $318 Shares 7,920 Est. Cost $25.57 Unrealized +64.3%

RTX Raytheon Technologies 0.0%

Value ($000) $640 Shares 3,489 Est. Cost $81.24 Unrealized +113.3%

DIS Disney (Walt) 1.4%

Value ($000) $49,677 Shares 436,641 Est. Cost $103.83 Unrealized +5.5%

GEV GE Vernova 0.0%

Value ($000) $646 Shares 988 Est. Cost $191.56 Unrealized +217.9%

GLW Corning 0.0%

Value ($000) $442 Shares 5,050 Est. Cost $40.86 Unrealized +110.4%

— Meta Platforms Inc. 0.0%

Value ($000) $222 Shares 336 Est. Cost $738.09 Unrealized —

— General Electric 0.0%

Value ($000) $998 Shares 3,240 Est. Cost $87.57 Unrealized —

— Quest Diagnostics 0.0%

Value ($000) $226 Shares 1,300 Est. Cost $116.44 Unrealized —

CFG Citizens Financial Group 0.0%

Value ($000) $222 Shares 3,800 Est. Cost $49.19 Unrealized +8.9%

XT IShares Exponential Technologi 0.0%

Value ($000) $614 Shares 8,800 Est. Cost $44.93 Unrealized —

— Verizon 0.0%

Value ($000) $239 Shares 5,860 Est. Cost $50.03 Unrealized —

BRK/A Berkshire Hathaway 'A' 0.6%

Value ($000) $21,889 Shares 29 Est. Cost $250196.95 Unrealized +198.3%

ITW Illinois Tool Works 0.0%

Value ($000) $271 Shares 1,100 Est. Cost $197.50 Unrealized +25.3%

— SPDR S&P 500 0.0%

Value ($000) $658 Shares 965 Est. Cost $305.78 Unrealized —

— Biglari Holdings 0.0%

Value ($000) $445 Shares 1,340 Est. Cost $188.82 Unrealized —

— UnitedHealth 0.0%

Value ($000) $237 Shares 719 Est. Cost $345.30 Unrealized —

SCHG Schwab US Large Cap Growth 0.0%

Value ($000) $320 Shares 9,800 Est. Cost $41.64 Unrealized —

— JPMorgan Chase 0.0%

Value ($000) $308 Shares 955 Est. Cost $239.74 Unrealized —

CVX Chevron 0.0%

Value ($000) $206 Shares 1,350 Est. Cost $152.28 Unrealized -0.6%

BA Boeing Co 0.0%

Value ($000) $270 Shares 1,245 Est. Cost $156.93 Unrealized +31.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	AerCap Holdings	827,362	$118,942	3.5%	$56.03	—	COM	n00985106
MKL	Markel	77,313	$166,196	4.8%	$1187.00	+70.7%	COM	570535104
—	Wayfair	167,192	$16,788	0.5%	$206.81	—	COM	94419l101
HSY	Hershey Foods	190,689	$34,702	1.0%	$179.44	+1.5%	COM	427866108
AAPL	Apple	25,395	$6,904	0.2%	$99.85	+168.7%	COM	037833100
—	Biglari Cl A	2,200	$3,828	0.1%	$713.14	—	COM	08986r408
—	Alphabet Class A	3,623	$1,134	0.0%	$156.06	—	COM	38259p508
TRUP	Trupanion Inc.	40,780	$1,524	0.0%	$33.36	+17.7%	COM	898202106
MSFT	Microsoft	6,126	$2,963	0.1%	$86.67	+477.6%	COM	594918104
AMGN	Amgen	3,885	$1,272	0.0%	$137.39	+130.0%	COM	031162100
CAT	Caterpillar Tractor	1,717	$984	0.0%	$142.84	+288.9%	COM	149123101
—	Goldman Sachs	1,230	$1,081	0.0%	$236.50	—	COM	38141g104
UBER	Uber	4,860	$397	0.0%	$48.20	+86.8%	COM	90353T100
FAST	Fastenal	7,920	$318	0.0%	$25.57	+64.3%	COM	311900104
RTX	Raytheon Technologies	3,489	$640	0.0%	$81.24	+113.3%	COM	75513E101
DIS	Disney (Walt)	436,641	$49,677	1.4%	$103.83	+5.5%	COM	254687106
GEV	GE Vernova	988	$646	0.0%	$191.56	+217.9%	COM	36828A101
GLW	Corning	5,050	$442	0.0%	$40.86	+110.4%	COM	219350105
—	Meta Platforms Inc.	336	$222	0.0%	$738.09	—	COM	30303m102
—	General Electric	3,240	$998	0.0%	$87.57	—	COM	369604103
—	Quest Diagnostics	1,300	$226	0.0%	$116.44	—	COM	74834l100
CFG	Citizens Financial Group	3,800	$222	0.0%	$49.19	+8.9%	COM	174610105
XT	IShares Exponential Technologi	8,800	$614	0.0%	$44.93	—	ETF	46434V381
—	Verizon	5,860	$239	0.0%	$50.03	—	COM	92343v104
BRK/A	Berkshire Hathaway 'A'	29	$21,889	0.6%	$250196.95	+198.3%	COM	084670108
ITW	Illinois Tool Works	1,100	$271	0.0%	$197.50	+25.3%	COM	452308109
—	SPDR S&P 500	965	$658	0.0%	$305.78	—	ETF	78462f103
—	Biglari Holdings	1,340	$445	0.0%	$188.82	—	COM	08986r101
—	UnitedHealth	719	$237	0.0%	$345.30	—	COM	91324p102
SCHG	Schwab US Large Cap Growth	9,800	$320	0.0%	$41.64	—	COM	808524300
—	JPMorgan Chase	955	$308	0.0%	$239.74	—	COM	46625h100
CVX	Chevron	1,350	$206	0.0%	$152.28	-0.6%	COM	166764100
BA	Boeing Co	1,245	$270	0.0%	$156.93	+31.1%	COM	097023105