The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete. | |||||||||||||||||||||
| UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F INFORMATION TABLE |
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| COLUMN 1 | COLUMN 2 | COLUMN 3 | COLUMN 4 | COLUMN 5 | COLUMN 6 | COLUMN 7 | COLUMN 8 | ||||
| VALUE | SHRS OR | SH/ | PUT/ | INVESTMENT | OTHER | VOTING AUTHORITY | |||||
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | (x$1000) | PRN AMT | PRN | CALL | DISCRETION | MANAGER | SOLE | SHARED | NONE |
| ALPHABET INC | CAP STK CL A | 02079K305 | 1,985 | 1,400 | SH | DFND | 1 | 0 | 1,400 | 0 | |
| ALPHABET INC | CAP STK CL C | 02079K107 | 990 | 700 | SH | DFND | 1 | 0 | 700 | 0 | |
| ALPHABET INC | CAP STK CL A | 02079K305 | 1,702 | 1,200 | SH | DFND | 1 | 0 | 1,200 | 0 | |
| ALPHABET INC | CAP STK CL A | 02079K305 | 175,565 | 123,807 | SH | DFND | 1 | 0 | 123,807 | 0 | |
| ALPHABET INC | CAP STK CL C | 02079K107 | 121,252 | 85,775 | SH | DFND | 1 | 0 | 85,775 | 0 | |
| AMAZON COM INC | COM | 023135106 | 828 | 300 | SH | DFND | 1 | 0 | 300 | 0 | |
| AMAZON COM INC | COM | 023135106 | 828 | 300 | SH | DFND | 1 | 0 | 300 | 0 | |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 | 80,190 | 300 | SH | DFND | 1 | 0 | 300 | 0 | |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 | 5,673 | 31,780 | SH | DFND | 1 | 0 | 31,780 | 0 | |
| CARVANA CO | CL A | 146869102 | 3,293 | 27,400 | SH | DFND | 1 | 0 | 27,400 | 0 | |
| CREDIT ACCEP CORP MICH | COM | 225310101 | 67,660 | 161,477 | SH | DFND | 1 | 0 | 161,477 | 0 | |
| FACEBOOK INC | CL A | 30303M102 | 49,955 | 220,000 | SH | DFND | 1 | 0 | 220,000 | 0 | |
| INTERACTIVE BROKERS GROUP IN | COM CL A | 45841N107 | 922 | 22,074 | SH | DFND | 1 | 0 | 22,074 | 0 | |
| INTERACTIVE BROKERS GROUP IN | COM CL A | 45841N107 | 1,671 | 40,000 | SH | DFND | 1 | 0 | 40,000 | 0 | |
| MARKEL CORP | COM | 570535104 | 2,146 | 2,325 | SH | DFND | 1 | 0 | 2,325 | 0 | |
| MERCADOLIBRE INC | COM | 58733R102 | 1,084 | 1,100 | SH | DFND | 1 | 0 | 1,100 | 0 | |
| MICROSOFT CORP | COM | 594918104 | 157,415 | 773,500 | SH | DFND | 1 | 0 | 773,500 | 0 | |
| MICROSOFT CORP | COM | 594918104 | 1,628 | 8,000 | SH | DFND | 1 | 0 | 8,000 | 0 | |
| TRUPANION INC | COM | 898202106 | 34,152 | 800,000 | SH | DFND | 1 | 0 | 800,000 | 0 | |
| TUCOWS INC | COM NEW | 898697206 | 4,815 | 84,000 | SH | DFND | 1 | 0 | 84,000 | 0 | |
| TUCOWS INC | COM NEW | 898697206 | 4,586 | 80,000 | SH | DFND | 1 | 0 | 80,000 | 0 | |
| TUCOWS INC | COM NEW | 898697206 | 1,720 | 30,000 | SH | DFND | 1 | 0 | 30,000 | 0 | |
| TUCOWS INC | COM NEW | 898697206 | 888 | 15,500 | SH | DFND | 1 | 0 | 15,500 | 0 | |
| TUCOWS INC | COM NEW | 898697206 | 79,883 | 1,393,627 | SH | DFND | 1 | 0 | 1,393,627 | 0 | |
| UNIVAR SOLUTIONS INC | COM | 91336L107 | 843 | 50,000 | SH | DFND | 1 | 0 | 50,000 | 0 | |
| VISA INC | COM CL A | 92826C839 | 580 | 3,000 | SH | DFND | 1 | 0 | 3,000 | 0 | |
| WABTEC CORP | COM | 929740108 | 1,065 | 18,500 | SH | DFND | 1 | 0 | 18,500 | 0 | |
| WABTEC CORP | COM | 929740108 | 26,194 | 455,000 | SH | DFND | 1 | 0 | 455,000 | 0 | |
| WIX COM LTD | SHS | M98068105 | 62,774 | 245,000 | SH | DFND | 1 | 0 | 245,000 | 0 | |