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 C | 02079K107 | 1,429 | 570 | SH | DFND | 1 | 0 | 570 | 0 | |
| ALPHABET INC | CAP STK CL A | 02079K305 | 1,709 | 700 | SH | DFND | 1 | 0 | 700 | 0 | |
| ALPHABET INC | CAP STK CL A | 02079K305 | 302,311 | 123,807 | SH | DFND | 1 | 0 | 123,807 | 0 | |
| ALPHABET INC | CAP STK CL C | 02079K107 | 214,980 | 85,775 | SH | DFND | 1 | 0 | 85,775 | 0 | |
| AMAZON COM INC | COM | 023135106 | 860 | 250 | SH | DFND | 1 | 0 | 250 | 0 | |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 | 125,580 | 300 | SH | DFND | 1 | 0 | 300 | 0 | |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 | 8,832 | 31,780 | SH | DFND | 1 | 0 | 31,780 | 0 | |
| CREDIT ACCEP CORP MICH | COM | 225310101 | 86,281 | 190,000 | SH | DFND | 1 | 0 | 190,000 | 0 | |
| FACEBOOK INC | CL A | 30303M102 | 66,065 | 190,000 | SH | DFND | 1 | 0 | 190,000 | 0 | |
| INTERACTIVE BROKERS GROUP IN | COM CL A | 45841N107 | 1,780 | 27,074 | SH | DFND | 1 | 0 | 27,074 | 0 | |
| INTERACTIVE BROKERS GROUP IN | COM CL A | 45841N107 | 2,629 | 40,000 | SH | DFND | 1 | 0 | 40,000 | 0 | |
| MARKEL CORP | COM | 570535104 | 2,759 | 2,325 | SH | DFND | 1 | 0 | 2,325 | 0 | |
| MERCADOLIBRE INC | COM | 58733R102 | 1,402 | 900 | SH | DFND | 1 | 0 | 900 | 0 | |
| MERCADOLIBRE INC | COM | 58733R102 | 2,025 | 1,300 | SH | DFND | 1 | 0 | 1,300 | 0 | |
| MICROSOFT CORP | COM | 594918104 | 209,541 | 773,500 | SH | DFND | 1 | 0 | 773,500 | 0 | |
| MICROSOFT CORP | COM | 594918104 | 2,709 | 10,000 | SH | DFND | 1 | 0 | 10,000 | 0 | |
| SALESFORCE COM INC | COM | 79466L302 | 36,641 | 150,000 | SH | DFND | 1 | 0 | 150,000 | 0 | |
| SLACK TECHNOLOGIES INC | COM CL A | 83088V102 | 34,554 | 780,000 | SH | DFND | 1 | 0 | 780,000 | 0 | |
| TUCOWS INC | COM NEW | 898697206 | 7,309 | 91,000 | SH | DFND | 1 | 0 | 91,000 | 0 | |
| TUCOWS INC | COM NEW | 898697206 | 8,835 | 110,000 | SH | DFND | 1 | 0 | 110,000 | 0 | |
| TUCOWS INC | COM NEW | 898697206 | 2,490 | 31,000 | SH | DFND | 1 | 0 | 31,000 | 0 | |
| TUCOWS INC | COM NEW | 898697206 | 111,936 | 1,393,627 | SH | DFND | 1 | 0 | 1,393,627 | 0 | |
| WIX COM LTD | SHS | M98068105 | 75,473 | 260,000 | SH | DFND | 1 | 0 | 260,000 | 0 | |