| Name of Stock | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| BARON FOCUSED GROWTH FD INSTI | 694,969 | 1,397,117 |
| BERKSHIRE HATHAWAY INC. CLASS | 610,384 | 1,705,360 |
| CRIMSON WINE GROUP, LTD | 90,550 | 199,440 |
| CUBAN ELECTRIC CO | ||
| ENCANA CORP | 87,454 | 44,467 |
| FRANCISCO IND INC | 1,767 | 3,084 |
| JEFFERIES GROUP INC | 5,863,003 | 7,286,247 |
| KANSAS CITY SOUTHERN | 486,453 | 2,801,860 |