Bares Capital Management as of Dec. 31, 2011
Portfolio Holdings for Bares Capital Management
Bares Capital Management holds 0 positions in its portfolio as reported in the December 2011 quarterly 13F filing
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
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INVESTMENT VOTING AUTHORITY
DISCRETION (SHARES)
MARKET SHARED
VALUE SOLE SHARED OTHER SOLE SHARED NONE
SECURITY DESCRIPTION CLASS CUSIP SHARES ($000) (A) (B) (C) MGR (A) (B) (C)
{S} {C} {C} {C} {C} {C} {C} {C} {C} {C} {C} {C}
Advisory Board Co COM 762W107 69665 5170 X 69665 0 0
Alaska Communications Systems COM 01167P101 40700 123 X 40700 0 0
Alleghany Corp COM 17175100 894 255 X 894 0 0
AltiGen Communications Inc COM 21489109 267600 80 X 267600 0 0
American Express Company COM 25816109 9157 432 X 9157 0 0
American Public Education COM 2913V103 412817 17867 X 412817 0 0
American Science & Engin COM 29429107 154711 10537 X 154711 0 0
Ascent Capital Group CL A 43632108 5397 274 X 5397 0 0
Asure Software COM 4649U102 92623 590 X 92623 0 0
Automatic Data Processing COM 53015103 13915 752 X 13915 0 0
Berkshire Hathaway Inc CL A 84670108 9 1033 X 9 0 0
Berkshire Hathaway Inc CL B 84670207 12346 942 X 12346 0 0
Brookfield Asset Management Inc COM 112585104 33876 931 X 33876 0 0
Capital Southwest Corp COM 140501107 4817 393 X 4817 0 0
Central European Distribution COM 153435102 10300 45 X 10300 0 0
Choice Hotels International COM 169905106 10000 381 X 10000 0 0
Colfax Corporation COM 194014106 481587 13716 X 481587 0 0
Conagra Food Inc COM 205887102 10000 264 X 10000 0 0
ConocoPhillips COM 20825C104 30000 2186 X 30000 0 0
Contango Oil & Gas Co. COM 21075N204 6638 386 X 6638 0 0
Corporate Executive Board COM 21988R102 201715 7685 X 201715 0 0
Cover-All Technologies COM 222892101 40000 72 X 40000 0 0
Derma Sciences Inc COM 249827502 15000 114 X 15000 0 0
Emerson Electric Co COM 291011104 10353 482 X 10353 0 0
Exelon Corp COM 30161N101 5738 249 X 5738 0 0
Female Health Company COM 314462102 4140153 18672 X 4140153 0 0
Greenlight Capital Re LTD CL A G4095J109 28293 670 X 28293 0 0
Hallmark Financial Services COM 40624Q203 1906687 13328 X 1906687 0 0
HEICO Corp CL A 422806208 146402 5761 X 146402 0 0
Hospitality Properties Trust COM 44106M102 23915 550 X 23915 0 0
Interactive Intelligence Inc. COM 45839M103 2240267 51347 X 2240267 0 0
Interval Leisure Group COM 46113M108 629810 8572 X 629810 0 0
INTL FCStone Inc COM 459028106 2783103 65598 X 2783103 0 0
iShares Trust iBoxx Inv Grade CPBD CPBD 464287242 7178 817 X 7178 0 0
iShares Trust Treas Inflat US TIP B 464287176 5102 596 X 5102 0 0
Kinder Morgan Energy Partner LTD PTN 494550106 9600 816 X 9600 0 0
Kinder Morgan Management SHS 49455U100 3359 264 X 3359 0 0
Lockheed Martin Corporation COM 539830109 9358 757 X 9358 0 0
MakeMusic Inc COM 56086P202 46461 205 X 46461 0 0
Microsoft Corp. COM 594918104 31763 825 X 31763 0 0
Morningstar, Inc. COM 617700109 124288 7389 X 124288 0 0
National Retail Properties, Inc. COM 637417106 14000 369 X 14000 0 0
Occidental Petroleum COM 674599105 12000 1124 X 12000 0 0
Omega Flex, Inc. COM 682095104 533451 7538 X 533451 0 0
Pennsylvania Real Estate Invt SH BEN IN709102107 10155 106 X 10155 0 0
Pfizer Inc. COM 717081103 16579 359 X 16579 0 0
Pizza Inn Inc COM 725848105 163345 898 X 163345 0 0
PowerShares Global Trust Nat Muni 73936T474 54411 1330 X 54411 0 0
Psychemedics Corp COM 744375205 14240 130 X 14240 0 0
Reis Inc COM 75936P105 22350 204 X 22350 0 0
Sears Holdings Corp COM 812350106 14661 466 X 14661 0 0
Simulations Plus Inc COM 829214105 119398 357 X 119398 0 0
SPDR Series Trust-Inter Treas ETF 78464A516 17606 1036 X 17606 0 0
Stamps.com COM 852857200 456698 11934 X 456698 0 0
Stratasys Inc. COM 862685104 459896 13985 X 459896 0 0
Tandy Leather Factory Inc. COM 87538X105 1647336 8039 X 1647336 0 0
The Dolan Company COM 25659P402 3012769 25669 X 3012769 0 0
The Middleby Corp COM 596278101 118572 11151 X 118572 0 0
TravelCenters of America COM 894174101 30000 128 X 30000 0 0
Travelzoo Inc. COM 89421Q106 28699 705 X 28699 0 0
U S Global Investors Inc CL A 902952100 36523 220 X 36523 0 0
Utah Medical Products COM 917488108 412676 11142 X 412676 0 0
Vanguard Index ETF VALUE 922908744 6188 325 X 6188 0 0
Walgreen Co COM 931422109 9234 305 X 9234 0 0
Western Union Co COM 959802109 31172 569 X 31172 0 0
White Mountains Insurance Group COM G9618E107 586 266 X 586 0 0
Winmark Corp COM 974250102 848500 48678 X 848500 0 0
XCEL Energy Inc. COM 98389B100 26000 719 X 26000 0 0
Zimmer Holdings, Inc. COM 98956P102 11822 632 X 11822 0 0