The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
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
3M Company COM 88579y101 4,629 30,000 SH   SOLE   30,000 0 0
3M Company COM 88579y101 26,848 174,000 SH   DFND 1 174,000 0 0
Aaron's Inc COM 002535300 11,732 324,000 SH   DFND 1 324,000 0 0
Accenture COM G1151C101 968 10,000 SH   SOLE   10,000 0 0
Accenture COM G1151C101 12,097 125,000 SH   DFND 1 125,000 0 0
Alleghany Corporation COM 017175100 2,029 4,328 SH   SOLE   4,328 0 0
American Express COM 025816109 777 10,000 SH   SOLE   10,000 0 0
American Express COM 025816109 27,746 357,000 SH   DFND 1 357,000 0 0
American Tower COM 03027x100 746 8,000 SH   DFND 1 8,000 0 0
Anheuser-Busch Inbev ADR COM 03524A108 51,285 425,000 SH   DFND 1 425,000 0 0
Anthem Inc COM 036752103 36,767 224,000 SH   DFND 1 224,000 0 0
Aon Corporation COM g0408v102 399 4,000 SH   DFND 1 4,000 0 0
Apollo Global Management - A COM 037612306 8,040 363,000 SH   DFND 1 363,000 0 0
Apple Inc COM 037833100 753 6,000 SH   DFND 1 6,000 0 0
Archer Daniels COM 039483102 66,351 1,376,000 SH   DFND 1 1,376,000 0 0
Automatic Data Processing COM 053015103 42,578 530,700 SH   DFND 1 530,700 0 0
Berkshire Hathaway Class B COM 084670702 66,027 485,100 SH   SOLE   485,100 0 0
Berkshire Hathaway Class B COM 084670702 139,718 1,026,507 SH   DFND 1 1,026,507 0 0
Berkshire Hathaway, Inc. COM 084670108 56,334 275 SH   SOLE   275 0 0
Berkshire Hathaway, Inc. COM 084670108 164,495 803 SH   DFND 1 803 0 0
Blackrock Inc COM 09247X101 48,437 140,000 SH   DFND 1 140,000 0 0
Blackstone Group COM 09253U108 18,841 461,000 SH   DFND 1 461,000 0 0
Brookfield Asset Management COM 112585104 22,530 645,000 SH   SOLE   645,000 0 0
Brookfield Asset Management COM 112585104 152,149 4,355,821 SH   DFND 1 4,355,821 0 0
Brown Forman Class A COM 115637100 46,964 421,500 SH   DFND 1 421,500 0 0
Brown-Forman Class B COM 115637209 10,556 105,375 SH   DFND 1 105,375 0 0
CDK Global Inc COM 12508e101 9,549 176,897 SH   DFND 1 176,897 0 0
CME Group Inc COM 12572q105 10,609 114,000 SH   DFND 1 114,000 0 0
CVS Corporation COM 126650100 25,905 247,000 SH   DFND 1 247,000 0 0
Carbo Ceramics Inc COM 140781105 8,950 215,000 SH   DFND 1 215,000 0 0
Carmax COM 143130102 15,559 235,000 SH   SOLE   235,000 0 0
Carmax COM 143130102 309,735 4,678,070 SH   DFND 1 4,678,070 0 0
Caterpillar Inc COM 149123101 20,442 241,000 SH   DFND 1 241,000 0 0
Charles Schwab COM 808513105 34,511 1,057,000 SH   DFND 1 1,057,000 0 0
Chubb Corp COM 171232101 29,874 314,000 SH   DFND 1 314,000 0 0
Coach Inc COM 189754104 1,696 49,000 SH   DFND 1 49,000 0 0
Colfax Corporation COM 194014106 50,076 1,085,070 SH   SOLE   1,085,070 0 0
Copart Inc COM 217204106 33,564 946,000 SH   DFND 1 946,000 0 0
Core Labs NV COM N22717107 12,430 109,000 SH   DFND 1 109,000 0 0
Costco COM 22160K105 675 5,000 SH   SOLE   5,000 0 0
Costco COM 22160K105 4,592 34,000 SH   DFND 1 34,000 0 0
Culp Inc COM 230215105 937 30,227 SH   DFND 1 30,227 0 0
Darling Ingredients Inc COM 237266101 953 65,000 SH   DFND 1 65,000 0 0
Diageo PLC COM 25243Q205 38,119 328,500 SH   SOLE   328,500 0 0
Diageo PLC COM 25243Q205 107,047 922,500 SH   DFND 1 922,500 0 0
Discovery Communications COM 25470f302 7,179 231,000 SH   DFND 1 231,000 0 0
Disney COM 254687106 177,202 1,552,500 SH   DFND 1 1,552,500 0 0
Ecolab COM 278865100 15,491 137,000 SH   DFND 1 137,000 0 0
Emerson Electric COM 291011104 8,758 158,000 SH   DFND 1 158,000 0 0
Exxon Corporation COM 30231G102 16,623 199,800 SH   SOLE   199,800 0 0
Exxon Corporation COM 30231G102 57,242 688,000 SH   DFND 1 688,000 0 0
Factset Research COM 303075105 24,702 152,000 SH   DFND 1 152,000 0 0
Federated Investors COM 314211103 335 10,000 SH   SOLE   10,000 0 0
Federated Investors COM 314211103 71,133 2,124,000 SH   DFND 1 2,124,000 0 0
General Dynamics COM 369550108 54,834 387,000 SH   DFND 1 387,000 0 0
General Electric COM 369604103 78,727 2,963,000 SH   DFND 1 2,963,000 0 0
Google Class A COM 38259P508 6,750 12,500 SH   DFND 1 12,500 0 0
Google Class C COM 38259P706 6,522 12,531 SH   DFND 1 12,531 0 0
Graham Holdings Co COM 384637104 5,590 5,200 SH   DFND 1 5,200 0 0
Halliburton COM 406216101 9,432 219,000 SH   DFND 1 219,000 0 0
Harley Davidson COM 412822108 2,536 45,000 SH   DFND 1 45,000 0 0
Hasbro, Inc COM 418056107 27,224 364,000 SH   DFND 1 364,000 0 0
Home Depot COM 437076102 2,223 20,000 SH   SOLE   20,000 0 0
Home Depot COM 437076102 100,017 900,000 SH   DFND 1 900,000 0 0
Illinois Tool Works COM 452308109 21,112 230,000 SH   DFND 1 230,000 0 0
Intel COM 458140100 1,825 60,000 SH   SOLE   60,000 0 0
Intel COM 458140100 28,316 931,000 SH   DFND 1 931,000 0 0
Investors Title Company COM 461804106 15,121 213,300 SH   DFND 1 213,300 0 0
JP Morgan COM 46625H100 5,760 85,000 SH   DFND 1 85,000 0 0
John Deere COM 244199105 95,594 985,000 SH   DFND 1 985,000 0 0
Johnson and Johnson COM 478160104 5,360 55,000 SH   SOLE   55,000 0 0
Johnson and Johnson COM 478160104 50,601 519,200 SH   DFND 1 519,200 0 0
KKR & Co LLC COM 48248M102 11,379 498,000 SH   DFND 1 498,000 0 0
Liberty Broadband A COM 530307107 4,090 80,250 SH   DFND 1 80,250 0 0
Liberty Global PLC COM G5480U104 5,407 100,000 SH   DFND 1 100,000 0 0
Liberty Media COM 531229102 14,704 408,000 SH   DFND 1 408,000 0 0
Liberty Broadband C COM 530307305 8,805 172,113 SH   DFND 1 172,113 0 0
Liberty Media Corp Class C COM 531229300 18,524 516,000 SH   DFND 1 516,000 0 0
Lowes COM 548661107 6,362 95,000 SH   SOLE   95,000 0 0
Lowes COM 548661107 29,802 445,000 SH   DFND 1 445,000 0 0
MSCI COM 55354g100 7,694 125,000 SH   DFND 1 125,000 0 0
Marriott International COM 571903202 0 0 SH   SOLE   0 0 0
Marriott International COM 571903202 102,946 1,383,869 SH   DFND 1 1,383,869 0 0
Marsh & McLennan COM 571748102 25,855 456,000 SH   DFND 1 456,000 0 0
Mastercard, Inc COM 57636Q104 10,937 117,000 SH   DFND 1 117,000 0 0
Mattel COM 577081102 12,665 493,000 SH   DFND 1 493,000 0 0
McDonalds COM 580135101 17,208 181,000 SH   DFND 1 181,000 0 0
McGraw Hill Financial COM 580645109 13,561 135,000 SH   DFND 1 135,000 0 0
Monsanto Co COM 61166W101 20,359 191,000 SH   DFND 1 191,000 0 0
Moody's Corp COM 615369105 30,013 278,000 SH   DFND 1 278,000 0 0
National Oilwell COM 637071101 29,451 610,000 SH   DFND 1 610,000 0 0
Nike COM 654106103 17,283 160,000 SH   DFND 1 160,000 0 0
Norfolk Southern COM 655844108 8,561 98,000 SH   DFND 1 98,000 0 0
Novo-Nordisk A/S COM 670100205 58,867 1,075,000 SH   DFND 1 1,075,000 0 0
Now Inc COM 67011P100 2,359 118,500 SH   DFND 1 118,500 0 0
Oaktree Capital Group LLC COM 674001201 17,257 324,500 SH   DFND 1 324,500 0 0
Oracle Corp COM 68389x105 25,711 638,000 SH   DFND 1 638,000 0 0
Parker-Hannifin Corp COM 701094104 931 8,000 SH   DFND 1 8,000 0 0
Patterson Companies Inc. COM 703395103 8,125 167,000 SH   DFND 1 167,000 0 0
Paychex COM 704326107 7,032 150,000 SH   DFND 1 150,000 0 0
Pepsico COM 713448108 12,536 134,300 SH   DFND 1 134,300 0 0
Philip Morris International COM 718172109 9,179 114,500 SH   DFND 1 114,500 0 0
Procter & Gamble COM 742718109 9,936 127,000 SH   DFND 1 127,000 0 0
RLI Corporation COM 749607107 61,528 1,197,272 SH   DFND 1 1,197,272 0 0
Rent-A-Center COM 76009N100 6,691 236,000 SH   DFND 1 236,000 0 0
Ritchie Bros COM 767744105 2,987 107,000 SH   DFND 1 107,000 0 0
Rockwell Automation Inc COM 773903109 2,244 18,000 SH   DFND 1 18,000 0 0
Rollins, Inc. COM 775711104 6,847 240,000 SH   DFND 1 240,000 0 0
Ross Stores, Inc COM 778296103 2,236 46,000 SH   DFND 1 46,000 0 0
Rush Enterprises Inc COM 781846209 393 15,000 SH   DFND 1 15,000 0 0
SEI Investments Co COM 784117103 11,620 237,000 SH   DFND 1 237,000 0 0
Schlumberger COM 806857108 53,610 622,000 SH   DFND 1 622,000 0 0
Starz Liberty Capital COM 85571Q102 537 12,000 SH   DFND 1 12,000 0 0
Synalloy Corporation COM 871565107 6,649 485,343 SH   SOLE   485,343 0 0
Synalloy Corporation COM 871565107 4,110 300,000 SH   DFND 1 300,000 0 0
T.Rowe Price COM 74144T108 855 11,000 SH   SOLE   11,000 0 0
T.Rowe Price COM 74144T108 18,888 243,000 SH   DFND 1 243,000 0 0
The Carlyle Group COM 14309L102 10,556 375,000 SH   DFND 1 375,000 0 0
The Travelers Companies Inc COM 89417e109 26,098 270,000 SH   DFND 1 270,000 0 0
Unilever PLC ADR COM 904767704 63,237 1,472,000 SH   DFND 1 1,472,000 0 0
United Health Group Inc COM 91324P102 80,886 663,000 SH   DFND 1 663,000 0 0
United Parcel Service COM 911312106 73,216 755,500 SH   DFND 1 755,500 0 0
United Technologies COM 913017109 5,879 53,000 SH   DFND 1 53,000 0 0
Verisk Analytics Inc COM 92345Y106 2,328 32,000 SH   DFND 1 32,000 0 0
Visa COM 92826C839 54,996 819,000 SH   DFND 1 819,000 0 0
W.P. Carey COM 92936U109 2,652 45,000 SH   SOLE   45,000 0 0
W.P. Carey COM 92936U109 53,352 905,200 SH   DFND 1 905,200 0 0
Wal-Mart Stores COM 931142103 77,881 1,098,000 SH   DFND 1 1,098,000 0 0
Walgreens Boots Alliance Inc COM 931427108 180,279 2,135,000 SH   DFND 1 2,135,000 0 0
Watsco Inc COM 942622200 11,508 93,000 SH   DFND 1 93,000 0 0
Wesco Aircraft Holdings COM 950814103 3,712 245,000 SH   DFND 1 245,000 0 0