The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete. | |||||||||||||||||
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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 |
| 3M Company | COM | 88579y101 | 4,948 | 30,000 | SH | SOLE | 30,000 | 0 | 0 | ||
| 3M Company | COM | 88579y101 | 28,701 | 174,000 | SH | DFND | 1 | 174,000 | 0 | 0 | |
| Aaron's Inc | COM | 002535300 | 8,521 | 301,000 | SH | DFND | 1 | 301,000 | 0 | 0 | |
| Accenture | COM | G1151C101 | 937 | 10,000 | SH | SOLE | 10,000 | 0 | 0 | ||
| Accenture | COM | G1151C101 | 11,711 | 125,000 | SH | DFND | 1 | 125,000 | 0 | 0 | |
| Alleghany Corporation | COM | 017175100 | 2,108 | 4,328 | SH | SOLE | 4,328 | 0 | 0 | ||
| American Express | COM | 025816109 | 781 | 10,000 | SH | SOLE | 10,000 | 0 | 0 | ||
| American Express | COM | 025816109 | 27,420 | 351,000 | SH | DFND | 1 | 351,000 | 0 | 0 | |
| Anheuser-Busch Inbev ADR | COM | 03524A108 | 51,812 | 425,000 | SH | DFND | 1 | 425,000 | 0 | 0 | |
| Anthem Inc | COM | 036752103 | 34,588 | 224,000 | SH | DFND | 1 | 224,000 | 0 | 0 | |
| Apollo Global Management - A | COM | 037612306 | 7,258 | 336,000 | SH | DFND | 1 | 336,000 | 0 | 0 | |
| Archer Daniels | COM | 039483102 | 65,222 | 1,376,000 | SH | DFND | 1 | 1,376,000 | 0 | 0 | |
| Automatic Data Processing | COM | 053015103 | 45,449 | 530,700 | SH | DFND | 1 | 530,700 | 0 | 0 | |
| Berkshire Hathaway Class B | COM | 084670702 | 70,010 | 485,100 | SH | SOLE | 485,100 | 0 | 0 | ||
| Berkshire Hathaway Class B | COM | 084670702 | 148,145 | 1,026,507 | SH | DFND | 1 | 1,026,507 | 0 | 0 | |
| Berkshire Hathaway, Inc. | COM | 084670108 | 59,812 | 275 | SH | SOLE | 275 | 0 | 0 | ||
| Berkshire Hathaway, Inc. | COM | 084670108 | 174,652 | 803 | SH | DFND | 1 | 803 | 0 | 0 | |
| Blackrock Inc | COM | 09247X101 | 47,193 | 129,000 | SH | DFND | 1 | 129,000 | 0 | 0 | |
| Blackstone Group | COM | 09253U108 | 17,073 | 439,000 | SH | DFND | 1 | 439,000 | 0 | 0 | |
| Brookfield Asset Management | COM | 112585104 | 23,052 | 430,000 | SH | SOLE | 430,000 | 0 | 0 | ||
| Brookfield Asset Management | COM | 112585104 | 154,909 | 2,889,548 | SH | DFND | 1 | 2,889,548 | 0 | 0 | |
| Brown Forman Class A | COM | 115637100 | 38,264 | 421,500 | SH | DFND | 1 | 421,500 | 0 | 0 | |
| Brown-Forman Class B | COM | 115637209 | 9,521 | 105,375 | SH | DFND | 1 | 105,375 | 0 | 0 | |
| CDK Global Inc | COM | 12508e101 | 8,272 | 176,897 | SH | DFND | 1 | 176,897 | 0 | 0 | |
| CME Group Inc | COM | 12572q105 | 9,566 | 101,000 | SH | DFND | 1 | 101,000 | 0 | 0 | |
| CVS Corporation | COM | 126650100 | 25,286 | 245,000 | SH | DFND | 1 | 245,000 | 0 | 0 | |
| Carbo Ceramics Inc | COM | 140781105 | 6,102 | 200,000 | SH | DFND | 1 | 200,000 | 0 | 0 | |
| Carmax | COM | 143130102 | 16,217 | 235,000 | SH | SOLE | 235,000 | 0 | 0 | ||
| Carmax | COM | 143130102 | 322,834 | 4,678,070 | SH | DFND | 1 | 4,678,070 | 0 | 0 | |
| Caterpillar Inc | COM | 149123101 | 19,287 | 241,000 | SH | DFND | 1 | 241,000 | 0 | 0 | |
| Charles Schwab | COM | 808513105 | 32,175 | 1,057,000 | SH | DFND | 1 | 1,057,000 | 0 | 0 | |
| Chubb Corp | COM | 171232101 | 28,106 | 278,000 | SH | DFND | 1 | 278,000 | 0 | 0 | |
| Cisco | COM | 17275R102 | 633 | 23,000 | SH | DFND | 1 | 23,000 | 0 | 0 | |
| Coach Inc | COM | 189754104 | 746 | 18,000 | SH | DFND | 1 | 18,000 | 0 | 0 | |
| Colfax Corporation | COM | 194014106 | 51,790 | 1,085,070 | SH | SOLE | 1,085,070 | 0 | 0 | ||
| Copart Inc | COM | 217204106 | 33,475 | 891,000 | SH | DFND | 1 | 891,000 | 0 | 0 | |
| Core Labs NV | COM | N22717107 | 10,658 | 102,000 | SH | DFND | 1 | 102,000 | 0 | 0 | |
| Costco | COM | 22160K105 | 757 | 5,000 | SH | SOLE | 5,000 | 0 | 0 | ||
| Costco | COM | 22160K105 | 5,151 | 34,000 | SH | DFND | 1 | 34,000 | 0 | 0 | |
| Culp Inc | COM | 230215105 | 809 | 30,227 | SH | DFND | 1 | 30,227 | 0 | 0 | |
| Diageo PLC | COM | 25243Q205 | 36,322 | 328,500 | SH | SOLE | 328,500 | 0 | 0 | ||
| Diageo PLC | COM | 25243Q205 | 101,669 | 919,500 | SH | DFND | 1 | 919,500 | 0 | 0 | |
| Discovery Communications | COM | 25470f302 | 2,653 | 90,000 | SH | DFND | 1 | 90,000 | 0 | 0 | |
| Disney | COM | 254687106 | 161,688 | 1,541,500 | SH | DFND | 1 | 1,541,500 | 0 | 0 | |
| Ecolab | COM | 278865100 | 14,412 | 126,000 | SH | DFND | 1 | 126,000 | 0 | 0 | |
| Emerson Electric | COM | 291011104 | 8,946 | 158,000 | SH | DFND | 1 | 158,000 | 0 | 0 | |
| Exxon Corporation | COM | 30231G102 | 16,983 | 199,800 | SH | SOLE | 199,800 | 0 | 0 | ||
| Exxon Corporation | COM | 30231G102 | 56,865 | 669,000 | SH | DFND | 1 | 669,000 | 0 | 0 | |
| Factset Research | COM | 303075105 | 22,447 | 141,000 | SH | DFND | 1 | 141,000 | 0 | 0 | |
| Federated Investors | COM | 314211103 | 339 | 10,000 | SH | SOLE | 10,000 | 0 | 0 | ||
| Federated Investors | COM | 314211103 | 71,982 | 2,124,000 | SH | DFND | 1 | 2,124,000 | 0 | 0 | |
| General Dynamics | COM | 369550108 | 52,528 | 387,000 | SH | DFND | 1 | 387,000 | 0 | 0 | |
| General Electric | COM | 369604103 | 73,512 | 2,963,000 | SH | DFND | 1 | 2,963,000 | 0 | 0 | |
| Google Class A | COM | 38259P508 | 6,934 | 12,500 | SH | DFND | 1 | 12,500 | 0 | 0 | |
| Google Class C | COM | 38259P706 | 6,850 | 12,500 | SH | DFND | 1 | 12,500 | 0 | 0 | |
| Graham Holdings Co | COM | 384637104 | 5,458 | 5,200 | SH | DFND | 1 | 5,200 | 0 | 0 | |
| Halliburton | COM | 406216101 | 6,801 | 155,000 | SH | DFND | 1 | 155,000 | 0 | 0 | |
| Hasbro, Inc | COM | 418056107 | 22,640 | 358,000 | SH | DFND | 1 | 358,000 | 0 | 0 | |
| Home Depot | COM | 437076102 | 2,272 | 20,000 | SH | SOLE | 20,000 | 0 | 0 | ||
| Home Depot | COM | 437076102 | 102,249 | 900,000 | SH | DFND | 1 | 900,000 | 0 | 0 | |
| Illinois Tool Works | COM | 452308109 | 22,342 | 230,000 | SH | DFND | 1 | 230,000 | 0 | 0 | |
| Intel | COM | 458140100 | 1,876 | 60,000 | SH | SOLE | 60,000 | 0 | 0 | ||
| Intel | COM | 458140100 | 29,112 | 931,000 | SH | DFND | 1 | 931,000 | 0 | 0 | |
| Investors Title Company | COM | 461804106 | 15,793 | 213,300 | SH | DFND | 1 | 213,300 | 0 | 0 | |
| John Deere | COM | 244199105 | 79,447 | 906,000 | SH | DFND | 1 | 906,000 | 0 | 0 | |
| Johnson and Johnson | COM | 478160104 | 5,533 | 55,000 | SH | SOLE | 55,000 | 0 | 0 | ||
| Johnson and Johnson | COM | 478160104 | 52,232 | 519,200 | SH | DFND | 1 | 519,200 | 0 | 0 | |
| KKR & Co LLC | COM | 48248M102 | 10,675 | 468,000 | SH | DFND | 1 | 468,000 | 0 | 0 | |
| LGI Homes, Inc | COM | 50187T106 | 283 | 17,000 | SH | DFND | 1 | 17,000 | 0 | 0 | |
| Liberty Broadband A | COM | 530307107 | 4,533 | 80,250 | SH | DFND | 1 | 80,250 | 0 | 0 | |
| Liberty Global PLC | COM | G5480U104 | 3,706 | 72,000 | SH | DFND | 1 | 72,000 | 0 | 0 | |
| Liberty Media | COM | 531229102 | 14,649 | 380,000 | SH | DFND | 1 | 380,000 | 0 | 0 | |
| Liberty Media Class C | COM | 530307305 | 9,742 | 172,113 | SH | DFND | 1 | 172,113 | 0 | 0 | |
| Liberty Media Corp Class C | COM | 531229300 | 19,711 | 516,000 | SH | DFND | 1 | 516,000 | 0 | 0 | |
| Lowes | COM | 548661107 | 7,067 | 95,000 | SH | SOLE | 95,000 | 0 | 0 | ||
| Lowes | COM | 548661107 | 33,104 | 445,000 | SH | DFND | 1 | 445,000 | 0 | 0 | |
| MSCI | COM | 55354g100 | 6,989 | 114,000 | SH | DFND | 1 | 114,000 | 0 | 0 | |
| Marriott International | COM | 571903202 | 109,948 | 1,368,869 | SH | DFND | 1 | 1,368,869 | 0 | 0 | |
| Marsh & McLennan | COM | 571748102 | 22,492 | 401,000 | SH | DFND | 1 | 401,000 | 0 | 0 | |
| Mastercard, Inc | COM | 57636Q104 | 9,157 | 106,000 | SH | DFND | 1 | 106,000 | 0 | 0 | |
| Mattel | COM | 577081102 | 9,643 | 422,000 | SH | DFND | 1 | 422,000 | 0 | 0 | |
| McDonalds | COM | 580135101 | 17,637 | 181,000 | SH | DFND | 1 | 181,000 | 0 | 0 | |
| McGraw Hill Financial | COM | 580645109 | 12,822 | 124,000 | SH | DFND | 1 | 124,000 | 0 | 0 | |
| Microsoft Corp | COM | 594918104 | 12,928 | 318,000 | SH | DFND | 1 | 318,000 | 0 | 0 | |
| Monsanto Co | COM | 61166W101 | 17,331 | 154,000 | SH | DFND | 1 | 154,000 | 0 | 0 | |
| Moody's Corp | COM | 615369105 | 27,715 | 267,000 | SH | DFND | 1 | 267,000 | 0 | 0 | |
| National Oilwell | COM | 637071101 | 28,744 | 575,000 | SH | DFND | 1 | 575,000 | 0 | 0 | |
| Nike | COM | 654106103 | 16,053 | 160,000 | SH | DFND | 1 | 160,000 | 0 | 0 | |
| Norfolk Southern | COM | 655844108 | 9,469 | 92,000 | SH | DFND | 1 | 92,000 | 0 | 0 | |
| Novo-Nordisk A/S | COM | 670100205 | 57,394 | 1,075,000 | SH | DFND | 1 | 1,075,000 | 0 | 0 | |
| Now Inc | COM | 67011P100 | 2,023 | 93,500 | SH | DFND | 1 | 93,500 | 0 | 0 | |
| Oaktree Capital Group LLC | COM | 674001201 | 12,889 | 249,500 | SH | DFND | 1 | 249,500 | 0 | 0 | |
| Oracle Corp | COM | 68389x105 | 27,530 | 638,000 | SH | DFND | 1 | 638,000 | 0 | 0 | |
| Patterson Companies Inc. | COM | 703395103 | 7,562 | 155,000 | SH | DFND | 1 | 155,000 | 0 | 0 | |
| Paychex | COM | 704326107 | 7,442 | 150,000 | SH | DFND | 1 | 150,000 | 0 | 0 | |
| Pepsico | COM | 713448108 | 12,842 | 134,300 | SH | DFND | 1 | 134,300 | 0 | 0 | |
| Philip Morris International | COM | 718172109 | 8,625 | 114,500 | SH | DFND | 1 | 114,500 | 0 | 0 | |
| Procter & Gamble | COM | 742718109 | 10,406 | 127,000 | SH | DFND | 1 | 127,000 | 0 | 0 | |
| RLI Corporation | COM | 749607107 | 62,749 | 1,197,272 | SH | DFND | 1 | 1,197,272 | 0 | 0 | |
| Rent-A-Center | COM | 76009N100 | 5,900 | 215,000 | SH | DFND | 1 | 215,000 | 0 | 0 | |
| Ritchie Bros | COM | 767744105 | 2,394 | 96,000 | SH | DFND | 1 | 96,000 | 0 | 0 | |
| Rollins, Inc. | COM | 775711104 | 5,119 | 207,000 | SH | DFND | 1 | 207,000 | 0 | 0 | |
| Ross Stores, Inc | COM | 778296103 | 2,423 | 23,000 | SH | DFND | 1 | 23,000 | 0 | 0 | |
| Rush Enterprises Inc | COM | 781846209 | 246 | 9,000 | SH | DFND | 1 | 9,000 | 0 | 0 | |
| SEI Investments Co | COM | 784117103 | 10,449 | 237,000 | SH | DFND | 1 | 237,000 | 0 | 0 | |
| Schlumberger | COM | 806857108 | 45,475 | 545,000 | SH | DFND | 1 | 545,000 | 0 | 0 | |
| Starz Liberty Capital | COM | 85571Q102 | 413 | 12,000 | SH | DFND | 1 | 12,000 | 0 | 0 | |
| Synalloy Corporation | COM | 871565107 | 6,994 | 485,343 | SH | SOLE | 485,343 | 0 | 0 | ||
| Synalloy Corporation | COM | 871565107 | 4,323 | 300,000 | SH | DFND | 1 | 300,000 | 0 | 0 | |
| T.Rowe Price | COM | 74144T108 | 891 | 11,000 | SH | SOLE | 11,000 | 0 | 0 | ||
| T.Rowe Price | COM | 74144T108 | 19,354 | 239,000 | SH | DFND | 1 | 239,000 | 0 | 0 | |
| The Carlyle Group | COM | 14309L102 | 9,512 | 351,000 | SH | DFND | 1 | 351,000 | 0 | 0 | |
| The Travelers Companies Inc | COM | 89417e109 | 28,006 | 259,000 | SH | DFND | 1 | 259,000 | 0 | 0 | |
| Unilever PLC ADR | COM | 904767704 | 60,938 | 1,461,000 | SH | DFND | 1 | 1,461,000 | 0 | 0 | |
| United Health Group Inc | COM | 91324P102 | 78,426 | 663,000 | SH | DFND | 1 | 663,000 | 0 | 0 | |
| United Parcel Service | COM | 911312106 | 72,172 | 744,500 | SH | DFND | 1 | 744,500 | 0 | 0 | |
| United Technologies | COM | 913017109 | 6,212 | 53,000 | SH | DFND | 1 | 53,000 | 0 | 0 | |
| Verisk Analytics Inc | COM | 92345Y106 | 643 | 9,000 | SH | DFND | 1 | 9,000 | 0 | 0 | |
| Visa | COM | 92826C839 | 52,851 | 808,000 | SH | DFND | 1 | 808,000 | 0 | 0 | |
| W.P. Carey | COM | 92936U109 | 3,060 | 45,000 | SH | SOLE | 45,000 | 0 | 0 | ||
| W.P. Carey | COM | 92936U109 | 61,554 | 905,200 | SH | DFND | 1 | 905,200 | 0 | 0 | |
| Wal-Mart Stores | COM | 931142103 | 90,310 | 1,098,000 | SH | DFND | 1 | 1,098,000 | 0 | 0 | |
| Walgreens Boots Alliance Inc | COM | 931427108 | 180,792 | 2,135,000 | SH | DFND | 1 | 2,135,000 | 0 | 0 | |
| Watsco Inc | COM | 942622200 | 7,291 | 58,000 | SH | DFND | 1 | 58,000 | 0 | 0 | |
| Wesco Aircraft Holdings | COM | 950814103 | 2,451 | 160,000 | SH | DFND | 1 | 160,000 | 0 | 0 | |