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 5,357 30,000 SH   SOLE   30,000 0 0
3M Company COM 88579Y101 31,071 174,000 SH   DFND 1 174,000 0 0
Accenture COM G1151C101 1,171 10,000 SH   SOLE   10,000 0 0
Accenture COM G1151C101 16,211 138,400 SH   DFND 1 138,400 0 0
Alleghany Corporation COM 017175100 2,632 4,328 SH   SOLE   4,328 0 0
Allergan, Inc. COM G0177J108 2,940 14,000 SH   DFND 1 14,000 0 0
Alphabet Inc COM 02079K107 47,105 61,031 SH   DFND 1 61,031 0 0
Alphabet Inc Class A COM 02079K305 9,906 12,500 SH   DFND 1 12,500 0 0
Amazon.com COM 023135106 34,494 46,000 SH   DFND 1 46,000 0 0
American Express COM 025816109 741 10,000 SH   SOLE   10,000 0 0
American Express COM 025816109 27,854 376,000 SH   DFND 1 376,000 0 0
American Tower COM 03027X100 1,480 14,000 SH   DFND 1 14,000 0 0
Analog Devices Inc COM 032654105 28,467 392,000 SH   DFND 1 392,000 0 0
Anthem Inc COM 036752103 32,204 224,000 SH   DFND 1 224,000 0 0
Aon Corporation COM G0408V102 4,127 37,000 SH   DFND 1 37,000 0 0
Apollo Global Management - A COM 037612306 7,492 387,000 SH   DFND 1 387,000 0 0
Apple Inc COM 037833100 8,466 73,100 SH   DFND 1 73,100 0 0
Archer Daniels COM 039483102 66,800 1,463,300 SH   DFND 1 1,463,300 0 0
Automatic Data Processing COM 053015103 54,545 530,700 SH   DFND 1 530,700 0 0
Baxter International Inc COM 071813109 975 22,000 SH   DFND 1 22,000 0 0
Becton Dickinson COM 075887109 1,490 9,000 SH   DFND 1 9,000 0 0
Berkshire Hathaway Class B COM 084670702 79,062 485,100 SH   SOLE   485,100 0 0
Berkshire Hathaway Class B COM 084670702 167,300 1,026,507 SH   DFND 1 1,026,507 0 0
Berkshire Hathaway, Inc. COM 084670108 67,133 275 SH   SOLE   275 0 0
Berkshire Hathaway, Inc. COM 084670108 197,494 809 SH   DFND 1 809 0 0
Blackrock Inc COM 09247X101 61,457 161,500 SH   DFND 1 161,500 0 0
Blackstone Group COM 09253U108 15,137 560,000 SH   DFND 1 560,000 0 0
Boeing Co COM 097023105 8,158 52,400 SH   DFND 1 52,400 0 0
Bristol Myers Squibb COM 110122108 584 10,000 SH   DFND 1 10,000 0 0
Brookfield Asset Management COM 112585104 21,291 645,000 SH   SOLE   645,000 0 0
Brookfield Asset Management COM 112585104 148,671 4,503,821 SH   DFND 1 4,503,821 0 0
Brookfield Business Partners COM G16234109 310 12,900 SH   SOLE   12,900 0 0
Brookfield Business Partners COM G16234109 2,134 88,694 SH   DFND 1 88,694 0 0
Brown Forman Class A COM 115637100 38,989 843,000 SH   DFND 1 843,000 0 0
Brown-Forman Class B COM 115637209 9,467 210,750 SH   DFND 1 210,750 0 0
Bunge Limited COM G16962105 5,187 71,800 SH   DFND 1 71,800 0 0
CDK Global Inc COM 12508E101 10,559 176,897 SH   DFND 1 176,897 0 0
CME Group Inc COM 12572Q105 15,572 135,000 SH   DFND 1 135,000 0 0
CSX Corporation COM 126408103 5,030 140,000 SH   DFND 1 140,000 0 0
CVS Corporation COM 126650100 19,570 248,000 SH   DFND 1 248,000 0 0
Cable One COM 12685J105 3,233 5,200 SH   DFND 1 5,200 0 0
Carmax COM 143130102 15,132 235,000 SH   SOLE   235,000 0 0
Carmax COM 143130102 301,221 4,678,070 SH   DFND 1 4,678,070 0 0
Caterpillar Inc COM 149123101 25,782 278,000 SH   DFND 1 278,000 0 0
Charles Schwab COM 808513105 41,720 1,057,000 SH   DFND 1 1,057,000 0 0
Cisco COM 17275R102 9,338 309,000 SH   DFND 1 309,000 0 0
Colfax Corporation COM 194014106 38,987 1,085,070 SH   SOLE   1,085,070 0 0
Colfax Corporation COM 194014106 1,796 50,000 SH   DFND 1 50,000 0 0
Comcast Corp- Class A COM 20030N101 6,284 91,000 SH   DFND 1 91,000 0 0
Core Labs NV COM N22717107 13,204 110,000 SH   DFND 1 110,000 0 0
Costco COM 22160K105 801 5,000 SH   SOLE   5,000 0 0
Costco COM 22160K105 5,444 34,000 SH   DFND 1 34,000 0 0
Diageo PLC COM 25243Q205 34,144 328,500 SH   SOLE   328,500 0 0
Diageo PLC COM 25243Q205 103,348 994,300 SH   DFND 1 994,300 0 0
Discovery Communications COM 25470F302 23,888 892,000 SH   DFND 1 892,000 0 0
Disney COM 254687106 171,567 1,646,200 SH   DFND 1 1,646,200 0 0
Dollar Tree Inc COM 256746108 1,698 22,000 SH   DFND 1 22,000 0 0
Ecolab COM 278865100 22,483 191,800 SH   DFND 1 191,800 0 0
Exxon Corporation COM 30231G102 18,034 199,800 SH   SOLE   199,800 0 0
Exxon Corporation COM 30231G102 67,244 745,000 SH   DFND 1 745,000 0 0
Facebook COM 30303M102 7,306 63,500 SH   DFND 1 63,500 0 0
Factset Research COM 303075105 26,803 164,000 SH   DFND 1 164,000 0 0
Flowserve COM 34354P105 961 20,000 SH   DFND 1 20,000 0 0
General Dynamics COM 369550108 66,819 387,000 SH   DFND 1 387,000 0 0
Gilead Sciences Inc COM 375558103 1,003 14,000 SH   DFND 1 14,000 0 0
Goldman Sachs COM 38141G104 4,095 17,100 SH   DFND 1 17,100 0 0
Graham Holdings Co COM 384637104 2,662 5,200 SH   DFND 1 5,200 0 0
Hasbro, Inc COM 418056107 28,316 364,000 SH   DFND 1 364,000 0 0
Heico Corp COM 422806109 231 3,000 SH   DFND 1 3,000 0 0
Heico Corp Class A COM 422806208 3,361 49,500 SH   DFND 1 49,500 0 0
Hershey Foods COM 427866108 2,493 24,100 SH   DFND 1 24,100 0 0
Hexcel Corp COM 428291108 617 12,000 SH   DFND 1 12,000 0 0
Home Depot COM 437076102 2,682 20,000 SH   SOLE   20,000 0 0
Home Depot COM 437076102 120,672 900,000 SH   DFND 1 900,000 0 0
Illinois Tool Works COM 452308109 28,166 230,000 SH   DFND 1 230,000 0 0
Investors Title Company COM 461804106 33,740 213,300 SH   DFND 1 213,300 0 0
JP Morgan COM 46625H100 15,791 183,000 SH   DFND 1 183,000 0 0
John Deere COM 244199105 112,870 1,095,400 SH   DFND 1 1,095,400 0 0
Johnson and Johnson COM 478160104 6,337 55,000 SH   SOLE   55,000 0 0
Johnson and Johnson COM 478160104 64,034 555,800 SH   DFND 1 555,800 0 0
KKR & Co LLC COM 48248M102 9,573 622,000 SH   DFND 1 622,000 0 0
Liberty Braves Group A COM 531229706 873 42,600 SH   DFND 1 42,600 0 0
Liberty Braves Group C COM 531229888 2,055 99,788 SH   DFND 1 99,788 0 0
Liberty Broadband A COM 530307107 10,452 144,250 SH   DFND 1 144,250 0 0
Liberty Broadband Class C COM 530307305 12,748 172,113 SH   DFND 1 172,113 0 0
Liberty Global PLC COM G5480U104 3,610 118,000 SH   DFND 1 118,000 0 0
Liberty Global PLC Lilac COM G5480U138 323 14,720 SH   DFND 1 14,720 0 0
Liberty Media Group A COM 531229870 3,809 121,500 SH   DFND 1 121,500 0 0
Liberty Media Group C COM 531229854 6,470 206,500 SH   DFND 1 206,500 0 0
Liberty Sirius Group A COM 531229409 14,706 426,000 SH   DFND 1 426,000 0 0
Liberty Sirius Group C COM 531229607 17,706 522,000 SH   DFND 1 522,000 0 0
Linear Technology Corp COM 535678106 12,844 206,000 SH   DFND 1 206,000 0 0
Live Nation COM 538034109 6,961 261,700 SH   DFND 1 261,700 0 0
Lowes COM 548661107 6,756 95,000 SH   SOLE   95,000 0 0
Lowes COM 548661107 31,648 445,000 SH   DFND 1 445,000 0 0
MSCI COM 55354G100 10,793 137,000 SH   DFND 1 137,000 0 0
Marriott International COM 571903202 123,712 1,496,269 SH   DFND 1 1,496,269 0 0
Marsh & McLennan COM 571748102 41,196 609,500 SH   DFND 1 609,500 0 0
Mastercard, Inc COM 57636Q104 15,601 151,100 SH   DFND 1 151,100 0 0
Maxim Integrated Products COM 57772K101 6,210 161,000 SH   DFND 1 161,000 0 0
McKesson Corp COM 58155Q103 1,278 9,100 SH   DFND 1 9,100 0 0
Mead Johnson Nutrition COM 582839106 2,286 32,300 SH   DFND 1 32,300 0 0
Merck COM 58933Y105 330 5,600 SH   DFND 1 5,600 0 0
Microsoft Corp COM 594918104 12,863 207,000 SH   DFND 1 207,000 0 0
Monsanto Co COM 61166W101 41,737 396,700 SH   DFND 1 396,700 0 0
Moody's Corp COM 615369105 27,338 290,000 SH   DFND 1 290,000 0 0
NXP Semiconductors NV COM N6596X109 3,234 33,000 SH   DFND 1 33,000 0 0
Nike COM 654106103 16,469 324,000 SH   DFND 1 324,000 0 0
Norfolk Southern COM 655844108 24,802 229,500 SH   DFND 1 229,500 0 0
Novartis AG-Sponsored ADR COM 66987V109 270 3,700 SH   DFND 1 3,700 0 0
Novo-Nordisk A/S COM 670100205 38,549 1,075,000 SH   DFND 1 1,075,000 0 0
Oaktree Capital Group LLC COM 674001201 26,081 695,500 SH   DFND 1 695,500 0 0
Oracle Corp COM 68389X105 24,531 638,000 SH   DFND 1 638,000 0 0
Paccar COM 693718108 7,559 118,300 SH   DFND 1 118,300 0 0
Parker-Hannifin Corp COM 701094104 11,564 82,600 SH   DFND 1 82,600 0 0
Patterson Companies Inc. COM 703395103 6,893 168,000 SH   DFND 1 168,000 0 0
Paychex COM 704326107 9,132 150,000 SH   DFND 1 150,000 0 0
Penske Automotive Group COM 70959W103 1,814 35,000 SH   DFND 1 35,000 0 0
Pepsico COM 713448108 15,234 145,600 SH   DFND 1 145,600 0 0
Philip Morris International COM 718172109 10,476 114,500 SH   DFND 1 114,500 0 0
Praxair Inc. COM 74005P104 5,672 48,400 SH   DFND 1 48,400 0 0
Priceline Group Inc COM 741503403 293 200 SH   DFND 1 200 0 0
RLI Corporation COM 749607107 75,584 1,197,272 SH   DFND 1 1,197,272 0 0
Ritchie Bros COM 767744105 3,876 114,000 SH   DFND 1 114,000 0 0
Rockwell Automation Inc COM 773903109 12,338 91,800 SH   DFND 1 91,800 0 0
Rollins, Inc. COM 775711104 12,016 355,700 SH   DFND 1 355,700 0 0
S&P Global COM 78409V104 15,808 147,000 SH   DFND 1 147,000 0 0
SEI Investments Co COM 784117103 14,324 290,200 SH   DFND 1 290,200 0 0
Schlumberger COM 806857108 55,617 662,500 SH   DFND 1 662,500 0 0
Sensata Technologies Holding COM N7902X106 1,792 46,000 SH   DFND 1 46,000 0 0
Starbucks Corp COM 855244109 666 12,000 SH   DFND 1 12,000 0 0
Stericycle Inc COM 858912108 5,778 75,000 SH   DFND 1 75,000 0 0
Synalloy Corporation COM 871565107 4,542 414,804 SH   SOLE   414,804 0 0
T.Rowe Price COM 74144T108 828 11,000 SH   SOLE   11,000 0 0
T.Rowe Price COM 74144T108 22,804 303,000 SH   DFND 1 303,000 0 0
Texas Instruments Inc COM 882508104 30,283 415,000 SH   DFND 1 415,000 0 0
The Carlyle Group COM 14309L102 7,274 477,000 SH   DFND 1 477,000 0 0
The Travelers Companies Inc COM 89417E109 38,562 315,000 SH   DFND 1 315,000 0 0
Tyson Foods COM 902494103 678 11,000 SH   DFND 1 11,000 0 0
Unilever PLC ADR COM 904767704 62,173 1,527,600 SH   DFND 1 1,527,600 0 0
Union Pacific COM 907818108 8,771 84,600 SH   DFND 1 84,600 0 0
United Health Group Inc COM 91324P102 106,107 663,000 SH   DFND 1 663,000 0 0
United Technologies COM 913017109 13,702 125,000 SH   DFND 1 125,000 0 0
VF Corp COM 918204108 1,003 18,800 SH   DFND 1 18,800 0 0
Verisk Analytics Inc COM 92345Y106 5,398 66,500 SH   DFND 1 66,500 0 0
Visa COM 92826C839 68,837 882,300 SH   DFND 1 882,300 0 0
W.P. Carey COM 92936U109 2,659 45,000 SH   SOLE   45,000 0 0
W.P. Carey COM 92936U109 53,488 905,200 SH   DFND 1 905,200 0 0
Walgreens Boots Alliance Inc COM 931427108 176,693 2,135,000 SH   DFND 1 2,135,000 0 0
Watsco Inc COM 942622200 27,995 189,000 SH   DFND 1 189,000 0 0