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 5,740 30,000 SH   SOLE   30,000 0 0
3M Company COM 88579Y101 33,291 174,000 SH   DFND 1 174,000 0 0
Accenture COM G1151C101 1,199 10,000 SH   SOLE   10,000 0 0
Accenture COM G1151C101 16,591 138,400 SH   DFND 1 138,400 0 0
Albemarle Corp COM 012653101 1,585 15,000 SH   DFND 1 15,000 0 0
Alleghany Corporation COM 017175100 2,660 4,328 SH   SOLE   4,328 0 0
Allergan, Inc. COM G0177J108 6,451 27,000 SH   DFND 1 27,000 0 0
Alphabet Inc COM 02079K107 61,413 74,031 SH   DFND 1 74,031 0 0
Alphabet Inc Class A COM 02079K305 10,597 12,500 SH   DFND 1 12,500 0 0
Amazon.com COM 023135106 52,306 59,000 SH   DFND 1 59,000 0 0
American Express COM 025816109 791 10,000 SH   SOLE   10,000 0 0
American Express COM 025816109 29,745 376,000 SH   DFND 1 376,000 0 0
American Tower COM 03027X100 3,585 29,500 SH   DFND 1 29,500 0 0
Analog Devices Inc COM 032654105 41,041 500,811 SH   DFND 1 500,811 0 0
Anthem Inc COM 036752103 37,045 224,000 SH   DFND 1 224,000 0 0
Aon Corporation COM G0408V102 4,392 37,000 SH   DFND 1 37,000 0 0
Apollo Global Management - A COM 037612306 10,214 420,000 SH   DFND 1 420,000 0 0
Apple Inc COM 037833100 12,944 90,100 SH   DFND 1 90,100 0 0
Archer Daniels COM 039483102 67,370 1,463,300 SH   DFND 1 1,463,300 0 0
Automatic Data Processing COM 053015103 54,338 530,700 SH   DFND 1 530,700 0 0
Baxter International Inc COM 071813109 1,141 22,000 SH   DFND 1 22,000 0 0
Becton Dickinson COM 075887109 1,651 9,000 SH   DFND 1 9,000 0 0
Berkshire Hathaway Class B COM 084670702 80,856 485,100 SH   SOLE   485,100 0 0
Berkshire Hathaway Class B COM 084670702 171,098 1,026,507 SH   DFND 1 1,026,507 0 0
Berkshire Hathaway, Inc. COM 084670108 68,709 275 SH   SOLE   275 0 0
Berkshire Hathaway, Inc. COM 084670108 203,128 813 SH   DFND 1 813 0 0
Blackrock Inc COM 09247X101 64,621 168,500 SH   DFND 1 168,500 0 0
Blackstone Group COM 09253U108 17,671 595,000 SH   DFND 1 595,000 0 0
Boeing Co COM 097023105 12,274 69,400 SH   DFND 1 69,400 0 0
Bristol Myers Squibb COM 110122108 544 10,000 SH   DFND 1 10,000 0 0
Brookfield Asset Management COM 112585104 23,517 645,000 SH   SOLE   645,000 0 0
Brookfield Asset Management COM 112585104 168,074 4,609,821 SH   DFND 1 4,609,821 0 0
Brookfield Business Partners COM G16234109 318 12,900 SH   SOLE   12,900 0 0
Brookfield Business Partners COM G16234109 2,185 88,694 SH   DFND 1 88,694 0 0
Brown Forman Class A COM 115637100 39,680 843,000 SH   DFND 1 843,000 0 0
Brown-Forman Class B COM 115637209 9,732 210,750 SH   DFND 1 210,750 0 0
Bunge Limited COM G16962105 5,691 71,800 SH   DFND 1 71,800 0 0
CDK Global Inc COM 12508E101 11,500 176,897 SH   DFND 1 176,897 0 0
CME Group Inc COM 12572Q105 16,038 135,000 SH   DFND 1 135,000 0 0
CVS Corporation COM 126650100 20,724 264,000 SH   DFND 1 264,000 0 0
Cable One COM 12685J105 3,247 5,200 SH   DFND 1 5,200 0 0
Carmax COM 143130102 13,917 235,000 SH   SOLE   235,000 0 0
Carmax COM 143130102 277,035 4,678,070 SH   DFND 1 4,678,070 0 0
Caterpillar Inc COM 149123101 25,787 278,000 SH   DFND 1 278,000 0 0
Charles Schwab COM 808513105 43,136 1,057,000 SH   DFND 1 1,057,000 0 0
Cisco COM 17275R102 11,560 342,000 SH   DFND 1 342,000 0 0
Colfax Corporation COM 194014106 42,600 1,085,070 SH   SOLE   1,085,070 0 0
Colfax Corporation COM 194014106 1,963 50,000 SH   DFND 1 50,000 0 0
Comcast Corp- Class A COM 20030N101 7,856 209,000 SH   DFND 1 209,000 0 0
Core Labs NV COM N22717107 12,707 110,000 SH   DFND 1 110,000 0 0
Costco COM 22160K105 838 5,000 SH   SOLE   5,000 0 0
Costco COM 22160K105 5,701 34,000 SH   DFND 1 34,000 0 0
Diageo PLC COM 25243Q205 37,968 328,500 SH   SOLE   328,500 0 0
Diageo PLC COM 25243Q205 116,308 1,006,300 SH   DFND 1 1,006,300 0 0
Discovery Communications COM 25470F302 26,357 931,000 SH   DFND 1 931,000 0 0
Disney COM 254687106 188,590 1,663,200 SH   DFND 1 1,663,200 0 0
Dollar Tree Inc COM 256746108 3,609 46,000 SH   DFND 1 46,000 0 0
Ecolab COM 278865100 25,795 205,800 SH   DFND 1 205,800 0 0
Exxon Corporation COM 30231G102 16,386 199,800 SH   SOLE   199,800 0 0
Exxon Corporation COM 30231G102 61,097 745,000 SH   DFND 1 745,000 0 0
Facebook COM 30303M102 11,151 78,500 SH   DFND 1 78,500 0 0
Factset Research COM 303075105 27,045 164,000 SH   DFND 1 164,000 0 0
Flowserve COM 34354P105 2,130 44,000 SH   DFND 1 44,000 0 0
General Dynamics COM 369550108 72,446 387,000 SH   DFND 1 387,000 0 0
Gilead Sciences Inc COM 375558103 1,834 27,000 SH   DFND 1 27,000 0 0
Goldman Sachs COM 38141G104 3,928 17,100 SH   DFND 1 17,100 0 0
Graham Holdings Co COM 384637104 3,118 5,200 SH   DFND 1 5,200 0 0
Hasbro, Inc COM 418056107 36,334 364,000 SH   DFND 1 364,000 0 0
Healthcare Services Group COM 421906108 2,370 55,000 SH   DFND 1 55,000 0 0
Heico Corp COM 422806109 262 3,000 SH   DFND 1 3,000 0 0
Heico Corp Class A COM 422806208 5,287 70,500 SH   DFND 1 70,500 0 0
Hershey Foods COM 427866108 2,633 24,100 SH   DFND 1 24,100 0 0
Hexcel Corp COM 428291108 1,800 33,000 SH   DFND 1 33,000 0 0
Home Depot COM 437076102 2,937 20,000 SH   SOLE   20,000 0 0
Home Depot COM 437076102 132,147 900,000 SH   DFND 1 900,000 0 0
IBM COM 459200101 1,689 9,700 SH   DFND 1 9,700 0 0
Illinois Tool Works COM 452308109 30,468 230,000 SH   DFND 1 230,000 0 0
Investors Title Company COM 461804106 33,733 213,300 SH   DFND 1 213,300 0 0
JP Morgan COM 46625H100 16,075 183,000 SH   DFND 1 183,000 0 0
John Deere COM 244199105 119,245 1,095,400 SH   DFND 1 1,095,400 0 0
Johnson and Johnson COM 478160104 6,850 55,000 SH   SOLE   55,000 0 0
Johnson and Johnson COM 478160104 69,225 555,800 SH   DFND 1 555,800 0 0
KKR & Co LLC COM 48248M102 12,159 667,000 SH   DFND 1 667,000 0 0
Liberty Braves Group A COM 531229706 1,020 42,600 SH   DFND 1 42,600 0 0
Liberty Braves Group C COM 531229888 2,360 99,788 SH   DFND 1 99,788 0 0
Liberty Broadband A COM 530307107 13,551 159,250 SH   DFND 1 159,250 0 0
Liberty Broadband Class C COM 530307305 14,871 172,113 SH   DFND 1 172,113 0 0
Liberty Global PLC COM G5480U104 4,233 118,000 SH   DFND 1 118,000 0 0
Liberty Global PLC Lilac COM G5480U138 327 14,720 SH   DFND 1 14,720 0 0
Liberty Media Group A COM 531229870 3,973 121,500 SH   DFND 1 121,500 0 0
Liberty Media Group C COM 531229854 8,316 243,500 SH   DFND 1 243,500 0 0
Liberty Sirius Group A COM 531229409 16,580 426,000 SH   DFND 1 426,000 0 0
Liberty Sirius Group C COM 531229607 20,243 522,000 SH   DFND 1 522,000 0 0
Live Nation COM 538034109 9,952 327,700 SH   DFND 1 327,700 0 0
Lowes COM 548661107 7,810 95,000 SH   SOLE   95,000 0 0
Lowes COM 548661107 38,474 468,000 SH   DFND 1 468,000 0 0
MSCI COM 55354G100 13,315 137,000 SH   DFND 1 137,000 0 0
Marriott International COM 571903202 142,049 1,508,269 SH   DFND 1 1,508,269 0 0
Marsh & McLennan COM 571748102 45,036 609,500 SH   DFND 1 609,500 0 0
Mastercard, Inc COM 57636Q104 17,894 159,100 SH   DFND 1 159,100 0 0
Maxim Integrated Products COM 57772K101 7,823 174,000 SH   DFND 1 174,000 0 0
McKesson Corp COM 58155Q103 1,349 9,100 SH   DFND 1 9,100 0 0
Merck COM 58933Y105 356 5,600 SH   DFND 1 5,600 0 0
Microsoft Corp COM 594918104 16,004 243,000 SH   DFND 1 243,000 0 0
Monsanto Co COM 61166W101 44,906 396,700 SH   DFND 1 396,700 0 0
Moody's Corp COM 615369105 32,492 290,000 SH   DFND 1 290,000 0 0
NXP Semiconductors NV COM N6596X109 3,622 35,000 SH   DFND 1 35,000 0 0
Nike COM 654106103 19,394 348,000 SH   DFND 1 348,000 0 0
Norfolk Southern COM 655844108 25,697 229,500 SH   DFND 1 229,500 0 0
Novartis AG-Sponsored ADR COM 66987V109 275 3,700 SH   DFND 1 3,700 0 0
Novo-Nordisk A/S COM 670100205 36,851 1,075,000 SH   DFND 1 1,075,000 0 0
Oaktree Capital Group LLC COM 674001201 33,092 730,500 SH   DFND 1 730,500 0 0
Paccar COM 693718108 7,950 118,300 SH   DFND 1 118,300 0 0
Parker-Hannifin Corp COM 701094104 15,327 95,600 SH   DFND 1 95,600 0 0
Patterson Companies Inc. COM 703395103 7,599 168,000 SH   DFND 1 168,000 0 0
Paychex COM 704326107 8,835 150,000 SH   DFND 1 150,000 0 0
Penske Automotive Group COM 70959W103 2,294 49,000 SH   DFND 1 49,000 0 0
Pepsico COM 713448108 16,287 145,600 SH   DFND 1 145,600 0 0
Philip Morris International COM 718172109 12,927 114,500 SH   DFND 1 114,500 0 0
Praxair Inc. COM 74005P104 7,282 61,400 SH   DFND 1 61,400 0 0
Priceline Group Inc COM 741503403 356 200 SH   DFND 1 200 0 0
RLI Corporation COM 749607107 71,860 1,197,272 SH   DFND 1 1,197,272 0 0
Ritchie Bros COM 767744105 3,751 114,000 SH   DFND 1 114,000 0 0
Rockwell Automation Inc COM 773903109 16,318 104,800 SH   DFND 1 104,800 0 0
Rockwell Collins Inc COM 774341101 1,457 15,000 SH   DFND 1 15,000 0 0
Rollins, Inc. COM 775711104 13,913 374,700 SH   DFND 1 374,700 0 0
S&P Global COM 78409V104 19,219 147,000 SH   DFND 1 147,000 0 0
SEI Investments Co COM 784117103 15,344 304,200 SH   DFND 1 304,200 0 0
Schlumberger COM 806857108 51,741 662,500 SH   DFND 1 662,500 0 0
Sensata Technologies Holding COM N7902X106 4,542 104,000 SH   DFND 1 104,000 0 0
Starbucks Corp COM 855244109 1,518 26,000 SH   DFND 1 26,000 0 0
Stericycle Inc COM 858912108 13,262 160,000 SH   DFND 1 160,000 0 0
Synalloy Corporation COM 871565107 5,081 414,804 SH   SOLE   414,804 0 0
T.Rowe Price COM 74144T108 750 11,000 SH   SOLE   11,000 0 0
T.Rowe Price COM 74144T108 20,649 303,000 SH   DFND 1 303,000 0 0
Texas Instruments Inc COM 882508104 38,185 474,000 SH   DFND 1 474,000 0 0
The Carlyle Group COM 14309L102 8,406 527,000 SH   DFND 1 527,000 0 0
The Travelers Companies Inc COM 89417E109 37,970 315,000 SH   DFND 1 315,000 0 0
Tyson Foods COM 902494103 4,381 71,000 SH   DFND 1 71,000 0 0
Unilever PLC ADR COM 904767704 75,372 1,527,600 SH   DFND 1 1,527,600 0 0
Union Pacific COM 907818108 8,961 84,600 SH   DFND 1 84,600 0 0
United Health Group Inc COM 91324P102 108,739 663,000 SH   DFND 1 663,000 0 0
United Technologies COM 913017109 15,204 135,500 SH   DFND 1 135,500 0 0
VF Corp COM 918204108 1,693 30,800 SH   DFND 1 30,800 0 0
Verisk Analytics Inc COM 92345Y106 5,923 73,000 SH   DFND 1 73,000 0 0
Visa COM 92826C839 79,210 891,300 SH   DFND 1 891,300 0 0
W.P. Carey COM 92936U109 2,800 45,000 SH   SOLE   45,000 0 0
W.P. Carey COM 92936U109 56,322 905,200 SH   DFND 1 905,200 0 0
Walgreens Boots Alliance Inc COM 931427108 177,312 2,135,000 SH   DFND 1 2,135,000 0 0
Watsco Inc COM 942622200 28,421 198,500 SH   DFND 1 198,500 0 0