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 13,000 75,000 SH   SOLE   75,000 0 0
3M Company COM 88579Y101 23,054 133,000 SH   DFND 1 133,000 0 0
Accenture COM G1151C101 12,398 67,100 SH   SOLE   67,100 0 0
Accenture COM G1151C101 17,054 92,300 SH   DFND 1 92,300 0 0
Activision Blizzard Inc COM 00507V109 85 1,800 SH   SOLE   1,800 0 0
Activision Blizzard Inc COM 00507V109 12,319 261,000 SH   DFND 1 261,000 0 0
Albemarle Corp COM 012653101 5,140 73,000 SH   DFND 1 73,000 0 0
Alleghany Corporation COM 017175100 2,948 4,328 SH   SOLE   4,328 0 0
Alphabet Inc COM 02079K107 22,428 20,749 SH   SOLE   20,749 0 0
Alphabet Inc COM 02079K107 117,034 108,274 SH   DFND 1 108,274 0 0
Alphabet Inc Class A COM 02079K305 3,573 3,300 SH   SOLE   3,300 0 0
Alphabet Inc Class A COM 02079K305 9,962 9,200 SH   DFND 1 9,200 0 0
Amazon.com COM 023135106 36,736 19,400 SH   SOLE   19,400 0 0
Amazon.com COM 023135106 142,604 75,307 SH   DFND 1 75,307 0 0
American Express COM 025816109 1,234 10,000 SH   SOLE   10,000 0 0
American Express COM 025816109 54,437 441,000 SH   DFND 1 441,000 0 0
American Tower COM 03027X100 204 1,000 SH   SOLE   1,000 0 0
American Tower COM 03027X100 7,054 34,500 SH   DFND 1 34,500 0 0
Analog Devices Inc COM 032654105 22,976 203,565 SH   SOLE   203,565 0 0
Analog Devices Inc COM 032654105 68,766 609,246 SH   DFND 1 609,246 0 0
Anheuser-Busch Inbev ADR COM 03524A108 266 3,000 SH   DFND 1 3,000 0 0
Anthem Inc COM 036752103 8,184 29,000 SH   SOLE   29,000 0 0
Anthem Inc COM 036752103 55,031 195,000 SH   DFND 1 195,000 0 0
Aon Corporation COM G0408V102 7,140 37,000 SH   DFND 1 37,000 0 0
Apollo Global Management - A COM 037612306 772 22,500 SH   SOLE   22,500 0 0
Apollo Global Management - A COM 037612306 33,957 990,000 SH   DFND 1 990,000 0 0
Apple Inc COM 037833100 2,385 12,050 SH   SOLE   12,050 0 0
Apple Inc COM 037833100 55,108 278,435 SH   DFND 1 278,435 0 0
Archer Daniels COM 039483102 24,235 594,000 SH   SOLE   594,000 0 0
Archer Daniels COM 039483102 35,467 869,300 SH   DFND 1 869,300 0 0
Automatic Data Processing COM 053015103 20,997 127,000 SH   SOLE   127,000 0 0
Automatic Data Processing COM 053015103 66,744 403,700 SH   DFND 1 403,700 0 0
Autonation Inc COM 05329W102 50 1,200 SH   SOLE   1,200 0 0
Autonation Inc COM 05329W102 1,730 41,260 SH   DFND 1 41,260 0 0
Ball Corporation COM 058498106 210 3,000 SH   DFND 1 3,000 0 0
Bank of New York Mellon Corp COM 064058100 3,532 80,000 SH   DFND 1 80,000 0 0
Berkshire Hathaway Class B COM 084670702 141,038 661,620 SH   SOLE   661,620 0 0
Berkshire Hathaway Class B COM 084670702 183,618 861,367 SH   DFND 1 861,367 0 0
Berkshire Hathaway, Inc. COM 084670108 108,239 340 SH   SOLE   340 0 0
Berkshire Hathaway, Inc. COM 084670108 240,673 756 SH   DFND 1 756 0 0
Blackrock Inc COM 09247X101 5,632 12,000 SH   SOLE   12,000 0 0
Blackrock Inc COM 09247X101 94,235 200,800 SH   DFND 1 200,800 0 0
Blackstone Group COM 09253U108 1,532 34,500 SH   SOLE   34,500 0 0
Blackstone Group COM 09253U108 52,038 1,171,500 SH   DFND 1 1,171,500 0 0
Boeing Co COM 097023105 4,332 11,900 SH   SOLE   11,900 0 0
Boeing Co COM 097023105 30,031 82,500 SH   DFND 1 82,500 0 0
Booking Holdings Inc COM 09857L108 375 200 SH   DFND 1 200 0 0
Brookfield Asset Management COM 112585104 71,898 1,504,782 SH   SOLE   1,504,782 0 0
Brookfield Asset Management COM 112585104 203,522 4,259,559 SH   DFND 1 4,259,559 0 0
Brown Forman Class A COM 115637100 27,093 492,600 SH   SOLE   492,600 0 0
Brown Forman Class A COM 115637100 19,272 350,400 SH   DFND 1 350,400 0 0
Brown-Forman Class B COM 115637209 12,569 226,750 SH   SOLE   226,750 0 0
Brown-Forman Class B COM 115637209 13,715 247,437 SH   DFND 1 247,437 0 0
CDK Global Inc COM 12508E101 2,093 42,333 SH   SOLE   42,333 0 0
CDK Global Inc COM 12508E101 6,653 134,564 SH   DFND 1 134,564 0 0
CME Group Inc COM 12572Q105 971 5,000 SH   SOLE   5,000 0 0
CME Group Inc COM 12572Q105 25,234 130,000 SH   DFND 1 130,000 0 0
CVS Corporation COM 126650100 109 2,000 SH   SOLE   2,000 0 0
CVS Corporation COM 126650100 14,876 273,000 SH   DFND 1 273,000 0 0
Cable One COM 12685J105 6,089 5,200 SH   DFND 1 5,200 0 0
Carmax COM 143130102 97,174 1,119,126 SH   SOLE   1,119,126 0 0
Carmax COM 143130102 329,428 3,793,944 SH   DFND 1 3,793,944 0 0
Caterpillar Inc COM 149123101 1,363 10,000 SH   SOLE   10,000 0 0
Caterpillar Inc COM 149123101 36,526 268,000 SH   DFND 1 268,000 0 0
Charles Schwab COM 808513105 4,823 120,000 SH   SOLE   120,000 0 0
Charles Schwab COM 808513105 37,658 937,000 SH   DFND 1 937,000 0 0
Choice Hotels Intl Inc COM 169905106 261 3,000 SH   SOLE   3,000 0 0
Choice Hotels Intl Inc COM 169905106 14,487 166,500 SH   DFND 1 166,500 0 0
Cisco COM 17275R102 8,100 148,000 SH   SOLE   148,000 0 0
Cisco COM 17275R102 10,618 194,000 SH   DFND 1 194,000 0 0
Citigroup Inc COM 172967424 92 1,320 SH   SOLE   1,320 0 0
Citigroup Inc COM 172967424 1,033 14,750 SH   DFND 1 14,750 0 0
Colfax Corporation COM 194014106 30,415 1,085,070 SH   SOLE   1,085,070 0 0
Colfax Corporation COM 194014106 1,401 50,000 SH   DFND 1 50,000 0 0
Comcast Corp- Class A COM 20030N101 4,355 103,000 SH   SOLE   103,000 0 0
Comcast Corp- Class A COM 20030N101 17,293 409,000 SH   DFND 1 409,000 0 0
Costco COM 22160K105 3,435 13,000 SH   SOLE   13,000 0 0
Costco COM 22160K105 6,910 26,150 SH   DFND 1 26,150 0 0
Crown Holdings Inc COM 228368106 4,582 75,000 SH   DFND 1 75,000 0 0
DR Horton Inc COM 23331A109 37 850 SH   SOLE   850 0 0
DR Horton Inc COM 23331A109 475 11,007 SH   DFND 1 11,007 0 0
Delta Air Lines COM 247361702 340 6,000 SH   SOLE   6,000 0 0
Delta Air Lines COM 247361702 16,628 293,000 SH   DFND 1 293,000 0 0
Diageo PLC COM 25243Q205 101,376 588,300 SH   SOLE   588,300 0 0
Diageo PLC COM 25243Q205 131,222 761,500 SH   DFND 1 761,500 0 0
Discovery Communications COM 25470F302 427 15,000 SH   SOLE   15,000 0 0
Discovery Communications COM 25470F302 33,030 1,161,000 SH   DFND 1 1,161,000 0 0
Disney COM 254687106 48,134 344,700 SH   SOLE   344,700 0 0
Disney COM 254687106 206,430 1,478,300 SH   DFND 1 1,478,300 0 0
Dollar Tree Inc COM 256746108 1,396 13,000 SH   SOLE   13,000 0 0
Dollar Tree Inc COM 256746108 11,813 110,000 SH   DFND 1 110,000 0 0
Ecolab COM 278865100 4,541 23,000 SH   SOLE   23,000 0 0
Ecolab COM 278865100 51,492 260,800 SH   DFND 1 260,800 0 0
Electronic Arts Inc COM 285512109 91 900 SH   SOLE   900 0 0
Electronic Arts Inc COM 285512109 11,999 118,500 SH   DFND 1 118,500 0 0
Equifax Inc COM 294429105 7,912 58,500 SH   DFND 1 58,500 0 0
Facebook COM 30303M102 3,592 18,610 SH   SOLE   18,610 0 0
Facebook COM 30303M102 23,724 122,920 SH   DFND 1 122,920 0 0
Factset Research COM 303075105 6,591 23,000 SH   SOLE   23,000 0 0
Factset Research COM 303075105 26,713 93,220 SH   DFND 1 93,220 0 0
General Dynamics COM 369550108 8,000 44,000 SH   SOLE   44,000 0 0
General Dynamics COM 369550108 62,364 343,000 SH   DFND 1 343,000 0 0
Goldman Sachs COM 38141G104 3,652 17,850 SH   SOLE   17,850 0 0
Goldman Sachs COM 38141G104 57,237 279,750 SH   DFND 1 279,750 0 0
Goodyear Tire & Rubber Co. COM 382550101 306 20,000 SH   DFND 1 20,000 0 0
Graham Holdings Co COM 384637104 3,588 5,200 SH   DFND 1 5,200 0 0
Hasbro, Inc COM 418056107 11,033 104,400 SH   SOLE   104,400 0 0
Hasbro, Inc COM 418056107 27,435 259,600 SH   DFND 1 259,600 0 0
Healthcare Services Group COM 421906108 152 5,000 SH   SOLE   5,000 0 0
Healthcare Services Group COM 421906108 6,261 206,500 SH   DFND 1 206,500 0 0
Heico Corp Class A COM 422806208 796 7,702 SH   SOLE   7,702 0 0
Heico Corp Class A COM 422806208 32,917 318,443 SH   DFND 1 318,443 0 0
Hexcel Corp COM 428291108 324 4,000 SH   SOLE   4,000 0 0
Hexcel Corp COM 428291108 12,536 155,000 SH   DFND 1 155,000 0 0
Home Depot COM 437076102 7,695 37,000 SH   SOLE   37,000 0 0
Home Depot COM 437076102 183,638 883,000 SH   DFND 1 883,000 0 0
Illinois Tool Works COM 452308109 12,819 85,000 SH   SOLE   85,000 0 0
Illinois Tool Works COM 452308109 25,034 166,000 SH   DFND 1 166,000 0 0
Illumina Inc COM 452327109 368 1,000 SH   DFND 1 1,000 0 0
Intl Flavors & Fragrances COM 459506101 2,176 15,000 SH   SOLE   15,000 0 0
Intl Flavors & Fragrances COM 459506101 7,472 51,500 SH   DFND 1 51,500 0 0
Investors Title Company COM 461804106 35,621 213,300 SH   DFND 1 213,300 0 0
JP Morgan COM 46625H100 21,080 188,550 SH   DFND 1 188,550 0 0
John Deere COM 244199105 166,688 1,005,900 SH   DFND 1 1,005,900 0 0
Johnson and Johnson COM 478160104 15,906 114,200 SH   SOLE   114,200 0 0
Johnson and Johnson COM 478160104 69,166 496,600 SH   DFND 1 496,600 0 0
KKR & Co LLC COM 48251W104 455 18,000 SH   SOLE   18,000 0 0
KKR & Co LLC COM 48251W104 33,053 1,308,000 SH   DFND 1 1,308,000 0 0
Lennar Corporation COM 526057104 27 550 SH   SOLE   550 0 0
Lennar Corporation COM 526057104 211 4,350 SH   DFND 1 4,350 0 0
Liberty Broadband A COM 530307107 2,237 21,750 SH   SOLE   21,750 0 0
Liberty Broadband A COM 530307107 18,871 183,500 SH   DFND 1 183,500 0 0
Liberty Broadband Class C COM 530307305 4,258 40,853 SH   SOLE   40,853 0 0
Liberty Broadband Class C COM 530307305 13,680 131,260 SH   DFND 1 131,260 0 0
Liberty Global PLC COM G5480U104 81 3,000 SH   SOLE   3,000 0 0
Liberty Global PLC COM G5480U104 4,750 176,000 SH   DFND 1 176,000 0 0
Liberty Latin America COM G9001E102 340 19,720 SH   DFND 1 19,720 0 0
Liberty Media Group A COM 531229870 681 19,000 SH   SOLE   19,000 0 0
Liberty Media Group A COM 531229870 7,549 210,500 SH   DFND 1 210,500 0 0
Liberty Media Group C COM 531229854 1,085 29,000 SH   SOLE   29,000 0 0
Liberty Media Group C COM 531229854 8,623 230,500 SH   DFND 1 230,500 0 0
Liberty Sirius Group A COM 531229409 1,966 52,000 SH   SOLE   52,000 0 0
Liberty Sirius Group A COM 531229409 14,141 374,000 SH   DFND 1 374,000 0 0
Liberty Sirius Group C COM 531229607 5,089 134,000 SH   SOLE   134,000 0 0
Liberty Sirius Group C COM 531229607 14,736 388,000 SH   DFND 1 388,000 0 0
Linde PLC COM G5494J103 1,185 5,900 SH   SOLE   5,900 0 0
Linde PLC COM G5494J103 17,771 88,500 SH   DFND 1 88,500 0 0
Live Nation COM 538034109 696 10,500 SH   SOLE   10,500 0 0
Live Nation COM 538034109 31,681 478,200 SH   DFND 1 478,200 0 0
Lowes COM 548661107 21,897 217,000 SH   SOLE   217,000 0 0
Lowes COM 548661107 35,621 353,000 SH   DFND 1 353,000 0 0
MSCI COM 55354G100 239 1,000 SH   SOLE   1,000 0 0
MSCI COM 55354G100 32,475 136,000 SH   DFND 1 136,000 0 0
Marriott International COM 571903202 28,907 206,049 SH   SOLE   206,049 0 0
Marriott International COM 571903202 189,843 1,353,220 SH   DFND 1 1,353,220 0 0
Marsh & McLennan COM 571748102 1,746 17,500 SH   SOLE   17,500 0 0
Marsh & McLennan COM 571748102 59,052 592,000 SH   DFND 1 592,000 0 0
Mastercard, Inc COM 57636Q104 9,523 36,000 SH   SOLE   36,000 0 0
Mastercard, Inc COM 57636Q104 41,954 158,600 SH   DFND 1 158,600 0 0
Maxim Integrated Products COM 57772K101 4,187 70,000 SH   SOLE   70,000 0 0
Maxim Integrated Products COM 57772K101 10,887 182,000 SH   DFND 1 182,000 0 0
McKesson Corp COM 58155Q103 497 3,700 SH   SOLE   3,700 0 0
McKesson Corp COM 58155Q103 5,295 39,400 SH   DFND 1 39,400 0 0
Microchip Technology COM 595017104 347 4,000 SH   SOLE   4,000 0 0
Microchip Technology COM 595017104 13,438 155,000 SH   DFND 1 155,000 0 0
Microsoft Corp COM 594918104 11,119 83,000 SH   SOLE   83,000 0 0
Microsoft Corp COM 594918104 48,681 363,400 SH   DFND 1 363,400 0 0
Mohawk Industries COM 608190104 20,203 137,000 SH   DFND 1 137,000 0 0
Moody's Corp COM 615369105 20,117 103,000 SH   SOLE   103,000 0 0
Moody's Corp COM 615369105 19,156 98,080 SH   DFND 1 98,080 0 0
NVR Inc COM 62944T105 18,890 5,605 SH   DFND 1 5,605 0 0
NXP Semiconductors NV COM N6596X109 2,831 29,000 SH   DFND 1 29,000 0 0
Nike COM 654106103 6,884 82,000 SH   SOLE   82,000 0 0
Nike COM 654106103 23,842 284,000 SH   DFND 1 284,000 0 0
Norfolk Southern COM 655844108 14,551 73,000 SH   SOLE   73,000 0 0
Norfolk Southern COM 655844108 31,195 156,500 SH   DFND 1 156,500 0 0
Novo-Nordisk A/S COM 670100205 26,796 525,000 SH   SOLE   525,000 0 0
Novo-Nordisk A/S COM 670100205 28,072 550,000 SH   DFND 1 550,000 0 0
Oaktree Capital Group LLC COM 674001201 2,873 58,000 SH   SOLE   58,000 0 0
Oaktree Capital Group LLC COM 674001201 15,060 304,000 SH   DFND 1 304,000 0 0
Parker-Hannifin Corp COM 701094104 1,037 6,100 SH   SOLE   6,100 0 0
Parker-Hannifin Corp COM 701094104 19,126 112,500 SH   DFND 1 112,500 0 0
Paychex COM 704326107 5,760 70,000 SH   SOLE   70,000 0 0
Paychex COM 704326107 6,583 80,000 SH   DFND 1 80,000 0 0
Penske Automotive Group COM 70959W103 1,182 25,000 SH   SOLE   25,000 0 0
Penske Automotive Group COM 70959W103 2,223 47,000 SH   DFND 1 47,000 0 0
Pepsico COM 713448108 2,491 19,000 SH   SOLE   19,000 0 0
Pepsico COM 713448108 16,601 126,600 SH   DFND 1 126,600 0 0
Philip Morris International COM 718172109 8,992 114,500 SH   DFND 1 114,500 0 0
Progressive Corp COM 743315103 4,396 55,000 SH   SOLE   55,000 0 0
Progressive Corp COM 743315103 38,606 483,000 SH   DFND 1 483,000 0 0
RLI Corporation COM 749607107 23,742 277,000 SH   SOLE   277,000 0 0
RLI Corporation COM 749607107 78,877 920,272 SH   DFND 1 920,272 0 0
Rockwell Automation Inc COM 773903109 967 5,900 SH   SOLE   5,900 0 0
Rockwell Automation Inc COM 773903109 19,971 121,900 SH   DFND 1 121,900 0 0
Rollins, Inc. COM 775711104 1,297 36,150 SH   SOLE   36,150 0 0
Rollins, Inc. COM 775711104 27,329 761,900 SH   DFND 1 761,900 0 0
S&P Global COM 78409V104 228 1,000 SH   SOLE   1,000 0 0
S&P Global COM 78409V104 33,257 146,000 SH   DFND 1 146,000 0 0
SEI Investments Co COM 784117103 3,310 59,000 SH   SOLE   59,000 0 0
SEI Investments Co COM 784117103 18,188 324,200 SH   DFND 1 324,200 0 0
Scotts Miracle-Gro Co COM 810186106 3,447 35,000 SH   SOLE   35,000 0 0
Scotts Miracle-Gro Co COM 810186106 33,785 343,000 SH   DFND 1 343,000 0 0
Sensata Technologies Holding COM N7902X106 98 2,000 SH   SOLE   2,000 0 0
Sensata Technologies Holding COM N7902X106 3,920 80,000 SH   DFND 1 80,000 0 0
Shake Shack Inc - Class A COM 819047101 217 3,000 SH   SOLE   3,000 0 0
Shake Shack Inc - Class A COM 819047101 2,159 29,900 SH   DFND 1 29,900 0 0
Sherwin Williams COM 824348106 14,207 31,000 SH   DFND 1 31,000 0 0
Southwest Airlines COM 844741108 863 17,000 SH   SOLE   17,000 0 0
Southwest Airlines COM 844741108 17,214 339,000 SH   DFND 1 339,000 0 0
Starbucks Corp COM 855244109 3,227 38,500 SH   SOLE   38,500 0 0
Starbucks Corp COM 855244109 37,884 451,918 SH   DFND 1 451,918 0 0
Stericycle Inc COM 858912108 1,194 25,000 SH   SOLE   25,000 0 0
Stericycle Inc COM 858912108 26,000 544,500 SH   DFND 1 544,500 0 0
Synchrony Financial COM 87165B103 33 950 SH   SOLE   950 0 0
Synchrony Financial COM 87165B103 333 9,606 SH   DFND 1 9,606 0 0
T.Rowe Price COM 74144T108 3,511 32,000 SH   SOLE   32,000 0 0
T.Rowe Price COM 74144T108 30,938 282,000 SH   DFND 1 282,000 0 0
Texas Instruments Inc COM 882508104 19,624 171,000 SH   SOLE   171,000 0 0
Texas Instruments Inc COM 882508104 58,069 506,000 SH   DFND 1 506,000 0 0
The Carlyle Group COM 14309L102 1,006 44,500 SH   SOLE   44,500 0 0
The Carlyle Group COM 14309L102 25,606 1,132,500 SH   DFND 1 1,132,500 0 0
The Travelers Companies Inc COM 89417E109 47,099 315,000 SH   DFND 1 315,000 0 0
TransUnion COM 89400J107 4,411 60,000 SH   DFND 1 60,000 0 0
Trupanion COM 898202106 903 25,000 SH   DFND 1 25,000 0 0
Tyson Foods COM 902494103 25,110 311,000 SH   DFND 1 311,000 0 0
Unilever PLC ADR COM 904767704 248 4,000 SH   SOLE   4,000 0 0
Unilever PLC ADR COM 904767704 94,417 1,523,600 SH   DFND 1 1,523,600 0 0
Union Pacific COM 907818108 1,877 11,100 SH   SOLE   11,100 0 0
Union Pacific COM 907818108 12,560 74,270 SH   DFND 1 74,270 0 0
United Health Group Inc COM 91324P102 27,378 112,200 SH   SOLE   112,200 0 0
United Health Group Inc COM 91324P102 118,784 486,800 SH   DFND 1 486,800 0 0
United Technologies COM 913017109 7,109 54,600 SH   SOLE   54,600 0 0
United Technologies COM 913017109 22,056 169,400 SH   DFND 1 169,400 0 0
Verisk Analytics Inc COM 92345Y106 146 1,000 SH   SOLE   1,000 0 0
Verisk Analytics Inc COM 92345Y106 10,692 73,000 SH   DFND 1 73,000 0 0
Visa COM 92826C839 14,769 85,100 SH   SOLE   85,100 0 0
Visa COM 92826C839 148,073 853,200 SH   DFND 1 853,200 0 0
WR Berkley Corp COM 084423102 1,780 27,000 SH   DFND 1 27,000 0 0
Walgreens Boots Alliance Inc COM 931427108 37,484 685,650 SH   SOLE   685,650 0 0
Walgreens Boots Alliance Inc COM 931427108 79,947 1,462,350 SH   DFND 1 1,462,350 0 0
Watsco Inc COM 942622200 3,614 22,100 SH   SOLE   22,100 0 0
Watsco Inc COM 942622200 54,603 333,900 SH   DFND 1 333,900 0 0
Wells Fargo COM 949746101 804 17,000 SH   SOLE   17,000 0 0
Wells Fargo COM 949746101 2,394 50,600 SH   DFND 1 50,600 0 0
Whirlpool Corp COM 963320106 33 230 SH   SOLE   230 0 0
Whirlpool Corp COM 963320106 33,752 237,089 SH   DFND 1 237,089 0 0