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 10,511 77,000 SH   SOLE   77,000 0 0
3M Company COM 88579Y101 21,459 157,200 SH   DFND   157,200 0 0
Accenture COM G1151C101 10,955 67,100 SH   SOLE   67,100 0 0
Accenture COM G1151C101 15,069 92,300 SH   DFND   92,300 0 0
Activision Blizzard Inc COM 00507V109 107 1,800 SH   SOLE   1,800 0 0
Activision Blizzard Inc COM 00507V109 16,773 282,000 SH   DFND   282,000 0 0
Albemarle Corp COM 012653101 4,284 76,000 SH   DFND   76,000 0 0
Alleghany Corporation COM 017175100 2,391 4,328 SH   SOLE   4,328 0 0
Alphabet Inc COM 02079K107 49,128 42,249 SH   SOLE   42,249 0 0
Alphabet Inc COM 02079K107 110,751 95,244 SH   DFND   95,244 0 0
Alphabet Inc Class A COM 02079K305 3,834 3,300 SH   SOLE   3,300 0 0
Alphabet Inc Class A COM 02079K305 10,690 9,200 SH   DFND   9,200 0 0
Amazon.com COM 023135106 65,121 33,400 SH   SOLE   33,400 0 0
Amazon.com COM 023135106 126,814 65,042 SH   DFND   65,042 0 0
American Airlines Group COM 02376R102 670 55,000 SH   DFND   55,000 0 0
American Express COM 025816109 856 10,000 SH   SOLE   10,000 0 0
American Express COM 025816109 40,575 473,950 SH   DFND   473,950 0 0
American Tower COM 03027X100 218 1,000 SH   SOLE   1,000 0 0
American Tower COM 03027X100 10,920 50,150 SH   DFND   50,150 0 0
Analog Devices Inc COM 032654105 18,250 203,565 SH   SOLE   203,565 0 0
Analog Devices Inc COM 032654105 61,163 682,246 SH   DFND   682,246 0 0
Anthem Inc COM 036752103 6,584 29,000 SH   SOLE   29,000 0 0
Anthem Inc COM 036752103 32,921 145,000 SH   DFND   145,000 0 0
Aon Corporation COM G0408V102 6,106 37,000 SH   DFND   37,000 0 0
Apollo Global Management - A COM 037612306 754 22,500 SH   SOLE   22,500 0 0
Apollo Global Management - A COM 037612306 33,165 990,000 SH   DFND   990,000 0 0
Apple Inc COM 037833100 3,064 12,050 SH   SOLE   12,050 0 0
Apple Inc COM 037833100 73,384 288,585 SH   DFND   288,585 0 0
Archer Daniels COM 039483102 20,897 594,000 SH   SOLE   594,000 0 0
Archer Daniels COM 039483102 31,110 884,300 SH   DFND   884,300 0 0
Automatic Data Processing COM 053015103 17,358 127,000 SH   SOLE   127,000 0 0
Automatic Data Processing COM 053015103 55,178 403,700 SH   DFND   403,700 0 0
Autonation Inc COM 05329W102 34 1,200 SH   SOLE   1,200 0 0
Autonation Inc COM 05329W102 1,281 45,660 SH   DFND   45,660 0 0
Ball Corporation COM 058498106 2,974 46,000 SH   DFND   46,000 0 0
Bank of New York Mellon Corp COM 064058100 11,788 350,000 SH   DFND   350,000 0 0
Berkshire Hathaway Class B COM 084670702 137,419 751,620 SH   SOLE   751,620 0 0
Berkshire Hathaway Class B COM 084670702 142,620 780,067 SH   DFND   780,067 0 0
Berkshire Hathaway, Inc. COM 084670108 157,760 580 SH   SOLE   580 0 0
Berkshire Hathaway, Inc. COM 084670108 145,248 534 SH   DFND   534 0 0
Blackrock Inc COM 09247X101 5,280 12,000 SH   SOLE   12,000 0 0
Blackrock Inc COM 09247X101 91,602 208,200 SH   DFND   208,200 0 0
Blackstone Group COM 09260D107 1,572 34,500 SH   SOLE   34,500 0 0
Blackstone Group COM 09260D107 54,433 1,194,500 SH   DFND   1,194,500 0 0
Boeing Co COM 097023105 1,775 11,900 SH   SOLE   11,900 0 0
Boeing Co COM 097023105 12,304 82,500 SH   DFND   82,500 0 0
Booking Holdings Inc COM 09857L108 552 410 SH   DFND   410 0 0
Brookfield Asset Management COM 112585104 85,393 1,929,782 SH   SOLE   1,929,782 0 0
Brookfield Asset Management COM 112585104 171,277 3,870,659 SH   DFND   3,870,659 0 0
Brown Forman Class A COM 115637100 25,310 492,600 SH   SOLE   492,600 0 0
Brown Forman Class A COM 115637100 18,004 350,400 SH   DFND   350,400 0 0
Brown-Forman Class B COM 115637209 12,587 226,750 SH   SOLE   226,750 0 0
Brown-Forman Class B COM 115637209 13,735 247,437 SH   DFND   247,437 0 0
CVS Corporation COM 126650100 119 2,000 SH   SOLE   2,000 0 0
CVS Corporation COM 126650100 19,579 330,000 SH   DFND   330,000 0 0
Cable One COM 12685J105 8,549 5,200 SH   DFND   5,200 0 0
Carmax COM 143130102 84,466 1,569,126 SH   SOLE   1,569,126 0 0
Carmax COM 143130102 180,005 3,343,944 SH   DFND   3,343,944 0 0
Caterpillar Inc COM 149123101 1,160 10,000 SH   SOLE   10,000 0 0
Caterpillar Inc COM 149123101 32,201 277,500 SH   DFND   277,500 0 0
Charles Schwab COM 808513105 4,135 123,000 SH   SOLE   123,000 0 0
Charles Schwab COM 808513105 32,689 972,300 SH   DFND   972,300 0 0
Choice Hotels Intl Inc COM 169905106 184 3,000 SH   SOLE   3,000 0 0
Choice Hotels Intl Inc COM 169905106 12,862 210,000 SH   DFND   210,000 0 0
Cisco COM 17275R102 5,818 148,000 SH   SOLE   148,000 0 0
Cisco COM 17275R102 7,626 194,000 SH   DFND   194,000 0 0
Citigroup Inc COM 172967424 56 1,320 SH   SOLE   1,320 0 0
Citigroup Inc COM 172967424 897 21,300 SH   DFND   21,300 0 0
Colfax Corporation COM 194014106 21,484 1,085,070 SH   SOLE   1,085,070 0 0
Colfax Corporation COM 194014106 990 50,000 SH   DFND   50,000 0 0
Comcast Corp- Class A COM 20030n101 3,541 103,000 SH   SOLE   103,000 0 0
Comcast Corp- Class A COM 20030n101 14,405 419,000 SH   DFND   419,000 0 0
Costco COM 22160K105 3,707 13,000 SH   SOLE   13,000 0 0
Costco COM 22160K105 7,456 26,150 SH   DFND   26,150 0 0
Crown Holdings Inc COM 228368106 6,733 116,000 SH   DFND   116,000 0 0
DR Horton Inc COM 23331A109 29 850 SH   SOLE   850 0 0
DR Horton Inc COM 23331A109 1,081 31,797 SH   DFND   31,797 0 0
Delta Air Lines COM 247361702 171 6,000 SH   SOLE   6,000 0 0
Delta Air Lines COM 247361702 12,967 454,500 SH   DFND   454,500 0 0
Diageo PLC COM 25243Q205 93,853 738,300 SH   SOLE   738,300 0 0
Diageo PLC COM 25243Q205 77,734 611,500 SH   DFND   611,500 0 0
Disney COM 254687106 52,618 544,700 SH   SOLE   544,700 0 0
Disney COM 254687106 127,288 1,317,680 SH   DFND   1,317,680 0 0
Eastman Chemical Company COM 277432100 279 6,000 SH   DFND   6,000 0 0
Ecolab COM 278865100 3,584 23,000 SH   SOLE   23,000 0 0
Ecolab COM 278865100 44,614 286,300 SH   DFND   286,300 0 0
Electronic Arts Inc COM 285512109 90 900 SH   SOLE   900 0 0
Electronic Arts Inc COM 285512109 12,451 124,300 SH   DFND   124,300 0 0
Equifax Inc COM 294429105 13,617 114,000 SH   DFND   114,000 0 0
Facebook COM 30303M102 3,104 18,610 SH   SOLE   18,610 0 0
Facebook COM 30303M102 21,082 126,390 SH   DFND   126,390 0 0
Factset Research COM 303075105 5,996 23,000 SH   SOLE   23,000 0 0
Factset Research COM 303075105 24,421 93,680 SH   DFND   93,680 0 0
General Dynamics COM 369550108 5,822 44,000 SH   SOLE   44,000 0 0
General Dynamics COM 369550108 45,382 343,000 SH   DFND   343,000 0 0
Goldman Sachs COM 38141G104 2,759 17,850 SH   SOLE   17,850 0 0
Goldman Sachs COM 38141G104 50,234 324,950 SH   DFND   324,950 0 0
Graham Holdings Co COM 384637104 1,774 5,200 SH   DFND   5,200 0 0
Guidewire Software Inc COM 40171V100 1,031 13,000 SH   DFND   13,000 0 0
Healthcare Services Group COM 421906108 478 20,000 SH   SOLE   20,000 0 0
Healthcare Services Group COM 421906108 16,223 678,500 SH   DFND   678,500 0 0
Heico Corp Class A COM 422806208 492 7,702 SH   SOLE   7,702 0 0
Heico Corp Class A COM 422806208 21,435 335,442 SH   DFND   335,442 0 0
Hexcel Corp COM 428291108 149 4,000 SH   SOLE   4,000 0 0
Hexcel Corp COM 428291108 6,880 185,000 SH   DFND   185,000 0 0
Home Depot COM 437076102 21,845 117,000 SH   SOLE   117,000 0 0
Home Depot COM 437076102 149,928 803,000 SH   DFND   803,000 0 0
Illinois Tool Works COM 452308109 12,080 85,000 SH   SOLE   85,000 0 0
Illinois Tool Works COM 452308109 34,464 242,500 SH   DFND   242,500 0 0
Illumina Inc COM 452327109 1,092 4,000 SH   DFND   4,000 0 0
InterActiveCorp COM 44919P508 296 1,650 SH   DFND   1,650 0 0
Intl Flavors & Fragrances COM 459506101 1,531 15,000 SH   SOLE   15,000 0 0
Intl Flavors & Fragrances COM 459506101 9,391 92,000 SH   DFND   92,000 0 0
Investors Title Company COM 461804106 27,302 213,300 SH   DFND   213,300 0 0
JP Morgan COM 46625H100 19,568 217,350 SH   DFND   217,350 0 0
John Deere COM 244199105 20,724 150,000 SH   SOLE   150,000 0 0
John Deere COM 244199105 118,251 855,900 SH   DFND   855,900 0 0
Johnson and Johnson COM 478160104 14,975 114,200 SH   SOLE   114,200 0 0
Johnson and Johnson COM 478160104 65,119 496,600 SH   DFND   496,600 0 0
KKR & Co LLC COM 48251W104 1,455 62,000 SH   SOLE   62,000 0 0
KKR & Co LLC COM 48251W104 30,919 1,317,400 SH   DFND   1,317,400 0 0
Lamar Advertising Company COM 512816109 436 8,500 SH   DFND   8,500 0 0
Lennar Corp - B COM 526057302 743 25,700 SH   DFND   25,700 0 0
Lennar Corporation COM 526057104 21 550 SH   SOLE   550 0 0
Lennar Corporation COM 526057104 204 5,350 SH   DFND   5,350 0 0
Liberty Broadband A COM 530307107 2,327 21,750 SH   SOLE   21,750 0 0
Liberty Broadband A COM 530307107 19,634 183,500 SH   DFND   183,500 0 0
Liberty Broadband Class C COM 530307305 4,523 40,853 SH   SOLE   40,853 0 0
Liberty Broadband Class C COM 530307305 14,533 131,260 SH   DFND   131,260 0 0
Liberty Global PLC COM G5480U104 50 3,000 SH   SOLE   3,000 0 0
Liberty Global PLC COM G5480U104 2,906 176,000 SH   DFND   176,000 0 0
Liberty Media Group A COM 531229870 491 19,000 SH   SOLE   19,000 0 0
Liberty Media Group A COM 531229870 5,435 210,500 SH   DFND   210,500 0 0
Liberty Media Group C COM 531229854 790 29,000 SH   SOLE   29,000 0 0
Liberty Media Group C COM 531229854 6,277 230,500 SH   DFND   230,500 0 0
Liberty Sirius Group A COM 531229409 1,648 52,000 SH   SOLE   52,000 0 0
Liberty Sirius Group A COM 531229409 11,852 374,000 SH   DFND   374,000 0 0
Liberty Sirius Group C COM 531229607 4,237 134,000 SH   SOLE   134,000 0 0
Liberty Sirius Group C COM 531229607 12,269 388,000 SH   DFND   388,000 0 0
Linde PLC COM G5494J103 1,021 5,900 SH   SOLE   5,900 0 0
Linde PLC COM G5494J103 15,310 88,500 SH   DFND   88,500 0 0
Live Nation COM 538034109 477 10,500 SH   SOLE   10,500 0 0
Live Nation COM 538034109 21,739 478,200 SH   DFND   478,200 0 0
Lowes COM 548661107 22,115 257,000 SH   SOLE   257,000 0 0
Lowes COM 548661107 28,526 331,500 SH   DFND   331,500 0 0
MSCI COM 55354G100 289 1,000 SH   SOLE   1,000 0 0
MSCI COM 55354G100 39,299 136,000 SH   DFND   136,000 0 0
Marriott International COM 571903202 26,786 358,049 SH   SOLE   358,049 0 0
Marriott International COM 571903202 92,369 1,234,720 SH   DFND   1,234,720 0 0
Marsh & McLennan COM 571748102 1,513 17,500 SH   SOLE   17,500 0 0
Marsh & McLennan COM 571748102 51,184 592,000 SH   DFND   592,000 0 0
Mastercard, Inc COM 57636Q104 8,696 36,000 SH   SOLE   36,000 0 0
Mastercard, Inc COM 57636Q104 41,396 171,370 SH   DFND   171,370 0 0
Maxim Integrated Products COM 57772K101 3,403 70,000 SH   SOLE   70,000 0 0
Maxim Integrated Products COM 57772K101 8,847 182,000 SH   DFND   182,000 0 0
McKesson Corp COM 58155Q103 636 4,700 SH   SOLE   4,700 0 0
McKesson Corp COM 58155Q103 7,899 58,400 SH   DFND   58,400 0 0
Microchip Technology COM 595017104 271 4,000 SH   SOLE   4,000 0 0
Microchip Technology COM 595017104 10,780 159,000 SH   DFND   159,000 0 0
Microsoft Corp COM 594918104 13,405 85,000 SH   SOLE   85,000 0 0
Microsoft Corp COM 594918104 62,078 393,620 SH   DFND   393,620 0 0
Mohawk Industries COM 608190104 381 5,000 SH   SOLE   5,000 0 0
Mohawk Industries COM 608190104 22,110 290,000 SH   DFND   290,000 0 0
Moody's Corp COM 615369105 21,996 104,000 SH   SOLE   104,000 0 0
Moody's Corp COM 615369105 22,647 107,080 SH   DFND   107,080 0 0
NVR Inc COM 62944T105 257 100 SH   SOLE   100 0 0
NVR Inc COM 62944T105 22,493 8,755 SH   DFND   8,755 0 0
Nike COM 654106103 6,785 82,000 SH   SOLE   82,000 0 0
Nike COM 654106103 23,498 284,000 SH   DFND   284,000 0 0
Norfolk Southern COM 655844108 10,658 73,000 SH   SOLE   73,000 0 0
Norfolk Southern COM 655844108 22,849 156,500 SH   DFND   156,500 0 0
Novo-Nordisk A/S COM 670100205 31,605 525,000 SH   SOLE   525,000 0 0
Novo-Nordisk A/S COM 670100205 33,110 550,000 SH   DFND   550,000 0 0
Owens-Illinois Inc COM 67098H104 3,157 444,000 SH   DFND   444,000 0 0
Parker-Hannifin Corp COM 701094104 791 6,100 SH   SOLE   6,100 0 0
Parker-Hannifin Corp COM 701094104 14,595 112,500 SH   DFND   112,500 0 0
Paychex COM 704326107 4,404 70,000 SH   SOLE   70,000 0 0
Paychex COM 704326107 5,034 80,000 SH   DFND   80,000 0 0
Penske Automotive Group COM 70959W103 700 25,000 SH   SOLE   25,000 0 0
Penske Automotive Group COM 70959W103 1,316 47,000 SH   DFND   47,000 0 0
Pepsico COM 713448108 11,482 95,600 SH   DFND   95,600 0 0
Philip Morris International COM 718172109 8,354 114,500 SH   DFND   114,500 0 0
Progressive Corp COM 743315103 4,430 60,000 SH   SOLE   60,000 0 0
Progressive Corp COM 743315103 45,375 614,500 SH   DFND   614,500 0 0
RLI Corporation COM 749607107 33,150 377,000 SH   SOLE   377,000 0 0
RLI Corporation COM 749607107 72,127 820,272 SH   DFND   820,272 0 0
Rockwell Automation Inc COM 773903109 1,192 7,900 SH   SOLE   7,900 0 0
Rockwell Automation Inc COM 773903109 20,252 134,200 SH   DFND   134,200 0 0
Rollins, Inc. COM 775711104 1,325 36,650 SH   SOLE   36,650 0 0
Rollins, Inc. COM 775711104 28,630 792,200 SH   DFND   792,200 0 0
S&P Global COM 78409V104 245 1,000 SH   SOLE   1,000 0 0
S&P Global COM 78409V104 35,777 146,000 SH   DFND   146,000 0 0
SEI Investments Co COM 784117103 2,734 59,000 SH   SOLE   59,000 0 0
SEI Investments Co COM 784117103 15,023 324,200 SH   DFND   324,200 0 0
Shake Shack Inc - Class A COM 819047101 113 3,000 SH   SOLE   3,000 0 0
Shake Shack Inc - Class A COM 819047101 1,042 27,600 SH   DFND   27,600 0 0
Sherwin Williams COM 824348106 14,245 31,000 SH   DFND   31,000 0 0
Southwest Airlines COM 844741108 605 17,000 SH   SOLE   17,000 0 0
Southwest Airlines COM 844741108 18,802 528,000 SH   DFND   528,000 0 0
Starbucks Corp COM 855244109 2,662 40,500 SH   SOLE   40,500 0 0
Starbucks Corp COM 855244109 32,036 487,318 SH   DFND   487,318 0 0
Stericycle Inc COM 858912108 1,214 25,000 SH   SOLE   25,000 0 0
Stericycle Inc COM 858912108 27,627 568,700 SH   DFND   568,700 0 0
T.Rowe Price COM 74144T108 3,125 32,000 SH   SOLE   32,000 0 0
T.Rowe Price COM 74144T108 27,537 282,000 SH   DFND   282,000 0 0
Texas Instruments Inc COM 882508104 17,588 176,000 SH   SOLE   176,000 0 0
Texas Instruments Inc COM 882508104 54,762 548,000 SH   DFND   548,000 0 0
The Carlyle Group COM 14316J108 963 44,500 SH   SOLE   44,500 0 0
The Carlyle Group COM 14316J108 25,493 1,177,500 SH   DFND   1,177,500 0 0
The Travelers Companies Inc COM 89417E109 31,295 315,000 SH   DFND   315,000 0 0
TransUnion COM 89400J107 199 3,000 SH   SOLE   3,000 0 0
TransUnion COM 89400J107 6,055 91,500 SH   DFND   91,500 0 0
Trupanion COM 898202106 130 5,000 SH   SOLE   5,000 0 0
Trupanion COM 898202106 3,340 128,300 SH   DFND   128,300 0 0
Twitter Inc COM 90184l102 209 8,500 SH   DFND   8,500 0 0
Tyson Foods COM 902494103 289 5,000 SH   SOLE   5,000 0 0
Tyson Foods COM 902494103 21,065 364,000 SH   DFND   364,000 0 0
Union Pacific COM 907818108 1,566 11,100 SH   SOLE   11,100 0 0
Union Pacific COM 907818108 10,475 74,270 SH   DFND   74,270 0 0
United Technologies COM 913017109 5,150 54,600 SH   SOLE   54,600 0 0
United Technologies COM 913017109 15,980 169,400 SH   DFND   169,400 0 0
Verisk Analytics Inc COM 92345Y106 139 1,000 SH   SOLE   1,000 0 0
Verisk Analytics Inc COM 92345Y106 10,175 73,000 SH   DFND   73,000 0 0
Visa COM 92826C839 29,984 186,100 SH   SOLE   186,100 0 0
Visa COM 92826C839 124,151 770,550 SH   DFND   770,550 0 0
WR Berkley Corp COM 084423102 1,409 27,000 SH   DFND   27,000 0 0
Walgreens Boots Alliance Inc COM 931427108 31,368 685,650 SH   SOLE   685,650 0 0
Walgreens Boots Alliance Inc COM 931427108 50,181 1,096,850 SH   DFND   1,096,850 0 0
Watsco Inc COM 942622200 4,283 27,100 SH   SOLE   27,100 0 0
Watsco Inc COM 942622200 58,455 369,900 SH   DFND   369,900 0 0
Wells Fargo COM 949746101 918 32,000 SH   SOLE   32,000 0 0
Wells Fargo COM 949746101 4,691 163,450 SH   DFND   163,450 0 0
Whirlpool Corp COM 963320106 449 5,230 SH   SOLE   5,230 0 0
Whirlpool Corp COM 963320106 22,798 265,709 SH   DFND   265,709 0 0