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 |
| Allied World Assurance Co Hldg | COM | H01531104 | 75,895 | 1,988,332 | SH | SOLE | 1,986,062 | 0 | 2,270 | ||
| Arch Capital Group Ltd | COM | G0450A105 | 130,922 | 1,781,979 | SH | SOLE | 1,779,564 | 0 | 2,415 | ||
| Berkshire Hathaway Class A | COM | 084670108 | 7,029 | 36 | SH | SOLE | 36 | 0 | 0 | ||
| Berkshire Hathaway Class B | COM | 084670702 | 19,898 | 152,595 | SH | SOLE | 152,305 | 0 | 290 | ||
| Crimson Wine Group Ltd | COM | 22662X100 | 1,711 | 189,080 | SH | SOLE | 189,080 | 0 | 0 | ||
| Cummins Inc | COM | 231021106 | 41,477 | 381,998 | SH | SOLE | 381,543 | 0 | 455 | ||
| Deere & Co. | COM | 244199105 | 65,229 | 881,471 | SH | SOLE | 880,366 | 0 | 1,105 | ||
| Expeditors International of Washington Inc | COM | 302130109 | 54,552 | 1,159,438 | SH | SOLE | 1,158,108 | 0 | 1,330 | ||
| Fastenal Co | COM | 311900104 | 69,865 | 1,908,365 | SH | SOLE | 1,906,100 | 0 | 2,265 | ||
| Goldman Sachs Group Inc | COM | 38141G104 | 92,910 | 534,705 | SH | SOLE | 534,035 | 0 | 670 | ||
| Leucadia National Corporation | COM | 527288104 | 42,955 | 2,120,192 | SH | SOLE | 2,118,027 | 0 | 2,165 | ||
| Mastercard Inc Class A | COM | 57636Q104 | 58,018 | 643,789 | SH | SOLE | 643,144 | 0 | 645 | ||
| Moody's Corp. | COM | 615369105 | 116,164 | 1,182,938 | SH | SOLE | 1,181,223 | 0 | 1,715 | ||
| NVR Inc. | COM | 62944T105 | 78,046 | 51,170 | SH | SOLE | 51,086 | 0 | 84 | ||
| Ross Stores Inc | COM | 778296103 | 27,683 | 571,135 | SH | SOLE | 571,135 | 0 | 0 | ||
| Strayer Education Inc | COM | 863236105 | 27,539 | 500,974 | SH | SOLE | 500,294 | 0 | 680 | ||
| Toll Brothers Inc | COM | 889478103 | 65,019 | 1,898,933 | SH | SOLE | 1,896,285 | 0 | 2,648 | ||
| US Bancorp | COM | 902973304 | 54,376 | 1,325,927 | SH | SOLE | 1,324,702 | 0 | 1,225 | ||
| Union Pacific Corporation | COM | 907818108 | 23,934 | 270,715 | SH | SOLE | 270,175 | 0 | 540 | ||
| Visa Inc Cl A | COM | 92826C839 | 54,131 | 777,075 | SH | SOLE | 776,135 | 0 | 940 | ||
| Waters Corp | COM | 941848103 | 16,787 | 142,010 | SH | SOLE | 142,010 | 0 | 0 | ||
| Wells Fargo & Company | COM | 949746101 | 98,687 | 1,921,851 | SH | SOLE | 1,919,437 | 0 | 2,414 | ||
| YUM! Brands Inc | COM | 988498101 | 74,027 | 925,921 | SH | SOLE | 923,899 | 0 | 2,022 | ||