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 | 80,008 | 1,980,395 | SH | SOLE | 1,947,950 | 0 | 32,445 | ||
| Arch Capital Group Ltd | COM | G0450A105 | 115,617 | 1,876,905 | SH | SOLE | 1,840,975 | 0 | 35,930 | ||
| Berkshire Hathaway Class A | COM | 084670108 | 8,265 | 38 | SH | SOLE | 36 | 0 | 2 | ||
| Berkshire Hathaway Class B | COM | 084670702 | 22,938 | 158,940 | SH | SOLE | 157,975 | 0 | 965 | ||
| Brown & Brown, Inc. | COM | 115236101 | 33,725 | 1,018,577 | SH | SOLE | 992,462 | 0 | 26,115 | ||
| Crimson Wine Group Ltd | COM | 22662X100 | 1,808 | 198,713 | SH | SOLE | 195,111 | 0 | 3,602 | ||
| Deere & Co. | COM | 244199105 | 41,515 | 473,427 | SH | SOLE | 466,367 | 0 | 7,060 | ||
| Expeditors International of Wa | COM | 302130109 | 58,382 | 1,211,743 | SH | SOLE | 1,187,412 | 0 | 24,331 | ||
| Fastenal Co | COM | 311900104 | 47,602 | 1,148,845 | SH | SOLE | 1,131,470 | 0 | 17,375 | ||
| Goldman Sachs Group Inc | COM | 38141G104 | 103,583 | 551,063 | SH | SOLE | 542,373 | 0 | 8,690 | ||
| Leucadia National Corporation | COM | 527288104 | 49,388 | 2,215,698 | SH | SOLE | 2,179,669 | 0 | 36,029 | ||
| Martin Marietta Materials | COM | 573284106 | 38,218 | 273,376 | SH | SOLE | 266,954 | 0 | 6,422 | ||
| Mastercard Inc Class A | COM | 57636Q104 | 58,043 | 671,875 | SH | SOLE | 660,315 | 0 | 11,560 | ||
| Moody's Corp. | COM | 615369105 | 128,039 | 1,233,518 | SH | SOLE | 1,208,078 | 0 | 25,440 | ||
| NVR Inc. | COM | 62944T105 | 58,077 | 43,711 | SH | SOLE | 43,711 | 0 | 0 | ||
| Strayer Education Inc | COM | 863236105 | 19,492 | 364,946 | SH | SOLE | 359,221 | 0 | 5,725 | ||
| Toll Brothers Inc | COM | 889478103 | 77,776 | 1,977,021 | SH | SOLE | 1,956,706 | 0 | 20,315 | ||
| US Bancorp | COM | 902973304 | 60,186 | 1,378,199 | SH | SOLE | 1,361,594 | 0 | 16,605 | ||
| Union Pacific Corporation | COM | 907818108 | 30,733 | 283,752 | SH | SOLE | 277,452 | 0 | 6,300 | ||
| Visa Inc Cl A | COM | 92826C839 | 53,123 | 812,148 | SH | SOLE | 799,328 | 0 | 12,820 | ||
| Waters Corp | COM | 941848103 | 18,021 | 144,958 | SH | SOLE | 144,958 | 0 | 0 | ||
| Wells Fargo & Company | COM | 949746101 | 143,480 | 2,637,499 | SH | SOLE | 2,591,246 | 0 | 46,253 | ||
| YUM! Brands Inc | COM | 988498101 | 79,554 | 1,010,601 | SH | SOLE | 1,003,846 | 0 | 6,755 | ||