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
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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 76,456 2,016,250 SH   SOLE   1,946,935 0 69,315
Arch Capital Group Ltd COM G0450A105 113,831 1,926,066 SH   SOLE   1,847,841 0 78,225
Berkshire Hathaway Class A COM 084670108 8,814 39 SH   SOLE   36 0 3
Berkshire Hathaway Class B COM 084670702 24,504 163,195 SH   SOLE   158,990 0 4,205
Brown & Brown, Inc. COM 115236101 52,154 1,584,747 SH   SOLE   1,527,478 0 57,269
Crimson Wine Group Ltd COM 22662X100 1,931 203,226 SH   SOLE   196,089 0 7,137
Deere & Co. COM 244199105 42,694 482,579 SH   SOLE   467,204 0 15,375
Devon Energy Corp COM 25179M103 38,957 636,445 SH   SOLE   614,760 0 21,685
Expeditors International of Wa COM 302130109 54,872 1,230,044 SH   SOLE   1,187,118 0 42,926
Fastenal Co COM 311900104 33,912 713,032 SH   SOLE   681,572 0 31,460
Goldman Sachs Group Inc COM 38141G104 108,437 559,446 SH   SOLE   538,206 0 21,240
Leucadia National Corporation COM 527288104 50,603 2,257,065 SH   SOLE   2,185,686 0 71,379
Martin Marietta Materials COM 573284106 35,717 323,757 SH   SOLE   310,166 0 13,591
Mastercard Inc Class A COM 57636Q104 57,151 663,311 SH   SOLE   638,121 0 25,190
Moody's Corp. COM 615369105 119,404 1,246,255 SH   SOLE   1,192,045 0 54,210
NVR Inc. COM 62944T105 57,029 44,717 SH   SOLE   43,789 0 928
Strayer Education Inc COM 863236105 27,378 368,581 SH   SOLE   356,011 0 12,570
Toll Brothers Inc COM 889478103 69,036 2,014,471 SH   SOLE   1,960,616 0 53,855
US Bancorp COM 902973304 63,481 1,412,269 SH   SOLE   1,364,952 0 47,317
Union Pacific Corporation COM 907818108 34,787 292,008 SH   SOLE   278,448 0 13,560
Visa Inc Cl A COM 92826C839 54,368 207,352 SH   SOLE   200,312 0 7,040
Waters Corp COM 941848103 16,389 145,399 SH   SOLE   145,399 0 0
Wells Fargo & Company COM 949746101 148,034 2,700,374 SH   SOLE   2,600,172 0 100,202
YUM! Brands Inc COM 988498101 74,432 1,021,715 SH   SOLE   1,006,565 0 15,150