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 75,334 2,044,898 SH   SOLE   1,975,583 0 69,315
Arch Capital Group Ltd COM G0450A105 108,048 1,974,553 SH   SOLE   1,896,328 0 78,225
Berkshire Hathaway Class A COM 084670108 8,069 39 SH   SOLE   36 0 3
Berkshire Hathaway Class B COM 084670702 23,310 168,741 SH   SOLE   164,536 0 4,205
Brown & Brown, Inc. COM 115236101 52,539 1,634,179 SH   SOLE   1,576,910 0 57,269
Crimson Wine Group Ltd COM 22662X100 1,914 208,716 SH   SOLE   201,579 0 7,137
Deere & Co. COM 244199105 40,368 492,347 SH   SOLE   476,972 0 15,375
Devon Energy Corp COM 25179M103 43,196 633,558 SH   SOLE   611,873 0 21,685
Expeditors International of Wa COM 302130109 48,871 1,204,311 SH   SOLE   1,161,385 0 42,926
Fastenal Co COM 311900104 32,719 728,700 SH   SOLE   697,240 0 31,460
Goldman Sachs Group Inc COM 38141G104 105,092 572,492 SH   SOLE   551,252 0 21,240
Leucadia National Corporation COM 527288104 50,545 2,120,191 SH   SOLE   2,048,812 0 71,379
Martin Marietta Materials COM 573284106 42,681 331,015 SH   SOLE   317,424 0 13,591
Mastercard Inc Class A COM 57636Q104 50,144 678,349 SH   SOLE   653,159 0 25,190
Moody's Corp. COM 615369105 118,792 1,257,053 SH   SOLE   1,202,843 0 54,210
NVR Inc. COM 62944T105 51,794 45,835 SH   SOLE   44,907 0 928
Strayer Education Inc COM 863236105 10,444 174,420 SH   SOLE   174,420 0 0
Toll Brothers Inc COM 889478103 62,388 2,002,168 SH   SOLE   1,948,313 0 53,855
US Bancorp COM 902973304 60,478 1,445,810 SH   SOLE   1,398,493 0 47,317
Union Pacific Corporation COM 907818108 32,325 298,149 SH   SOLE   284,589 0 13,560
Visa Inc Cl A COM 92826C839 40,824 191,331 SH   SOLE   184,291 0 7,040
Waters Corp COM 941848103 14,651 147,809 SH   SOLE   147,809 0 0
Wells Fargo & Company COM 949746101 143,783 2,771,986 SH   SOLE   2,671,784 0 100,202
YUM! Brands Inc COM 988498101 75,290 1,045,986 SH   SOLE   1,030,836 0 15,150