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 |
| 3M Company | COM | 88579Y101 | 6,246 | 30,000 | SH | SOLE | 30,000 | 0 | 0 | ||
| 3M Company | COM | 88579Y101 | 36,225 | 174,000 | SH | DFND | 1 | 174,000 | 0 | 0 | |
| Accenture | COM | G1151C101 | 1,237 | 10,000 | SH | SOLE | 10,000 | 0 | 0 | ||
| Accenture | COM | G1151C101 | 17,117 | 138,400 | SH | DFND | 1 | 138,400 | 0 | 0 | |
| Albemarle Corp | COM | 012653101 | 6,121 | 58,000 | SH | DFND | 1 | 58,000 | 0 | 0 | |
| Alleghany Corporation | COM | 017175100 | 2,574 | 4,328 | SH | SOLE | 4,328 | 0 | 0 | ||
| Allergan, Inc. | COM | G0177J108 | 8,022 | 33,000 | SH | DFND | 1 | 33,000 | 0 | 0 | |
| Alphabet Inc | COM | 02079K107 | 79,088 | 87,031 | SH | DFND | 1 | 87,031 | 0 | 0 | |
| Alphabet Inc Class A | COM | 02079K305 | 11,621 | 12,500 | SH | DFND | 1 | 12,500 | 0 | 0 | |
| Amazon.com | COM | 023135106 | 67,760 | 70,000 | SH | DFND | 1 | 70,000 | 0 | 0 | |
| American Express | COM | 025816109 | 842 | 10,000 | SH | SOLE | 10,000 | 0 | 0 | ||
| American Express | COM | 025816109 | 31,674 | 376,000 | SH | DFND | 1 | 376,000 | 0 | 0 | |
| American Tower | COM | 03027X100 | 4,697 | 35,500 | SH | DFND | 1 | 35,500 | 0 | 0 | |
| Analog Devices Inc | COM | 032654105 | 40,130 | 515,811 | SH | DFND | 1 | 515,811 | 0 | 0 | |
| Anthem Inc | COM | 036752103 | 42,141 | 224,000 | SH | DFND | 1 | 224,000 | 0 | 0 | |
| Aon Corporation | COM | G0408V102 | 4,919 | 37,000 | SH | DFND | 1 | 37,000 | 0 | 0 | |
| Apollo Global Management - A | COM | 037612306 | 15,473 | 585,000 | SH | DFND | 1 | 585,000 | 0 | 0 | |
| Apple Inc | COM | 037833100 | 14,848 | 103,100 | SH | DFND | 1 | 103,100 | 0 | 0 | |
| Archer Daniels | COM | 039483102 | 60,551 | 1,463,300 | SH | DFND | 1 | 1,463,300 | 0 | 0 | |
| Automatic Data Processing | COM | 053015103 | 54,376 | 530,700 | SH | DFND | 1 | 530,700 | 0 | 0 | |
| Baxter International Inc | COM | 071813109 | 1,332 | 22,000 | SH | DFND | 1 | 22,000 | 0 | 0 | |
| Becton Dickinson | COM | 075887109 | 1,756 | 9,000 | SH | DFND | 1 | 9,000 | 0 | 0 | |
| Berkshire Hathaway Class B | COM | 084670702 | 82,161 | 485,100 | SH | SOLE | 485,100 | 0 | 0 | ||
| Berkshire Hathaway Class B | COM | 084670702 | 173,859 | 1,026,507 | SH | DFND | 1 | 1,026,507 | 0 | 0 | |
| Berkshire Hathaway, Inc. | COM | 084670108 | 70,042 | 275 | SH | SOLE | 275 | 0 | 0 | ||
| Berkshire Hathaway, Inc. | COM | 084670108 | 207,071 | 813 | SH | DFND | 1 | 813 | 0 | 0 | |
| Blackrock Inc | COM | 09247X101 | 73,922 | 175,000 | SH | DFND | 1 | 175,000 | 0 | 0 | |
| Blackstone Group | COM | 09253U108 | 25,346 | 760,000 | SH | DFND | 1 | 760,000 | 0 | 0 | |
| Boeing Co | COM | 097023105 | 16,492 | 83,400 | SH | DFND | 1 | 83,400 | 0 | 0 | |
| Bristol Myers Squibb | COM | 110122108 | 557 | 10,000 | SH | DFND | 1 | 10,000 | 0 | 0 | |
| Brookfield Asset Management | COM | 112585104 | 25,290 | 645,000 | SH | SOLE | 645,000 | 0 | 0 | ||
| Brookfield Asset Management | COM | 112585104 | 184,907 | 4,715,821 | SH | DFND | 1 | 4,715,821 | 0 | 0 | |
| Brookfield Business Partners | COM | G16234109 | 349 | 12,900 | SH | SOLE | 12,900 | 0 | 0 | ||
| Brookfield Business Partners | COM | G16234109 | 2,399 | 88,694 | SH | DFND | 1 | 88,694 | 0 | 0 | |
| Brown Forman Class A | COM | 115637100 | 41,560 | 843,000 | SH | DFND | 1 | 843,000 | 0 | 0 | |
| Brown-Forman Class B | COM | 115637209 | 10,242 | 210,750 | SH | DFND | 1 | 210,750 | 0 | 0 | |
| Bunge Limited | COM | G16962105 | 5,356 | 71,800 | SH | DFND | 1 | 71,800 | 0 | 0 | |
| CDK Global Inc | COM | 12508E101 | 10,978 | 176,897 | SH | DFND | 1 | 176,897 | 0 | 0 | |
| CME Group Inc | COM | 12572Q105 | 16,907 | 135,000 | SH | DFND | 1 | 135,000 | 0 | 0 | |
| CVS Corporation | COM | 126650100 | 21,483 | 267,000 | SH | DFND | 1 | 267,000 | 0 | 0 | |
| Cable One | COM | 12685J105 | 3,697 | 5,200 | SH | DFND | 1 | 5,200 | 0 | 0 | |
| Carmax | COM | 143130102 | 14,819 | 235,000 | SH | SOLE | 235,000 | 0 | 0 | ||
| Carmax | COM | 143130102 | 294,999 | 4,678,070 | SH | DFND | 1 | 4,678,070 | 0 | 0 | |
| Caterpillar Inc | COM | 149123101 | 29,874 | 278,000 | SH | DFND | 1 | 278,000 | 0 | 0 | |
| Charles Schwab | COM | 808513105 | 45,409 | 1,057,000 | SH | DFND | 1 | 1,057,000 | 0 | 0 | |
| Choice Hotels Intl Inc | COM | 169905106 | 1,735 | 27,000 | SH | DFND | 1 | 27,000 | 0 | 0 | |
| Cisco | COM | 17275R102 | 10,705 | 342,000 | SH | DFND | 1 | 342,000 | 0 | 0 | |
| Colfax Corporation | COM | 194014106 | 42,719 | 1,085,070 | SH | SOLE | 1,085,070 | 0 | 0 | ||
| Colfax Corporation | COM | 194014106 | 1,968 | 50,000 | SH | DFND | 1 | 50,000 | 0 | 0 | |
| Comcast Corp- Class A | COM | 20030N101 | 8,212 | 211,000 | SH | DFND | 1 | 211,000 | 0 | 0 | |
| Core Labs NV | COM | N22717107 | 11,140 | 110,000 | SH | DFND | 1 | 110,000 | 0 | 0 | |
| Costco | COM | 22160K105 | 800 | 5,000 | SH | SOLE | 5,000 | 0 | 0 | ||
| Costco | COM | 22160K105 | 5,438 | 34,000 | SH | DFND | 1 | 34,000 | 0 | 0 | |
| Diageo PLC | COM | 25243Q205 | 39,364 | 328,500 | SH | SOLE | 328,500 | 0 | 0 | ||
| Diageo PLC | COM | 25243Q205 | 122,143 | 1,019,300 | SH | DFND | 1 | 1,019,300 | 0 | 0 | |
| Discovery Communications | COM | 25470F302 | 24,328 | 965,000 | SH | DFND | 1 | 965,000 | 0 | 0 | |
| Disney | COM | 254687106 | 179,265 | 1,687,200 | SH | DFND | 1 | 1,687,200 | 0 | 0 | |
| Dollar Tree Inc | COM | 256746108 | 4,335 | 62,000 | SH | DFND | 1 | 62,000 | 0 | 0 | |
| Ecolab | COM | 278865100 | 29,046 | 218,800 | SH | DFND | 1 | 218,800 | 0 | 0 | |
| Exxon Corporation | COM | 30231G102 | 16,130 | 199,800 | SH | SOLE | 199,800 | 0 | 0 | ||
| Exxon Corporation | COM | 30231G102 | 60,144 | 745,000 | SH | DFND | 1 | 745,000 | 0 | 0 | |
| COM | 30303M102 | 14,872 | 98,500 | SH | DFND | 1 | 98,500 | 0 | 0 | ||
| Factset Research | COM | 303075105 | 27,254 | 164,000 | SH | DFND | 1 | 164,000 | 0 | 0 | |
| Flowserve | COM | 34354P105 | 2,647 | 57,000 | SH | DFND | 1 | 57,000 | 0 | 0 | |
| General Dynamics | COM | 369550108 | 76,665 | 387,000 | SH | DFND | 1 | 387,000 | 0 | 0 | |
| General Electric | COM | 369604103 | 1,080 | 40,000 | SH | DFND | 1 | 40,000 | 0 | 0 | |
| Gilead Sciences Inc | COM | 375558103 | 2,336 | 33,000 | SH | DFND | 1 | 33,000 | 0 | 0 | |
| Goldman Sachs | COM | 38141G104 | 3,794 | 17,100 | SH | DFND | 1 | 17,100 | 0 | 0 | |
| Graham Holdings Co | COM | 384637104 | 3,118 | 5,200 | SH | DFND | 1 | 5,200 | 0 | 0 | |
| Hasbro, Inc | COM | 418056107 | 40,590 | 364,000 | SH | DFND | 1 | 364,000 | 0 | 0 | |
| Healthcare Services Group | COM | 421906108 | 2,576 | 55,000 | SH | DFND | 1 | 55,000 | 0 | 0 | |
| Heico Corp | COM | 422806109 | 269 | 3,750 | SH | DFND | 1 | 3,750 | 0 | 0 | |
| Heico Corp Class A | COM | 422806208 | 7,593 | 122,375 | SH | DFND | 1 | 122,375 | 0 | 0 | |
| Hershey Foods | COM | 427866108 | 2,588 | 24,100 | SH | DFND | 1 | 24,100 | 0 | 0 | |
| Hexcel Corp | COM | 428291108 | 3,431 | 65,000 | SH | DFND | 1 | 65,000 | 0 | 0 | |
| Home Depot | COM | 437076102 | 3,068 | 20,000 | SH | SOLE | 20,000 | 0 | 0 | ||
| Home Depot | COM | 437076102 | 138,060 | 900,000 | SH | DFND | 1 | 900,000 | 0 | 0 | |
| Hormel Foods | COM | 440452100 | 239 | 7,000 | SH | DFND | 1 | 7,000 | 0 | 0 | |
| IBM | COM | 459200101 | 2,415 | 15,700 | SH | DFND | 1 | 15,700 | 0 | 0 | |
| Illinois Tool Works | COM | 452308109 | 32,947 | 230,000 | SH | DFND | 1 | 230,000 | 0 | 0 | |
| Investors Title Company | COM | 461804106 | 41,261 | 213,300 | SH | DFND | 1 | 213,300 | 0 | 0 | |
| JP Morgan | COM | 46625H100 | 16,726 | 183,000 | SH | DFND | 1 | 183,000 | 0 | 0 | |
| John Deere | COM | 244199105 | 135,380 | 1,095,400 | SH | DFND | 1 | 1,095,400 | 0 | 0 | |
| Johnson and Johnson | COM | 478160104 | 7,276 | 55,000 | SH | SOLE | 55,000 | 0 | 0 | ||
| Johnson and Johnson | COM | 478160104 | 73,527 | 555,800 | SH | DFND | 1 | 555,800 | 0 | 0 | |
| KKR & Co LLC | COM | 48248M102 | 15,847 | 852,000 | SH | DFND | 1 | 852,000 | 0 | 0 | |
| Liberty Braves Group A | COM | 531229706 | 1,018 | 42,600 | SH | DFND | 1 | 42,600 | 0 | 0 | |
| Liberty Braves Group C | COM | 531229888 | 2,392 | 99,788 | SH | DFND | 1 | 99,788 | 0 | 0 | |
| Liberty Broadband A | COM | 530307107 | 15,721 | 183,250 | SH | DFND | 1 | 183,250 | 0 | 0 | |
| Liberty Broadband Class C | COM | 530307305 | 14,931 | 172,113 | SH | DFND | 1 | 172,113 | 0 | 0 | |
| Liberty Global PLC | COM | G5480U104 | 3,790 | 118,000 | SH | DFND | 1 | 118,000 | 0 | 0 | |
| Liberty Global PLC Lilac | COM | G5480U138 | 320 | 14,720 | SH | DFND | 1 | 14,720 | 0 | 0 | |
| Liberty Media Group A | COM | 531229870 | 4,536 | 129,500 | SH | DFND | 1 | 129,500 | 0 | 0 | |
| Liberty Media Group C | COM | 531229854 | 9,503 | 259,500 | SH | DFND | 1 | 259,500 | 0 | 0 | |
| Liberty Sirius Group A | COM | 531229409 | 17,883 | 426,000 | SH | DFND | 1 | 426,000 | 0 | 0 | |
| Liberty Sirius Group C | COM | 531229607 | 21,767 | 522,000 | SH | DFND | 1 | 522,000 | 0 | 0 | |
| Live Nation | COM | 538034109 | 12,779 | 366,700 | SH | DFND | 1 | 366,700 | 0 | 0 | |
| Lowes | COM | 548661107 | 7,365 | 95,000 | SH | SOLE | 95,000 | 0 | 0 | ||
| Lowes | COM | 548661107 | 36,827 | 475,000 | SH | DFND | 1 | 475,000 | 0 | 0 | |
| MSCI | COM | 55354G100 | 14,110 | 137,000 | SH | DFND | 1 | 137,000 | 0 | 0 | |
| Marriott International | COM | 571903202 | 151,294 | 1,508,269 | SH | DFND | 1 | 1,508,269 | 0 | 0 | |
| Marsh & McLennan | COM | 571748102 | 47,517 | 609,500 | SH | DFND | 1 | 609,500 | 0 | 0 | |
| Mastercard, Inc | COM | 57636Q104 | 20,902 | 172,100 | SH | DFND | 1 | 172,100 | 0 | 0 | |
| Maxim Integrated Products | COM | 57772K101 | 8,396 | 187,000 | SH | DFND | 1 | 187,000 | 0 | 0 | |
| McKesson Corp | COM | 58155Q103 | 2,485 | 15,100 | SH | DFND | 1 | 15,100 | 0 | 0 | |
| Merck | COM | 58933Y105 | 359 | 5,600 | SH | DFND | 1 | 5,600 | 0 | 0 | |
| Microsoft Corp | COM | 594918104 | 19,300 | 280,000 | SH | DFND | 1 | 280,000 | 0 | 0 | |
| Monsanto Co | COM | 61166W101 | 46,953 | 396,700 | SH | DFND | 1 | 396,700 | 0 | 0 | |
| Moody's Corp | COM | 615369105 | 35,287 | 290,000 | SH | DFND | 1 | 290,000 | 0 | 0 | |
| NXP Semiconductors NV | COM | N6596X109 | 3,831 | 35,000 | SH | DFND | 1 | 35,000 | 0 | 0 | |
| Nike | COM | 654106103 | 21,299 | 361,000 | SH | DFND | 1 | 361,000 | 0 | 0 | |
| Norfolk Southern | COM | 655844108 | 27,930 | 229,500 | SH | DFND | 1 | 229,500 | 0 | 0 | |
| Novartis AG-Sponsored ADR | COM | 66987V109 | 309 | 3,700 | SH | DFND | 1 | 3,700 | 0 | 0 | |
| Novo-Nordisk A/S | COM | 670100205 | 46,107 | 1,075,000 | SH | DFND | 1 | 1,075,000 | 0 | 0 | |
| Oaktree Capital Group LLC | COM | 674001201 | 39,633 | 850,500 | SH | DFND | 1 | 850,500 | 0 | 0 | |
| Paccar | COM | 693718108 | 7,813 | 118,300 | SH | DFND | 1 | 118,300 | 0 | 0 | |
| Parker-Hannifin Corp | COM | 701094104 | 17,356 | 108,600 | SH | DFND | 1 | 108,600 | 0 | 0 | |
| Patterson Companies Inc. | COM | 703395103 | 7,888 | 168,000 | SH | DFND | 1 | 168,000 | 0 | 0 | |
| Paychex | COM | 704326107 | 8,541 | 150,000 | SH | DFND | 1 | 150,000 | 0 | 0 | |
| Penske Automotive Group | COM | 70959W103 | 2,722 | 62,000 | SH | DFND | 1 | 62,000 | 0 | 0 | |
| Pepsico | COM | 713448108 | 16,815 | 145,600 | SH | DFND | 1 | 145,600 | 0 | 0 | |
| Philip Morris International | COM | 718172109 | 13,448 | 114,500 | SH | DFND | 1 | 114,500 | 0 | 0 | |
| Praxair Inc. | COM | 74005P104 | 9,862 | 74,400 | SH | DFND | 1 | 74,400 | 0 | 0 | |
| Priceline Group Inc | COM | 741503403 | 374 | 200 | SH | DFND | 1 | 200 | 0 | 0 | |
| RLI Corporation | COM | 749607107 | 65,395 | 1,197,272 | SH | DFND | 1 | 1,197,272 | 0 | 0 | |
| Ritchie Bros | COM | 767744105 | 3,276 | 114,000 | SH | DFND | 1 | 114,000 | 0 | 0 | |
| Rockwell Automation Inc | COM | 773903109 | 19,079 | 117,800 | SH | DFND | 1 | 117,800 | 0 | 0 | |
| Rockwell Collins Inc | COM | 774341101 | 2,942 | 28,000 | SH | DFND | 1 | 28,000 | 0 | 0 | |
| Rollins, Inc. | COM | 775711104 | 16,842 | 413,700 | SH | DFND | 1 | 413,700 | 0 | 0 | |
| S&P Global | COM | 78409V104 | 21,461 | 147,000 | SH | DFND | 1 | 147,000 | 0 | 0 | |
| SEI Investments Co | COM | 784117103 | 16,467 | 306,200 | SH | DFND | 1 | 306,200 | 0 | 0 | |
| Schlumberger | COM | 806857108 | 263 | 4,000 | SH | DFND | 1 | 4,000 | 0 | 0 | |
| Sensata Technologies Holding | COM | N7902X106 | 6,323 | 148,000 | SH | DFND | 1 | 148,000 | 0 | 0 | |
| Starbucks Corp | COM | 855244109 | 2,274 | 39,000 | SH | DFND | 1 | 39,000 | 0 | 0 | |
| Stericycle Inc | COM | 858912108 | 15,035 | 197,000 | SH | DFND | 1 | 197,000 | 0 | 0 | |
| Synalloy Corporation | COM | 871565107 | 4,691 | 414,804 | SH | SOLE | 414,804 | 0 | 0 | ||
| T.Rowe Price | COM | 74144T108 | 816 | 11,000 | SH | SOLE | 11,000 | 0 | 0 | ||
| T.Rowe Price | COM | 74144T108 | 22,486 | 303,000 | SH | DFND | 1 | 303,000 | 0 | 0 | |
| Texas Instruments Inc | COM | 882508104 | 38,311 | 498,000 | SH | DFND | 1 | 498,000 | 0 | 0 | |
| The Carlyle Group | COM | 14309L102 | 13,667 | 692,000 | SH | DFND | 1 | 692,000 | 0 | 0 | |
| The Travelers Companies Inc | COM | 89417E109 | 39,857 | 315,000 | SH | DFND | 1 | 315,000 | 0 | 0 | |
| Tyson Foods | COM | 902494103 | 8,893 | 142,000 | SH | DFND | 1 | 142,000 | 0 | 0 | |
| Under Armour Inc-Class C | COM | 904311206 | 1,210 | 60,000 | SH | DFND | 1 | 60,000 | 0 | 0 | |
| Unilever PLC ADR | COM | 904767704 | 82,674 | 1,527,600 | SH | DFND | 1 | 1,527,600 | 0 | 0 | |
| Union Pacific | COM | 907818108 | 9,214 | 84,600 | SH | DFND | 1 | 84,600 | 0 | 0 | |
| United Health Group Inc | COM | 91324P102 | 122,933 | 663,000 | SH | DFND | 1 | 663,000 | 0 | 0 | |
| United Technologies | COM | 913017109 | 18,622 | 152,500 | SH | DFND | 1 | 152,500 | 0 | 0 | |
| VF Corp | COM | 918204108 | 1,774 | 30,800 | SH | DFND | 1 | 30,800 | 0 | 0 | |
| Verisk Analytics Inc | COM | 92345Y106 | 6,159 | 73,000 | SH | DFND | 1 | 73,000 | 0 | 0 | |
| Visa | COM | 92826C839 | 84,805 | 904,300 | SH | DFND | 1 | 904,300 | 0 | 0 | |
| W.P. Carey | COM | 92936U109 | 2,970 | 45,000 | SH | SOLE | 45,000 | 0 | 0 | ||
| W.P. Carey | COM | 92936U109 | 59,752 | 905,200 | SH | DFND | 1 | 905,200 | 0 | 0 | |
| WR Berkley Corp | COM | 084423102 | 553 | 8,000 | SH | DFND | 1 | 8,000 | 0 | 0 | |
| Walgreens Boots Alliance Inc | COM | 931427108 | 167,192 | 2,135,000 | SH | DFND | 1 | 2,135,000 | 0 | 0 | |
| Watsco Inc | COM | 942622200 | 33,847 | 219,500 | SH | DFND | 1 | 219,500 | 0 | 0 | |