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 | 4,930 | 30,000 | SH | SOLE | 30,000 | 0 | 0 | ||
| 3M Company | COM | 88579y101 | 28,592 | 174,000 | SH | DFND | 1 | 174,000 | 0 | 0 | |
| Aaron's Inc | COM | 002535300 | 8,193 | 268,000 | SH | DFND | 1 | 268,000 | 0 | 0 | |
| Accenture | COM | G1151C101 | 893 | 10,000 | SH | SOLE | 10,000 | 0 | 0 | ||
| Accenture | COM | G1151C101 | 11,164 | 125,000 | SH | DFND | 1 | 125,000 | 0 | 0 | |
| Alleghany Corporation | COM | 017175100 | 2,006 | 4,328 | SH | SOLE | 4,328 | 0 | 0 | ||
| American Express | COM | 025816109 | 930 | 10,000 | SH | SOLE | 10,000 | 0 | 0 | ||
| American Express | COM | 025816109 | 31,541 | 339,000 | SH | DFND | 1 | 339,000 | 0 | 0 | |
| Anheuser-Busch Inbev ADR | COM | 03524A108 | 47,736 | 425,000 | SH | DFND | 1 | 425,000 | 0 | 0 | |
| Anthem Inc | COM | 036752103 | 27,270 | 217,000 | SH | DFND | 1 | 217,000 | 0 | 0 | |
| Apollo Global Management - A | COM | 037612306 | 7,192 | 305,000 | SH | DFND | 1 | 305,000 | 0 | 0 | |
| Archer Daniels | COM | 039483102 | 71,552 | 1,376,000 | SH | DFND | 1 | 1,376,000 | 0 | 0 | |
| Automatic Data Processing | COM | 053015103 | 44,244 | 530,700 | SH | DFND | 1 | 530,700 | 0 | 0 | |
| Berkshire Hathaway Class B | COM | 084670702 | 72,838 | 485,100 | SH | SOLE | 485,100 | 0 | 0 | ||
| Berkshire Hathaway Class B | COM | 084670702 | 154,130 | 1,026,507 | SH | DFND | 1 | 1,026,507 | 0 | 0 | |
| Berkshire Hathaway, Inc. | COM | 084670108 | 62,150 | 275 | SH | SOLE | 275 | 0 | 0 | ||
| Blackrock Inc | COM | 09247X101 | 41,477 | 116,000 | SH | DFND | 1 | 116,000 | 0 | 0 | |
| Blackstone Group | COM | 09253U108 | 14,073 | 416,000 | SH | DFND | 1 | 416,000 | 0 | 0 | |
| Brookfield Asset Management | COM | 112585104 | 21,556 | 430,000 | SH | SOLE | 430,000 | 0 | 0 | ||
| Brookfield Asset Management | COM | 112585104 | 144,552 | 2,883,548 | SH | DFND | 1 | 2,883,548 | 0 | 0 | |
| Brown & Brown | COM | 115236101 | 5,451 | 165,628 | SH | DFND | 1 | 165,628 | 0 | 0 | |
| Brown Forman Class A | COM | 115637100 | 36,991 | 421,500 | SH | DFND | 1 | 421,500 | 0 | 0 | |
| Brown-Forman Class B | COM | 115637209 | 9,256 | 105,375 | SH | DFND | 1 | 105,375 | 0 | 0 | |
| CDK Global Inc | COM | 12508e101 | 7,210 | 176,897 | SH | DFND | 1 | 176,897 | 0 | 0 | |
| CME Group Inc | COM | 12572q105 | 4,964 | 56,000 | SH | DFND | 1 | 56,000 | 0 | 0 | |
| CVS Corporation | COM | 126650100 | 22,344 | 232,000 | SH | DFND | 1 | 232,000 | 0 | 0 | |
| Carbo Ceramics Inc | COM | 140781105 | 2,443 | 61,000 | SH | DFND | 1 | 61,000 | 0 | 0 | |
| Carmax | COM | 143130102 | 15,646 | 235,000 | SH | SOLE | 235,000 | 0 | 0 | ||
| Carmax | COM | 143130102 | 314,795 | 4,728,070 | SH | DFND | 1 | 4,728,070 | 0 | 0 | |
| Caterpillar Inc | COM | 149123101 | 22,059 | 241,000 | SH | DFND | 1 | 241,000 | 0 | 0 | |
| Charles Schwab | COM | 808513105 | 31,911 | 1,057,000 | SH | DFND | 1 | 1,057,000 | 0 | 0 | |
| Chubb Corp | COM | 171232101 | 27,420 | 265,000 | SH | DFND | 1 | 265,000 | 0 | 0 | |
| Cisco | COM | 17275R102 | 640 | 23,000 | SH | DFND | 1 | 23,000 | 0 | 0 | |
| Colfax Corporation | COM | 194014106 | 55,957 | 1,085,070 | SH | SOLE | 1,085,070 | 0 | 0 | ||
| Copart Inc | COM | 217204106 | 30,798 | 844,000 | SH | DFND | 1 | 844,000 | 0 | 0 | |
| Core Labs NV | COM | N22717107 | 3,008 | 25,000 | SH | DFND | 1 | 25,000 | 0 | 0 | |
| Costco | COM | 22160K105 | 709 | 5,000 | SH | SOLE | 5,000 | 0 | 0 | ||
| Costco | COM | 22160K105 | 4,819 | 34,000 | SH | DFND | 1 | 34,000 | 0 | 0 | |
| Culp Inc | COM | 230215105 | 655 | 30,227 | SH | DFND | 1 | 30,227 | 0 | 0 | |
| Diageo PLC | COM | 25243Q205 | 37,479 | 328,500 | SH | SOLE | 328,500 | 0 | 0 | ||
| Diageo PLC | COM | 25243Q205 | 104,335 | 914,500 | SH | DFND | 1 | 914,500 | 0 | 0 | |
| Disney | COM | 254687106 | 143,969 | 1,528,500 | SH | DFND | 1 | 1,528,500 | 0 | 0 | |
| Ecolab | COM | 278865100 | 11,811 | 113,000 | SH | DFND | 1 | 113,000 | 0 | 0 | |
| Emerson Electric | COM | 291011104 | 9,753 | 158,000 | SH | DFND | 1 | 158,000 | 0 | 0 | |
| Expeditors Int'l Wash Inc | COM | 302130109 | 6,112 | 137,000 | SH | DFND | 1 | 137,000 | 0 | 0 | |
| Exxon Corporation | COM | 30231G102 | 18,472 | 199,800 | SH | SOLE | 199,800 | 0 | 0 | ||
| Exxon Corporation | COM | 30231G102 | 61,849 | 669,000 | SH | DFND | 1 | 669,000 | 0 | 0 | |
| Factset Research | COM | 303075105 | 18,016 | 128,000 | SH | DFND | 1 | 128,000 | 0 | 0 | |
| Fairfax Financial Holdings Ltd | COM | 303901102 | 103,282 | 197,104 | SH | SOLE | 197,104 | 0 | 0 | ||
| Fairfax Financial Holdings Ltd | COM | 303901102 | 43,154 | 82,355 | SH | DFND | 1 | 82,355 | 0 | 0 | |
| Federated Investors | COM | 314211103 | 329 | 10,000 | SH | SOLE | 10,000 | 0 | 0 | ||
| Federated Investors | COM | 314211103 | 69,943 | 2,124,000 | SH | DFND | 1 | 2,124,000 | 0 | 0 | |
| General Dynamics | COM | 369550108 | 53,259 | 387,000 | SH | DFND | 1 | 387,000 | 0 | 0 | |
| General Electric | COM | 369604103 | 74,294 | 2,940,000 | SH | DFND | 1 | 2,940,000 | 0 | 0 | |
| Google Class A | COM | 38259P508 | 6,633 | 12,500 | SH | DFND | 1 | 12,500 | 0 | 0 | |
| Google Class C | COM | 38259P706 | 6,580 | 12,500 | SH | DFND | 1 | 12,500 | 0 | 0 | |
| Graham Holdings Co | COM | 384637104 | 4,491 | 5,200 | SH | DFND | 1 | 5,200 | 0 | 0 | |
| Halliburton | COM | 406216101 | 590 | 15,000 | SH | DFND | 1 | 15,000 | 0 | 0 | |
| Hasbro, Inc | COM | 418056107 | 17,542 | 319,000 | SH | DFND | 1 | 319,000 | 0 | 0 | |
| Home Depot | COM | 437076102 | 2,099 | 20,000 | SH | SOLE | 20,000 | 0 | 0 | ||
| Home Depot | COM | 437076102 | 94,473 | 900,000 | SH | DFND | 1 | 900,000 | 0 | 0 | |
| Illinois Tool Works | COM | 452308109 | 21,781 | 230,000 | SH | DFND | 1 | 230,000 | 0 | 0 | |
| Intel | COM | 458140100 | 2,177 | 60,000 | SH | SOLE | 60,000 | 0 | 0 | ||
| Intel | COM | 458140100 | 33,786 | 931,000 | SH | DFND | 1 | 931,000 | 0 | 0 | |
| Investors Title Company | COM | 461804106 | 15,550 | 213,300 | SH | DFND | 1 | 213,300 | 0 | 0 | |
| John Deere | COM | 244199105 | 73,696 | 833,000 | SH | DFND | 1 | 833,000 | 0 | 0 | |
| Johnson and Johnson | COM | 478160104 | 5,751 | 55,000 | SH | SOLE | 55,000 | 0 | 0 | ||
| Johnson and Johnson | COM | 478160104 | 54,293 | 519,200 | SH | DFND | 1 | 519,200 | 0 | 0 | |
| KKR & Co LLC | COM | 48248M102 | 10,096 | 435,000 | SH | DFND | 1 | 435,000 | 0 | 0 | |
| LGI Homes, Inc | COM | 50187T106 | 254 | 17,000 | SH | DFND | 1 | 17,000 | 0 | 0 | |
| Liberty Broadband A | COM | 530307107 | 4,020 | 80,250 | SH | DFND | 1 | 80,250 | 0 | 0 | |
| Liberty Global PLC | COM | 094506433 | 1,657 | 33,000 | SH | DFND | 1 | 33,000 | 0 | 0 | |
| Liberty Media | COM | 531229102 | 12,027 | 341,000 | SH | DFND | 1 | 341,000 | 0 | 0 | |
| Liberty Media Class C | COM | 530307305 | 6,427 | 129,000 | SH | DFND | 1 | 129,000 | 0 | 0 | |
| Liberty Media Corp Class C | COM | 531229300 | 18,075 | 516,000 | SH | DFND | 1 | 516,000 | 0 | 0 | |
| Lowes | COM | 548661107 | 6,536 | 95,000 | SH | SOLE | 95,000 | 0 | 0 | ||
| Lowes | COM | 548661107 | 30,616 | 445,000 | SH | DFND | 1 | 445,000 | 0 | 0 | |
| MSCI | COM | 55354g100 | 4,791 | 101,000 | SH | DFND | 1 | 101,000 | 0 | 0 | |
| Marriott International | COM | 571903202 | 0 | 0 | SH | SOLE | 0 | 0 | 0 | ||
| Marriott International | COM | 571903202 | 105,798 | 1,355,869 | SH | DFND | 1 | 1,355,869 | 0 | 0 | |
| Marsh & McLennan | COM | 571748102 | 19,233 | 336,000 | SH | DFND | 1 | 336,000 | 0 | 0 | |
| Mastercard, Inc | COM | 57636Q104 | 8,013 | 93,000 | SH | DFND | 1 | 93,000 | 0 | 0 | |
| Mattel | COM | 577081102 | 10,305 | 333,000 | SH | DFND | 1 | 333,000 | 0 | 0 | |
| McDonalds | COM | 580135101 | 16,960 | 181,000 | SH | DFND | 1 | 181,000 | 0 | 0 | |
| McGraw Hill Financial | COM | 580645109 | 9,877 | 111,000 | SH | DFND | 1 | 111,000 | 0 | 0 | |
| Microsoft Corp | COM | 594918104 | 37,996 | 818,000 | SH | DFND | 1 | 818,000 | 0 | 0 | |
| Monsanto Co | COM | 61166W101 | 11,350 | 95,000 | SH | DFND | 1 | 95,000 | 0 | 0 | |
| Moody's Corp | COM | 615369105 | 24,336 | 254,000 | SH | DFND | 1 | 254,000 | 0 | 0 | |
| National Oilwell | COM | 637071101 | 31,127 | 475,000 | SH | DFND | 1 | 475,000 | 0 | 0 | |
| Nicholas Financial | COM | 65373j209 | 670 | 45,000 | SH | DFND | 1 | 45,000 | 0 | 0 | |
| Nike | COM | 654106103 | 14,903 | 155,000 | SH | DFND | 1 | 155,000 | 0 | 0 | |
| Norfolk Southern | COM | 655844108 | 10,084 | 92,000 | SH | DFND | 1 | 92,000 | 0 | 0 | |
| Novo-Nordisk A/S | COM | 670100205 | 45,494 | 1,075,000 | SH | DFND | 1 | 1,075,000 | 0 | 0 | |
| Now Inc | COM | 67011P100 | 2,406 | 93,500 | SH | DFND | 1 | 93,500 | 0 | 0 | |
| Oaktree Capital Group LLC | COM | 674001201 | 7,930 | 153,000 | SH | DFND | 1 | 153,000 | 0 | 0 | |
| Oracle Corp | COM | 68389x105 | 28,691 | 638,000 | SH | DFND | 1 | 638,000 | 0 | 0 | |
| Patterson Companies Inc. | COM | 703395103 | 7,455 | 155,000 | SH | DFND | 1 | 155,000 | 0 | 0 | |
| Paychex | COM | 704326107 | 6,925 | 150,000 | SH | DFND | 1 | 150,000 | 0 | 0 | |
| Pepsico | COM | 713448108 | 12,699 | 134,300 | SH | DFND | 1 | 134,300 | 0 | 0 | |
| Philip Morris International | COM | 718172109 | 9,326 | 114,500 | SH | DFND | 1 | 114,500 | 0 | 0 | |
| Procter & Gamble | COM | 742718109 | 11,568 | 127,000 | SH | DFND | 1 | 127,000 | 0 | 0 | |
| RLI Corporation | COM | 749607107 | 59,145 | 1,197,272 | SH | DFND | 1 | 1,197,272 | 0 | 0 | |
| Rent-A-Center | COM | 76009N100 | 6,901 | 190,000 | SH | DFND | 1 | 190,000 | 0 | 0 | |
| Ritchie Bros | COM | 767744105 | 1,855 | 69,000 | SH | DFND | 1 | 69,000 | 0 | 0 | |
| Rollins, Inc. | COM | 775711104 | 3,376 | 102,000 | SH | DFND | 1 | 102,000 | 0 | 0 | |
| Ross Stores, Inc | COM | 778296103 | 2,168 | 23,000 | SH | DFND | 1 | 23,000 | 0 | 0 | |
| SEI Investments Co | COM | 784117103 | 9,489 | 237,000 | SH | DFND | 1 | 237,000 | 0 | 0 | |
| Schlumberger | COM | 806857108 | 34,591 | 405,000 | SH | DFND | 1 | 405,000 | 0 | 0 | |
| Starz Liberty Capital | COM | 85571Q102 | 356 | 12,000 | SH | DFND | 1 | 12,000 | 0 | 0 | |
| Synalloy Corporation | COM | 871565107 | 8,547 | 485,343 | SH | SOLE | 485,343 | 0 | 0 | ||
| Synalloy Corporation | COM | 871565107 | 5,283 | 300,000 | SH | DFND | 1 | 300,000 | 0 | 0 | |
| T.Rowe Price | COM | 74144T108 | 944 | 11,000 | SH | SOLE | 11,000 | 0 | 0 | ||
| T.Rowe Price | COM | 74144T108 | 20,521 | 239,000 | SH | DFND | 1 | 239,000 | 0 | 0 | |
| The Carlyle Group | COM | 14309L102 | 8,855 | 322,000 | SH | DFND | 1 | 322,000 | 0 | 0 | |
| The Travelers Companies Inc | COM | 89417e109 | 25,827 | 244,000 | SH | DFND | 1 | 244,000 | 0 | 0 | |
| Unilever PLC ADR | COM | 904767704 | 56,955 | 1,407,000 | SH | DFND | 1 | 1,407,000 | 0 | 0 | |
| United Health Group Inc | COM | 91324P102 | 66,315 | 656,000 | SH | DFND | 1 | 656,000 | 0 | 0 | |
| United Parcel Service | COM | 911312106 | 81,321 | 731,500 | SH | DFND | 1 | 731,500 | 0 | 0 | |
| United Technologies | COM | 913017109 | 6,095 | 53,000 | SH | DFND | 1 | 53,000 | 0 | 0 | |
| Visa | COM | 92826C839 | 49,949 | 190,500 | SH | DFND | 1 | 190,500 | 0 | 0 | |
| W.P. Carey | COM | 92936U109 | 3,154 | 45,000 | SH | SOLE | 45,000 | 0 | 0 | ||
| W.P. Carey | COM | 92936U109 | 63,455 | 905,200 | SH | DFND | 1 | 905,200 | 0 | 0 | |
| Wal-Mart Stores | COM | 931142103 | 94,296 | 1,098,000 | SH | DFND | 1 | 1,098,000 | 0 | 0 | |
| Walgreens Boots Alliance Inc | COM | 931427108 | 162,367 | 2,135,000 | SH | DFND | 1 | 2,135,000 | 0 | 0 | |
| Watsco Inc | COM | 942622200 | 214 | 2,000 | SH | DFND | 1 | 2,000 | 0 | 0 | |
| Wesco Aircraft Holdings | COM | 950814103 | 419 | 30,000 | SH | DFND | 1 | 30,000 | 0 | 0 | |