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
Estimated average burden
hours per response: 23.8
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 4,253 30,000 SH   SOLE   30,000 0 0
3M Company COM 88579y101 24,668 174,000 SH   DFND 1 174,000 0 0
Aaron's Inc COM 002535300 11,772 326,000 SH   DFND 1 326,000 0 0
Accenture COM G1151C101 983 10,000 SH   SOLE   10,000 0 0
Accenture COM G1151C101 12,282 125,000 SH   DFND 1 125,000 0 0
Alleghany Corporation COM 017175100 2,026 4,328 SH   SOLE   4,328 0 0
American Express COM 025816109 741 10,000 SH   SOLE   10,000 0 0
American Express COM 025816109 27,873 376,000 SH   DFND 1 376,000 0 0
American Tower COM 03027x100 1,760 20,000 SH   DFND 1 20,000 0 0
Anheuser-Busch Inbev ADR COM 03524A108 45,186 425,000 SH   DFND 1 425,000 0 0
Anthem Inc COM 036752103 31,360 224,000 SH   DFND 1 224,000 0 0
Aon Corporation COM G0408v102 2,481 28,000 SH   DFND 1 28,000 0 0
Apollo Global Management - A COM 037612306 6,649 387,000 SH   DFND 1 387,000 0 0
Apple Inc COM 037833100 1,985 18,000 SH   DFND 1 18,000 0 0
Archer Daniels COM 039483102 57,035 1,376,000 SH   DFND 1 1,376,000 0 0
Automatic Data Processing COM 053015103 42,647 530,700 SH   DFND 1 530,700 0 0
Baxter International Inc COM 071813109 328 10,000 SH   DFND 1 10,000 0 0
Becton Dickinson COM 075887109 531 4,000 SH   DFND 1 4,000 0 0
Berkshire Hathaway Cl B COM 084670702 63,257 485,100 SH   SOLE   485,100 0 0
Berkshire Hathaway Cl B COM 084670702 133,857 1,026,507 SH   DFND 1 1,026,507 0 0
Berkshire Hathaway, Inc. COM 084670108 53,691 275 SH   SOLE   275 0 0
Berkshire Hathaway, Inc. COM 084670108 156,973 804 SH   DFND 1 804 0 0
Blackrock Inc COM 09247X101 45,215 152,000 SH   DFND 1 152,000 0 0
Blackstone Group COM 09253U108 15,423 487,000 SH   DFND 1 487,000 0 0
Brookfield Asset Management COM 112585104 20,279 645,000 SH   SOLE   645,000 0 0
Brookfield Asset Management COM 112585104 137,513 4,373,821 SH   DFND 1 4,373,821 0 0
Brown Forman Class A COM 115637100 45,096 421,500 SH   DFND 1 421,500 0 0
Brown-Forman Class B COM 115637209 10,211 105,375 SH   DFND 1 105,375 0 0
CDK Global Inc COM 12508e101 8,452 176,897 SH   DFND 1 176,897 0 0
CME Group Inc COM 12572q105 10,758 116,000 SH   DFND 1 116,000 0 0
CR Bard COM 067383109 745 4,000 SH   DFND 1 4,000 0 0
CVS Corporation COM 126650100 23,831 247,000 SH   DFND 1 247,000 0 0
Cable One COM 12685j105 2,181 5,200 SH   DFND 1 5,200 0 0
Capital One Financial Corp COM 14040H105 9,065 125,000 SH   DFND 1 125,000 0 0
Carbo Ceramics Inc COM 140781105 4,083 215,000 SH   DFND 1 215,000 0 0
Carmax COM 143130102 13,940 235,000 SH   SOLE   235,000 0 0
Carmax COM 143130102 277,503 4,678,070 SH   DFND 1 4,678,070 0 0
Caterpillar Inc COM 149123101 18,170 278,000 SH   DFND 1 278,000 0 0
Charles Schwab COM 808513105 30,188 1,057,000 SH   DFND 1 1,057,000 0 0
Coach Inc COM 189754104 1,562 54,000 SH   DFND 1 54,000 0 0
Colfax Corporation COM 194014106 32,454 1,085,070 SH   SOLE   1,085,070 0 0
Colfax Corporation COM 194014106 1,495 50,000 SH   DFND 1 50,000 0 0
Copart Inc COM 217204106 31,748 965,000 SH   DFND 1 965,000 0 0
Core Labs NV COM N22717107 10,878 109,000 SH   DFND 1 109,000 0 0
Costco COM 22160K105 723 5,000 SH   SOLE   5,000 0 0
Costco COM 22160K105 4,915 34,000 SH   DFND 1 34,000 0 0
Culp Inc COM 230215105 969 30,227 SH   DFND 1 30,227 0 0
Cummins Inc. COM 231021106 2,714 25,000 SH   DFND 1 25,000 0 0
Darling Ingredients Inc COM 237266101 731 65,000 SH   DFND 1 65,000 0 0
Diageo PLC COM 25243Q205 35,409 328,500 SH   SOLE   328,500 0 0
Diageo PLC COM 25243Q205 101,592 942,500 SH   DFND 1 942,500 0 0
Discovery Communications COM 25470f302 12,947 533,000 SH   DFND 1 533,000 0 0
Disney COM 254687106 161,016 1,575,500 SH   DFND 1 1,575,500 0 0
Donaldson COM 257651109 505 18,000 SH   DFND 1 18,000 0 0
Ecolab COM 278865100 16,348 149,000 SH   DFND 1 149,000 0 0
Emerson Electric COM 291011104 6,979 158,000 SH   DFND 1 158,000 0 0
Exxon Corporation COM 30231G102 14,855 199,800 SH   SOLE   199,800 0 0
Exxon Corporation COM 30231G102 55,093 741,000 SH   DFND 1 741,000 0 0
Factset Research COM 303075105 26,209 164,000 SH   DFND 1 164,000 0 0
Federated Investors COM 314211103 58,060 2,009,000 SH   DFND 1 2,009,000 0 0
Fedex Corp COM 31428X106 2,160 15,000 SH   DFND 1 15,000 0 0
General Dynamics COM 369550108 53,387 387,000 SH   DFND 1 387,000 0 0
General Electric COM 369604103 74,727 2,963,000 SH   DFND 1 2,963,000 0 0
Google Class A COM 38259P508 7,980 12,500 SH   DFND 1 12,500 0 0
Google Class C COM 38259P706 7,624 12,531 SH   DFND 1 12,531 0 0
Graham Holdings Co COM 384637104 3,000 5,200 SH   DFND 1 5,200 0 0
Halliburton COM 406216101 8,625 244,000 SH   DFND 1 244,000 0 0
Harley Davidson COM 412822108 11,803 215,000 SH   DFND 1 215,000 0 0
Hasbro, Inc COM 418056107 26,259 364,000 SH   DFND 1 364,000 0 0
Home Depot COM 437076102 2,310 20,000 SH   SOLE   20,000 0 0
Home Depot COM 437076102 103,941 900,000 SH   DFND 1 900,000 0 0
Illinois Tool Works COM 452308109 18,931 230,000 SH   DFND 1 230,000 0 0
Intel COM 458140100 1,808 60,000 SH   SOLE   60,000 0 0
Intel COM 458140100 28,060 931,000 SH   DFND 1 931,000 0 0
Investors Title Company COM 461804106 15,251 213,300 SH   DFND 1 213,300 0 0
JP Morgan COM 46625H100 11,158 183,000 SH   DFND 1 183,000 0 0
John Deere COM 244199105 76,590 1,035,000 SH   DFND 1 1,035,000 0 0
Johnson and Johnson COM 478160104 5,134 55,000 SH   SOLE   55,000 0 0
Johnson and Johnson COM 478160104 49,214 527,200 SH   DFND 1 527,200 0 0
KKR & Co LLC COM 48248M102 8,944 533,000 SH   DFND 1 533,000 0 0
Las Vegas Sands Corp COM 517834107 1,823 48,000 SH   DFND 1 48,000 0 0
Liberty Broadband A COM 530307107 4,128 80,250 SH   DFND 1 80,250 0 0
Liberty Broadband Class C COM 530307305 8,807 172,113 SH   DFND 1 172,113 0 0
Liberty Global PLC COM G5480U104 5,067 118,000 SH   DFND 1 118,000 0 0
Liberty Media COM 531229102 15,217 426,000 SH   DFND 1 426,000 0 0
Liberty Media Corp Cl C COM 531229300 17,781 516,000 SH   DFND 1 516,000 0 0
Lowes COM 548661107 6,547 95,000 SH   SOLE   95,000 0 0
Lowes COM 548661107 30,669 445,000 SH   DFND 1 445,000 0 0
MSCI COM 55354g100 8,146 137,000 SH   DFND 1 137,000 0 0
Marriott International COM 571903202 97,040 1,422,869 SH   DFND 1 1,422,869 0 0
Marsh & McLennan COM 571748102 29,191 559,000 SH   DFND 1 559,000 0 0
Mastercard, Inc COM 57636Q104 11,625 129,000 SH   DFND 1 129,000 0 0
Mattel COM 577081102 12,299 584,000 SH   DFND 1 584,000 0 0
McDonalds COM 580135101 17,834 181,000 SH   DFND 1 181,000 0 0
McGraw Hill Financial COM 580645109 12,715 147,000 SH   DFND 1 147,000 0 0
Monsanto Co COM 61166W101 21,250 249,000 SH   DFND 1 249,000 0 0
Moody's Corp COM 615369105 28,478 290,000 SH   DFND 1 290,000 0 0
National Oilwell COM 637071101 22,966 610,000 SH   DFND 1 610,000 0 0
Nike COM 654106103 19,675 160,000 SH   DFND 1 160,000 0 0
Norfolk Southern COM 655844108 11,613 152,000 SH   DFND 1 152,000 0 0
Novo-Nordisk A/S COM 670100205 58,308 1,075,000 SH   DFND 1 1,075,000 0 0
Now Inc COM 67011P100 1,754 118,500 SH   DFND 1 118,500 0 0
Oaktree Capital Group LLC COM 674001201 22,498 454,500 SH   DFND 1 454,500 0 0
Oracle Corp COM 68389x105 23,045 638,000 SH   DFND 1 638,000 0 0
Paccar COM 693718108 3,391 65,000 SH   DFND 1 65,000 0 0
Parker-Hannifin Corp COM 701094104 2,919 30,000 SH   DFND 1 30,000 0 0
Patterson Companies Inc. COM 703395103 7,266 168,000 SH   DFND 1 168,000 0 0
Paychex COM 704326107 7,144 150,000 SH   DFND 1 150,000 0 0
Pepsico COM 713448108 13,136 139,300 SH   DFND 1 139,300 0 0
Philip Morris International COM 718172109 9,083 114,500 SH   DFND 1 114,500 0 0
Procter & Gamble COM 742718109 9,136 127,000 SH   DFND 1 127,000 0 0
RLI Corporation COM 749607107 64,090 1,197,272 SH   DFND 1 1,197,272 0 0
Rent-A-Center COM 76009N100 5,771 238,000 SH   DFND 1 238,000 0 0
Ritchie Bros COM 767744105 2,821 109,000 SH   DFND 1 109,000 0 0
Rockwell Automation Inc COM 773903109 3,653 36,000 SH   DFND 1 36,000 0 0
Rollins, Inc. COM 775711104 7,416 276,000 SH   DFND 1 276,000 0 0
Ross Stores, Inc COM 778296103 2,230 46,000 SH   DFND 1 46,000 0 0
Rush Enterprises Inc COM 781846209 363 15,000 SH   DFND 1 15,000 0 0
SEI Investments Co COM 784117103 11,431 237,000 SH   DFND 1 237,000 0 0
Schlumberger COM 806857108 44,968 652,000 SH   DFND 1 652,000 0 0
Starz Liberty Capital COM 85571Q102 448 12,000 SH   DFND 1 12,000 0 0
Synalloy Corporation COM 871565107 4,388 485,343 SH   SOLE   485,343 0 0
Synalloy Corporation COM 871565107 2,712 300,000 SH   DFND 1 300,000 0 0
T.Rowe Price COM 74144T108 764 11,000 SH   SOLE   11,000 0 0
T.Rowe Price COM 74144T108 18,626 268,000 SH   DFND 1 268,000 0 0
The Carlyle Group COM 14309L102 6,703 399,000 SH   DFND 1 399,000 0 0
The Travelers Companies Inc COM 89417e109 30,158 303,000 SH   DFND 1 303,000 0 0
Unilever PLC ADR COM 904767704 61,048 1,497,000 SH   DFND 1 1,497,000 0 0
United Health Group Inc COM 91324P102 76,915 663,000 SH   DFND 1 663,000 0 0
United Parcel Service COM 911312106 75,745 767,500 SH   DFND 1 767,500 0 0
United Technologies COM 913017109 4,716 53,000 SH   DFND 1 53,000 0 0
Verisk Analytics Inc COM 92345Y106 3,252 44,000 SH   DFND 1 44,000 0 0
Visa COM 92826C839 58,096 834,000 SH   DFND 1 834,000 0 0
W.P. Carey COM 92936U109 2,601 45,000 SH   SOLE   45,000 0 0
W.P. Carey COM 92936U109 52,330 905,200 SH   DFND 1 905,200 0 0
Wal-Mart Stores COM 931142103 71,194 1,098,000 SH   DFND 1 1,098,000 0 0
Walgreens Boots Alliance Inc COM 931427108 177,418 2,135,000 SH   DFND 1 2,135,000 0 0
Watsco Inc COM 942622200 12,914 109,000 SH   DFND 1 109,000 0 0
Wesco Aircraft Holdings COM 950814103 3,501 287,000 SH   DFND 1 287,000 0 0