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 4,999 30,000 SH   SOLE   30,000 0 0
3M Company COM 88579Y101 28,994 174,000 SH   DFND 1 174,000 0 0
Aaron's Inc COM 002535300 8,183 326,000 SH   DFND 1 326,000 0 0
Accenture COM G1151C101 1,154 10,000 SH   SOLE   10,000 0 0
Accenture COM G1151C101 14,921 129,300 SH   DFND 1 129,300 0 0
Alleghany Corporation COM 017175100 2,148 4,328 SH   SOLE   4,328 0 0
Alphabet Inc COM 02079K107 17,157 23,031 SH   DFND 1 23,031 0 0
Alphabet Inc Class A COM 02079K305 9,536 12,500 SH   DFND 1 12,500 0 0
Amazon.com COM 023135106 5,343 9,000 SH   DFND 1 9,000 0 0
American Express COM 025816109 614 10,000 SH   SOLE   10,000 0 0
American Express COM 025816109 23,086 376,000 SH   DFND 1 376,000 0 0
American Tower COM 03027X100 2,047 20,000 SH   DFND 1 20,000 0 0
Analog Devices Inc COM 032654105 3,315 56,000 SH   DFND 1 56,000 0 0
Anthem Inc COM 036752103 31,134 224,000 SH   DFND 1 224,000 0 0
Aon Corporation COM G0408V102 3,865 37,000 SH   DFND 1 37,000 0 0
Apollo Global Management - A COM 037612306 6,625 387,000 SH   DFND 1 387,000 0 0
Apple Inc COM 037833100 2,845 26,100 SH   DFND 1 26,100 0 0
Archer Daniels COM 039483102 51,971 1,431,300 SH   DFND 1 1,431,300 0 0
Automatic Data Processing COM 053015103 47,609 530,700 SH   DFND 1 530,700 0 0
Baxter International Inc COM 071813109 904 22,000 SH   DFND 1 22,000 0 0
Becton Dickinson COM 075887109 1,366 9,000 SH   DFND 1 9,000 0 0
Berkshire Hathaway Class B COM 084670702 68,826 485,100 SH   SOLE   485,100 0 0
Berkshire Hathaway Class B COM 084670702 145,641 1,026,507 SH   DFND 1 1,026,507 0 0
Berkshire Hathaway, Inc. COM 084670108 58,699 275 SH   SOLE   275 0 0
Berkshire Hathaway, Inc. COM 084670108 172,681 809 SH   DFND 1 809 0 0
Blackrock Inc COM 09247X101 51,767 152,000 SH   DFND 1 152,000 0 0
Blackstone Group COM 09253U108 13,660 487,000 SH   DFND 1 487,000 0 0
Boeing Co COM 097023105 647 5,100 SH   DFND 1 5,100 0 0
Bristol Myers Squibb COM 110122108 639 10,000 SH   DFND 1 10,000 0 0
Brookfield Asset Management COM 112585104 22,440 645,000 SH   SOLE   645,000 0 0
Brookfield Asset Management COM 112585104 153,181 4,403,021 SH   DFND 1 4,403,021 0 0
Brown Forman Class A COM 115637100 44,970 421,500 SH   DFND 1 421,500 0 0
Brown-Forman Class B COM 115637209 10,376 105,375 SH   DFND 1 105,375 0 0
Bunge Limited COM G16962105 669 11,800 SH   DFND 1 11,800 0 0
CDK Global Inc COM 12508E101 8,235 176,897 SH   DFND 1 176,897 0 0
CME Group Inc COM 12572Q105 11,142 116,000 SH   DFND 1 116,000 0 0
CR Bard COM 067383109 1,824 9,000 SH   DFND 1 9,000 0 0
CSX Corporation COM 126408103 2,317 90,000 SH   DFND 1 90,000 0 0
CVS Corporation COM 126650100 25,621 247,000 SH   DFND 1 247,000 0 0
Cable One COM 12685J105 2,273 5,200 SH   DFND 1 5,200 0 0
Capital One Financial Corp COM 14040H105 8,733 126,000 SH   DFND 1 126,000 0 0
Carbo Ceramics Inc COM 140781105 3,053 215,000 SH   DFND 1 215,000 0 0
Carmax COM 143130102 12,008 235,000 SH   SOLE   235,000 0 0
Carmax COM 143130102 239,049 4,678,070 SH   DFND 1 4,678,070 0 0
Caterpillar Inc COM 149123101 21,278 278,000 SH   DFND 1 278,000 0 0
Charles Schwab COM 808513105 29,617 1,057,000 SH   DFND 1 1,057,000 0 0
Cisco COM 17275R102 1,794 63,000 SH   DFND 1 63,000 0 0
Colfax Corporation COM 194014106 31,022 1,085,070 SH   SOLE   1,085,070 0 0
Colfax Corporation COM 194014106 1,429 50,000 SH   DFND 1 50,000 0 0
Copart Inc COM 217204106 39,343 965,000 SH   DFND 1 965,000 0 0
Core Labs NV COM N22717107 12,365 110,000 SH   DFND 1 110,000 0 0
Costco COM 22160K105 788 5,000 SH   SOLE   5,000 0 0
Costco COM 22160K105 5,358 34,000 SH   DFND 1 34,000 0 0
Culp Inc COM 230215105 793 30,227 SH   DFND 1 30,227 0 0
Cummins Inc. COM 231021106 4,123 37,500 SH   DFND 1 37,500 0 0
Diageo PLC COM 25243Q205 35,435 328,500 SH   SOLE   328,500 0 0
Diageo PLC COM 25243Q205 103,361 958,200 SH   DFND 1 958,200 0 0
Discovery Communications COM 25470F302 19,926 738,000 SH   DFND 1 738,000 0 0
Disney COM 254687106 158,022 1,591,200 SH   DFND 1 1,591,200 0 0
Ecolab COM 278865100 18,066 162,000 SH   DFND 1 162,000 0 0
Emerson Electric COM 291011104 8,592 158,000 SH   DFND 1 158,000 0 0
Exxon Corporation COM 30231G102 16,701 199,800 SH   SOLE   199,800 0 0
Exxon Corporation COM 30231G102 62,275 745,000 SH   DFND 1 745,000 0 0
Facebook COM 30303M102 1,597 14,000 SH   DFND 1 14,000 0 0
Factset Research COM 303075105 24,851 164,000 SH   DFND 1 164,000 0 0
Federated Investors COM 314211103 21,320 739,000 SH   DFND 1 739,000 0 0
General Dynamics COM 369550108 50,840 387,000 SH   DFND 1 387,000 0 0
Genesee and Wyoming COM 371559105 690 11,000 SH   DFND 1 11,000 0 0
Goldman Sachs COM 38141G104 565 3,600 SH   DFND 1 3,600 0 0
Graham Holdings Co COM 384637104 2,496 5,200 SH   DFND 1 5,200 0 0
Halliburton COM 406216101 8,716 244,000 SH   DFND 1 244,000 0 0
Harley Davidson COM 412822108 14,988 292,000 SH   DFND 1 292,000 0 0
Hasbro, Inc COM 418056107 29,156 364,000 SH   DFND 1 364,000 0 0
Hershey Foods COM 427866108 1,510 16,400 SH   DFND 1 16,400 0 0
Home Depot COM 437076102 2,669 20,000 SH   SOLE   20,000 0 0
Home Depot COM 437076102 120,087 900,000 SH   DFND 1 900,000 0 0
Illinois Tool Works COM 452308109 23,561 230,000 SH   DFND 1 230,000 0 0
Investors Title Company COM 461804106 19,425 213,300 SH   DFND 1 213,300 0 0
JP Morgan COM 46625H100 10,837 183,000 SH   DFND 1 183,000 0 0
John Deere COM 244199105 84,104 1,092,400 SH   DFND 1 1,092,400 0 0
Johnson and Johnson COM 478160104 5,951 55,000 SH   SOLE   55,000 0 0
Johnson and Johnson COM 478160104 60,138 555,800 SH   DFND 1 555,800 0 0
KKR & Co LLC COM 48248M102 7,830 533,000 SH   DFND 1 533,000 0 0
Liberty Broadband A COM 530307107 5,016 86,250 SH   DFND 1 86,250 0 0
Liberty Broadband Class C COM 530307305 9,974 172,113 SH   DFND 1 172,113 0 0
Liberty Global PLC COM G5480U104 4,543 118,000 SH   DFND 1 118,000 0 0
Liberty Media COM 531229102 16,456 426,000 SH   DFND 1 426,000 0 0
Liberty Media Corp Class C COM 531229300 19,883 522,000 SH   DFND 1 522,000 0 0
Linear Technology Corp COM 535678106 2,941 66,000 SH   DFND 1 66,000 0 0
Live Nation COM 538034109 745 33,400 SH   DFND 1 33,400 0 0
Lowes COM 548661107 7,196 95,000 SH   SOLE   95,000 0 0
Lowes COM 548661107 33,709 445,000 SH   DFND 1 445,000 0 0
MSCI COM 55354G100 10,149 137,000 SH   DFND 1 137,000 0 0
Marriott International COM 571903202 103,337 1,451,769 SH   DFND 1 1,451,769 0 0
Marsh & McLennan COM 571748102 35,836 589,500 SH   DFND 1 589,500 0 0
Mastercard, Inc COM 57636Q104 13,570 143,600 SH   DFND 1 143,600 0 0
Mattel COM 577081102 21,382 636,000 SH   DFND 1 636,000 0 0
Maxim Integrated Products COM 57772K101 736 20,000 SH   DFND 1 20,000 0 0
McGraw Hill Financial COM 580645109 14,550 147,000 SH   DFND 1 147,000 0 0
Mead Johnson Nutrition COM 582839106 2,447 28,800 SH   DFND 1 28,800 0 0
Microsoft Corp COM 594918104 3,535 64,000 SH   DFND 1 64,000 0 0
Monsanto Co COM 61166W101 34,806 396,700 SH   DFND 1 396,700 0 0
Moody's Corp COM 615369105 28,002 290,000 SH   DFND 1 290,000 0 0
National Oilwell COM 637071101 18,971 610,000 SH   DFND 1 610,000 0 0
Nike COM 654106103 19,670 320,000 SH   DFND 1 320,000 0 0
Norfolk Southern COM 655844108 17,358 208,500 SH   DFND 1 208,500 0 0
Novartis AG-Sponsored ADR COM 66987V109 268 3,700 SH   DFND 1 3,700 0 0
Novo-Nordisk A/S COM 670100205 58,254 1,075,000 SH   DFND 1 1,075,000 0 0
Now Inc COM 67011P100 2,100 118,500 SH   DFND 1 118,500 0 0
Oaktree Capital Group LLC COM 674001201 29,080 589,500 SH   DFND 1 589,500 0 0
Oracle Corp COM 68389X105 26,101 638,000 SH   DFND 1 638,000 0 0
Paccar COM 693718108 6,470 118,300 SH   DFND 1 118,300 0 0
Parker-Hannifin Corp COM 701094104 5,132 46,200 SH   DFND 1 46,200 0 0
Patterson Companies Inc. COM 703395103 7,817 168,000 SH   DFND 1 168,000 0 0
Paychex COM 704326107 8,101 150,000 SH   DFND 1 150,000 0 0
Pepsico COM 713448108 14,275 139,300 SH   DFND 1 139,300 0 0
Philip Morris International COM 718172109 11,234 114,500 SH   DFND 1 114,500 0 0
Praxair Inc. COM 74005P104 1,625 14,200 SH   DFND 1 14,200 0 0
Procter & Gamble COM 742718109 10,453 127,000 SH   DFND 1 127,000 0 0
RLI Corporation COM 749607107 80,050 1,197,272 SH   DFND 1 1,197,272 0 0
Rent-A-Center COM 76009N100 3,772 238,000 SH   DFND 1 238,000 0 0
Ritchie Bros COM 767744105 2,952 109,000 SH   DFND 1 109,000 0 0
Rockwell Automation Inc COM 773903109 5,710 50,200 SH   DFND 1 50,200 0 0
Rollins, Inc. COM 775711104 8,193 302,100 SH   DFND 1 302,100 0 0
Ross Stores, Inc COM 778296103 2,663 46,000 SH   DFND 1 46,000 0 0
SEI Investments Co COM 784117103 10,332 240,000 SH   DFND 1 240,000 0 0
Schlumberger COM 806857108 48,859 662,500 SH   DFND 1 662,500 0 0
Synalloy Corporation COM 871565107 3,844 485,343 SH   SOLE   485,343 0 0
Synalloy Corporation COM 871565107 1,625 205,138 SH   DFND 1 205,138 0 0
T.Rowe Price COM 74144T108 808 11,000 SH   SOLE   11,000 0 0
T.Rowe Price COM 74144T108 20,128 274,000 SH   DFND 1 274,000 0 0
Texas Instruments Inc COM 882508104 3,158 55,000 SH   DFND 1 55,000 0 0
The Carlyle Group COM 14309L102 6,735 399,000 SH   DFND 1 399,000 0 0
The Travelers Companies Inc COM 89417E109 36,764 315,000 SH   DFND 1 315,000 0 0
Unilever PLC ADR COM 904767704 68,940 1,525,900 SH   DFND 1 1,525,900 0 0
Union Pacific COM 907818108 5,449 68,500 SH   DFND 1 68,500 0 0
United Health Group Inc COM 91324P102 85,461 663,000 SH   DFND 1 663,000 0 0
United Technologies COM 913017109 6,186 61,800 SH   DFND 1 61,800 0 0
VF Corp COM 918204108 207 3,200 SH   DFND 1 3,200 0 0
Verisk Analytics Inc COM 92345Y106 4,156 52,000 SH   DFND 1 52,000 0 0
Visa COM 92826C839 65,367 854,700 SH   DFND 1 854,700 0 0
W.P. Carey COM 92936U109 2,801 45,000 SH   SOLE   45,000 0 0
W.P. Carey COM 92936U109 56,340 905,200 SH   DFND 1 905,200 0 0
Walgreens Boots Alliance Inc COM 931427108 179,852 2,135,000 SH   DFND 1 2,135,000 0 0
Watsco Inc COM 942622200 17,166 127,400 SH   DFND 1 127,400 0 0
Wesco Aircraft Holdings COM 950814103 4,130 287,000 SH   DFND 1 287,000 0 0