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 5,254 30,000 SH   SOLE   30,000 0 0
3M Company COM 88579Y101 30,471 174,000 SH   DFND 1 174,000 0 0
Accenture COM G1151C101 1,133 10,000 SH   SOLE   10,000 0 0
Accenture COM G1151C101 15,453 136,400 SH   DFND 1 136,400 0 0
Alleghany Corporation COM 017175100 2,379 4,328 SH   SOLE   4,328 0 0
Alphabet Inc COM 02079K107 23,207 33,531 SH   DFND 1 33,531 0 0
Alphabet Inc Class A COM 02079K305 8,794 12,500 SH   DFND 1 12,500 0 0
Amazon.com COM 023135106 13,955 19,500 SH   DFND 1 19,500 0 0
American Express COM 025816109 608 10,000 SH   SOLE   10,000 0 0
American Express COM 025816109 22,846 376,000 SH   DFND 1 376,000 0 0
Analog Devices Inc COM 032654105 11,668 206,000 SH   DFND 1 206,000 0 0
Anthem Inc COM 036752103 29,420 224,000 SH   DFND 1 224,000 0 0
Aon Corporation COM G0408V102 4,042 37,000 SH   DFND 1 37,000 0 0
Apollo Global Management - A COM 037612306 5,863 387,000 SH   DFND 1 387,000 0 0
Apple Inc COM 037833100 3,451 36,100 SH   DFND 1 36,100 0 0
Archer Daniels COM 039483102 62,761 1,463,300 SH   DFND 1 1,463,300 0 0
Automatic Data Processing COM 053015103 48,755 530,700 SH   DFND 1 530,700 0 0
Baxter International Inc COM 071813109 995 22,000 SH   DFND 1 22,000 0 0
Becton Dickinson COM 075887109 1,526 9,000 SH   DFND 1 9,000 0 0
Berkshire Hathaway Class B COM 084670702 70,238 485,100 SH   SOLE   485,100 0 0
Berkshire Hathaway Class B COM 084670702 148,628 1,026,507 SH   DFND 1 1,026,507 0 0
Berkshire Hathaway, Inc. COM 084670108 59,668 275 SH   SOLE   275 0 0
Berkshire Hathaway, Inc. COM 084670108 175,533 809 SH   DFND 1 809 0 0
Blackrock Inc COM 09247X101 52,921 154,500 SH   DFND 1 154,500 0 0
Blackstone Group COM 09253U108 12,245 499,000 SH   DFND 1 499,000 0 0
Boeing Co COM 097023105 2,182 16,800 SH   DFND 1 16,800 0 0
Bristol Myers Squibb COM 110122108 735 10,000 SH   DFND 1 10,000 0 0
Brookfield Asset Management COM 112585104 21,330 645,000 SH   SOLE   645,000 0 0
Brookfield Asset Management COM 112585104 146,759 4,437,821 SH   DFND 1 4,437,821 0 0
Brookfield Business Partners COM G16234109 246 12,900 SH   SOLE   12,900 0 0
Brookfield Business Partners COM G16234109 1,693 88,694 SH   DFND 1 88,694 0 0
Brown Forman Class A COM 115637100 45,535 421,500 SH   DFND 1 421,500 0 0
Brown-Forman Class B COM 115637209 10,512 105,375 SH   DFND 1 105,375 0 0
Bunge Limited COM G16962105 4,247 71,800 SH   DFND 1 71,800 0 0
CDK Global Inc COM 12508E101 9,816 176,897 SH   DFND 1 176,897 0 0
CME Group Inc COM 12572Q105 11,980 123,000 SH   DFND 1 123,000 0 0
CR Bard COM 067383109 2,116 9,000 SH   DFND 1 9,000 0 0
CSX Corporation COM 126408103 3,651 140,000 SH   DFND 1 140,000 0 0
CVS Corporation COM 126650100 23,648 247,000 SH   DFND 1 247,000 0 0
Cable One COM 12685J105 2,659 5,200 SH   DFND 1 5,200 0 0
Capital One Financial Corp COM 14040H105 8,002 126,000 SH   DFND 1 126,000 0 0
Carbo Ceramics Inc COM 140781105 2,816 215,000 SH   DFND 1 215,000 0 0
Carmax COM 143130102 11,522 235,000 SH   SOLE   235,000 0 0
Carmax COM 143130102 229,366 4,678,070 SH   DFND 1 4,678,070 0 0
Caterpillar Inc COM 149123101 21,075 278,000 SH   DFND 1 278,000 0 0
Charles Schwab COM 808513105 26,753 1,057,000 SH   DFND 1 1,057,000 0 0
Cisco COM 17275R102 5,595 195,000 SH   DFND 1 195,000 0 0
Colfax Corporation COM 194014106 28,711 1,085,070 SH   SOLE   1,085,070 0 0
Colfax Corporation COM 194014106 1,323 50,000 SH   DFND 1 50,000 0 0
Comcast Corp- Class A COM 20030N101 2,282 35,000 SH   DFND 1 35,000 0 0
Copart Inc COM 217204106 47,295 965,000 SH   DFND 1 965,000 0 0
Core Labs NV COM N22717107 13,628 110,000 SH   DFND 1 110,000 0 0
Costco COM 22160K105 785 5,000 SH   SOLE   5,000 0 0
Costco COM 22160K105 5,339 34,000 SH   DFND 1 34,000 0 0
Cummins Inc. COM 231021106 4,216 37,500 SH   DFND 1 37,500 0 0
Diageo PLC COM 25243Q205 37,081 328,500 SH   SOLE   328,500 0 0
Diageo PLC COM 25243Q205 109,923 973,800 SH   DFND 1 973,800 0 0
Discovery Communications COM 25470F302 18,031 756,000 SH   DFND 1 756,000 0 0
Disney COM 254687106 157,608 1,611,200 SH   DFND 1 1,611,200 0 0
Ecolab COM 278865100 19,664 165,800 SH   DFND 1 165,800 0 0
Emerson Electric COM 291011104 8,241 158,000 SH   DFND 1 158,000 0 0
Exxon Corporation COM 30231G102 18,729 199,800 SH   SOLE   199,800 0 0
Exxon Corporation COM 30231G102 69,836 745,000 SH   DFND 1 745,000 0 0
Facebook COM 30303M102 3,486 30,500 SH   DFND 1 30,500 0 0
Factset Research COM 303075105 26,473 164,000 SH   DFND 1 164,000 0 0
General Dynamics COM 369550108 53,886 387,000 SH   DFND 1 387,000 0 0
Goldman Sachs COM 38141G104 2,541 17,100 SH   DFND 1 17,100 0 0
Graham Holdings Co COM 384637104 2,546 5,200 SH   DFND 1 5,200 0 0
Harley Davidson COM 412822108 13,816 305,000 SH   DFND 1 305,000 0 0
Hasbro, Inc COM 418056107 30,572 364,000 SH   DFND 1 364,000 0 0
Heico Corp Class A COM 422806208 215 4,000 SH   DFND 1 4,000 0 0
Hershey Foods COM 427866108 2,735 24,100 SH   DFND 1 24,100 0 0
Home Depot COM 437076102 2,554 20,000 SH   SOLE   20,000 0 0
Home Depot COM 437076102 114,921 900,000 SH   DFND 1 900,000 0 0
Illinois Tool Works COM 452308109 23,957 230,000 SH   DFND 1 230,000 0 0
Investors Title Company COM 461804106 20,317 213,300 SH   DFND 1 213,300 0 0
JP Morgan COM 46625H100 11,372 183,000 SH   DFND 1 183,000 0 0
John Deere COM 244199105 88,528 1,092,400 SH   DFND 1 1,092,400 0 0
Johnson and Johnson COM 478160104 6,671 55,000 SH   SOLE   55,000 0 0
Johnson and Johnson COM 478160104 67,419 555,800 SH   DFND 1 555,800 0 0
KKR & Co LLC COM 48248M102 6,725 545,000 SH   DFND 1 545,000 0 0
Liberty Braves Group A COM 531229706 641 42,600 SH   DFND 1 42,600 0 0
Liberty Braves Group C COM 531229888 1,463 99,788 SH   DFND 1 99,788 0 0
Liberty Broadband A COM 530307107 5,123 86,250 SH   DFND 1 86,250 0 0
Liberty Broadband Class C COM 530307305 10,327 172,113 SH   DFND 1 172,113 0 0
Liberty Global PLC COM G5480U104 3,429 118,000 SH   DFND 1 118,000 0 0
Liberty Global PLC Lilac COM G5480U138 475 14,724 SH   DFND 1 14,724 0 0
Liberty Media Group A COM 531229870 2,326 121,500 SH   DFND 1 121,500 0 0
Liberty Media Group C COM 531229854 2,514 132,500 SH   DFND 1 132,500 0 0
Liberty Sirius Group A COM 531229409 13,359 426,000 SH   DFND 1 426,000 0 0
Liberty Sirius Group C COM 531229607 16,114 522,000 SH   DFND 1 522,000 0 0
Linear Technology Corp COM 535678106 8,189 176,000 SH   DFND 1 176,000 0 0
Live Nation COM 538034109 839 35,700 SH   DFND 1 35,700 0 0
Lowes COM 548661107 7,521 95,000 SH   SOLE   95,000 0 0
Lowes COM 548661107 35,231 445,000 SH   DFND 1 445,000 0 0
MSCI COM 55354G100 10,565 137,000 SH   DFND 1 137,000 0 0
Marriott International COM 571903202 97,847 1,472,269 SH   DFND 1 1,472,269 0 0
Marsh & McLennan COM 571748102 41,726 609,500 SH   DFND 1 609,500 0 0
Mastercard, Inc COM 57636Q104 13,262 150,600 SH   DFND 1 150,600 0 0
Maxim Integrated Products COM 57772K101 3,283 92,000 SH   DFND 1 92,000 0 0
McKesson Corp COM 58155Q103 1,699 9,100 SH   DFND 1 9,100 0 0
Mead Johnson Nutrition COM 582839106 2,750 30,300 SH   DFND 1 30,300 0 0
Merck COM 58933Y105 323 5,600 SH   DFND 1 5,600 0 0
Microsoft Corp COM 594918104 8,187 160,000 SH   DFND 1 160,000 0 0
Monsanto Co COM 61166W101 41,023 396,700 SH   DFND 1 396,700 0 0
Moody's Corp COM 615369105 27,176 290,000 SH   DFND 1 290,000 0 0
National Oilwell COM 637071101 20,526 610,000 SH   DFND 1 610,000 0 0
Nike COM 654106103 17,664 320,000 SH   DFND 1 320,000 0 0
Norfolk Southern COM 655844108 19,537 229,500 SH   DFND 1 229,500 0 0
Novartis AG-Sponsored ADR COM 66987V109 305 3,700 SH   DFND 1 3,700 0 0
Novo-Nordisk A/S COM 670100205 57,813 1,075,000 SH   DFND 1 1,075,000 0 0
Oaktree Capital Group LLC COM 674001201 28,848 644,500 SH   DFND 1 644,500 0 0
Oracle Corp COM 68389X105 26,113 638,000 SH   DFND 1 638,000 0 0
Paccar COM 693718108 6,136 118,300 SH   DFND 1 118,300 0 0
Parker-Hannifin Corp COM 701094104 6,159 57,000 SH   DFND 1 57,000 0 0
Patterson Companies Inc. COM 703395103 8,046 168,000 SH   DFND 1 168,000 0 0
Paychex COM 704326107 8,925 150,000 SH   DFND 1 150,000 0 0
Penske Automotive Group COM 70959W103 975 31,000 SH   DFND 1 31,000 0 0
Pepsico COM 713448108 15,372 145,100 SH   DFND 1 145,100 0 0
Philip Morris International COM 718172109 11,647 114,500 SH   DFND 1 114,500 0 0
Praxair Inc. COM 74005P104 2,562 22,800 SH   DFND 1 22,800 0 0
Priceline Group Inc COM 741503403 250 200 SH   DFND 1 200 0 0
RLI Corporation COM 749607107 82,348 1,197,272 SH   DFND 1 1,197,272 0 0
Ritchie Bros COM 767744105 3,682 109,000 SH   DFND 1 109,000 0 0
Rockwell Automation Inc COM 773903109 6,751 58,800 SH   DFND 1 58,800 0 0
Rollins, Inc. COM 775711104 9,592 327,700 SH   DFND 1 327,700 0 0
S&P Global COM 78409V104 15,767 147,000 SH   DFND 1 147,000 0 0
SEI Investments Co COM 784117103 11,874 246,800 SH   DFND 1 246,800 0 0
Schlumberger COM 806857108 52,390 662,500 SH   DFND 1 662,500 0 0
Stericycle Inc COM 858912108 729 7,000 SH   DFND 1 7,000 0 0
Synalloy Corporation COM 871565107 3,177 414,804 SH   SOLE   414,804 0 0
T.Rowe Price COM 74144T108 803 11,000 SH   SOLE   11,000 0 0
T.Rowe Price COM 74144T108 19,994 274,000 SH   DFND 1 274,000 0 0
Texas Instruments Inc COM 882508104 14,096 225,000 SH   DFND 1 225,000 0 0
The Carlyle Group COM 14309L102 6,671 411,000 SH   DFND 1 411,000 0 0
The Travelers Companies Inc COM 89417E109 37,498 315,000 SH   DFND 1 315,000 0 0
Unilever PLC ADR COM 904767704 73,187 1,527,600 SH   DFND 1 1,527,600 0 0
Union Pacific COM 907818108 7,381 84,600 SH   DFND 1 84,600 0 0
United Health Group Inc COM 91324P102 93,616 663,000 SH   DFND 1 663,000 0 0
United Technologies COM 913017109 8,963 87,400 SH   DFND 1 87,400 0 0
VF Corp COM 918204108 941 15,300 SH   DFND 1 15,300 0 0
Verisk Analytics Inc COM 92345Y106 4,216 52,000 SH   DFND 1 52,000 0 0
Visa COM 92826C839 63,912 861,700 SH   DFND 1 861,700 0 0
W.P. Carey COM 92936U109 3,124 45,000 SH   SOLE   45,000 0 0
W.P. Carey COM 92936U109 62,839 905,200 SH   DFND 1 905,200 0 0
Walgreens Boots Alliance Inc COM 931427108 177,781 2,135,000 SH   DFND 1 2,135,000 0 0
Watsco Inc COM 942622200 21,174 150,500 SH   DFND 1 150,500 0 0