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 | 7,767 | 33,000 | SH | SOLE | 33,000 | 0 | 0 | ||
| 3M Company | COM | 88579Y101 | 40,248 | 171,000 | SH | DFND | 1 | 171,000 | 0 | 0 | |
| Accenture | COM | G1151C101 | 1,531 | 10,000 | SH | SOLE | 10,000 | 0 | 0 | ||
| Accenture | COM | G1151C101 | 22,872 | 149,400 | SH | DFND | 1 | 149,400 | 0 | 0 | |
| Albemarle Corp | COM | 012653101 | 9,336 | 73,000 | SH | DFND | 1 | 73,000 | 0 | 0 | |
| Alleghany Corporation | COM | 017175100 | 2,580 | 4,328 | SH | SOLE | 4,328 | 0 | 0 | ||
| Allergan, Inc. | COM | G0177J108 | 5,398 | 33,000 | SH | DFND | 1 | 33,000 | 0 | 0 | |
| Alphabet Inc | COM | 02079K107 | 101,533 | 97,031 | SH | DFND | 1 | 97,031 | 0 | 0 | |
| Alphabet Inc Class A | COM | 02079K305 | 13,167 | 12,500 | SH | DFND | 1 | 12,500 | 0 | 0 | |
| Amazon.com | COM | 023135106 | 93,558 | 80,000 | SH | DFND | 1 | 80,000 | 0 | 0 | |
| American Express | COM | 025816109 | 993 | 10,000 | SH | SOLE | 10,000 | 0 | 0 | ||
| American Express | COM | 025816109 | 37,341 | 376,000 | SH | DFND | 1 | 376,000 | 0 | 0 | |
| American Tower | COM | 03027X100 | 5,065 | 35,500 | SH | DFND | 1 | 35,500 | 0 | 0 | |
| Analog Devices Inc | COM | 032654105 | 47,881 | 537,811 | SH | DFND | 1 | 537,811 | 0 | 0 | |
| Anthem Inc | COM | 036752103 | 50,402 | 224,000 | SH | DFND | 1 | 224,000 | 0 | 0 | |
| Aon Corporation | COM | G0408V102 | 4,958 | 37,000 | SH | DFND | 1 | 37,000 | 0 | 0 | |
| Apollo Global Management - A | COM | 037612306 | 22,927 | 685,000 | SH | DFND | 1 | 685,000 | 0 | 0 | |
| Apple Inc | COM | 037833100 | 19,140 | 113,100 | SH | DFND | 1 | 113,100 | 0 | 0 | |
| Archer Daniels | COM | 039483102 | 58,649 | 1,463,300 | SH | DFND | 1 | 1,463,300 | 0 | 0 | |
| Automatic Data Processing | COM | 053015103 | 62,193 | 530,700 | SH | DFND | 1 | 530,700 | 0 | 0 | |
| Baxter International Inc | COM | 071813109 | 1,422 | 22,000 | SH | DFND | 1 | 22,000 | 0 | 0 | |
| Becton Dickinson | COM | 075887109 | 1,927 | 9,000 | SH | DFND | 1 | 9,000 | 0 | 0 | |
| Berkshire Hathaway Class B | COM | 084670702 | 96,157 | 485,100 | SH | SOLE | 485,100 | 0 | 0 | ||
| Berkshire Hathaway Class B | COM | 084670702 | 203,474 | 1,026,507 | SH | DFND | 1 | 1,026,507 | 0 | 0 | |
| Berkshire Hathaway, Inc. | COM | 084670108 | 116,957 | 393 | SH | SOLE | 393 | 0 | 0 | ||
| Berkshire Hathaway, Inc. | COM | 084670108 | 206,832 | 695 | SH | DFND | 1 | 695 | 0 | 0 | |
| Blackrock Inc | COM | 09247X101 | 92,468 | 180,000 | SH | DFND | 1 | 180,000 | 0 | 0 | |
| Blackstone Group | COM | 09253U108 | 27,217 | 850,000 | SH | DFND | 1 | 850,000 | 0 | 0 | |
| Boeing Co | COM | 097023105 | 27,840 | 94,400 | SH | DFND | 1 | 94,400 | 0 | 0 | |
| Bristol Myers Squibb | COM | 110122108 | 613 | 10,000 | SH | DFND | 1 | 10,000 | 0 | 0 | |
| Brookfield Asset Management | COM | 112585104 | 28,083 | 645,000 | SH | SOLE | 645,000 | 0 | 0 | ||
| Brookfield Asset Management | COM | 112585104 | 208,592 | 4,790,821 | SH | DFND | 1 | 4,790,821 | 0 | 0 | |
| Brookfield Business Partners | COM | G16234109 | 445 | 12,900 | SH | SOLE | 12,900 | 0 | 0 | ||
| Brookfield Business Partners | COM | G16234109 | 3,062 | 88,694 | SH | DFND | 1 | 88,694 | 0 | 0 | |
| Brown Forman Class A | COM | 115637100 | 10,691 | 159,000 | SH | SOLE | 159,000 | 0 | 0 | ||
| Brown Forman Class A | COM | 115637100 | 45,992 | 684,000 | SH | DFND | 1 | 684,000 | 0 | 0 | |
| Brown-Forman Class B | COM | 115637209 | 14,472 | 210,750 | SH | DFND | 1 | 210,750 | 0 | 0 | |
| Bunge Limited | COM | G16962105 | 4,816 | 71,800 | SH | DFND | 1 | 71,800 | 0 | 0 | |
| CDK Global Inc | COM | 12508E101 | 24 | 333 | SH | SOLE | 333 | 0 | 0 | ||
| CDK Global Inc | COM | 12508E101 | 12,585 | 176,564 | SH | DFND | 1 | 176,564 | 0 | 0 | |
| CME Group Inc | COM | 12572Q105 | 19,717 | 135,000 | SH | DFND | 1 | 135,000 | 0 | 0 | |
| CVS Corporation | COM | 126650100 | 19,357 | 267,000 | SH | DFND | 1 | 267,000 | 0 | 0 | |
| Cable One | COM | 12685J105 | 3,657 | 5,200 | SH | DFND | 1 | 5,200 | 0 | 0 | |
| Carmax | COM | 143130102 | 59,281 | 924,386 | SH | SOLE | 924,386 | 0 | 0 | ||
| Carmax | COM | 143130102 | 255,794 | 3,988,684 | SH | DFND | 1 | 3,988,684 | 0 | 0 | |
| Caterpillar Inc | COM | 149123101 | 43,807 | 278,000 | SH | DFND | 1 | 278,000 | 0 | 0 | |
| Charles Schwab | COM | 808513105 | 54,298 | 1,057,000 | SH | DFND | 1 | 1,057,000 | 0 | 0 | |
| Choice Hotels Intl Inc | COM | 169905106 | 3,492 | 45,000 | SH | DFND | 1 | 45,000 | 0 | 0 | |
| Cisco | COM | 17275R102 | 13,099 | 342,000 | SH | DFND | 1 | 342,000 | 0 | 0 | |
| Colfax Corporation | COM | 194014106 | 42,990 | 1,085,070 | SH | SOLE | 1,085,070 | 0 | 0 | ||
| Colfax Corporation | COM | 194014106 | 1,981 | 50,000 | SH | DFND | 1 | 50,000 | 0 | 0 | |
| Comcast Corp- Class A | COM | 20030n101 | 8,451 | 211,000 | SH | DFND | 1 | 211,000 | 0 | 0 | |
| Costco | COM | 22160K105 | 2,420 | 13,000 | SH | SOLE | 13,000 | 0 | 0 | ||
| Costco | COM | 22160K105 | 4,839 | 26,000 | SH | DFND | 1 | 26,000 | 0 | 0 | |
| Diageo PLC | COM | 25243Q205 | 64,034 | 438,500 | SH | SOLE | 438,500 | 0 | 0 | ||
| Diageo PLC | COM | 25243Q205 | 133,077 | 911,300 | SH | DFND | 1 | 911,300 | 0 | 0 | |
| Discovery Communications | COM | 25470F302 | 21,763 | 1,028,000 | SH | DFND | 1 | 1,028,000 | 0 | 0 | |
| Disney | COM | 254687106 | 182,681 | 1,699,200 | SH | DFND | 1 | 1,699,200 | 0 | 0 | |
| Dollar Tree Inc | COM | 256746108 | 9,443 | 88,000 | SH | DFND | 1 | 88,000 | 0 | 0 | |
| Ecolab | COM | 278865100 | 30,700 | 228,800 | SH | DFND | 1 | 228,800 | 0 | 0 | |
| COM | 30303M102 | 19,146 | 108,500 | SH | DFND | 1 | 108,500 | 0 | 0 | ||
| Factset Research | COM | 303075105 | 31,613 | 164,000 | SH | DFND | 1 | 164,000 | 0 | 0 | |
| Flowserve | COM | 34354P105 | 2,823 | 67,000 | SH | DFND | 1 | 67,000 | 0 | 0 | |
| General Dynamics | COM | 369550108 | 203 | 1,000 | SH | SOLE | 1,000 | 0 | 0 | ||
| General Dynamics | COM | 369550108 | 78,532 | 386,000 | SH | DFND | 1 | 386,000 | 0 | 0 | |
| General Electric | COM | 369604103 | 1,658 | 95,000 | SH | DFND | 1 | 95,000 | 0 | 0 | |
| Gilead Sciences Inc | COM | 375558103 | 2,364 | 33,000 | SH | DFND | 1 | 33,000 | 0 | 0 | |
| Goldman Sachs | COM | 38141G104 | 9,961 | 39,100 | SH | DFND | 1 | 39,100 | 0 | 0 | |
| Goodyear Tire & Rubber Co. | COM | 382550101 | 646 | 20,000 | SH | DFND | 1 | 20,000 | 0 | 0 | |
| Graham Holdings Co | COM | 384637104 | 2,903 | 5,200 | SH | DFND | 1 | 5,200 | 0 | 0 | |
| Hasbro, Inc | COM | 418056107 | 33,084 | 364,000 | SH | DFND | 1 | 364,000 | 0 | 0 | |
| Healthcare Services Group | COM | 421906108 | 2,900 | 55,000 | SH | DFND | 1 | 55,000 | 0 | 0 | |
| Heico Corp | COM | 422806109 | 354 | 3,750 | SH | DFND | 1 | 3,750 | 0 | 0 | |
| Heico Corp Class A | COM | 422806208 | 10,939 | 138,375 | SH | DFND | 1 | 138,375 | 0 | 0 | |
| Hershey Foods | COM | 427866108 | 2,736 | 24,100 | SH | DFND | 1 | 24,100 | 0 | 0 | |
| Hexcel Corp | COM | 428291108 | 5,319 | 86,000 | SH | DFND | 1 | 86,000 | 0 | 0 | |
| Home Depot | COM | 437076102 | 7,013 | 37,000 | SH | SOLE | 37,000 | 0 | 0 | ||
| Home Depot | COM | 437076102 | 167,355 | 883,000 | SH | DFND | 1 | 883,000 | 0 | 0 | |
| Hormel Foods | COM | 440452100 | 691 | 19,000 | SH | DFND | 1 | 19,000 | 0 | 0 | |
| IBM | COM | 459200101 | 2,409 | 15,700 | SH | DFND | 1 | 15,700 | 0 | 0 | |
| Illinois Tool Works | COM | 452308109 | 12,514 | 75,000 | SH | SOLE | 75,000 | 0 | 0 | ||
| Illinois Tool Works | COM | 452308109 | 25,862 | 155,000 | SH | DFND | 1 | 155,000 | 0 | 0 | |
| Illumina Inc | COM | 452327109 | 218 | 1,000 | SH | DFND | 1 | 1,000 | 0 | 0 | |
| Intl Flavors & Fragrances | COM | 459506101 | 1,221 | 8,000 | SH | DFND | 1 | 8,000 | 0 | 0 | |
| Investors Title Company | COM | 461804106 | 42,308 | 213,300 | SH | DFND | 1 | 213,300 | 0 | 0 | |
| JP Morgan | COM | 46625H100 | 19,570 | 183,000 | SH | DFND | 1 | 183,000 | 0 | 0 | |
| John Deere | COM | 244199105 | 171,441 | 1,095,400 | SH | DFND | 1 | 1,095,400 | 0 | 0 | |
| Johnson and Johnson | COM | 478160104 | 21,657 | 155,000 | SH | SOLE | 155,000 | 0 | 0 | ||
| Johnson and Johnson | COM | 478160104 | 63,684 | 455,800 | SH | DFND | 1 | 455,800 | 0 | 0 | |
| KKR & Co LLC | COM | 48248M102 | 20,365 | 967,000 | SH | DFND | 1 | 967,000 | 0 | 0 | |
| Liberty Braves Group A | COM | 531229706 | 939 | 42,600 | SH | DFND | 1 | 42,600 | 0 | 0 | |
| Liberty Braves Group C | COM | 531229888 | 2,217 | 99,788 | SH | DFND | 1 | 99,788 | 0 | 0 | |
| Liberty Broadband A | COM | 530307107 | 319 | 3,750 | SH | SOLE | 3,750 | 0 | 0 | ||
| Liberty Broadband A | COM | 530307107 | 17,138 | 201,500 | SH | DFND | 1 | 201,500 | 0 | 0 | |
| Liberty Broadband Class C | COM | 530307305 | 581 | 6,818 | SH | SOLE | 6,818 | 0 | 0 | ||
| Liberty Broadband Class C | COM | 530307305 | 14,077 | 165,295 | SH | DFND | 1 | 165,295 | 0 | 0 | |
| Liberty Global PLC | COM | G5480U104 | 4,444 | 124,000 | SH | DFND | 1 | 124,000 | 0 | 0 | |
| Liberty Global PLC Lilac | COM | G5480U138 | 297 | 14,720 | SH | DFND | 1 | 14,720 | 0 | 0 | |
| Liberty Media Group A | COM | 531229870 | 5,153 | 157,500 | SH | DFND | 1 | 157,500 | 0 | 0 | |
| Liberty Media Group C | COM | 531229854 | 8,865 | 259,500 | SH | DFND | 1 | 259,500 | 0 | 0 | |
| Liberty Sirius Group A | COM | 531229409 | 16,895 | 426,000 | SH | DFND | 1 | 426,000 | 0 | 0 | |
| Liberty Sirius Group C | COM | 531229607 | 1,190 | 30,000 | SH | SOLE | 30,000 | 0 | 0 | ||
| Liberty Sirius Group C | COM | 531229607 | 19,513 | 492,000 | SH | DFND | 1 | 492,000 | 0 | 0 | |
| Live Nation | COM | 538034109 | 17,781 | 417,700 | SH | DFND | 1 | 417,700 | 0 | 0 | |
| Lowes | COM | 548661107 | 8,829 | 95,000 | SH | SOLE | 95,000 | 0 | 0 | ||
| Lowes | COM | 548661107 | 44,146 | 475,000 | SH | DFND | 1 | 475,000 | 0 | 0 | |
| MSCI | COM | 55354G100 | 17,336 | 137,000 | SH | DFND | 1 | 137,000 | 0 | 0 | |
| Marriott International | COM | 571903202 | 13,845 | 102,000 | SH | SOLE | 102,000 | 0 | 0 | ||
| Marriott International | COM | 571903202 | 190,873 | 1,406,269 | SH | DFND | 1 | 1,406,269 | 0 | 0 | |
| Marsh & McLennan | COM | 571748102 | 49,607 | 609,500 | SH | DFND | 1 | 609,500 | 0 | 0 | |
| Mastercard, Inc | COM | 57636Q104 | 27,563 | 182,100 | SH | DFND | 1 | 182,100 | 0 | 0 | |
| Maxim Integrated Products | COM | 57772K101 | 10,299 | 197,000 | SH | DFND | 1 | 197,000 | 0 | 0 | |
| McKesson Corp | COM | 58155Q103 | 4,070 | 26,100 | SH | DFND | 1 | 26,100 | 0 | 0 | |
| Merck | COM | 58933Y105 | 315 | 5,600 | SH | DFND | 1 | 5,600 | 0 | 0 | |
| Microchip Technology | COM | 595017104 | 703 | 8,000 | SH | DFND | 1 | 8,000 | 0 | 0 | |
| Microsoft Corp | COM | 594918104 | 26,688 | 312,000 | SH | DFND | 1 | 312,000 | 0 | 0 | |
| Monsanto Co | COM | 61166W101 | 46,327 | 396,700 | SH | DFND | 1 | 396,700 | 0 | 0 | |
| Moody's Corp | COM | 615369105 | 42,807 | 290,000 | SH | DFND | 1 | 290,000 | 0 | 0 | |
| Nike | COM | 654106103 | 2,252 | 36,000 | SH | SOLE | 36,000 | 0 | 0 | ||
| Nike | COM | 654106103 | 20,641 | 330,000 | SH | DFND | 1 | 330,000 | 0 | 0 | |
| Norfolk Southern | COM | 655844108 | 33,255 | 229,500 | SH | DFND | 1 | 229,500 | 0 | 0 | |
| Novartis AG-Sponsored ADR | COM | 66987V109 | 311 | 3,700 | SH | DFND | 1 | 3,700 | 0 | 0 | |
| Novo-Nordisk A/S | COM | 670100205 | 57,695 | 1,075,000 | SH | DFND | 1 | 1,075,000 | 0 | 0 | |
| Oaktree Capital Group LLC | COM | 674001201 | 37,322 | 886,500 | SH | DFND | 1 | 886,500 | 0 | 0 | |
| Paccar | COM | 693718108 | 8,409 | 118,300 | SH | DFND | 1 | 118,300 | 0 | 0 | |
| Parker-Hannifin Corp | COM | 701094104 | 23,670 | 118,600 | SH | DFND | 1 | 118,600 | 0 | 0 | |
| Patterson Companies Inc. | COM | 703395103 | 6,070 | 168,000 | SH | DFND | 1 | 168,000 | 0 | 0 | |
| Paychex | COM | 704326107 | 10,212 | 150,000 | SH | DFND | 1 | 150,000 | 0 | 0 | |
| Penske Automotive Group | COM | 70959W103 | 3,445 | 72,000 | SH | DFND | 1 | 72,000 | 0 | 0 | |
| Pepsico | COM | 713448108 | 17,460 | 145,600 | SH | DFND | 1 | 145,600 | 0 | 0 | |
| Philip Morris International | COM | 718172109 | 12,097 | 114,500 | SH | DFND | 1 | 114,500 | 0 | 0 | |
| Praxair Inc. | COM | 74005P104 | 13,055 | 84,400 | SH | DFND | 1 | 84,400 | 0 | 0 | |
| Priceline Group Inc | COM | 741503403 | 348 | 200 | SH | DFND | 1 | 200 | 0 | 0 | |
| RLI Corporation | COM | 749607107 | 72,627 | 1,197,272 | SH | DFND | 1 | 1,197,272 | 0 | 0 | |
| Ritchie Bros | COM | 767744105 | 3,412 | 114,000 | SH | DFND | 1 | 114,000 | 0 | 0 | |
| Rockwell Automation Inc | COM | 773903109 | 25,094 | 127,800 | SH | DFND | 1 | 127,800 | 0 | 0 | |
| Rockwell Collins Inc | COM | 774341101 | 5,018 | 37,000 | SH | DFND | 1 | 37,000 | 0 | 0 | |
| Rollins, Inc. | COM | 775711104 | 20,645 | 443,700 | SH | DFND | 1 | 443,700 | 0 | 0 | |
| S&P Global | COM | 78409V104 | 24,902 | 147,000 | SH | DFND | 1 | 147,000 | 0 | 0 | |
| SEI Investments Co | COM | 784117103 | 22,004 | 306,200 | SH | DFND | 1 | 306,200 | 0 | 0 | |
| Sensata Technologies Holding | COM | N7902X106 | 8,586 | 168,000 | SH | DFND | 1 | 168,000 | 0 | 0 | |
| Starbucks Corp | COM | 855244109 | 2,986 | 52,000 | SH | DFND | 1 | 52,000 | 0 | 0 | |
| Stericycle Inc | COM | 858912108 | 15,774 | 232,000 | SH | DFND | 1 | 232,000 | 0 | 0 | |
| Synalloy Corporation | COM | 871565107 | 5,558 | 414,804 | SH | SOLE | 414,804 | 0 | 0 | ||
| T.Rowe Price | COM | 74144T108 | 1,154 | 11,000 | SH | SOLE | 11,000 | 0 | 0 | ||
| T.Rowe Price | COM | 74144T108 | 31,794 | 303,000 | SH | DFND | 1 | 303,000 | 0 | 0 | |
| Texas Instruments Inc | COM | 882508104 | 54,935 | 526,000 | SH | DFND | 1 | 526,000 | 0 | 0 | |
| The Carlyle Group | COM | 14309L102 | 18,251 | 797,000 | SH | DFND | 1 | 797,000 | 0 | 0 | |
| The Travelers Companies Inc | COM | 89417E109 | 42,727 | 315,000 | SH | DFND | 1 | 315,000 | 0 | 0 | |
| Tyson Foods | COM | 902494103 | 14,430 | 178,000 | SH | DFND | 1 | 178,000 | 0 | 0 | |
| Under Armour Inc-Class C | COM | 904311206 | 1,465 | 110,000 | SH | DFND | 1 | 110,000 | 0 | 0 | |
| Unilever PLC ADR | COM | 904767704 | 84,537 | 1,527,600 | SH | DFND | 1 | 1,527,600 | 0 | 0 | |
| Union Pacific | COM | 907818108 | 11,345 | 84,600 | SH | DFND | 1 | 84,600 | 0 | 0 | |
| United Health Group Inc | COM | 91324P102 | 1,146 | 5,200 | SH | SOLE | 5,200 | 0 | 0 | ||
| United Health Group Inc | COM | 91324P102 | 145,019 | 657,800 | SH | DFND | 1 | 657,800 | 0 | 0 | |
| United Technologies | COM | 913017109 | 21,049 | 165,000 | SH | DFND | 1 | 165,000 | 0 | 0 | |
| VF Corp | COM | 918204108 | 2,279 | 30,800 | SH | DFND | 1 | 30,800 | 0 | 0 | |
| Verisk Analytics Inc | COM | 92345Y106 | 7,008 | 73,000 | SH | DFND | 1 | 73,000 | 0 | 0 | |
| Visa | COM | 92826C839 | 456 | 4,000 | SH | SOLE | 4,000 | 0 | 0 | ||
| Visa | COM | 92826C839 | 103,792 | 910,300 | SH | DFND | 1 | 910,300 | 0 | 0 | |
| W.P. Carey | COM | 92936U109 | 3,100 | 45,000 | SH | SOLE | 45,000 | 0 | 0 | ||
| W.P. Carey | COM | 92936U109 | 62,368 | 905,200 | SH | DFND | 1 | 905,200 | 0 | 0 | |
| WR Berkley Corp | COM | 084423102 | 1,290 | 18,000 | SH | DFND | 1 | 18,000 | 0 | 0 | |
| Walgreens Boots Alliance Inc | COM | 931427108 | 45,387 | 625,000 | SH | SOLE | 625,000 | 0 | 0 | ||
| Walgreens Boots Alliance Inc | COM | 931427108 | 109,656 | 1,510,000 | SH | DFND | 1 | 1,510,000 | 0 | 0 | |
| Watsco Inc | COM | 942622200 | 40,044 | 235,500 | SH | DFND | 1 | 235,500 | 0 | 0 | |