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 12,659 77,000 SH   SOLE   77,000 0 0
3M Company COM 88579Y101 24,002 146,000 SH   DFND 1 146,000 0 0
Accenture COM G1151C101 12,907 67,100 SH   SOLE   67,100 0 0
Accenture COM G1151C101 17,754 92,300 SH   DFND 1 92,300 0 0
Activision Blizzard Inc COM 00507V109 95 1,800 SH   SOLE   1,800 0 0
Activision Blizzard Inc COM 00507V109 14,765 279,000 SH   DFND 1 279,000 0 0
Albemarle Corp COM 012653101 5,075 73,000 SH   DFND 1 73,000 0 0
Alleghany Corporation COM 017175100 3,453 4,328 SH   SOLE   4,328 0 0
Alphabet Inc COM 02079K107 25,293 20,749 SH   SOLE   20,749 0 0
Alphabet Inc COM 02079K107 137,124 112,489 SH   DFND 1 112,489 0 0
Alphabet Inc Class A COM 02079K305 4,030 3,300 SH   SOLE   3,300 0 0
Alphabet Inc Class A COM 02079K305 11,234 9,200 SH   DFND 1 9,200 0 0
Amazon.com COM 023135106 33,677 19,400 SH   SOLE   19,400 0 0
Amazon.com COM 023135106 135,153 77,857 SH   DFND 1 77,857 0 0
American Express COM 025816109 1,183 10,000 SH   SOLE   10,000 0 0
American Express COM 025816109 54,563 461,300 SH   DFND 1 461,300 0 0
American Tower COM 03027X100 221 1,000 SH   SOLE   1,000 0 0
American Tower COM 03027X100 9,752 44,100 SH   DFND 1 44,100 0 0
Analog Devices Inc COM 032654105 22,744 203,565 SH   SOLE   203,565 0 0
Analog Devices Inc COM 032654105 71,535 640,246 SH   DFND 1 640,246 0 0
Anheuser-Busch Inbev ADR COM 03524A108 1,237 13,000 SH   DFND 1 13,000 0 0
Anthem Inc COM 036752103 6,963 29,000 SH   SOLE   29,000 0 0
Anthem Inc COM 036752103 46,819 195,000 SH   DFND 1 195,000 0 0
Aon Corporation COM G0408V102 7,162 37,000 SH   DFND 1 37,000 0 0
Apollo Global Management - A COM 03768E105 851 22,500 SH   SOLE   22,500 0 0
Apollo Global Management - A COM 03768E105 37,442 990,000 SH   DFND 1 990,000 0 0
Apple Inc COM 037833100 2,699 12,050 SH   SOLE   12,050 0 0
Apple Inc COM 037833100 63,862 285,135 SH   DFND 1 285,135 0 0
Archer Daniels COM 039483102 24,396 594,000 SH   SOLE   594,000 0 0
Archer Daniels COM 039483102 35,702 869,300 SH   DFND 1 869,300 0 0
Automatic Data Processing COM 053015103 20,500 127,000 SH   SOLE   127,000 0 0
Automatic Data Processing COM 053015103 65,165 403,700 SH   DFND 1 403,700 0 0
Autonation Inc COM 05329W102 61 1,200 SH   SOLE   1,200 0 0
Autonation Inc COM 05329W102 2,130 42,010 SH   DFND 1 42,010 0 0
Ball Corporation COM 058498106 2,257 31,000 SH   DFND 1 31,000 0 0
Bank of New York Mellon Corp COM 064058100 9,313 206,000 SH   DFND 1 206,000 0 0
Berkshire Hathaway Class B COM 084670702 137,630 661,620 SH   SOLE   661,620 0 0
Berkshire Hathaway Class B COM 084670702 179,633 863,537 SH   DFND 1 863,537 0 0
Berkshire Hathaway, Inc. COM 084670108 106,023 340 SH   SOLE   340 0 0
Berkshire Hathaway, Inc. COM 084670108 235,745 756 SH   DFND 1 756 0 0
Blackrock Inc COM 09247X101 5,348 12,000 SH   SOLE   12,000 0 0
Blackrock Inc COM 09247X101 91,445 205,200 SH   DFND 1 205,200 0 0
Blackstone Group COM 09260D107 1,685 34,500 SH   SOLE   34,500 0 0
Blackstone Group COM 09260D107 57,216 1,171,500 SH   DFND 1 1,171,500 0 0
Boeing Co COM 097023105 4,528 11,900 SH   SOLE   11,900 0 0
Boeing Co COM 097023105 31,389 82,500 SH   DFND 1 82,500 0 0
Booking Holdings Inc COM 09857L108 393 200 SH   DFND 1 200 0 0
Brookfield Asset Management COM 112585104 79,889 1,504,782 SH   SOLE   1,504,782 0 0
Brookfield Asset Management COM 112585104 227,085 4,277,359 SH   DFND 1 4,277,359 0 0
Brown Forman Class A COM 115637100 29,433 492,600 SH   SOLE   492,600 0 0
Brown Forman Class A COM 115637100 20,936 350,400 SH   DFND 1 350,400 0 0
Brown-Forman Class B COM 115637209 14,235 226,750 SH   SOLE   226,750 0 0
Brown-Forman Class B COM 115637209 15,534 247,437 SH   DFND 1 247,437 0 0
CDK Global Inc COM 12508E101 2,036 42,333 SH   SOLE   42,333 0 0
CDK Global Inc COM 12508E101 6,471 134,564 SH   DFND 1 134,564 0 0
CVS Corporation COM 126650100 126 2,000 SH   SOLE   2,000 0 0
CVS Corporation COM 126650100 20,245 321,000 SH   DFND 1 321,000 0 0
Cable One COM 12685J105 6,524 5,200 SH   DFND 1 5,200 0 0
Carmax COM 143130102 98,483 1,119,126 SH   SOLE   1,119,126 0 0
Carmax COM 143130102 333,867 3,793,944 SH   DFND 1 3,793,944 0 0
Caterpillar Inc COM 149123101 1,263 10,000 SH   SOLE   10,000 0 0
Caterpillar Inc COM 149123101 33,851 268,000 SH   DFND 1 268,000 0 0
Charles Schwab COM 808513105 5,145 123,000 SH   SOLE   123,000 0 0
Charles Schwab COM 808513105 39,571 946,000 SH   DFND 1 946,000 0 0
Choice Hotels Intl Inc COM 169905106 267 3,000 SH   SOLE   3,000 0 0
Choice Hotels Intl Inc COM 169905106 16,369 184,000 SH   DFND 1 184,000 0 0
Cisco COM 17275R102 7,313 148,000 SH   SOLE   148,000 0 0
Cisco COM 17275R102 9,586 194,000 SH   DFND 1 194,000 0 0
Citigroup Inc COM 172967424 91 1,320 SH   SOLE   1,320 0 0
Citigroup Inc COM 172967424 1,164 16,850 SH   DFND 1 16,850 0 0
Colfax Corporation COM 194014106 31,532 1,085,070 SH   SOLE   1,085,070 0 0
Colfax Corporation COM 194014106 1,453 50,000 SH   DFND 1 50,000 0 0
Comcast Corp- Class A COM 20030N101 4,643 103,000 SH   SOLE   103,000 0 0
Comcast Corp- Class A COM 20030N101 18,843 418,000 SH   DFND 1 418,000 0 0
Costco COM 22160K105 3,745 13,000 SH   SOLE   13,000 0 0
Costco COM 22160K105 7,534 26,150 SH   DFND 1 26,150 0 0
Crown Holdings Inc COM 228368106 6,672 101,000 SH   DFND 1 101,000 0 0
DR Horton Inc COM 23331A109 45 850 SH   SOLE   850 0 0
DR Horton Inc COM 23331A109 1,507 28,597 SH   DFND 1 28,597 0 0
Delta Air Lines COM 247361702 346 6,000 SH   SOLE   6,000 0 0
Delta Air Lines COM 247361702 20,506 356,000 SH   DFND 1 356,000 0 0
Diageo PLC COM 25243Q205 96,199 588,300 SH   SOLE   588,300 0 0
Diageo PLC COM 25243Q205 124,520 761,500 SH   DFND 1 761,500 0 0
Discovery Communications COM 25470F302 369 15,000 SH   SOLE   15,000 0 0
Discovery Communications COM 25470F302 16,298 662,000 SH   DFND 1 662,000 0 0
Disney COM 254687106 44,921 344,700 SH   SOLE   344,700 0 0
Disney COM 254687106 195,252 1,498,250 SH   DFND 1 1,498,250 0 0
Dollar Tree Inc COM 256746108 1,484 13,000 SH   SOLE   13,000 0 0
Dollar Tree Inc COM 256746108 12,558 110,000 SH   DFND 1 110,000 0 0
Ecolab COM 278865100 4,555 23,000 SH   SOLE   23,000 0 0
Ecolab COM 278865100 54,421 274,800 SH   DFND 1 274,800 0 0
Electronic Arts Inc COM 285512109 88 900 SH   SOLE   900 0 0
Electronic Arts Inc COM 285512109 11,885 121,500 SH   DFND 1 121,500 0 0
Equifax Inc COM 294429105 11,887 84,500 SH   DFND 1 84,500 0 0
Facebook COM 30303M102 3,314 18,610 SH   SOLE   18,610 0 0
Facebook COM 30303M102 22,043 123,780 SH   DFND 1 123,780 0 0
Factset Research COM 303075105 5,588 23,000 SH   SOLE   23,000 0 0
Factset Research COM 303075105 22,715 93,490 SH   DFND 1 93,490 0 0
General Dynamics COM 369550108 8,040 44,000 SH   SOLE   44,000 0 0
General Dynamics COM 369550108 62,676 343,000 SH   DFND 1 343,000 0 0
Goldman Sachs COM 38141G104 3,699 17,850 SH   SOLE   17,850 0 0
Goldman Sachs COM 38141G104 65,555 316,340 SH   DFND 1 316,340 0 0
Graham Holdings Co COM 384637104 3,450 5,200 SH   DFND 1 5,200 0 0
Hasbro, Inc COM 418056107 12,391 104,400 SH   SOLE   104,400 0 0
Hasbro, Inc COM 418056107 30,812 259,600 SH   DFND 1 259,600 0 0
Healthcare Services Group COM 421906108 486 20,000 SH   SOLE   20,000 0 0
Healthcare Services Group COM 421906108 9,145 376,500 SH   DFND 1 376,500 0 0
Heico Corp Class A COM 422806208 749 7,702 SH   SOLE   7,702 0 0
Heico Corp Class A COM 422806208 32,175 330,642 SH   DFND 1 330,642 0 0
Hexcel Corp COM 428291108 329 4,000 SH   SOLE   4,000 0 0
Hexcel Corp COM 428291108 13,880 169,000 SH   DFND 1 169,000 0 0
Home Depot COM 437076102 8,585 37,000 SH   SOLE   37,000 0 0
Home Depot COM 437076102 204,874 883,000 SH   DFND 1 883,000 0 0
Illinois Tool Works COM 452308109 13,302 85,000 SH   SOLE   85,000 0 0
Illinois Tool Works COM 452308109 31,454 201,000 SH   DFND 1 201,000 0 0
Illumina Inc COM 452327109 304 1,000 SH   DFND 1 1,000 0 0
Intl Flavors & Fragrances COM 459506101 1,840 15,000 SH   SOLE   15,000 0 0
Intl Flavors & Fragrances COM 459506101 8,527 69,500 SH   DFND 1 69,500 0 0
Investors Title Company COM 461804106 34,149 213,300 SH   DFND 1 213,300 0 0
JP Morgan COM 46625H100 24,622 209,210 SH   DFND 1 209,210 0 0
John Deere COM 244199105 169,675 1,005,900 SH   DFND 1 1,005,900 0 0
Johnson and Johnson COM 478160104 14,775 114,200 SH   SOLE   114,200 0 0
Johnson and Johnson COM 478160104 64,250 496,600 SH   DFND 1 496,600 0 0
KKR & Co LLC COM 48251W104 483 18,000 SH   SOLE   18,000 0 0
KKR & Co LLC COM 48251W104 35,243 1,312,600 SH   DFND 1 1,312,600 0 0
Kraft Heinz Co COM 500754106 978 35,000 SH   DFND 1 35,000 0 0
Lennar Corp - B COM 526057302 965 21,750 SH   DFND 1 21,750 0 0
Lennar Corporation COM 526057104 31 550 SH   SOLE   550 0 0
Lennar Corporation COM 526057104 299 5,350 SH   DFND 1 5,350 0 0
Liberty Broadband A COM 530307107 2,273 21,750 SH   SOLE   21,750 0 0
Liberty Broadband A COM 530307107 19,179 183,500 SH   DFND 1 183,500 0 0
Liberty Broadband Class C COM 530307305 4,276 40,853 SH   SOLE   40,853 0 0
Liberty Broadband Class C COM 530307305 13,739 131,260 SH   DFND 1 131,260 0 0
Liberty Global PLC COM G5480U104 74 3,000 SH   SOLE   3,000 0 0
Liberty Global PLC COM G5480U104 4,356 176,000 SH   DFND 1 176,000 0 0
Liberty Media Group A COM 531229870 752 19,000 SH   SOLE   19,000 0 0
Liberty Media Group A COM 531229870 8,334 210,500 SH   DFND 1 210,500 0 0
Liberty Media Group C COM 531229854 1,206 29,000 SH   SOLE   29,000 0 0
Liberty Media Group C COM 531229854 9,586 230,500 SH   DFND 1 230,500 0 0
Liberty Sirius Group A COM 531229409 2,162 52,000 SH   SOLE   52,000 0 0
Liberty Sirius Group A COM 531229409 15,547 374,000 SH   DFND 1 374,000 0 0
Liberty Sirius Group C COM 531229607 5,623 134,000 SH   SOLE   134,000 0 0
Liberty Sirius Group C COM 531229607 16,280 388,000 SH   DFND 1 388,000 0 0
Linde PLC COM G5494J103 1,143 5,900 SH   SOLE   5,900 0 0
Linde PLC COM G5494J103 17,144 88,500 SH   DFND 1 88,500 0 0
Live Nation COM 538034109 697 10,500 SH   SOLE   10,500 0 0
Live Nation COM 538034109 31,724 478,200 SH   DFND 1 478,200 0 0
Lowes COM 548661107 23,861 217,000 SH   SOLE   217,000 0 0
Lowes COM 548661107 38,816 353,000 SH   DFND 1 353,000 0 0
MSCI COM 55354G100 218 1,000 SH   SOLE   1,000 0 0
MSCI COM 55354G100 29,614 136,000 SH   DFND 1 136,000 0 0
Marriott International COM 571903202 25,875 208,049 SH   SOLE   208,049 0 0
Marriott International COM 571903202 169,917 1,366,220 SH   DFND 1 1,366,220 0 0
Marsh & McLennan COM 571748102 1,751 17,500 SH   SOLE   17,500 0 0
Marsh & McLennan COM 571748102 59,230 592,000 SH   DFND 1 592,000 0 0
Mastercard, Inc COM 57636Q104 9,777 36,000 SH   SOLE   36,000 0 0
Mastercard, Inc COM 57636Q104 45,189 166,400 SH   DFND 1 166,400 0 0
Maxim Integrated Products COM 57772K101 4,054 70,000 SH   SOLE   70,000 0 0
Maxim Integrated Products COM 57772K101 10,540 182,000 SH   DFND 1 182,000 0 0
McKesson Corp COM 58155Q103 642 4,700 SH   SOLE   4,700 0 0
McKesson Corp COM 58155Q103 7,571 55,400 SH   DFND 1 55,400 0 0
Microchip Technology COM 595017104 372 4,000 SH   SOLE   4,000 0 0
Microchip Technology COM 595017104 14,401 155,000 SH   DFND 1 155,000 0 0
Microsoft Corp COM 594918104 11,818 85,000 SH   SOLE   85,000 0 0
Microsoft Corp COM 594918104 52,581 378,200 SH   DFND 1 378,200 0 0
Mohawk Industries COM 608190104 620 5,000 SH   SOLE   5,000 0 0
Mohawk Industries COM 608190104 25,807 208,000 SH   DFND 1 208,000 0 0
Moody's Corp COM 615369105 21,302 104,000 SH   SOLE   104,000 0 0
Moody's Corp COM 615369105 20,960 102,330 SH   DFND 1 102,330 0 0
NVR Inc COM 62944T105 372 100 SH   SOLE   100 0 0
NVR Inc COM 62944T105 26,598 7,155 SH   DFND 1 7,155 0 0
Nike COM 654106103 7,701 82,000 SH   SOLE   82,000 0 0
Nike COM 654106103 26,673 284,000 SH   DFND 1 284,000 0 0
Norfolk Southern COM 655844108 13,115 73,000 SH   SOLE   73,000 0 0
Norfolk Southern COM 655844108 28,117 156,500 SH   DFND 1 156,500 0 0
Novo-Nordisk A/S COM 670100205 27,142 525,000 SH   SOLE   525,000 0 0
Novo-Nordisk A/S COM 670100205 28,435 550,000 SH   DFND 1 550,000 0 0
Parker-Hannifin Corp COM 701094104 1,102 6,100 SH   SOLE   6,100 0 0
Parker-Hannifin Corp COM 701094104 20,319 112,500 SH   DFND 1 112,500 0 0
Paychex COM 704326107 5,794 70,000 SH   SOLE   70,000 0 0
Paychex COM 704326107 6,622 80,000 SH   DFND 1 80,000 0 0
Penske Automotive Group COM 70959W103 1,182 25,000 SH   SOLE   25,000 0 0
Penske Automotive Group COM 70959W103 2,222 47,000 SH   DFND 1 47,000 0 0
Pepsico COM 713448108 2,605 19,000 SH   SOLE   19,000 0 0
Pepsico COM 713448108 17,357 126,600 SH   DFND 1 126,600 0 0
Philip Morris International COM 718172109 8,694 114,500 SH   DFND 1 114,500 0 0
Progressive Corp COM 743315103 4,635 60,000 SH   SOLE   60,000 0 0
Progressive Corp COM 743315103 40,015 518,000 SH   DFND 1 518,000 0 0
RLI Corporation COM 749607107 25,736 277,000 SH   SOLE   277,000 0 0
RLI Corporation COM 749607107 85,502 920,272 SH   DFND 1 920,272 0 0
Rockwell Automation Inc COM 773903109 1,302 7,900 SH   SOLE   7,900 0 0
Rockwell Automation Inc COM 773903109 20,880 126,700 SH   DFND 1 126,700 0 0
Rollins, Inc. COM 775711104 1,249 36,650 SH   SOLE   36,650 0 0
Rollins, Inc. COM 775711104 26,292 771,700 SH   DFND 1 771,700 0 0
S&P Global COM 78409V104 245 1,000 SH   SOLE   1,000 0 0
S&P Global COM 78409V104 35,767 146,000 SH   DFND 1 146,000 0 0
SEI Investments Co COM 784117103 3,496 59,000 SH   SOLE   59,000 0 0
SEI Investments Co COM 784117103 19,212 324,200 SH   DFND 1 324,200 0 0
Scotts Miracle-Gro Co COM 810186106 3,564 35,000 SH   SOLE   35,000 0 0
Scotts Miracle-Gro Co COM 810186106 38,284 376,000 SH   DFND 1 376,000 0 0
Shake Shack Inc - Class A COM 819047101 294 3,000 SH   SOLE   3,000 0 0
Shake Shack Inc - Class A COM 819047101 2,647 27,000 SH   DFND 1 27,000 0 0
Sherwin Williams COM 824348106 17,046 31,000 SH   DFND 1 31,000 0 0
Southwest Airlines COM 844741108 918 17,000 SH   SOLE   17,000 0 0
Southwest Airlines COM 844741108 22,603 418,500 SH   DFND 1 418,500 0 0
Starbucks Corp COM 855244109 3,581 40,500 SH   SOLE   40,500 0 0
Starbucks Corp COM 855244109 41,157 465,468 SH   DFND 1 465,468 0 0
Stericycle Inc COM 858912108 1,273 25,000 SH   SOLE   25,000 0 0
Stericycle Inc COM 858912108 27,655 543,000 SH   DFND 1 543,000 0 0
T.Rowe Price COM 74144T108 3,656 32,000 SH   SOLE   32,000 0 0
T.Rowe Price COM 74144T108 32,218 282,000 SH   DFND 1 282,000 0 0
Texas Instruments Inc COM 882508104 22,746 176,000 SH   SOLE   176,000 0 0
Texas Instruments Inc COM 882508104 68,174 527,500 SH   DFND 1 527,500 0 0
The Carlyle Group COM 14309L102 1,137 44,500 SH   SOLE   44,500 0 0
The Carlyle Group COM 14309L102 28,947 1,132,500 SH   DFND 1 1,132,500 0 0
The Travelers Companies Inc COM 89417E109 46,837 315,000 SH   DFND 1 315,000 0 0
TransUnion COM 89400J107 243 3,000 SH   SOLE   3,000 0 0
TransUnion COM 89400J107 5,921 73,000 SH   DFND 1 73,000 0 0
Trupanion COM 898202106 127 5,000 SH   SOLE   5,000 0 0
Trupanion COM 898202106 1,830 72,000 SH   DFND 1 72,000 0 0
Tyson Foods COM 902494103 431 5,000 SH   SOLE   5,000 0 0
Tyson Foods COM 902494103 28,555 331,500 SH   DFND 1 331,500 0 0
Unilever PLC ADR COM 904767704 240 4,000 SH   SOLE   4,000 0 0
Unilever PLC ADR COM 904767704 91,568 1,523,600 SH   DFND 1 1,523,600 0 0
Union Pacific COM 907818108 1,798 11,100 SH   SOLE   11,100 0 0
Union Pacific COM 907818108 12,030 74,270 SH   DFND 1 74,270 0 0
United Health Group Inc COM 91324P102 24,383 112,200 SH   SOLE   112,200 0 0
United Health Group Inc COM 91324P102 105,791 486,800 SH   DFND 1 486,800 0 0
United Technologies COM 913017109 7,454 54,600 SH   SOLE   54,600 0 0
United Technologies COM 913017109 23,126 169,400 SH   DFND 1 169,400 0 0
Verisk Analytics Inc COM 92345Y106 158 1,000 SH   SOLE   1,000 0 0
Verisk Analytics Inc COM 92345Y106 11,544 73,000 SH   DFND 1 73,000 0 0
Visa COM 92826C839 14,810 86,100 SH   SOLE   86,100 0 0
Visa COM 92826C839 148,513 863,400 SH   DFND 1 863,400 0 0
WR Berkley Corp COM 084423102 1,950 27,000 SH   DFND 1 27,000 0 0
Walgreens Boots Alliance Inc COM 931427108 37,923 685,650 SH   SOLE   685,650 0 0
Walgreens Boots Alliance Inc COM 931427108 81,021 1,464,850 SH   DFND 1 1,464,850 0 0
Watsco Inc COM 942622200 4,585 27,100 SH   SOLE   27,100 0 0
Watsco Inc COM 942622200 59,111 349,400 SH   DFND 1 349,400 0 0
Wells Fargo COM 949746101 1,614 32,000 SH   SOLE   32,000 0 0
Wells Fargo COM 949746101 6,144 121,800 SH   DFND 1 121,800 0 0
Whirlpool Corp COM 963320106 828 5,230 SH   SOLE   5,230 0 0
Whirlpool Corp COM 963320106 39,728 250,869 SH   DFND 1 250,869 0 0