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 12,334 77,000 SH   SOLE   77,000 0 0
3M Company COM 88579Y101 25,180 157,200 SH   DFND 1 157,200 0 0
Accenture COM G1151C101 15,164 67,100 SH   SOLE   67,100 0 0
Accenture COM G1151C101 20,859 92,300 SH   DFND 1 92,300 0 0
Activision Blizzard Inc COM 00507V109 146 1,800 SH   SOLE   1,800 0 0
Activision Blizzard Inc COM 00507V109 22,828 282,000 SH   DFND 1 282,000 0 0
Albemarle Corp COM 012653101 6,785 76,000 SH   DFND 1 76,000 0 0
Alleghany Corporation COM 017175100 2,253 4,328 SH   SOLE   4,328 0 0
Alphabet Inc COM 02079K107 62,089 42,249 SH   SOLE   42,249 0 0
Alphabet Inc COM 02079K107 139,971 95,244 SH   DFND 1 95,244 0 0
Alphabet Inc Class A COM 02079K305 4,836 3,300 SH   SOLE   3,300 0 0
Alphabet Inc Class A COM 02079K305 13,484 9,200 SH   DFND 1 9,200 0 0
Amazon.com COM 023135106 105,168 33,400 SH   SOLE   33,400 0 0
Amazon.com COM 023135106 204,800 65,042 SH   DFND 1 65,042 0 0
American Express COM 025816109 1,002 10,000 SH   SOLE   10,000 0 0
American Express COM 025816109 47,513 473,950 SH   DFND 1 473,950 0 0
American Tower COM 03027X100 242 1,000 SH   SOLE   1,000 0 0
American Tower COM 03027X100 12,123 50,150 SH   DFND 1 50,150 0 0
Analog Devices Inc COM 032654105 23,764 203,565 SH   SOLE   203,565 0 0
Analog Devices Inc COM 032654105 79,645 682,246 SH   DFND 1 682,246 0 0
Aon Corporation COM G0408V102 7,633 37,000 SH   DFND 1 37,000 0 0
Apollo Global Management - A COM 03768E105 1,007 22,500 SH   SOLE   22,500 0 0
Apollo Global Management - A COM 03768E105 44,302 990,000 SH   DFND 1 990,000 0 0
Apple Inc COM 037833100 5,582 48,200 SH   SOLE   48,200 0 0
Apple Inc COM 037833100 133,684 1,154,340 SH   DFND 1 1,154,340 0 0
Archer Daniels COM 039483102 27,615 594,000 SH   SOLE   594,000 0 0
Archer Daniels COM 039483102 41,111 884,300 SH   DFND 1 884,300 0 0
Ball Corporation COM 058498106 3,824 46,000 SH   DFND 1 46,000 0 0
Bank of New York Mellon Corp COM 064058100 12,019 350,000 SH   DFND 1 350,000 0 0
Berkshire Hathaway Class B COM 084670702 160,050 751,620 SH   SOLE   751,620 0 0
Berkshire Hathaway Class B COM 084670702 166,107 780,067 SH   DFND 1 780,067 0 0
Berkshire Hathaway, Inc. COM 084670108 185,601 580 SH   SOLE   580 0 0
Berkshire Hathaway, Inc. COM 084670108 170,881 534 SH   DFND 1 534 0 0
Blackrock Inc COM 09247X101 6,763 12,000 SH   SOLE   12,000 0 0
Blackrock Inc COM 09247X101 117,331 208,200 SH   DFND 1 208,200 0 0
Blackstone Group COM 09260D107 1,801 34,500 SH   SOLE   34,500 0 0
Blackstone Group COM 09260D107 62,353 1,194,500 SH   DFND 1 1,194,500 0 0
Brookfield Asset Management COM 112585104 95,698 2,894,673 SH   SOLE   2,894,673 0 0
Brookfield Asset Management COM 112585104 191,946 5,805,988 SH   DFND 1 5,805,988 0 0
Brown Forman Class A COM 115637100 33,832 492,600 SH   SOLE   492,600 0 0
Brown Forman Class A COM 115637100 24,065 350,400 SH   DFND 1 350,400 0 0
Brown-Forman Class B COM 115637209 17,079 226,750 SH   SOLE   226,750 0 0
Brown-Forman Class B COM 115637209 18,637 247,437 SH   DFND 1 247,437 0 0
CVS Corporation COM 126650100 117 2,000 SH   SOLE   2,000 0 0
CVS Corporation COM 126650100 19,272 330,000 SH   DFND 1 330,000 0 0
Cable One COM 12685J105 9,804 5,200 SH   DFND 1 5,200 0 0
Carrier Air Conditioning COM 14448C104 1,667 54,600 SH   SOLE   54,600 0 0
Carrier Air Conditioning COM 14448C104 5,173 169,400 SH   DFND 1 169,400 0 0
Caterpillar Inc COM 149123101 1,491 10,000 SH   SOLE   10,000 0 0
Caterpillar Inc COM 149123101 41,389 277,500 SH   DFND 1 277,500 0 0
Charles Schwab COM 808513105 4,456 123,000 SH   SOLE   123,000 0 0
Charles Schwab COM 808513105 35,226 972,300 SH   DFND 1 972,300 0 0
Cisco COM 17275R102 5,830 148,000 SH   SOLE   148,000 0 0
Cisco COM 17275R102 7,642 194,000 SH   DFND 1 194,000 0 0
Citigroup Inc COM 172967424 57 1,320 SH   SOLE   1,320 0 0
Citigroup Inc COM 172967424 918 21,300 SH   DFND 1 21,300 0 0
Colfax Corporation COM 194014106 34,028 1,085,070 SH   SOLE   1,085,070 0 0
Colfax Corporation COM 194014106 1,568 50,000 SH   DFND 1 50,000 0 0
Comcast Corp- Class A COM 20030n101 4,765 103,000 SH   SOLE   103,000 0 0
Comcast Corp- Class A COM 20030n101 19,383 419,000 SH   DFND 1 419,000 0 0
Costco COM 22160K105 4,615 13,000 SH   SOLE   13,000 0 0
Costco COM 22160K105 9,283 26,150 SH   DFND 1 26,150 0 0
Crown Holdings Inc COM 228368106 8,916 116,000 SH   DFND 1 116,000 0 0
DR Horton Inc COM 23331A109 64 850 SH   SOLE   850 0 0
DR Horton Inc COM 23331A109 994 13,149 SH   DFND 1 13,149 0 0
Diageo PLC COM 25243Q205 101,634 738,300 SH   SOLE   738,300 0 0
Diageo PLC COM 25243Q205 84,179 611,500 SH   DFND 1 611,500 0 0
Disney COM 254687106 67,586 544,700 SH   SOLE   544,700 0 0
Disney COM 254687106 163,498 1,317,680 SH   DFND 1 1,317,680 0 0
Eastman Chemical Company COM 277432100 469 6,000 SH   DFND 1 6,000 0 0
Ecolab COM 278865100 4,596 23,000 SH   SOLE   23,000 0 0
Ecolab COM 278865100 57,214 286,300 SH   DFND 1 286,300 0 0
Electronic Arts Inc COM 285512109 117 900 SH   SOLE   900 0 0
Electronic Arts Inc COM 285512109 16,210 124,300 SH   DFND 1 124,300 0 0
Equifax Inc COM 294429105 17,887 114,000 SH   DFND 1 114,000 0 0
Facebook COM 30303M102 4,874 18,610 SH   SOLE   18,610 0 0
Facebook COM 30303M102 33,102 126,390 SH   DFND 1 126,390 0 0
Factset Research COM 303075105 7,702 23,000 SH   SOLE   23,000 0 0
Factset Research COM 303075105 31,372 93,680 SH   DFND 1 93,680 0 0
General Dynamics COM 369550108 6,091 44,000 SH   SOLE   44,000 0 0
General Dynamics COM 369550108 47,481 343,000 SH   DFND 1 343,000 0 0
Goldman Sachs COM 38141G104 3,587 17,850 SH   SOLE   17,850 0 0
Goldman Sachs COM 38141G104 65,305 324,950 SH   DFND 1 324,950 0 0
Graham Holdings Co COM 384637104 2,101 5,200 SH   DFND 1 5,200 0 0
Guidewire Software Inc COM 40171V100 1,356 13,000 SH   DFND 1 13,000 0 0
Healthcare Services Group COM 421906108 431 20,000 SH   SOLE   20,000 0 0
Healthcare Services Group COM 421906108 14,608 678,500 SH   DFND 1 678,500 0 0
Heico Corp Class A COM 422806208 683 7,702 SH   SOLE   7,702 0 0
Heico Corp Class A COM 422806208 29,740 335,442 SH   DFND 1 335,442 0 0
Hexcel Corp COM 428291108 134 4,000 SH   SOLE   4,000 0 0
Hexcel Corp COM 428291108 6,207 185,000 SH   DFND 1 185,000 0 0
Home Depot COM 437076102 32,492 117,000 SH   SOLE   117,000 0 0
Home Depot COM 437076102 223,001 803,000 SH   DFND 1 803,000 0 0
Illinois Tool Works COM 452308109 16,423 85,000 SH   SOLE   85,000 0 0
Illinois Tool Works COM 452308109 46,853 242,500 SH   DFND 1 242,500 0 0
Illumina Inc COM 452327109 1,236 4,000 SH   DFND 1 4,000 0 0
Intl Flavors & Fragrances COM 459506101 1,837 15,000 SH   SOLE   15,000 0 0
Intl Flavors & Fragrances COM 459506101 11,265 92,000 SH   DFND 1 92,000 0 0
Investors Title Company COM 461804106 27,742 213,300 SH   DFND 1 213,300 0 0
JP Morgan COM 46625H100 20,924 217,350 SH   DFND 1 217,350 0 0
John Deere COM 244199105 167,508 755,800 SH   DFND 1 755,800 0 0
Johnson and Johnson COM 478160104 17,002 114,200 SH   SOLE   114,200 0 0
Johnson and Johnson COM 478160104 73,934 496,600 SH   DFND 1 496,600 0 0
KKR & Co LLC COM 48251W104 2,129 62,000 SH   SOLE   62,000 0 0
KKR & Co LLC COM 48251W104 45,240 1,317,400 SH   DFND 1 1,317,400 0 0
Lamar Advertising Company COM 512816109 562 8,500 SH   DFND 1 8,500 0 0
Lennar Corp - B COM 526057302 854 13,000 SH   DFND 1 13,000 0 0
Liberty Broadband A COM 530307107 3,084 21,750 SH   SOLE   21,750 0 0
Liberty Broadband A COM 530307107 26,022 183,500 SH   DFND 1 183,500 0 0
Liberty Broadband Class C COM 530307305 5,837 40,853 SH   SOLE   40,853 0 0
Liberty Broadband Class C COM 530307305 18,753 131,260 SH   DFND 1 131,260 0 0
Liberty Global PLC COM G5480U104 63 3,000 SH   SOLE   3,000 0 0
Liberty Global PLC COM G5480U104 3,698 176,000 SH   DFND 1 176,000 0 0
Liberty Sirius Group A COM 531229409 1,725 52,000 SH   SOLE   52,000 0 0
Liberty Sirius Group A COM 531229409 12,406 374,000 SH   DFND 1 374,000 0 0
Liberty Sirius Group C COM 531229607 4,433 134,000 SH   SOLE   134,000 0 0
Liberty Sirius Group C COM 531229607 12,835 388,000 SH   DFND 1 388,000 0 0
Linde PLC COM G5494J103 1,405 5,900 SH   SOLE   5,900 0 0
Linde PLC COM G5494J103 21,075 88,500 SH   DFND 1 88,500 0 0
Lowes COM 548661107 42,626 257,000 SH   SOLE   257,000 0 0
Lowes COM 548661107 54,983 331,500 SH   DFND 1 331,500 0 0
MSCI COM 55354G100 357 1,000 SH   SOLE   1,000 0 0
MSCI COM 55354G100 48,522 136,000 SH   DFND 1 136,000 0 0
Marsh & McLennan COM 571748102 2,007 17,500 SH   SOLE   17,500 0 0
Marsh & McLennan COM 571748102 67,902 592,000 SH   DFND 1 592,000 0 0
Mastercard, Inc COM 57636Q104 12,174 36,000 SH   SOLE   36,000 0 0
Mastercard, Inc COM 57636Q104 57,952 171,370 SH   DFND 1 171,370 0 0
Match Group Inc COM 57667L107 394 3,561 SH   DFND 1 3,561 0 0
Maxim Integrated Products COM 57772K101 4,733 70,000 SH   SOLE   70,000 0 0
Maxim Integrated Products COM 57772K101 12,305 182,000 SH   DFND 1 182,000 0 0
Microchip Technology COM 595017104 411 4,000 SH   SOLE   4,000 0 0
Microchip Technology COM 595017104 16,339 159,000 SH   DFND 1 159,000 0 0
Microsoft Corp COM 594918104 17,878 85,000 SH   SOLE   85,000 0 0
Microsoft Corp COM 594918104 82,790 393,620 SH   DFND 1 393,620 0 0
Mohawk Industries COM 608190104 488 5,000 SH   SOLE   5,000 0 0
Mohawk Industries COM 608190104 28,301 290,000 SH   DFND 1 290,000 0 0
Moody's Corp COM 615369105 30,144 104,000 SH   SOLE   104,000 0 0
Moody's Corp COM 615369105 31,037 107,080 SH   DFND 1 107,080 0 0
NVR Inc COM 62944T105 408 100 SH   SOLE   100 0 0
NVR Inc COM 62944T105 38,361 9,395 SH   DFND 1 9,395 0 0
Nike COM 654106103 10,294 82,000 SH   SOLE   82,000 0 0
Nike COM 654106103 35,653 284,000 SH   DFND 1 284,000 0 0
Norfolk Southern COM 655844108 15,621 73,000 SH   SOLE   73,000 0 0
Norfolk Southern COM 655844108 33,489 156,500 SH   DFND 1 156,500 0 0
Novo-Nordisk A/S COM 670100205 36,451 525,000 SH   SOLE   525,000 0 0
Novo-Nordisk A/S COM 670100205 38,186 550,000 SH   DFND 1 550,000 0 0
Otis Elevator COM 68902V107 1,704 27,300 SH   SOLE   27,300 0 0
Otis Elevator COM 68902V107 5,287 84,700 SH   DFND 1 84,700 0 0
Owens-Illinois Inc COM 67098H104 4,702 444,000 SH   DFND 1 444,000 0 0
PayPal Holdings Inc COM 70450Y103 361 1,830 SH   DFND 1 1,830 0 0
Paychex COM 704326107 5,584 70,000 SH   SOLE   70,000 0 0
Paychex COM 704326107 6,382 80,000 SH   DFND 1 80,000 0 0
Pepsico COM 713448108 13,250 95,600 SH   DFND 1 95,600 0 0
Philip Morris International COM 718172109 8,586 114,500 SH   DFND 1 114,500 0 0
Progressive Corp COM 743315103 5,680 60,000 SH   SOLE   60,000 0 0
Progressive Corp COM 743315103 58,175 614,500 SH   DFND 1 614,500 0 0
RLI Corporation COM 749607107 31,566 377,000 SH   SOLE   377,000 0 0
RLI Corporation COM 749607107 68,681 820,272 SH   DFND 1 820,272 0 0
Raytheon Technologies Ord COM 75513E101 3,142 54,600 SH   SOLE   54,600 0 0
Raytheon Technologies Ord COM 75513E101 9,747 169,400 SH   DFND 1 169,400 0 0
Rockwell Automation Inc COM 773903109 1,743 7,900 SH   SOLE   7,900 0 0
Rockwell Automation Inc COM 773903109 29,615 134,200 SH   DFND 1 134,200 0 0
Rollins, Inc. COM 775711104 1,986 36,650 SH   SOLE   36,650 0 0
Rollins, Inc. COM 775711104 42,929 792,200 SH   DFND 1 792,200 0 0
S&P Global COM 78409V104 361 1,000 SH   SOLE   1,000 0 0
S&P Global COM 78409V104 52,648 146,000 SH   DFND 1 146,000 0 0
SEI Investments Co COM 784117103 2,992 59,000 SH   SOLE   59,000 0 0
SEI Investments Co COM 784117103 16,443 324,200 SH   DFND 1 324,200 0 0
Shake Shack Inc - Class A COM 819047101 193 3,000 SH   SOLE   3,000 0 0
Shake Shack Inc - Class A COM 819047101 1,780 27,600 SH   DFND 1 27,600 0 0
Sherwin Williams COM 824348106 21,599 31,000 SH   DFND 1 31,000 0 0
Starbucks Corp COM 855244109 3,480 40,500 SH   SOLE   40,500 0 0
Starbucks Corp COM 855244109 41,870 487,318 SH   DFND 1 487,318 0 0
Stericycle Inc COM 858912108 1,576 25,000 SH   SOLE   25,000 0 0
Stericycle Inc COM 858912108 35,862 568,700 SH   DFND 1 568,700 0 0
T.Rowe Price COM 74144T108 4,103 32,000 SH   SOLE   32,000 0 0
T.Rowe Price COM 74144T108 36,158 282,000 SH   DFND 1 282,000 0 0
Texas Instruments Inc COM 882508104 25,131 176,000 SH   SOLE   176,000 0 0
Texas Instruments Inc COM 882508104 78,249 548,000 SH   DFND 1 548,000 0 0
The Carlyle Group COM 14316J108 1,098 44,500 SH   SOLE   44,500 0 0
The Carlyle Group COM 14316J108 29,049 1,177,500 SH   DFND 1 1,177,500 0 0
TransUnion COM 89400J107 252 3,000 SH   SOLE   3,000 0 0
TransUnion COM 89400J107 7,698 91,500 SH   DFND 1 91,500 0 0
Trupanion COM 898202106 394 5,000 SH   SOLE   5,000 0 0
Trupanion COM 898202106 10,123 128,300 SH   DFND 1 128,300 0 0
Twitter Inc COM 90184L102 378 8,500 SH   DFND 1 8,500 0 0
Tyson Foods COM 902494103 297 5,000 SH   SOLE   5,000 0 0
Tyson Foods COM 902494103 21,651 364,000 SH   DFND 1 364,000 0 0
Union Pacific COM 907818108 2,185 11,100 SH   SOLE   11,100 0 0
Union Pacific COM 907818108 14,622 74,270 SH   DFND 1 74,270 0 0
Verisk Analytics Inc COM 92345Y106 185 1,000 SH   SOLE   1,000 0 0
Verisk Analytics Inc COM 92345Y106 13,528 73,000 SH   DFND 1 73,000 0 0
Visa COM 92826C839 37,214 186,100 SH   SOLE   186,100 0 0
Visa COM 92826C839 154,087 770,550 SH   DFND 1 770,550 0 0
WR Berkley Corp COM 084423102 1,651 27,000 SH   DFND 1 27,000 0 0
Watsco Inc COM 942622200 6,311 27,100 SH   SOLE   27,100 0 0
Watsco Inc COM 942622200 86,146 369,900 SH   DFND 1 369,900 0 0
Wells Fargo COM 949746101 752 32,000 SH   SOLE   32,000 0 0
Wells Fargo COM 949746101 3,843 163,450 SH   DFND 1 163,450 0 0
Whirlpool Corp COM 963320106 962 5,230 SH   SOLE   5,230 0 0
Whirlpool Corp COM 963320106 48,861 265,709 SH   DFND 1 265,709 0 0