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$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
Activision Blizzard Inc CS 00507V109 7,676 168,595 SH   SOLE   7,676 0 0
Alphabet Inc. Class A CS 02079K305 493 419 SH   SOLE   493 0 0
Alphabet Inc. Class C CS 02079K107 24,514 20,893 SH   SOLE   24,514 0 0
Apple Inc. CS 037833100 30,224 159,116 SH   SOLE   30,224 0 0
Bank of Montreal CS 063671101 1,577 21,071 SH   SOLE   1,577 0 0
Bank of Nova Scotia CS 064149107 14,387 270,276 SH   SOLE   14,387 0 0
BCE Inc. CS 05534B760 15,359 345,904 SH   SOLE   15,359 0 0
Becton Dickinson and Co CS 075887109 18,333 73,411 SH   SOLE   18,333 0 0
Berkshire Hathaway B CS 084670702 18,351 91,350 SH   SOLE   18,351 0 0
Blackrock Inc CS 09247X101 9,869 23,093 SH   SOLE   9,869 0 0
Booking Holdings Inc. CS 09857L108 13,778 7,896 SH   SOLE   13,778 0 0
Brookfield Asset Management CS 112585104 24,622 528,509 SH   SOLE   24,622 0 0
Brookfield Infrast. Partners LP C$ CS G16252101 19,963 478,032 SH   SOLE   19,963 0 0
Canadian Imperial Bank of Commerce CS 136069101 356 4,505 SH   SOLE   356 0 0
Canadian National Railway CS 136375102 8,765 97,913 SH   SOLE   8,765 0 0
Delta Air Lines Inc. CS 247361702 10,208 197,639 SH   SOLE   10,208 0 0
Disney (Walt) Co CS 254687106 16,781 151,143 SH   SOLE   16,781 0 0
Facebook Inc CS 30303M102 13,127 78,750 SH   SOLE   13,127 0 0
Ferrari N.V. CS N3167Y103 12,132 90,674 SH   SOLE   12,132 0 0
FirstService Corp CS 33767E103 16,490 185,105 SH   SOLE   16,490 0 0
Goldman Sachs Group Inc CS 38141G104 8,539 44,474 SH   SOLE   8,539 0 0
Hyatt Hotels Corp Class A CS 448579102 13,721 189,069 SH   SOLE   13,721 0 0
JP Morgan Chase & Co CS 46625H100 17,969 177,508 SH   SOLE   17,969 0 0
Korn/Ferry International CS 500643200 6,076 135,681 SH   SOLE   6,076 0 0
Live Nation Entertainment Inc CS 538034109 20,388 320,867 SH   SOLE   20,388 0 0
Magna International Cl A CS 559222401 13,522 277,715 SH   SOLE   13,522 0 0
Markel Corp. Holding CS 570535104 9,554 9,590 SH   SOLE   9,554 0 0
Mei Pharma Inc CS 55279B202 61 20,000 SH   SOLE   61 0 0
Microsoft Corp. CS 594918104 20,927 177,441 SH   SOLE   20,927 0 0
Moody's Corp CS 615369105 16,969 93,703 SH   SOLE   16,969 0 0
Neenah Paper CS 640079109 6,003 93,269 SH   SOLE   6,003 0 0
Pembina Pipeline Corp CS 706327103 10,575 287,897 SH   SOLE   10,575 0 0
Rogers Communications Inc. Cls B CS 775109200 16,938 314,961 SH   SOLE   16,938 0 0
Royal Bank of Canada CS 780087102 6,444 85,412 SH   SOLE   6,444 0 0
Telus Corp. CS 87971M103 9,888 267,173 SH   SOLE   9,888 0 0
TJX Companies Inc CS 872540109 213 4,000 SH   SOLE   213 0 0
Toronto Dominion Bank CS 891160509 15,834 291,784 SH   SOLE   15,834 0 0
TransCanada Corp. CS 89353D107 10,080 224,430 SH   SOLE   10,080 0 0
Vail Resorts Inc CS 91879Q109 12,830 59,041 SH   SOLE   12,830 0 0
Visa Inc. Cls A CS 92826C839 23,344 149,456 SH   SOLE   23,344 0 0
Waste Connections Inc C$ CS 94106B101 21,914 247,414 SH   SOLE   21,914 0 0