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 9,650 204,456 SH   SOLE   9,650 0 0
Alphabet Inc. Class A CS 02079K305 507 468 SH   SOLE   507 0 0
Alphabet Inc. Class C CS 02079K107 22,785 21,079 SH   SOLE   22,785 0 0
Amazon Com Inc CS 023135106 15,441 8,154 SH   SOLE   15,441 0 0
American Tower Corp CS 03027X100 214 1,045 SH   SOLE   214 0 0
Apple Inc. CS 037833100 31,473 159,021 SH   SOLE   31,473 0 0
Bank of Montreal CS 063671101 1,574 20,841 SH   SOLE   1,574 0 0
Bank of Nova Scotia CS 064149107 13,363 248,800 SH   SOLE   13,363 0 0
BCE Inc. CS 05534B760 15,279 335,836 SH   SOLE   15,279 0 0
Becton Dickinson and Co CS 075887109 19,421 77,064 SH   SOLE   19,421 0 0
Berkshire Hathaway B CS 084670702 19,955 93,612 SH   SOLE   19,955 0 0
Blackrock Inc CS 09247X101 12,164 25,919 SH   SOLE   12,164 0 0
Brookfield Asset Management CS 112585104 25,665 536,487 SH   SOLE   25,665 0 0
Brookfield Infrast. Partners LP CS G16252101 20,571 479,955 SH   SOLE   20,571 0 0
Canadian Imperial Bank of Commerce CS 136069101 457 5,815 SH   SOLE   457 0 0
Canadian National Railway CS 136375102 13,134 141,914 SH   SOLE   13,134 0 0
Delta Air Lines Inc. CS 247361702 12,011 211,640 SH   SOLE   12,011 0 0
Disney (Walt) Co CS 254687106 21,755 155,793 SH   SOLE   21,755 0 0
Domino's Pizza, Inc. CS 25754A201 13,017 46,775 SH   SOLE   13,017 0 0
Facebook Inc CS 30303M102 15,535 80,493 SH   SOLE   15,535 0 0
Ferrari N.V. CS N3167Y103 15,294 94,744 SH   SOLE   15,294 0 0
FirstService Corp CS 33767E202 18,642 193,762 SH   SOLE   18,642 0 0
Hyatt Hotels Corp Class A CS 448579102 15,416 202,497 SH   SOLE   15,416 0 0
JP Morgan Chase & Co CS 46625H100 20,295 181,527 SH   SOLE   20,295 0 0
KAR Auction Services Inc CS 48238T109 260 4,600 SH   SOLE   260 0 0
Korn/Ferry International CS 500643200 4,333 108,141 SH   SOLE   4,333 0 0
Live Nation Entertainment Inc CS 538034109 21,294 321,424 SH   SOLE   21,294 0 0
Magna International Cl A CS 559222401 14,365 288,708 SH   SOLE   14,365 0 0
Markel Corp. Holding CS 570535104 11,135 10,219 SH   SOLE   11,135 0 0
Marsh & McLennan Companies CS 571748102 218 2,185 SH   SOLE   218 0 0
Mastercard Inc Class A CS 57636Q104 228 862 SH   SOLE   228 0 0
Mei Pharma Inc CS 55279B202 50 20,000 SH   SOLE   50 0 0
Microsoft Corp. CS 594918104 24,294 181,351 SH   SOLE   24,294 0 0
Moody's Corp CS 615369105 18,798 96,247 SH   SOLE   18,798 0 0
Pembina Pipeline Corp CS 706327103 10,457 280,908 SH   SOLE   10,457 0 0
Rogers Communications Inc. Cls B CS 775109200 17,159 320,564 SH   SOLE   17,159 0 0
Royal Bank of Canada CS 780087102 6,718 84,544 SH   SOLE   6,718 0 0
TC Energy Corp. CS 87807B107 10,883 219,545 SH   SOLE   10,883 0 0
Telus Corp. CS 87971M103 9,786 264,733 SH   SOLE   9,786 0 0
TJX Companies Inc CS 872540109 212 4,000 SH   SOLE   212 0 0
Toronto Dominion Bank CS 891160509 17,167 293,803 SH   SOLE   17,167 0 0
Vail Resorts Inc CS 91879Q109 14,340 64,253 SH   SOLE   14,340 0 0
Visa Inc. Cls A CS 92826C839 27,034 155,770 SH   SOLE   27,034 0 0
Waste Connections Inc CS 94106B101 24,399 255,414 SH   SOLE   24,399 0 0