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 |
| Allied World Assurance Co Hldg | COM | H01531104 | 26,201 | 286,321 | SH | SOLE | 0 | 270,142 | 0 | 16,179 | |
| Arch Capital Group Ltd | COM | G0450A105 | 110,303 | 2,145,553 | SH | SOLE | 0 | 2,033,259 | 0 | 112,294 | |
| Berkshire Hathaway Class A | COM | 084670108 | 19,052 | 113 | SH | SOLE | 0 | 110 | 0 | 3 | |
| Berkshire Hathaway Class B | COM | 084670702 | 33,056 | 295,350 | SH | SOLE | 0 | 286,430 | 0 | 8,920 | |
| Brown & Brown, Inc. | COM | 115236101 | 106,016 | 3,288,330 | SH | SOLE | 0 | 3,134,663 | 0 | 153,667 | |
| C.H. Robinson Worldwide Inc. | COM | 12541W209 | 33,260 | 590,660 | SH | SOLE | 0 | 559,430 | 0 | 31,230 | |
| Capital Source Inc | COM | 14055X102 | 41,138 | 4,385,716 | SH | SOLE | 0 | 4,167,465 | 0 | 218,251 | |
| Crimson Wine Group Ltd | COM | 22662X100 | 1,967 | 230,967 | SH | SOLE | 0 | 218,144 | 0 | 12,823 | |
| Devon Energy Corp | COM | 25179M103 | 20,034 | 386,165 | SH | SOLE | 0 | 367,701 | 0 | 18,464 | |
| Expeditors International of Wa | COM | 302130109 | 41,606 | 1,093,740 | SH | SOLE | 0 | 1,058,338 | 0 | 35,402 | |
| Fairfax Financial Hldgs LTD | COM | 303901102 | 59,521 | 152,579 | SH | SOLE | 0 | 144,695 | 0 | 7,884 | |
| Fastenal Co | COM | 311900104 | 35,991 | 785,992 | SH | SOLE | 0 | 738,781 | 0 | 47,211 | |
| Goldman Sachs Group Inc | COM | 38141G104 | 75,246 | 497,495 | SH | SOLE | 0 | 474,682 | 0 | 22,813 | |
| HomeFed Corp | COM | 43739D307 | 559 | 17,193 | SH | SOLE | 0 | 17,193 | 0 | 0 | |
| Leucadia National Corporation | COM | 527288104 | 61,166 | 2,332,782 | SH | SOLE | 0 | 2,204,540 | 0 | 128,242 | |
| Martin Marietta Materials | COM | 573284106 | 50,084 | 508,877 | SH | SOLE | 0 | 485,177 | 0 | 23,700 | |
| Mastercard Inc Class A | COM | 57636Q104 | 32,824 | 57,135 | SH | SOLE | 0 | 55,610 | 0 | 1,525 | |
| Mc Donald's Corporation | COM | 580135101 | 9,460 | 95,553 | SH | SOLE | 0 | 89,480 | 0 | 6,073 | |
| Moody's Corp. | COM | 615369105 | 81,791 | 1,342,371 | SH | SOLE | 0 | 1,276,022 | 0 | 66,349 | |
| NVR Inc. | COM | 62944T105 | 46,379 | 50,303 | SH | SOLE | 0 | 46,740 | 0 | 3,563 | |
| Toll Brothers Inc | COM | 889478103 | 70,452 | 2,159,123 | SH | SOLE | 0 | 2,051,299 | 0 | 107,824 | |
| US Bancorp | COM | 902973304 | 56,387 | 1,559,816 | SH | SOLE | 0 | 1,485,531 | 0 | 74,285 | |
| Union Pacific Corporation | COM | 907818108 | 24,475 | 158,643 | SH | SOLE | 0 | 152,549 | 0 | 6,094 | |
| Visa Inc Cl A | COM | 92826C839 | 14,446 | 79,045 | SH | SOLE | 0 | 72,632 | 0 | 6,413 | |
| Waters Corp | COM | 941848103 | 15,436 | 154,286 | SH | SOLE | 0 | 149,998 | 0 | 4,288 | |
| Wells Fargo & Company | COM | 949746101 | 124,541 | 3,017,725 | SH | SOLE | 0 | 2,875,438 | 0 | 142,287 | |
| YUM! Brands Inc | COM | 988498101 | 88,680 | 1,278,914 | SH | SOLE | 0 | 1,215,645 | 0 | 63,269 | |