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
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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
Allied World Assurance Co Hldg COM H01531104 67,910 658,111 SH   SOLE   614,733 0 43,339
Arch Capital Group Ltd COM G0450A105 117,286 2,038,336 SH   SOLE   1,896,425 0 141,911
Berkshire Hathaway Class A COM 084670108 20,609 110 SH   SOLE   105 0 5
Berkshire Hathaway Class B COM 084670702 34,934 279,540 SH   SOLE   268,520 0 11,020
Brown & Brown, Inc. COM 115236101 95,994 3,120,742 SH   SOLE   2,920,979 0 199,763
C.H. Robinson Worldwide Inc. COM 12541W209 31,227 596,040 SH   SOLE   551,493 0 44,497
Crimson Wine Group Ltd COM 22662X100 1,919 216,857 SH   SOLE   201,100 0 15,757
Deere & Co. COM 244199105 43,038 473,987 SH   SOLE   444,967 0 28,985
Devon Energy Corp COM 25179M103 43,610 651,582 SH   SOLE   610,748 0 40,784
Expeditors International of Wa COM 302130109 48,499 1,223,805 SH   SOLE   1,153,776 0 69,959
Fastenal Co COM 311900104 36,684 744,101 SH   SOLE   688,287 0 55,814
Goldman Sachs Group Inc COM 38141G104 78,296 477,854 SH   SOLE   448,232 0 29,602
Leucadia National Corporation COM 527288104 62,167 2,220,262 SH   SOLE   2,062,668 0 157,594
Martin Marietta Materials COM 573284106 48,240 375,851 SH   SOLE   349,014 0 26,837
Mastercard Inc Class A COM 57636Q104 40,673 544,481 SH   SOLE   517,671 0 26,810
Mc Donald's Corporation COM 580135101 8,992 91,731 SH   SOLE   84,332 0 7,399
Moody's Corp. COM 615369105 103,274 1,301,995 SH   SOLE   1,213,349 0 88,601
NVR Inc. COM 62944T105 54,485 47,502 SH   SOLE   44,185 0 3,317
Toll Brothers Inc COM 889478103 74,244 2,068,091 SH   SOLE   1,946,650 0 121,441
US Bancorp COM 902973304 63,840 1,489,495 SH   SOLE   1,402,375 0 87,120
Union Pacific Corporation COM 907818108 28,558 152,181 SH   SOLE   142,937 0 9,244
Visa Inc Cl A COM 92826C839 16,034 74,281 SH   SOLE   66,280 0 8,001
Waters Corp COM 941848103 16,213 149,549 SH   SOLE   145,261 0 4,288
Wells Fargo & Company COM 949746101 142,809 2,871,110 SH   SOLE   2,689,937 0 181,173
YUM! Brands Inc COM 988498101 81,441 1,080,260 SH   SOLE   1,021,288 0 58,972