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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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 75,120 1,975,802 SH   SOLE   1,906,487 0 69,315
Arch Capital Group Ltd COM G0450A105 116,010 2,019,680 SH   SOLE   1,941,455 0 78,225
Berkshire Hathaway Class A COM 084670108 17,851 94 SH   SOLE   89 0 5
Berkshire Hathaway Class B COM 084670702 34,828 275,190 SH   SOLE   268,640 0 6,550
Brown & Brown, Inc. COM 115000000 88,759 2,890,233 SH   SOLE   2,780,209 0 110,024
Crimson Wine Group Ltd COM 22662X100 1,934 213,741 SH   SOLE   206,604 0 7,137
Deere & Co. COM 244000000 42,741 472,016 SH   SOLE   456,641 0 15,375
Devon Energy Corp COM 25179M103 51,321 646,355 SH   SOLE   624,670 0 21,685
Expeditors International of Wa COM 302000000 54,075 1,224,514 SH   SOLE   1,181,588 0 42,926
Fastenal Co COM 312000000 36,677 741,095 SH   SOLE   709,635 0 31,460
Goldman Sachs Group Inc COM 38141G104 97,889 584,620 SH   SOLE   563,380 0 21,240
Leucadia National Corporation COM 527000000 57,006 2,174,130 SH   SOLE   2,102,751 0 71,379
Martin Marietta Materials COM 573000000 44,978 340,611 SH   SOLE   327,020 0 13,591
Mastercard Inc Class A COM 57636Q104 39,560 538,446 SH   SOLE   513,256 0 25,190
Moody's Corp. COM 615000000 112,784 1,286,611 SH   SOLE   1,232,401 0 54,210
NVR Inc. COM 62944T105 53,878 46,826 SH   SOLE   45,898 0 928
Toll Brothers Inc COM 889000000 75,539 2,047,136 SH   SOLE   1,993,281 0 53,855
US Bancorp COM 903000000 63,956 1,476,373 SH   SOLE   1,429,056 0 47,317
Union Pacific Corporation COM 908000000 30,250 303,262 SH   SOLE   289,702 0 13,560
Visa Inc Cl A COM 92826C839 15,504 73,578 SH   SOLE   69,338 0 4,240
Waters Corp COM 942000000 15,637 149,725 SH   SOLE   149,725 0 4,288
Wells Fargo & Company COM 950000000 148,926 2,833,443 SH   SOLE   2,733,241 0 100,202
YUM! Brands Inc COM 988000000 86,632 1,066,891 SH   SOLE   1,051,741 0 15,150