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
3M Company COM 88579Y101 4,519 30,000 SH   SOLE   30,000 0 0
3M Company COM 88579Y101 26,211 174,000 SH   DFND 1 174,000 0 0
Aaron's Inc COM 002535300 7,299 326,000 SH   DFND 1 326,000 0 0
Accenture COM G1151C101 1,045 10,000 SH   SOLE   10,000 0 0
Accenture COM G1151C101 13,271 127,000 SH   DFND 1 127,000 0 0
Alleghany Corporation COM 017175100 2,068 4,328 SH   SOLE   4,328 0 0
Alphabet Inc COM 02079K107 12,166 16,031 SH   DFND 1 16,031 0 0
Alphabet Inc Class A COM 02079K305 9,725 12,500 SH   DFND 1 12,500 0 0
Amazon.com COM 023135106 2,230 3,300 SH   DFND 1 3,300 0 0
American Express COM 025816109 695 10,000 SH   SOLE   10,000 0 0
American Express COM 025816109 26,151 376,000 SH   DFND 1 376,000 0 0
American Tower COM 03027X100 1,939 20,000 SH   DFND 1 20,000 0 0
Anthem Inc COM 036752103 31,235 224,000 SH   DFND 1 224,000 0 0
Aon Corporation COM G0408V102 3,412 37,000 SH   DFND 1 37,000 0 0
Apollo Global Management - A COM 037612306 5,875 387,000 SH   DFND 1 387,000 0 0
Apple Inc COM 037833100 2,526 24,000 SH   DFND 1 24,000 0 0
Archer Daniels COM 039483102 52,232 1,424,000 SH   DFND 1 1,424,000 0 0
Automatic Data Processing COM 053015103 44,961 530,700 SH   DFND 1 530,700 0 0
Baxter International Inc COM 071813109 839 22,000 SH   DFND 1 22,000 0 0
Becton Dickinson COM 075887109 1,387 9,000 SH   DFND 1 9,000 0 0
Berkshire Hathaway Class B COM 084670702 64,053 485,100 SH   SOLE   485,100 0 0
Berkshire Hathaway Class B COM 084670702 135,540 1,026,507 SH   DFND 1 1,026,507 0 0
Berkshire Hathaway, Inc. COM 084670108 54,395 275 SH   SOLE   275 0 0
Berkshire Hathaway, Inc. COM 084670108 160,020 809 SH   DFND 1 809 0 0
Blackrock Inc COM 09247X101 51,759 152,000 SH   DFND 1 152,000 0 0
Blackstone Group COM 09253U108 14,240 487,000 SH   DFND 1 487,000 0 0
Boeing Co COM 097023105 694 4,800 SH   DFND 1 4,800 0 0
Bristol Myers Squibb COM 110122108 688 10,000 SH   DFND 1 10,000 0 0
Brookfield Asset Management COM 112585104 20,337 645,000 SH   SOLE   645,000 0 0
Brookfield Asset Management COM 112585104 138,663 4,397,821 SH   DFND 1 4,397,821 0 0
Brown Forman Class A COM 115637100 46,411 421,500 SH   DFND 1 421,500 0 0
Brown-Forman Class B COM 115637209 10,462 105,375 SH   DFND 1 105,375 0 0
Bunge Limited COM G16962105 478 7,000 SH   DFND 1 7,000 0 0
CDK Global Inc COM 12508E101 8,397 176,897 SH   DFND 1 176,897 0 0
CME Group Inc COM 12572Q105 10,510 116,000 SH   DFND 1 116,000 0 0
CR Bard COM 067383109 1,705 9,000 SH   DFND 1 9,000 0 0
CSX Corporation COM 126408103 2,206 85,000 SH   DFND 1 85,000 0 0
CVS Corporation COM 126650100 24,149 247,000 SH   DFND 1 247,000 0 0
Cable One COM 12685J105 2,255 5,200 SH   DFND 1 5,200 0 0
Capital One Financial Corp COM 14040H105 9,095 126,000 SH   DFND 1 126,000 0 0
Carbo Ceramics Inc COM 140781105 3,698 215,000 SH   DFND 1 215,000 0 0
Carmax COM 143130102 12,683 235,000 SH   SOLE   235,000 0 0
Carmax COM 143130102 252,475 4,678,070 SH   DFND 1 4,678,070 0 0
Caterpillar Inc COM 149123101 18,893 278,000 SH   DFND 1 278,000 0 0
Charles Schwab COM 808513105 34,807 1,057,000 SH   DFND 1 1,057,000 0 0
Coach Inc COM 189754104 1,767 54,000 SH   DFND 1 54,000 0 0
Colfax Corporation COM 194014106 25,336 1,085,070 SH   SOLE   1,085,070 0 0
Colfax Corporation COM 194014106 1,167 50,000 SH   DFND 1 50,000 0 0
Copart Inc COM 217204106 36,680 965,000 SH   DFND 1 965,000 0 0
Core Labs NV COM N22717107 11,853 109,000 SH   DFND 1 109,000 0 0
Costco COM 22160K105 807 5,000 SH   SOLE   5,000 0 0
Costco COM 22160K105 5,491 34,000 SH   DFND 1 34,000 0 0
Culp Inc COM 230215105 770 30,227 SH   DFND 1 30,227 0 0
Cummins Inc. COM 231021106 3,168 36,000 SH   DFND 1 36,000 0 0
Diageo PLC COM 25243Q205 35,829 328,500 SH   SOLE   328,500 0 0
Diageo PLC COM 25243Q205 104,271 956,000 SH   DFND 1 956,000 0 0
Discovery Communications COM 25470F302 18,108 718,000 SH   DFND 1 718,000 0 0
Disney COM 254687106 166,972 1,589,000 SH   DFND 1 1,589,000 0 0
Donaldson COM 257651109 1,376 48,000 SH   DFND 1 48,000 0 0
Ecolab COM 278865100 18,244 159,500 SH   DFND 1 159,500 0 0
Emerson Electric COM 291011104 7,557 158,000 SH   DFND 1 158,000 0 0
Exxon Corporation COM 30231G102 15,574 199,800 SH   SOLE   199,800 0 0
Exxon Corporation COM 30231G102 58,073 745,000 SH   DFND 1 745,000 0 0
Facebook COM 30303M102 366 3,500 SH   DFND 1 3,500 0 0
Factset Research COM 303075105 26,661 164,000 SH   DFND 1 164,000 0 0
Federated Investors COM 314211103 21,889 764,000 SH   DFND 1 764,000 0 0
Fedex Corp COM 31428X106 4,768 32,000 SH   DFND 1 32,000 0 0
General Dynamics COM 369550108 53,158 387,000 SH   DFND 1 387,000 0 0
Genesee and Wyoming COM 371559105 537 10,000 SH   DFND 1 10,000 0 0
Graham Holdings Co COM 384637104 2,522 5,200 SH   DFND 1 5,200 0 0
Halliburton COM 406216101 8,306 244,000 SH   DFND 1 244,000 0 0
Harley Davidson COM 412822108 13,254 292,000 SH   DFND 1 292,000 0 0
Hasbro, Inc COM 418056107 24,519 364,000 SH   DFND 1 364,000 0 0
Hershey Foods COM 427866108 1,071 12,000 SH   DFND 1 12,000 0 0
Home Depot COM 437076102 2,645 20,000 SH   SOLE   20,000 0 0
Home Depot COM 437076102 119,025 900,000 SH   DFND 1 900,000 0 0
Illinois Tool Works COM 452308109 21,316 230,000 SH   DFND 1 230,000 0 0
Investors Title Company COM 461804106 21,330 213,300 SH   DFND 1 213,300 0 0
JP Morgan COM 46625H100 12,083 183,000 SH   DFND 1 183,000 0 0
John Deere COM 244199105 83,211 1,091,000 SH   DFND 1 1,091,000 0 0
Johnson and Johnson COM 478160104 5,650 55,000 SH   SOLE   55,000 0 0
Johnson and Johnson COM 478160104 56,517 550,200 SH   DFND 1 550,200 0 0
KKR & Co LLC COM 48248M102 8,309 533,000 SH   DFND 1 533,000 0 0
Liberty Broadband A COM 530307107 4,455 86,250 SH   DFND 1 86,250 0 0
Liberty Broadband Class C COM 530307305 8,926 172,113 SH   DFND 1 172,113 0 0
Liberty Global PLC COM G5480U104 4,998 118,000 SH   DFND 1 118,000 0 0
Liberty Global PLC Lilac COM G5480U138 211 5,100 SH   DFND 1 5,100 0 0
Liberty Media COM 531229102 16,720 426,000 SH   DFND 1 426,000 0 0
Liberty Media Corp Class C COM 531229300 19,878 522,000 SH   DFND 1 522,000 0 0
Live Nation COM 538034109 614 25,000 SH   DFND 1 25,000 0 0
Lowes COM 548661107 7,224 95,000 SH   SOLE   95,000 0 0
Lowes COM 548661107 33,838 445,000 SH   DFND 1 445,000 0 0
MSCI COM 55354G100 9,882 137,000 SH   DFND 1 137,000 0 0
Marriott International COM 571903202 97,099 1,448,369 SH   DFND 1 1,448,369 0 0
Marsh & McLennan COM 571748102 32,688 589,500 SH   DFND 1 589,500 0 0
Mastercard, Inc COM 57636Q104 13,874 142,500 SH   DFND 1 142,500 0 0
Mattel COM 577081102 17,280 636,000 SH   DFND 1 636,000 0 0
McGraw Hill Financial COM 580645109 14,491 147,000 SH   DFND 1 147,000 0 0
Mead Johnson Nutrition COM 582839106 1,224 15,500 SH   DFND 1 15,500 0 0
Microsoft Corp COM 594918104 1,664 30,000 SH   DFND 1 30,000 0 0
Monsanto Co COM 61166W101 38,620 392,000 SH   DFND 1 392,000 0 0
Moody's Corp COM 615369105 29,099 290,000 SH   DFND 1 290,000 0 0
National Oilwell COM 637071101 20,429 610,000 SH   DFND 1 610,000 0 0
Nike COM 654106103 20,000 320,000 SH   DFND 1 320,000 0 0
Norfolk Southern COM 655844108 17,510 207,000 SH   DFND 1 207,000 0 0
Novo-Nordisk A/S COM 670100205 62,436 1,075,000 SH   DFND 1 1,075,000 0 0
Now Inc COM 67011P100 1,875 118,500 SH   DFND 1 118,500 0 0
Oaktree Capital Group LLC COM 674001201 27,177 569,500 SH   DFND 1 569,500 0 0
Oracle Corp COM 68389X105 23,306 638,000 SH   DFND 1 638,000 0 0
PJT Partners Inc A COM 69343T107 344 12,175 SH   DFND 1 12,175 0 0
Paccar COM 693718108 5,569 117,500 SH   DFND 1 117,500 0 0
Parker-Hannifin Corp COM 701094104 4,219 43,500 SH   DFND 1 43,500 0 0
Patterson Companies Inc. COM 703395103 7,595 168,000 SH   DFND 1 168,000 0 0
Paychex COM 704326107 7,933 150,000 SH   DFND 1 150,000 0 0
Pepsico COM 713448108 13,919 139,300 SH   DFND 1 139,300 0 0
Philip Morris International COM 718172109 10,066 114,500 SH   DFND 1 114,500 0 0
Praxair Inc. COM 74005P104 1,178 11,500 SH   DFND 1 11,500 0 0
Procter & Gamble COM 742718109 10,085 127,000 SH   DFND 1 127,000 0 0
RLI Corporation COM 749607107 73,932 1,197,272 SH   DFND 1 1,197,272 0 0
Rent-A-Center COM 76009N100 3,563 238,000 SH   DFND 1 238,000 0 0
Ritchie Bros COM 767744105 2,628 109,000 SH   DFND 1 109,000 0 0
Rockwell Automation Inc COM 773903109 4,874 47,500 SH   DFND 1 47,500 0 0
Rollins, Inc. COM 775711104 7,731 298,500 SH   DFND 1 298,500 0 0
Ross Stores, Inc COM 778296103 2,475 46,000 SH   DFND 1 46,000 0 0
Rush Enterprises Inc COM 781846209 328 15,000 SH   DFND 1 15,000 0 0
SEI Investments Co COM 784117103 12,419 237,000 SH   DFND 1 237,000 0 0
Schlumberger COM 806857108 46,174 662,000 SH   DFND 1 662,000 0 0
Starz Liberty Capital COM 85571Q102 402 12,000 SH   DFND 1 12,000 0 0
State Street Corp COM 857477103 299 4,500 SH   DFND 1 4,500 0 0
Synalloy Corporation COM 871565107 3,339 485,343 SH   SOLE   485,343 0 0
Synalloy Corporation COM 871565107 2,064 300,000 SH   DFND 1 300,000 0 0
T.Rowe Price COM 74144T108 786 11,000 SH   SOLE   11,000 0 0
T.Rowe Price COM 74144T108 19,588 274,000 SH   DFND 1 274,000 0 0
The Carlyle Group COM 14309L102 6,232 399,000 SH   DFND 1 399,000 0 0
The Travelers Companies Inc COM 89417E109 35,551 315,000 SH   DFND 1 315,000 0 0
Unilever PLC ADR COM 904767704 65,629 1,522,000 SH   DFND 1 1,522,000 0 0
Union Pacific COM 907818108 5,083 65,000 SH   DFND 1 65,000 0 0
United Health Group Inc COM 91324P102 77,995 663,000 SH   DFND 1 663,000 0 0
United Parcel Service COM 911312106 76,359 793,500 SH   DFND 1 793,500 0 0
United Technologies COM 913017109 5,860 61,000 SH   DFND 1 61,000 0 0
Verisk Analytics Inc COM 92345Y106 3,998 52,000 SH   DFND 1 52,000 0 0
Visa COM 92826C839 66,034 851,500 SH   DFND 1 851,500 0 0
W.P. Carey COM 92936U109 2,655 45,000 SH   SOLE   45,000 0 0
W.P. Carey COM 92936U109 53,407 905,200 SH   DFND 1 905,200 0 0
Walgreens Boots Alliance Inc COM 931427108 181,806 2,135,000 SH   DFND 1 2,135,000 0 0
Watsco Inc COM 942622200 14,641 125,000 SH   DFND 1 125,000 0 0
Wesco Aircraft Holdings COM 950814103 3,435 287,000 SH   DFND 1 287,000 0 0