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 | 84,130 | 1,946,562 | SH | SOLE | 1,914,117 | 0 | 32,445 | ||
| Arch Capital Group Ltd | COM | G0450A105 | 123,125 | 1,838,785 | SH | SOLE | 1,802,855 | 0 | 35,930 | ||
| Berkshire Hathaway Class A | COM | 084670108 | 7,784 | 38 | SH | SOLE | 36 | 0 | 2 | ||
| Berkshire Hathaway Class B | COM | 084670702 | 21,097 | 155,001 | SH | SOLE | 154,036 | 0 | 965 | ||
| Brown & Brown, Inc. | COM | 115236101 | 2,979 | 90,645 | SH | SOLE | 90,645 | 0 | 0 | ||
| Crimson Wine Group Ltd | COM | 22662X100 | 1,833 | 196,020 | SH | SOLE | 192,418 | 0 | 3,602 | ||
| Deere & Co. | COM | 244199105 | 46,279 | 476,854 | SH | SOLE | 469,794 | 0 | 7,060 | ||
| Expeditors International of Washington | COM | 302130109 | 54,949 | 1,191,813 | SH | SOLE | 1,167,482 | 0 | 24,331 | ||
| Fastenal Co | COM | 311900104 | 48,377 | 1,146,919 | SH | SOLE | 1,129,544 | 0 | 17,375 | ||
| Goldman Sachs Group Inc | COM | 38141G104 | 112,670 | 539,634 | SH | SOLE | 530,944 | 0 | 8,690 | ||
| Leucadia National Corporation | COM | 527288104 | 52,827 | 2,175,747 | SH | SOLE | 2,139,718 | 0 | 36,029 | ||
| Martin Marietta Materials | COM | 573284106 | 10,653 | 75,283 | SH | SOLE | 68,861 | 0 | 6,422 | ||
| Mastercard Inc Class A | COM | 57636Q104 | 61,715 | 660,199 | SH | SOLE | 648,639 | 0 | 11,560 | ||
| Moody's Corp. | COM | 615369105 | 130,661 | 1,210,271 | SH | SOLE | 1,184,831 | 0 | 25,440 | ||
| NVR Inc. | COM | 62944T105 | 69,921 | 52,180 | SH | SOLE | 51,615 | 0 | 565 | ||
| Strayer Education Inc | COM | 863236105 | 21,673 | 502,854 | SH | SOLE | 494,859 | 0 | 7,995 | ||
| Toll Brothers Inc | COM | 889478103 | 73,964 | 1,936,748 | SH | SOLE | 1,916,433 | 0 | 20,315 | ||
| US Bancorp | COM | 902973304 | 58,805 | 1,354,956 | SH | SOLE | 1,338,351 | 0 | 16,605 | ||
| Union Pacific Corporation | COM | 907818108 | 26,552 | 278,409 | SH | SOLE | 272,109 | 0 | 6,300 | ||
| Visa Inc Cl A | COM | 92826C839 | 53,541 | 797,329 | SH | SOLE | 784,509 | 0 | 12,820 | ||
| Waters Corp | COM | 941848103 | 18,354 | 142,963 | SH | SOLE | 142,963 | 0 | 0 | ||
| Wells Fargo & Company | COM | 949746101 | 110,966 | 1,973,076 | SH | SOLE | 1,940,258 | 0 | 32,818 | ||
| YUM! Brands Inc | COM | 988498101 | 85,285 | 946,765 | SH | SOLE | 940,010 | 0 | 6,755 | ||