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
ALARM COM HLDGS INC COM 011642105 6,152 400,000 SH   SOLE   400,000 0 0
AMERICAN INTL GROUP INC W EXP 01/19/202 026874156 4,156 150,000 SH   SOLE   150,000 0 0
AMERICAN TOWER CORP NEW COM 03027X100 492,013 5,274,014 SH   SOLE   5,274,014 0 0
AMERICAN TOWER CORP NEW PFD CONV SER A 03027X308 10,195 100,000 SH   SOLE   100,000 0 0
AMERICAN TOWER CORP NEW PFD CONV SER B 03027X407 50,000 500,000 SH   SOLE   500,000 0 0
ANNALY CAP MGMT INC COM 035710409 184 20,044 SH   SOLE   20,044 0 0
ANSYS INC COM 03662Q105 9,151 100,300 SH   SOLE   100,300 0 0
ARLINGTON ASSET INVT CORP CL A NEW 041356205 196 10,000 SH   SOLE   10,000 0 0
BANK OF AMERICA CORPORATION *W EXP 01/16/201 060505146 4,522 732,890 SH   SOLE   732,890 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 42,795 314,418 SH   SOLE   314,418 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108 8,846 43 SH   SOLE   53 0 0
CARMAX INC COM 143130102 112,557 1,700,000 SH   SOLE   1,700,000 0 0
COLFAX CORP COM 194014106 268,814 5,824,798 SH   SOLE   5,824,798 0 0
CROWN CASTLE INTL CORP CNV PFD STK SR A 22822V200 2,059 20,000 SH   SOLE   20,000 0 0
CSX CORP COM 126408103 1,329 40,695 SH   SOLE   40,695 0 0
DANAHER CORP DEL COM 235851102 128,385 1,500,000 SH   SOLE   1,500,000 0 0
DIAMOND HILL INVESTMENT GROU COM NEW 25264R207 29,051 145,500 SH   SOLE   145,500 0 0
DOLLAR TREE INC COM 256746108 280,529 3,551,446 SH   SOLE   3,551,446 0 0
ENSTAR GROUP LIMITED SHS G3075P101 88,306 569,902 SH   SOLE   569,902 0 0
LKQ CORP COM 501889208 21,171 700,000 SH   SOLE   700,000 0 0
LAMAR ADVERTISING CO CL A 512816109 3,857 67,100 SH   SOLE   67,100 0 0
LIVE NATION ENTERTAINMENT IN COM 538034109 172,092 6,260,154 SH   SOLE   6,260,154 0 0
LPL FINL HLDGS INC COM 50212V100 61,301 1,318,589 SH   SOLE   1,318,589 0 0
MARKEL CORP COM 570535104 413,640 516,611 SH   SOLE   516,611 0 0
MASTERCARD INC CL A 57636Q104 404,656 4,328,795 SH   SOLE   4,328,795 0 0
MONRO MUFFLER BRAKE INC COM 610236101 93,733 1,507,930 SH   SOLE   1,507,930 0 0
MOODYS CORP COM 615369105 384,676 3,563,131 SH   SOLE   3,563,131 0 0
NUSTAR GP HOLDINGS LLC UNIT RESTG LLC 67059L102 1,057 27,775 SH   SOLE   27,775 0 0
O REILLY AUTOMOTIVE INC NEW COM 67103H107 187,605 830,183 SH   SOLE   830,183 0 0
PRIMO WTR CORP COM 74165N105 9,876 1,726,613 SH   SOLE   1,726,613 0 0
ROPER INDS INC NEW COM 776696106 219,996 1,275,634 SH   SOLE   1,275,634 0 0
SBA COMMUNICATIONS CORP COM 78388J106 137,964 1,200,000 SH   SOLE   1,200,000 0 0
TD AMERITRADE HLDG CORP COM 87236Y108 116,311 3,158,900 SH   SOLE   3,158,900 0 0
UBIQUITI NETWORKS INC COM 90347A100 85,532 2,680,000 SH   SOLE   2,680,000 0 0
VERISK ANALYTICS INC CL A 92345Y106 144,590 1,987,225 SH   SOLE   1,987,225 0 0
VISA INC COM CL A 92826C839 153,320 2,283,240 SH   SOLE   2,283,240 0 0
WILLIAMS COS INC DEL COM 969457100 926 16,140 SH   SOLE   16,140 0 0