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
3M Company COM 88579Y101 5,287 30,000 SH   SOLE   30,000 0 0
3M Company COM 88579Y101 30,664 174,000 SH   DFND 1 174,000 0 0
Accenture COM G1151C101 1,222 10,000 SH   SOLE   10,000 0 0
Accenture COM G1151C101 16,664 136,400 SH   DFND 1 136,400 0 0
Alleghany Corporation COM 017175100 2,272 4,328 SH   SOLE   4,328 0 0
Allergan PLC COM G0177J108 461 2,000 SH   DFND 1 2,000 0 0
Alphabet Inc COM 02079K107 38,111 49,031 SH   DFND 1 49,031 0 0
Alphabet Inc Class A COM 02079K305 10,051 12,500 SH   DFND 1 12,500 0 0
Amazon.com COM 023135106 28,469 34,000 SH   DFND 1 34,000 0 0
American Express COM 025816109 640 10,000 SH   SOLE   10,000 0 0
American Express COM 025816109 24,079 376,000 SH   DFND 1 376,000 0 0
American Tower COM 03027X100 227 2,000 SH   DFND 1 2,000 0 0
Analog Devices Inc COM 032654105 20,108 312,000 SH   DFND 1 312,000 0 0
Anthem Inc COM 036752103 28,069 224,000 SH   DFND 1 224,000 0 0
Aon Corporation COM G0408V102 4,162 37,000 SH   DFND 1 37,000 0 0
Apollo Global Management - A COM 037612306 6,951 387,000 SH   DFND 1 387,000 0 0
Apple Inc COM 037833100 6,907 61,100 SH   DFND 1 61,100 0 0
Archer Daniels COM 039483102 61,707 1,463,300 SH   DFND 1 1,463,300 0 0
Automatic Data Processing COM 053015103 46,808 530,700 SH   DFND 1 530,700 0 0
Baxter International Inc COM 071813109 1,047 22,000 SH   DFND 1 22,000 0 0
Becton Dickinson COM 075887109 1,618 9,000 SH   DFND 1 9,000 0 0
Berkshire Hathaway Class B COM 084670702 70,082 485,100 SH   SOLE   485,100 0 0
Berkshire Hathaway Class B COM 084670702 148,300 1,026,507 SH   DFND 1 1,026,507 0 0
Berkshire Hathaway, Inc. COM 084670108 59,460 275 SH   SOLE   275 0 0
Berkshire Hathaway, Inc. COM 084670108 174,922 809 SH   DFND 1 809 0 0
Blackrock Inc COM 09247X101 56,363 155,500 SH   DFND 1 155,500 0 0
Blackstone Group COM 09253U108 13,684 536,000 SH   DFND 1 536,000 0 0
Boeing Co COM 097023105 5,322 40,400 SH   DFND 1 40,400 0 0
Bristol Myers Squibb COM 110122108 539 10,000 SH   DFND 1 10,000 0 0
Brookfield Asset Management COM 112585104 22,691 645,000 SH   SOLE   645,000 0 0
Brookfield Asset Management COM 112585104 157,178 4,467,821 SH   DFND 1 4,467,821 0 0
Brookfield Business Partners COM G16234109 341 12,900 SH   SOLE   12,900 0 0
Brookfield Business Partners COM G16234109 2,344 88,694 SH   DFND 1 88,694 0 0
Brown Forman Class A COM 115637100 41,939 843,000 SH   DFND 1 843,000 0 0
Brown-Forman Class B COM 115637209 9,998 210,750 SH   DFND 1 210,750 0 0
Bunge Limited COM G16962105 4,253 71,800 SH   DFND 1 71,800 0 0
CDK Global Inc COM 12508E101 10,147 176,897 SH   DFND 1 176,897 0 0
CME Group Inc COM 12572Q105 14,110 135,000 SH   DFND 1 135,000 0 0
CSX Corporation COM 126408103 4,270 140,000 SH   DFND 1 140,000 0 0
CVS Corporation COM 126650100 21,981 247,000 SH   DFND 1 247,000 0 0
Cable One COM 12685J105 3,037 5,200 SH   DFND 1 5,200 0 0
Carmax COM 143130102 12,537 235,000 SH   SOLE   235,000 0 0
Carmax COM 143130102 249,575 4,678,070 SH   DFND 1 4,678,070 0 0
Caterpillar Inc COM 149123101 24,678 278,000 SH   DFND 1 278,000 0 0
Charles Schwab COM 808513105 33,369 1,057,000 SH   DFND 1 1,057,000 0 0
Cisco COM 17275R102 8,533 269,000 SH   DFND 1 269,000 0 0
Colfax Corporation COM 194014106 34,104 1,085,070 SH   SOLE   1,085,070 0 0
Colfax Corporation COM 194014106 1,571 50,000 SH   DFND 1 50,000 0 0
Comcast Corp- Class A COM 20030N101 4,976 75,000 SH   DFND 1 75,000 0 0
Core Labs NV COM N22717107 12,356 110,000 SH   DFND 1 110,000 0 0
Costco COM 22160K105 763 5,000 SH   SOLE   5,000 0 0
Costco COM 22160K105 5,185 34,000 SH   DFND 1 34,000 0 0
Cummins Inc. COM 231021106 4,806 37,500 SH   DFND 1 37,500 0 0
Diageo PLC COM 25243Q205 38,119 328,500 SH   SOLE   328,500 0 0
Diageo PLC COM 25243Q205 113,986 982,300 SH   DFND 1 982,300 0 0
Discovery Communications COM 25470F302 21,916 833,000 SH   DFND 1 833,000 0 0
Disney COM 254687106 150,173 1,617,200 SH   DFND 1 1,617,200 0 0
Ecolab COM 278865100 21,885 179,800 SH   DFND 1 179,800 0 0
Emerson Electric COM 291011104 8,613 158,000 SH   DFND 1 158,000 0 0
Exxon Corporation COM 30231G102 17,439 199,800 SH   SOLE   199,800 0 0
Exxon Corporation COM 30231G102 65,024 745,000 SH   DFND 1 745,000 0 0
Facebook COM 30303M102 6,606 51,500 SH   DFND 1 51,500 0 0
Factset Research COM 303075105 26,584 164,000 SH   DFND 1 164,000 0 0
General Dynamics COM 369550108 60,047 387,000 SH   DFND 1 387,000 0 0
Goldman Sachs COM 38141G104 2,758 17,100 SH   DFND 1 17,100 0 0
Graham Holdings Co COM 384637104 2,503 5,200 SH   DFND 1 5,200 0 0
Harley Davidson COM 412822108 16,040 305,000 SH   DFND 1 305,000 0 0
Hasbro, Inc COM 418056107 28,876 364,000 SH   DFND 1 364,000 0 0
Heico Corp COM 422806109 208 3,000 SH   DFND 1 3,000 0 0
Heico Corp Class A COM 422806208 2,269 37,500 SH   DFND 1 37,500 0 0
Hershey Foods COM 427866108 2,304 24,100 SH   DFND 1 24,100 0 0
Home Depot COM 437076102 2,574 20,000 SH   SOLE   20,000 0 0
Home Depot COM 437076102 115,812 900,000 SH   DFND 1 900,000 0 0
Illinois Tool Works COM 452308109 27,563 230,000 SH   DFND 1 230,000 0 0
Investors Title Company COM 461804106 21,223 213,300 SH   DFND 1 213,300 0 0
JP Morgan COM 46625H100 12,186 183,000 SH   DFND 1 183,000 0 0
John Deere COM 244199105 93,492 1,095,400 SH   DFND 1 1,095,400 0 0
Johnson and Johnson COM 478160104 6,497 55,000 SH   SOLE   55,000 0 0
Johnson and Johnson COM 478160104 65,657 555,800 SH   DFND 1 555,800 0 0
KKR & Co LLC COM 48248M102 8,527 598,000 SH   DFND 1 598,000 0 0
Liberty Braves Group A COM 531229706 743 42,600 SH   DFND 1 42,600 0 0
Liberty Braves Group C COM 531229888 1,734 99,788 SH   DFND 1 99,788 0 0
Liberty Broadband A COM 530307107 8,296 118,250 SH   DFND 1 118,250 0 0
Liberty Broadband Class C COM 530307305 12,303 172,113 SH   DFND 1 172,113 0 0
Liberty Global PLC COM G5480U104 4,033 118,000 SH   DFND 1 118,000 0 0
Liberty Global PLC Lilac COM G5480U138 406 14,720 SH   DFND 1 14,720 0 0
Liberty Media Group A COM 531229870 3,481 121,500 SH   DFND 1 121,500 0 0
Liberty Media Group C COM 531229854 4,798 170,500 SH   DFND 1 170,500 0 0
Liberty Sirius Group A COM 531229409 14,475 426,000 SH   DFND 1 426,000 0 0
Liberty Sirius Group C COM 531229607 17,440 522,000 SH   DFND 1 522,000 0 0
Linear Technology Corp COM 535678106 12,214 206,000 SH   DFND 1 206,000 0 0
Live Nation COM 538034109 4,993 181,700 SH   DFND 1 181,700 0 0
Lowes COM 548661107 6,860 95,000 SH   SOLE   95,000 0 0
Lowes COM 548661107 32,133 445,000 SH   DFND 1 445,000 0 0
MSCI COM 55354G100 11,500 137,000 SH   DFND 1 137,000 0 0
Marriott International COM 571903202 99,128 1,472,269 SH   DFND 1 1,472,269 0 0
Marsh & McLennan COM 571748102 40,989 609,500 SH   DFND 1 609,500 0 0
Mastercard, Inc COM 57636Q104 15,327 150,600 SH   DFND 1 150,600 0 0
Maxim Integrated Products COM 57772K101 5,111 128,000 SH   DFND 1 128,000 0 0
McKesson Corp COM 58155Q103 1,517 9,100 SH   DFND 1 9,100 0 0
Mead Johnson Nutrition COM 582839106 2,394 30,300 SH   DFND 1 30,300 0 0
Merck COM 58933Y105 349 5,600 SH   DFND 1 5,600 0 0
Microsoft Corp COM 594918104 11,059 192,000 SH   DFND 1 192,000 0 0
Monsanto Co COM 61166W101 40,543 396,700 SH   DFND 1 396,700 0 0
Moody's Corp COM 615369105 31,401 290,000 SH   DFND 1 290,000 0 0
NXP Semiconductors NV COM N6596X109 3,366 33,000 SH   DFND 1 33,000 0 0
Nike COM 654106103 16,848 320,000 SH   DFND 1 320,000 0 0
Norfolk Southern COM 655844108 22,275 229,500 SH   DFND 1 229,500 0 0
Novartis AG-Sponsored ADR COM 66987V109 292 3,700 SH   DFND 1 3,700 0 0
Novo-Nordisk A/S COM 670100205 44,709 1,075,000 SH   DFND 1 1,075,000 0 0
Oaktree Capital Group LLC COM 674001201 28,641 675,500 SH   DFND 1 675,500 0 0
Oracle Corp COM 68389X105 25,061 638,000 SH   DFND 1 638,000 0 0
Paccar COM 693718108 6,954 118,300 SH   DFND 1 118,300 0 0
Parker-Hannifin Corp COM 701094104 8,862 70,600 SH   DFND 1 70,600 0 0
Patterson Companies Inc. COM 703395103 7,718 168,000 SH   DFND 1 168,000 0 0
Paychex COM 704326107 8,681 150,000 SH   DFND 1 150,000 0 0
Penske Automotive Group COM 70959W103 1,494 31,000 SH   DFND 1 31,000 0 0
Pepsico COM 713448108 15,837 145,600 SH   DFND 1 145,600 0 0
Philip Morris International COM 718172109 11,132 114,500 SH   DFND 1 114,500 0 0
Praxair Inc. COM 74005P104 4,398 36,400 SH   DFND 1 36,400 0 0
Priceline Group Inc COM 741503403 294 200 SH   DFND 1 200 0 0
RLI Corporation COM 749607107 81,846 1,197,272 SH   DFND 1 1,197,272 0 0
Ritchie Bros COM 767744105 3,998 114,000 SH   DFND 1 114,000 0 0
Rockwell Automation Inc COM 773903109 9,763 79,800 SH   DFND 1 79,800 0 0
Rollins, Inc. COM 775711104 10,064 343,700 SH   DFND 1 343,700 0 0
S&P Global COM 78409V104 18,604 147,000 SH   DFND 1 147,000 0 0
SEI Investments Co COM 784117103 12,415 272,200 SH   DFND 1 272,200 0 0
Schlumberger COM 806857108 52,099 662,500 SH   DFND 1 662,500 0 0
Stericycle Inc COM 858912108 2,484 31,000 SH   DFND 1 31,000 0 0
Synalloy Corporation COM 871565107 3,945 414,804 SH   SOLE   414,804 0 0
T.Rowe Price COM 74144T108 732 11,000 SH   SOLE   11,000 0 0
T.Rowe Price COM 74144T108 18,819 283,000 SH   DFND 1 283,000 0 0
Texas Instruments Inc COM 882508104 23,159 330,000 SH   DFND 1 330,000 0 0
The Carlyle Group COM 14309L102 7,053 453,000 SH   DFND 1 453,000 0 0
The Travelers Companies Inc COM 89417E109 36,083 315,000 SH   DFND 1 315,000 0 0
Unilever PLC ADR COM 904767704 72,408 1,527,600 SH   DFND 1 1,527,600 0 0
Union Pacific COM 907818108 8,251 84,600 SH   DFND 1 84,600 0 0
United Health Group Inc COM 91324P102 92,820 663,000 SH   DFND 1 663,000 0 0
United Technologies COM 913017109 11,532 113,500 SH   DFND 1 113,500 0 0
VF Corp COM 918204108 858 15,300 SH   DFND 1 15,300 0 0
Verisk Analytics Inc COM 92345Y106 4,470 55,000 SH   DFND 1 55,000 0 0
Visa COM 92826C839 72,015 870,800 SH   DFND 1 870,800 0 0
W.P. Carey COM 92936U109 2,904 45,000 SH   SOLE   45,000 0 0
W.P. Carey COM 92936U109 58,413 905,200 SH   DFND 1 905,200 0 0
Walgreens Boots Alliance Inc COM 931427108 172,124 2,135,000 SH   DFND 1 2,135,000 0 0
Watsco Inc COM 942622200 25,010 177,500 SH   DFND 1 177,500 0 0