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 325 1,550 SH   SOLE   1,550 0 0
ABBOTT LABORATORIES COM 002824100 338 6,333 SH   SOLE   6,333 0 0
ABBVIE INC COM 00287y109 543 6,109 SH   SOLE   6,109 0 0
AFFILIATED MANAGERS GRP COM 008252108 28,924 152,370 SH   SOLE   151,970 400 0
ALPHABET INC SHS CL A COM 02079k305 15,931 16,361 SH   SOLE   16,361 0 0
ALPHABET INC SHS CL C COM 02079k107 22,982 23,962 SH   SOLE   23,922 40 0
ALTRIA GROUP INC COM 02209s103 251 3,954 SH   SOLE   3,954 0 0
AMAZON.COM INC COM 023135106 12,655 13,164 SH   SOLE   13,124 40 0
AMERICAN EXPRESS CO COM 025816109 24,120 266,641 SH   SOLE   265,666 975 0
AMERICAN TOWER CORP COM 03027x100 3,323 24,309 SH   SOLE   24,309 0 0
ANNALY CAP MGMT INC COM 035710409 386 31,650 SH   SOLE   31,650 0 0
APPLE INC COM 037833100 9,135 59,272 SH   SOLE   59,272 0 0
ASSOCIATED CAPITAL GP COM 045528106 257 7,200 SH   SOLE   7,200 0 0
AUTOMATIC DATA PROCESS COM 053015103 241 2,200 SH   SOLE   2,200 0 0
BANK OF AMERICA CORP COM 060505104 246 9,696 SH   SOLE   9,696 0 0
BERKSHIRE HATHAWAY A COM 084670108 10,440 38 SH   SOLE   38 0 0
BERKSHIRE HATHAWAY B COM 084670702 131,731 718,585 SH   SOLE   715,585 3,000 0
BLACKSTONE GROUP LP COM 09253u108 28,868 865,092 SH   SOLE   863,192 1,900 0
BOEING CO COM 097023105 406 1,599 SH   SOLE   1,599 0 0
BP PLC COM 055622104 311 8,085 SH   SOLE   8,085 0 0
BROOKFIELD ASSET MGMT COM 112585104 14,750 357,153 SH   SOLE   357,153 0 0
CARMAX INC COM 143130102 20,962 276,511 SH   SOLE   276,161 350 0
CHEVRON CORPORATION COM 166764100 2,030 17,277 SH   SOLE   17,277 0 0
CHURCHILL DOWNS COM 171484108 7,545 36,593 SH   SOLE   36,593 0 0
COCA COLA COM COM 191216100 18,231 405,050 SH   SOLE   404,050 1,000 0
COSTCO WHOLESALE CO COM 22160k105 509 3,096 SH   SOLE   3,096 0 0
DIAMOND HILL INVT CL A COM 25264r207 8,149 38,373 SH   SOLE   38,373 0 0
DOUGLAS EMMETT INC COM 25960p109 18,803 476,985 SH   SOLE   474,985 2,000 0
ENSTAR GROUP LTD COM g3075p101 28,034 126,081 SH   SOLE   125,681 400 0
ESTEE LAUDER INC COM 518439104 14,519 134,632 SH   SOLE   134,132 500 0
EXXON MOBIL CORP COM 30231g102 29,360 358,135 SH   SOLE   356,127 2,008 0
FACEBOOK INC CL A COM 30303m102 458 2,681 SH   SOLE   2,681 0 0
FAIRFAX FINL HLDGS LTD COM 303901102 2,971 5,722 SH   SOLE   5,722 0 0
FARMERS CAP BK CORP COM 309562106 241 5,738 SH   SOLE   5,738 0 0
FEDEX CORPORATION COM 31428x106 271 1,200 SH   SOLE   1,200 0 0
GAMCO INVS INC COM 361438104 15,721 528,275 SH   SOLE   526,675 1,600 0
GAMING & LEISURE INC COM 36467j108 25,113 680,745 SH   SOLE   680,245 500 0
GENERAL ELECTRIC CO COM 369604103 260 10,752 SH   SOLE   10,752 0 0
GENERAL GROWTH PPTYS INC COM 370023103 1,215 58,500 SH   SOLE   58,500 0 0
GOLDMAN SACHS INC COM 38141g104 39,914 168,279 SH   SOLE   168,029 250 0
HOME BANCSHARES INC COM 436893200 17,101 678,069 SH   SOLE   675,757 2,312 0
HOWARD HUGHES CORP COM 44267d107 1,234 10,467 SH   SOLE   10,467 0 0
HUMANA INC COM 444859102 975 4,000 SH   SOLE   4,000 0 0
INTUIT COM 461202103 281 1,979 SH   SOLE   1,979 0 0
JBG SMITH PROP COM 46590V100 2,667 77,964 SH   SOLE   77,964 0 0
JOHNSON AND JOHNSON COM 478160104 34,735 267,173 SH   SOLE   266,673 500 0
JPMORGAN CHASE & CO COM 46625h100 18,190 190,449 SH   SOLE   187,997 2,452 0
LAS VEGAS SANDS CORP COM 517834107 2,957 46,090 SH   SOLE   46,090 0 0
LEUCADIA NATL CORP COM 527288104 12,932 512,158 SH   SOLE   510,658 1,500 0
LIVE NATION ENTMT COM 538034109 4,888 112,230 SH   SOLE   112,230 0 0
MARKEL CORP COM COM 570535104 74,458 69,719 SH   SOLE   69,469 250 0
MC DONALDS CORP COM 580135101 1,030 6,572 SH   SOLE   6,572 0 0
MERCK & CO INC COM 58933y105 399 6,231 SH   SOLE   6,231 0 0
MICROSOFT CORP COM 594918104 475 6,370 SH   SOLE   6,370 0 0
MICROVISION INC WASH COM 594960304 33 12,000 SH   SOLE   12,000 0 0
MONDELEZ INTL CLASS A COM 609207105 258 6,344 SH   SOLE   6,344 0 0
MOODY'S CORP COM 615369105 887 6,371 SH   SOLE   6,371 0 0
NIKE INC CL B COM 654106103 14,625 282,056 SH   SOLE   282,056 0 0
O'REILLY AUTOMOTIVE INC COM 67103h107 5,123 23,788 SH   SOLE   23,788 0 0
OAKTREE CAP GRP CL A COM 674001201 1,734 36,850 SH   SOLE   36,850 0 0
OCCIDENTAL PETROL CO COM 674599105 1,960 30,526 SH   SOLE   30,526 0 0
PACWEST BANCORP COM 695263103 7,271 143,960 SH   SOLE   143,960 0 0
PEPSICO INC COM 713448108 23,697 212,659 SH   SOLE   212,259 400 0
PFIZER INCORPORATED COM 717081103 519 14,549 SH   SOLE   14,549 0 0
PHILIP MORRIS INTL INC COM 718172109 612 5,512 SH   SOLE   5,512 0 0
PIMCO ENHAN SHRT MATURITY COM 72201R833 458 4,500 SH   SOLE   4,500 0 0
PNC FINANCIAL SRVCS COM 693475105 1,125 8,346 SH   SOLE   7,246 1,100 0
PROCTER & GAMBLE COM 742718109 3,387 37,231 SH   SOLE   37,231 0 0
REALOGY HLDGS CORP COM 75605y106 9,790 297,108 SH   SOLE   297,108 0 0
SCHLUMBERGER LTD COM 806857108 22,109 316,933 SH   SOLE   316,333 600 0
SEACOAST BK CORP FLA COM 811707801 1,103 46,150 SH   SOLE   46,150 0 0
SOUTHERN NATL BANCORP COM 843395104 9,803 576,980 SH   SOLE   576,980 0 0
SPDR GOLD TRUST COM 78463v107 243 2,000 SH   SOLE   2,000 0 0
SPDR S&P 500 ETF COM 78462f103 436 1,734 SH   SOLE   1,734 0 0
T ROWE PRICE GROUP INC COM 74144t108 9,688 106,877 SH   SOLE   106,677 200 0
TAUBMAN CTRS INC COM 876664103 211 4,250 SH   SOLE   4,250 0 0
TIFFANY & CO NEW COM 886547108 19,039 207,441 SH   SOLE   207,041 400 0
UNITED PARCEL SRVC CL B COM 911312106 1,245 10,368 SH   SOLE   10,368 0 0
UNITED TECHNOLOGIES COM 913017109 728 6,274 SH   SOLE   6,274 0 0
US BANCORP DEL COM 902973304 741 13,820 SH   SOLE   13,820 0 0
VORNADO REALTY TRUST COM 929042109 19,690 256,117 SH   SOLE   255,367 750 0
WAL-MART STORES INC COM 931142103 406 5,200 SH   SOLE   5,200 0 0
WALT DISNEY CO COM 254687106 3,469 35,189 SH   SOLE   35,189 0 0
WELLS FARGO & CO COM 949746101 28,969 525,274 SH   SOLE   522,524 2,750 0
WINTRUST FINANCIAL COM 97650w108 1,781 22,740 SH   SOLE   22,740 0 0
WYNN RESORTS LTD COM 983134107 35,488 238,302 SH   SOLE   237,602 700 0