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 375 1,594 SH   SOLE   1,594 0 0
ABBOTT LABORATORIES COM 002824100 396 6,943 SH   SOLE   6,943 0 0
ABBVIE INC COM 00287y109 585 6,048 SH   SOLE   6,048 0 0
AFFILIATED MANAGERS GRP COM 008252108 31,010 151,085 SH   SOLE   150,685 400 0
ALPHABET INC SHS CL A COM 02079k305 17,142 16,273 SH   SOLE   16,273 0 0
ALPHABET INC SHS CL C COM 02079k107 24,942 23,836 SH   SOLE   23,796 40 0
ALTRIA GROUP INC COM 02209s103 254 3,559 SH   SOLE   3,559 0 0
AMAZON.COM INC COM 023135106 15,442 13,204 SH   SOLE   13,164 40 0
AMERICAN EXPRESS CO COM 025816109 25,643 258,215 SH   SOLE   257,240 975 0
AMERICAN TOWER CORP COM 03027x100 3,468 24,309 SH   SOLE   24,309 0 0
ANNALY CAP MGMT INC COM 035710409 376 31,650 SH   SOLE   31,650 0 0
APPLE INC COM 037833100 10,042 59,339 SH   SOLE   59,339 0 0
ASSOCIATED CAPITAL GP COM 045528106 246 7,200 SH   SOLE   7,200 0 0
AUTOMATIC DATA PROCESS COM 053015103 321 2,737 SH   SOLE   2,737 0 0
BANK OF AMERICA CORP COM 060505104 258 8,746 SH   SOLE   8,746 0 0
BECTON DICKINSON & CO COM 075887109 201 938 SH   SOLE   938 0 0
BERKSHIRE HATHAWAY A COM 084670108 11,309 38 SH   SOLE   38 0 0
BERKSHIRE HATHAWAY B COM 084670702 140,689 709,763 SH   SOLE   706,763 3,000 0
BLACKSTONE GROUP LP COM 09253u108 28,219 881,290 SH   SOLE   879,390 1,900 0
BOEING CO COM 097023105 472 1,599 SH   SOLE   1,599 0 0
BP PLC COM 055622104 340 8,085 SH   SOLE   8,085 0 0
BROOKFIELD ASSET MGMT COM 112585104 15,346 352,590 SH   SOLE   352,590 0 0
CARMAX INC COM 143130102 17,621 274,775 SH   SOLE   274,425 350 0
CHEVRON CORPORATION COM 166764100 2,304 18,403 SH   SOLE   18,403 0 0
CHURCHILL DOWNS COM 171484108 2,558 10,993 SH   SOLE   10,993 0 0
COCA COLA COM COM 191216100 18,232 397,382 SH   SOLE   396,382 1,000 0
COSTCO WHOLESALE CO COM 22160k105 576 3,096 SH   SOLE   3,096 0 0
DEERE & CO COM 244199105 232 1,480 SH   SOLE   1,480 0 0
DIAMOND HILL INVT CL A COM 25264r207 9,636 46,628 SH   SOLE   46,628 0 0
DOUGLAS EMMETT INC COM 25960p109 19,393 472,310 SH   SOLE   470,310 2,000 0
ENSTAR GROUP LTD COM g3075p101 24,805 123,561 SH   SOLE   123,161 400 0
ESTEE LAUDER INC COM 518439104 17,006 133,655 SH   SOLE   133,155 500 0
EXXON MOBIL CORP COM 30231g102 29,735 355,514 SH   SOLE   353,506 2,008 0
FACEBOOK INC CL A COM 30303m102 506 2,869 SH   SOLE   2,869 0 0
FAIRFAX FINL HLDGS LTD COM 303901102 2,993 5,622 SH   SOLE   5,622 0 0
FARMERS CAP BK CORP COM 309562106 221 5,738 SH   SOLE   5,738 0 0
FEDEX CORPORATION COM 31428x106 299 1,200 SH   SOLE   1,200 0 0
GAMCO INVS INC COM 361438104 15,513 523,207 SH   SOLE   521,607 1,600 0
GAMING & LEISURE INC COM 36467j108 24,980 675,140 SH   SOLE   674,640 500 0
GENERAL ELECTRIC CO COM 369604103 183 10,508 SH   SOLE   10,508 0 0
GENERAL GROWTH PPTYS INC COM 370023103 801 34,225 SH   SOLE   34,225 0 0
GOLDMAN SACHS INC COM 38141g104 42,532 166,950 SH   SOLE   166,700 250 0
HALIBURTON CO COM 406216101 212 4,337 SH   SOLE   4,337 0 0
HOME BANCSHARES INC COM 436893200 31,386 1,349,925 SH   SOLE   1,345,925 4,000 0
HOWARD HUGHES CORP COM 44267d107 1,374 10,467 SH   SOLE   10,467 0 0
HUMANA INC COM 444859102 955 3,850 SH   SOLE   3,850 0 0
ILLINOIS TOOL WORKS INC COM 452308109 405 2,426 SH   SOLE   2,426 0 0
INTUIT COM 461202103 312 1,979 SH   SOLE   1,979 0 0
ISHARES CORE S&P MID CAP ETF COM 464287507 210 1,107 SH   SOLE   1,107 0 0
JBG SMITH PROP COM 46590V100 2,299 66,194 SH   SOLE   66,194 0 0
JOHNSON AND JOHNSON COM 478160104 37,085 265,423 SH   SOLE   264,923 500 0
JPMORGAN CHASE & CO COM 46625h100 20,385 190,618 SH   SOLE   188,166 2,452 0
KIMBERLY-CLARK CORP COM 494368103 221 1,829 SH   SOLE   1,829 0 0
LAS VEGAS SANDS CORP COM 517834107 2,985 42,960 SH   SOLE   42,960 0 0
LEUCADIA NATL CORP COM 527288104 12,931 488,152 SH   SOLE   486,652 1,500 0
LIVE NATION ENTMT COM 538034109 4,682 109,978 SH   SOLE   109,978 0 0
MARKEL CORP COM COM 570535104 78,870 69,237 SH   SOLE   68,987 250 0
MC DONALDS CORP COM 580135101 1,187 6,895 SH   SOLE   6,895 0 0
MERCK & CO INC COM 58933y105 356 6,333 SH   SOLE   6,333 0 0
MICROSOFT CORP COM 594918104 591 6,912 SH   SOLE   6,912 0 0
MICROVISION INC WASH COM 594960304 20 12,000 SH   SOLE   12,000 0 0
MONDELEZ INTL CLASS A COM 609207105 277 6,481 SH   SOLE   6,481 0 0
MOODY'S CORP COM 615369105 940 6,371 SH   SOLE   6,371 0 0
NIKE INC CL B COM 654106103 17,543 280,456 SH   SOLE   280,456 0 0
O'REILLY AUTOMOTIVE INC COM 67103h107 5,900 24,528 SH   SOLE   24,528 0 0
OAKTREE CAP GRP CL A COM 674001201 1,404 33,350 SH   SOLE   33,350 0 0
OCCIDENTAL PETROL CO COM 674599105 2,088 28,346 SH   SOLE   28,346 0 0
ORACLE CORPORATION COM 68389x105 201 4,250 SH   SOLE   4,250 0 0
PACWEST BANCORP COM 695263103 7,239 143,634 SH   SOLE   143,634 0 0
PEPSICO INC COM 713448108 25,291 210,899 SH   SOLE   210,499 400 0
PFIZER INCORPORATED COM 717081103 530 14,619 SH   SOLE   14,619 0 0
PHILIP MORRIS INTL INC COM 718172109 626 5,928 SH   SOLE   5,928 0 0
PIMCO ENHAN SHRT MATURITY COM 72201R833 406 4,000 SH   SOLE   4,000 0 0
PNC FINANCIAL SRVCS COM 693475105 1,222 8,471 SH   SOLE   7,371 1,100 0
PROCTER & GAMBLE COM 742718109 3,538 38,505 SH   SOLE   38,505 0 0
REALOGY HLDGS CORP COM 75605y106 7,653 288,783 SH   SOLE   288,783 0 0
SCHLUMBERGER LTD COM 806857108 11,199 166,188 SH   SOLE   166,188 0 0
SEACOAST BK CORP FLA COM 811707801 1,100 43,650 SH   SOLE   43,650 0 0
SOUTHERN NATL BANCORP COM 843395104 9,027 563,129 SH   SOLE   563,129 0 0
SPDR GOLD TRUST COM 78463v107 262 2,120 SH   SOLE   2,120 0 0
SPDR S&P 500 ETF COM 78462f103 826 3,094 SH   SOLE   3,094 0 0
T ROWE PRICE GROUP INC COM 74144t108 10,969 104,536 SH   SOLE   104,336 200 0
TIFFANY & CO NEW COM 886547108 21,342 205,306 SH   SOLE   204,906 400 0
UNITED PARCEL SRVC CL B COM 911312106 1,131 9,493 SH   SOLE   9,493 0 0
UNITED TECHNOLOGIES COM 913017109 844 6,620 SH   SOLE   6,620 0 0
US BANCORP DEL COM 902973304 794 14,822 SH   SOLE   14,822 0 0
VISA INC COM CLASS A COM 92826C839 213 1,870 SH   SOLE   1,870 0 0
VORNADO REALTY TRUST COM 929042109 20,604 263,548 SH   SOLE   262,798 750 0
WAL-MART STORES INC COM 931142103 513 5,200 SH   SOLE   5,200 0 0
WALT DISNEY CO COM 254687106 3,895 36,229 SH   SOLE   36,229 0 0
WELLS FARGO & CO COM 949746101 31,753 523,374 SH   SOLE   520,624 2,750 0
WINTRUST FINANCIAL COM 97650w108 1,873 22,740 SH   SOLE   22,740 0 0
WYNN RESORTS LTD COM 983134107 39,927 236,827 SH   SOLE   236,127 700 0