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 7,244 33,000 SH   SOLE   33,000 0 0
3M Company COM 88579Y101 37,538 171,000 SH   DFND 1 171,000 0 0
Accenture COM G1151C101 1,535 10,000 SH   SOLE   10,000 0 0
Accenture COM G1151C101 22,933 149,400 SH   DFND 1 149,400 0 0
Albemarle Corp COM 012653101 6,770 73,000 SH   DFND 1 73,000 0 0
Alleghany Corporation COM 017175100 2,659 4,328 SH   SOLE   4,328 0 0
Alphabet Inc COM 02079K107 106,970 103,674 SH   DFND 1 103,674 0 0
Alphabet Inc Class A COM 02079K305 12,964 12,500 SH   DFND 1 12,500 0 0
Amazon.com COM 023135106 122,619 84,720 SH   DFND 1 84,720 0 0
American Express COM 025816109 933 10,000 SH   SOLE   10,000 0 0
American Express COM 025816109 35,073 376,000 SH   DFND 1 376,000 0 0
American Tower COM 03027X100 5,160 35,500 SH   DFND 1 35,500 0 0
Analog Devices Inc COM 032654105 53,567 587,811 SH   DFND 1 587,811 0 0
Anthem Inc COM 036752103 49,213 224,000 SH   DFND 1 224,000 0 0
Aon Corporation COM G0408V102 5,192 37,000 SH   DFND 1 37,000 0 0
Apollo Global Management - A COM 037612306 25,029 845,000 SH   DFND 1 845,000 0 0
Apple Inc COM 037833100 23,562 140,435 SH   DFND 1 140,435 0 0
Archer Daniels COM 039483102 63,463 1,463,300 SH   DFND 1 1,463,300 0 0
Automatic Data Processing COM 053015103 60,224 530,700 SH   DFND 1 530,700 0 0
Baxter International Inc COM 071813109 1,431 22,000 SH   DFND 1 22,000 0 0
Becton Dickinson COM 075887109 1,950 9,000 SH   DFND 1 9,000 0 0
Berkshire Hathaway Class B COM 084670702 96,768 485,100 SH   SOLE   485,100 0 0
Berkshire Hathaway Class B COM 084670702 204,986 1,027,602 SH   DFND 1 1,027,602 0 0
Berkshire Hathaway, Inc. COM 084670108 117,546 393 SH   SOLE   393 0 0
Berkshire Hathaway, Inc. COM 084670108 209,669 701 SH   DFND 1 701 0 0
Blackrock Inc COM 09247X101 101,627 187,600 SH   DFND 1 187,600 0 0
Blackstone Group COM 09253U108 31,630 990,000 SH   DFND 1 990,000 0 0
Boeing Co COM 097023105 30,952 94,400 SH   DFND 1 94,400 0 0
Booking Holdings Inc COM 09857L108 437 210 SH   DFND 1 210 0 0
Bristol Myers Squibb COM 110122108 632 10,000 SH   DFND 1 10,000 0 0
Brookfield Asset Management COM 112585104 25,155 645,000 SH   SOLE   645,000 0 0
Brookfield Asset Management COM 112585104 191,105 4,900,121 SH   DFND 1 4,900,121 0 0
Brookfield Business Partners COM G16234109 465 12,900 SH   SOLE   12,900 0 0
Brookfield Business Partners COM G16234109 3,194 88,694 SH   DFND 1 88,694 0 0
Brown Forman Class A COM 115637100 8,479 159,000 SH   SOLE   159,000 0 0
Brown Forman Class A COM 115637100 36,478 684,000 SH   DFND 1 684,000 0 0
Brown-Forman Class B COM 115637209 2,162 39,750 SH   SOLE   39,750 0 0
Brown-Forman Class B COM 115637209 23,633 434,437 SH   DFND 1 434,437 0 0
CDK Global Inc COM 12508E101 21 333 SH   SOLE   333 0 0
CDK Global Inc COM 12508E101 11,184 176,564 SH   DFND 1 176,564 0 0
CME Group Inc COM 12572Q105 21,835 135,000 SH   DFND 1 135,000 0 0
CVS Corporation COM 126650100 17,108 275,000 SH   DFND 1 275,000 0 0
Cable One COM 12685J105 3,573 5,200 SH   DFND 1 5,200 0 0
Capital One Financial Corp COM 14040H105 7,186 75,000 SH   DFND 1 75,000 0 0
Carmax COM 143130102 57,256 924,386 SH   SOLE   924,386 0 0
Carmax COM 143130102 247,059 3,988,684 SH   DFND 1 3,988,684 0 0
Caterpillar Inc COM 149123101 40,972 278,000 SH   DFND 1 278,000 0 0
Charles Schwab COM 808513105 55,197 1,057,000 SH   DFND 1 1,057,000 0 0
Chipotle Mexican Grill Inc COM 169656105 5,654 17,500 SH   DFND 1 17,500 0 0
Choice Hotels Intl Inc COM 169905106 6,693 83,500 SH   DFND 1 83,500 0 0
Cisco COM 17275R102 14,668 342,000 SH   DFND 1 342,000 0 0
Colfax Corporation COM 194014106 34,614 1,085,070 SH   SOLE   1,085,070 0 0
Colfax Corporation COM 194014106 1,595 50,000 SH   DFND 1 50,000 0 0
Comcast Corp- Class A COM 20030N101 7,210 211,000 SH   DFND 1 211,000 0 0
Costco COM 22160K105 2,450 13,000 SH   SOLE   13,000 0 0
Costco COM 22160K105 4,899 26,000 SH   DFND 1 26,000 0 0
Diageo PLC COM 25243Q205 59,382 438,500 SH   SOLE   438,500 0 0
Diageo PLC COM 25243Q205 123,408 911,300 SH   DFND 1 911,300 0 0
Discovery Communications COM 25470F302 21,335 1,093,000 SH   DFND 1 1,093,000 0 0
Disney COM 254687106 175,037 1,742,700 SH   DFND 1 1,742,700 0 0
Dollar Tree Inc COM 256746108 8,351 88,000 SH   DFND 1 88,000 0 0
Ecolab COM 278865100 34,034 248,300 SH   DFND 1 248,300 0 0
Facebook COM 30303M102 19,693 123,240 SH   DFND 1 123,240 0 0
Factset Research COM 303075105 23,133 116,000 SH   DFND 1 116,000 0 0
Flowserve COM 34354P105 2,903 67,000 SH   DFND 1 67,000 0 0
General Dynamics COM 369550108 221 1,000 SH   SOLE   1,000 0 0
General Dynamics COM 369550108 85,267 386,000 SH   DFND 1 386,000 0 0
General Electric COM 369604103 1,281 95,000 SH   DFND 1 95,000 0 0
Gilead Sciences Inc COM 375558103 2,488 33,000 SH   DFND 1 33,000 0 0
Goldman Sachs COM 38141G104 16,608 65,940 SH   DFND 1 65,940 0 0
Goodyear Tire & Rubber Co. COM 382550101 3,588 135,000 SH   DFND 1 135,000 0 0
Graham Holdings Co COM 384637104 3,132 5,200 SH   DFND 1 5,200 0 0
Hasbro, Inc COM 418056107 30,685 364,000 SH   DFND 1 364,000 0 0
Healthcare Services Group COM 421906108 2,391 55,000 SH   DFND 1 55,000 0 0
Heico Corp COM 422806109 407 4,687 SH   DFND 1 4,687 0 0
Heico Corp Class A COM 422806208 13,886 195,718 SH   DFND 1 195,718 0 0
Hershey Foods COM 427866108 2,385 24,100 SH   DFND 1 24,100 0 0
Hexcel Corp COM 428291108 6,879 106,500 SH   DFND 1 106,500 0 0
Home Depot COM 437076102 6,595 37,000 SH   SOLE   37,000 0 0
Home Depot COM 437076102 157,386 883,000 SH   DFND 1 883,000 0 0
Hormel Foods COM 440452100 652 19,000 SH   DFND 1 19,000 0 0
IBM COM 459200101 2,409 15,700 SH   DFND 1 15,700 0 0
Illinois Tool Works COM 452308109 11,749 75,000 SH   SOLE   75,000 0 0
Illinois Tool Works COM 452308109 24,282 155,000 SH   DFND 1 155,000 0 0
Illumina Inc COM 452327109 236 1,000 SH   DFND 1 1,000 0 0
Intl Flavors & Fragrances COM 459506101 1,369 10,000 SH   DFND 1 10,000 0 0
Investors Title Company COM 461804106 42,639 213,300 SH   DFND 1 213,300 0 0
JP Morgan COM 46625H100 20,125 183,000 SH   DFND 1 183,000 0 0
John Deere COM 244199105 170,138 1,095,400 SH   DFND 1 1,095,400 0 0
Johnson and Johnson COM 478160104 19,863 155,000 SH   SOLE   155,000 0 0
Johnson and Johnson COM 478160104 58,411 455,800 SH   DFND 1 455,800 0 0
KKR & Co LLC COM 48248M102 22,980 1,132,000 SH   DFND 1 1,132,000 0 0
Liberty Braves Group A COM 531229706 968 42,600 SH   DFND 1 42,600 0 0
Liberty Braves Group C COM 531229888 2,277 99,788 SH   DFND 1 99,788 0 0
Liberty Broadband A COM 530307107 318 3,750 SH   SOLE   3,750 0 0
Liberty Broadband A COM 530307107 17,087 201,500 SH   DFND 1 201,500 0 0
Liberty Broadband Class C COM 530307305 584 6,818 SH   SOLE   6,818 0 0
Liberty Broadband Class C COM 530307305 14,164 165,295 SH   DFND 1 165,295 0 0
Liberty Global PLC COM G5480U104 4,759 152,000 SH   DFND 1 152,000 0 0
Liberty Latin America COM G9001E102 286 14,720 SH   DFND 1 14,720 0 0
Liberty Media Group A COM 531229870 5,463 186,500 SH   DFND 1 186,500 0 0
Liberty Media Group C COM 531229854 8,006 259,500 SH   DFND 1 259,500 0 0
Liberty Sirius Group A COM 531229409 17,509 426,000 SH   DFND 1 426,000 0 0
Liberty Sirius Group C COM 531229607 1,225 30,000 SH   SOLE   30,000 0 0
Liberty Sirius Group C COM 531229607 20,098 492,000 SH   DFND 1 492,000 0 0
Live Nation COM 538034109 19,540 463,700 SH   DFND 1 463,700 0 0
Lowes COM 548661107 8,336 95,000 SH   SOLE   95,000 0 0
Lowes COM 548661107 41,681 475,000 SH   DFND 1 475,000 0 0
MSCI COM 55354G100 20,477 137,000 SH   DFND 1 137,000 0 0
Marriott International COM 571903202 13,870 102,000 SH   SOLE   102,000 0 0
Marriott International COM 571903202 191,224 1,406,269 SH   DFND 1 1,406,269 0 0
Marsh & McLennan COM 571748102 50,339 609,500 SH   DFND 1 609,500 0 0
Mastercard, Inc COM 57636Q104 31,897 182,100 SH   DFND 1 182,100 0 0
Mattel COM 577081102 1,302 99,000 SH   DFND 1 99,000 0 0
Maxim Integrated Products COM 57772K101 13,369 222,000 SH   DFND 1 222,000 0 0
McKesson Corp COM 58155Q103 4,240 30,100 SH   DFND 1 30,100 0 0
Merck COM 58933Y105 305 5,600 SH   DFND 1 5,600 0 0
Microchip Technology COM 595017104 4,477 49,000 SH   DFND 1 49,000 0 0
Microsoft Corp COM 594918104 30,941 339,000 SH   DFND 1 339,000 0 0
Moody's Corp COM 615369105 32,260 200,000 SH   DFND 1 200,000 0 0
Nike COM 654106103 2,392 36,000 SH   SOLE   36,000 0 0
Nike COM 654106103 21,925 330,000 SH   DFND 1 330,000 0 0
Norfolk Southern COM 655844108 31,162 229,500 SH   DFND 1 229,500 0 0
Novartis AG-Sponsored ADR COM 66987V109 299 3,700 SH   DFND 1 3,700 0 0
Novo-Nordisk A/S COM 670100205 52,944 1,075,000 SH   DFND 1 1,075,000 0 0
Oaktree Capital Group LLC COM 674001201 38,036 960,500 SH   DFND 1 960,500 0 0
Parker-Hannifin Corp COM 701094104 20,284 118,600 SH   DFND 1 118,600 0 0
Paychex COM 704326107 9,238 150,000 SH   DFND 1 150,000 0 0
Penske Automotive Group COM 70959W103 3,192 72,000 SH   DFND 1 72,000 0 0
Pepsico COM 713448108 15,892 145,600 SH   DFND 1 145,600 0 0
Philip Morris International COM 718172109 11,381 114,500 SH   DFND 1 114,500 0 0
Praxair Inc. COM 74005P104 13,622 94,400 SH   DFND 1 94,400 0 0
Progressive Corp COM 743315103 12,795 210,000 SH   DFND 1 210,000 0 0
RLI Corporation COM 749607107 75,895 1,197,272 SH   DFND 1 1,197,272 0 0
Ritchie Bros COM 767744105 3,588 114,000 SH   DFND 1 114,000 0 0
Rockwell Automation Inc COM 773903109 22,263 127,800 SH   DFND 1 127,800 0 0
Rollins, Inc. COM 775711104 24,479 479,700 SH   DFND 1 479,700 0 0
S&P Global COM 78409V104 28,086 147,000 SH   DFND 1 147,000 0 0
SEI Investments Co COM 784117103 22,937 306,200 SH   DFND 1 306,200 0 0
Scotts Miracle-Gro Co COM 810186106 1,115 13,000 SH   DFND 1 13,000 0 0
Sensata Technologies Holding COM N7902X106 8,707 168,000 SH   DFND 1 168,000 0 0
Shake Shack Inc - Class A COM 819047101 458 11,000 SH   DFND 1 11,000 0 0
Starbucks Corp COM 855244109 12,102 209,048 SH   DFND 1 209,048 0 0
Stericycle Inc COM 858912108 18,174 310,500 SH   DFND 1 310,500 0 0
Synalloy Corporation COM 871565107 6,056 414,804 SH   SOLE   414,804 0 0
T.Rowe Price COM 74144T108 1,188 11,000 SH   SOLE   11,000 0 0
T.Rowe Price COM 74144T108 32,715 303,000 SH   DFND 1 303,000 0 0
Texas Instruments Inc COM 882508104 59,737 575,000 SH   DFND 1 575,000 0 0
The Carlyle Group COM 14309L102 20,539 962,000 SH   DFND 1 962,000 0 0
The Travelers Companies Inc COM 89417E109 43,741 315,000 SH   DFND 1 315,000 0 0
Tyson Foods COM 902494103 16,175 221,000 SH   DFND 1 221,000 0 0
Under Armour Inc-Class C COM 904311206 1,578 110,000 SH   DFND 1 110,000 0 0
Unilever PLC ADR COM 904767704 84,873 1,527,600 SH   DFND 1 1,527,600 0 0
Union Pacific COM 907818108 11,433 85,050 SH   DFND 1 85,050 0 0
United Health Group Inc COM 91324P102 1,113 5,200 SH   SOLE   5,200 0 0
United Health Group Inc COM 91324P102 140,769 657,800 SH   DFND 1 657,800 0 0
United Technologies COM 913017109 22,711 180,500 SH   DFND 1 180,500 0 0
Verisk Analytics Inc COM 92345Y106 7,592 73,000 SH   DFND 1 73,000 0 0
Visa COM 92826C839 478 4,000 SH   SOLE   4,000 0 0
Visa COM 92826C839 109,620 916,400 SH   DFND 1 916,400 0 0
W.P. Carey COM 92936U109 2,790 45,000 SH   SOLE   45,000 0 0
W.P. Carey COM 92936U109 56,113 905,200 SH   DFND 1 905,200 0 0
WR Berkley Corp COM 084423102 1,309 18,000 SH   DFND 1 18,000 0 0
Walgreens Boots Alliance Inc COM 931427108 40,919 625,000 SH   SOLE   625,000 0 0
Walgreens Boots Alliance Inc COM 931427108 98,860 1,510,000 SH   DFND 1 1,510,000 0 0
Watsco Inc COM 942622200 46,781 258,500 SH   DFND 1 258,500 0 0