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
ALPHABET INC CL-A CL A 02079K305 5,950 5,737 SH   DFND   5,737 0 0
ALPHABET INC CL-C CL C 02079K107 30,252 29,320 SH   DFND   29,320 0 0
AMETEK INC COM 031100100 53,121 699,243 SH   DFND   699,243 0 0
BALCHEM CORP COM 057665200 185 2,266 SH   DFND   2,266 0 0
BANK OF THE OZARKS INC COM 063904106 59,896 1,240,848 SH   DFND   1,240,848 0 0
BERKSHIRE HATHAWAY-A-NEW CL A 084670108 897 3 SH   DFND   3 0 0
BERKSHIRE HATHAWAY-B-NEW CL B 084670702 147,541 739,628 SH   DFND   739,628 0 0
BROOKFIELD ASSET MGT-A LV CL A 112585104 505 12,938 SH   DFND   12,938 0 0
CARMAX INC COM 143130102 67,613 1,091,588 SH   DFND   1,091,588 0 0
CREDIT ACCEP CORP MICH COM 225310101 21,140 63,981 SH   DFND   63,981 0 0
DISNEY WALT COMPANY COM 254687106 28,657 285,311 SH   DFND   285,311 0 0
EDWARDS LIFESCIENCES CORP COM 28176E108 23,881 171,166 SH   DFND   171,166 0 0
FASTENAL CO COM 311900104 223 4,077 SH   DFND   4,077 0 0
FIVE BELOW INC COM 33829M101 807 11,009 SH   DFND   11,009 0 0
FORTUNE BRNDS HME&SEC COM 34964C106 18,156 308,299 SH   DFND   308,299 0 0
HANESBRANDS INC COM 410345102 226 12,264 SH   DFND   12,264 0 0
HEICO CORP CLASS A CL A 422806208 26,104 367,927 SH   DFND   367,927 0 0
JP MORGAN CHASE & CO COM 46625H100 1,623 14,757 SH   DFND   14,757 0 0
LIBERTY MEDIA-C LIB FORM CL C 531229854 20,145 652,986 SH   DFND   652,986 0 0
LITTELFUSE INC COM 537008104 317 1,523 SH   SOLE   1,523 0 0
LKQ CORP COM 501889208 35,883 945,522 SH   DFND   945,522 0 0
LULULEMON ATHLETICA INC CO COM 550021109 410 4,600 SH   SOLE   4,600 0 0
M & T BANK CORP COM 55261F104 20,557 111,504 SH   DFND   111,504 0 0
MARKEL CORP HOLDING COM 570535104 37,057 31,666 SH   DFND   31,666 0 0
MASTERCARD INC CL-A CL A 57636Q104 561 3,204 SH   DFND   3,204 0 0
MOHAWK INDS INC COM 608190104 24,827 106,911 SH   DFND   106,911 0 0
O'REILLY AUTOMOTIVE COM 67103H107 23,210 93,822 SH   DFND   93,822 0 0
RYANAIR HLDGS PLC COM 783513203 307 2,500 SH   SOLE   2,500 0 0
SOUTHWEST AIRLINES CO COM 844741108 227 3,961 SH   DFND   3,961 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 1,395 5,302 SH   DFND   5,302 0 0
STANTEC INC COM 85472N109 526 21,329 SH   SOLE   21,329 0 0
TJX COMPANIES INC CM COM 872540109 446 5,467 SH   DFND   5,467 0 0
UNION PACIFIC CORP COM 907818108 36,064 268,271 SH   DFND   268,271 0 0
VISA INC CLASS-A CL A 92826C839 40,441 338,076 SH   DFND   338,076 0 0
WELLS FARGO CO COM 949746101 17,727 338,232 SH   DFND   338,232 0 0