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 6,492 33,000 SH   SOLE   33,000 0 0
3M Company COM 88579Y101 33,639 171,000 SH   DFND 1 171,000 0 0
Accenture COM G1151C101 1,636 10,000 SH   SOLE   10,000 0 0
Accenture COM G1151C101 24,440 149,400 SH   DFND 1 149,400 0 0
Activision Blizzard Inc COM 00507V109 1,259 16,500 SH   DFND 1 16,500 0 0
Albemarle Corp COM 012653101 6,886 73,000 SH   DFND 1 73,000 0 0
Alleghany Corporation COM 017175100 2,488 4,328 SH   SOLE   4,328 0 0
Alphabet Inc COM 02079K107 122,190 109,524 SH   DFND 1 109,524 0 0
Alphabet Inc Class A COM 02079K305 14,115 12,500 SH   DFND 1 12,500 0 0
Amazon.com COM 023135106 148,597 87,420 SH   DFND 1 87,420 0 0
American Express COM 025816109 980 10,000 SH   SOLE   10,000 0 0
American Express COM 025816109 36,848 376,000 SH   DFND 1 376,000 0 0
American Tower COM 03027X100 5,118 35,500 SH   DFND 1 35,500 0 0
Analog Devices Inc COM 032654105 61,083 636,811 SH   DFND 1 636,811 0 0
Anthem Inc COM 036752103 53,319 224,000 SH   DFND 1 224,000 0 0
Aon Corporation COM G0408V102 5,075 37,000 SH   DFND 1 37,000 0 0
Apollo Global Management - A COM 037612306 29,480 925,000 SH   DFND 1 925,000 0 0
Apple Inc COM 037833100 27,619 149,205 SH   DFND 1 149,205 0 0
Archer Daniels COM 039483102 67,063 1,463,300 SH   DFND 1 1,463,300 0 0
Automatic Data Processing COM 053015103 71,188 530,700 SH   DFND 1 530,700 0 0
Autonation Inc COM 05329W102 1,078 22,200 SH   DFND 1 22,200 0 0
Berkshire Hathaway Class B COM 084670702 90,544 485,100 SH   SOLE   485,100 0 0
Berkshire Hathaway Class B COM 084670702 192,237 1,029,932 SH   DFND 1 1,029,932 0 0
Berkshire Hathaway, Inc. COM 084670108 110,842 393 SH   SOLE   393 0 0
Berkshire Hathaway, Inc. COM 084670108 198,274 703 SH   DFND 1 703 0 0
Blackrock Inc COM 09247X101 95,766 191,900 SH   DFND 1 191,900 0 0
Blackstone Group COM 09253U108 34,438 1,070,500 SH   DFND 1 1,070,500 0 0
Boeing Co COM 097023105 31,672 94,400 SH   DFND 1 94,400 0 0
Booking Holdings Inc COM 09857L108 466 230 SH   DFND 1 230 0 0
Brookfield Asset Management COM 112585104 26,148 645,000 SH   SOLE   645,000 0 0
Brookfield Asset Management COM 112585104 201,655 4,974,221 SH   DFND 1 4,974,221 0 0
Brown Forman Class A COM 115637100 7,769 159,000 SH   SOLE   159,000 0 0
Brown Forman Class A COM 115637100 33,420 684,000 SH   DFND 1 684,000 0 0
Brown-Forman Class B COM 115637209 1,948 39,750 SH   SOLE   39,750 0 0
Brown-Forman Class B COM 115637209 21,292 434,437 SH   DFND 1 434,437 0 0
CDK Global Inc COM 12508E101 22 333 SH   SOLE   333 0 0
CDK Global Inc COM 12508E101 11,485 176,564 SH   DFND 1 176,564 0 0
CME Group Inc COM 12572Q105 22,129 135,000 SH   DFND 1 135,000 0 0
CVS Corporation COM 126650100 17,696 275,000 SH   DFND 1 275,000 0 0
Cable One COM 12685J105 3,813 5,200 SH   DFND 1 5,200 0 0
Capital One Financial Corp COM 14040H105 6,892 75,000 SH   DFND 1 75,000 0 0
Carmax COM 143130102 67,360 924,386 SH   SOLE   924,386 0 0
Carmax COM 143130102 290,655 3,988,684 SH   DFND 1 3,988,684 0 0
Caterpillar Inc COM 149123101 37,716 278,000 SH   DFND 1 278,000 0 0
Charles Schwab COM 808513105 54,013 1,057,000 SH   DFND 1 1,057,000 0 0
Chipotle Mexican Grill Inc COM 169656105 11,733 27,200 SH   DFND 1 27,200 0 0
Choice Hotels Intl Inc COM 169905106 7,560 100,000 SH   DFND 1 100,000 0 0
Cisco COM 17275R102 14,716 342,000 SH   DFND 1 342,000 0 0
Citigroup Inc COM 172967424 476 7,120 SH   DFND 1 7,120 0 0
Colfax Corporation COM 194014106 33,257 1,085,070 SH   SOLE   1,085,070 0 0
Colfax Corporation COM 194014106 1,532 50,000 SH   DFND 1 50,000 0 0
Comcast Corp- Class A COM 20030n101 9,548 291,000 SH   DFND 1 291,000 0 0
Costco COM 22160K105 2,717 13,000 SH   SOLE   13,000 0 0
Costco COM 22160K105 5,433 26,000 SH   DFND 1 26,000 0 0
DR Horton Inc COM 23331A109 252 6,157 SH   DFND 1 6,157 0 0
Delta Air Lines COM 247361702 1,090 22,000 SH   DFND 1 22,000 0 0
Diageo PLC COM 25243Q205 63,148 438,500 SH   SOLE   438,500 0 0
Diageo PLC COM 25243Q205 131,236 911,300 SH   DFND 1 911,300 0 0
Discovery Communications COM 25470F302 29,809 1,169,000 SH   DFND 1 1,169,000 0 0
Disney COM 254687106 185,430 1,769,200 SH   DFND 1 1,769,200 0 0
Dollar Tree Inc COM 256746108 8,500 100,000 SH   DFND 1 100,000 0 0
Ecolab COM 278865100 36,598 260,800 SH   DFND 1 260,800 0 0
Electronic Arts Inc COM 285512109 818 5,800 SH   DFND 1 5,800 0 0
Facebook COM 30303M102 24,966 128,480 SH   DFND 1 128,480 0 0
Factset Research COM 303075105 22,980 116,000 SH   DFND 1 116,000 0 0
General Dynamics COM 369550108 186 1,000 SH   SOLE   1,000 0 0
General Dynamics COM 369550108 71,954 386,000 SH   DFND 1 386,000 0 0
General Electric COM 369604103 1,293 95,000 SH   DFND 1 95,000 0 0
Goldman Sachs COM 38141G104 20,899 94,750 SH   DFND 1 94,750 0 0
Goodyear Tire & Rubber Co. COM 382550101 3,144 135,000 SH   DFND 1 135,000 0 0
Graham Holdings Co COM 384637104 3,048 5,200 SH   DFND 1 5,200 0 0
Hasbro, Inc COM 418056107 33,601 364,000 SH   DFND 1 364,000 0 0
Healthcare Services Group COM 421906108 4,276 99,000 SH   DFND 1 99,000 0 0
Heico Corp Class A COM 422806208 16,526 271,147 SH   DFND 1 271,147 0 0
Hershey Foods COM 427866108 2,243 24,100 SH   DFND 1 24,100 0 0
Hexcel Corp COM 428291108 7,966 120,000 SH   DFND 1 120,000 0 0
Home Depot COM 437076102 7,219 37,000 SH   SOLE   37,000 0 0
Home Depot COM 437076102 172,273 883,000 SH   DFND 1 883,000 0 0
Illinois Tool Works COM 452308109 10,390 75,000 SH   SOLE   75,000 0 0
Illinois Tool Works COM 452308109 21,474 155,000 SH   DFND 1 155,000 0 0
Illumina Inc COM 452327109 279 1,000 SH   DFND 1 1,000 0 0
Intl Flavors & Fragrances COM 459506101 4,958 40,000 SH   DFND 1 40,000 0 0
Investors Title Company COM 461804106 39,388 213,300 SH   DFND 1 213,300 0 0
JP Morgan COM 46625H100 19,069 183,000 SH   DFND 1 183,000 0 0
John Deere COM 244199105 153,137 1,095,400 SH   DFND 1 1,095,400 0 0
Johnson and Johnson COM 478160104 18,808 155,000 SH   SOLE   155,000 0 0
Johnson and Johnson COM 478160104 55,307 455,800 SH   DFND 1 455,800 0 0
KKR & Co LLC COM 48248M102 29,696 1,195,000 SH   DFND 1 1,195,000 0 0
Liberty Broadband A COM 530307107 284 3,750 SH   SOLE   3,750 0 0
Liberty Broadband A COM 530307107 15,241 201,500 SH   DFND 1 201,500 0 0
Liberty Broadband Class C COM 530307305 516 6,818 SH   SOLE   6,818 0 0
Liberty Broadband Class C COM 530307305 12,516 165,295 SH   DFND 1 165,295 0 0
Liberty Global PLC COM G5480U104 4,627 168,000 SH   DFND 1 168,000 0 0
Liberty Latin America COM G9001E102 377 19,720 SH   DFND 1 19,720 0 0
Liberty Media Group A COM 531229870 7,751 219,500 SH   DFND 1 219,500 0 0
Liberty Media Group C COM 531229854 9,635 259,500 SH   DFND 1 259,500 0 0
Liberty Sirius Group A COM 531229409 19,191 426,000 SH   DFND 1 426,000 0 0
Liberty Sirius Group C COM 531229607 1,361 30,000 SH   SOLE   30,000 0 0
Liberty Sirius Group C COM 531229607 22,317 492,000 SH   DFND 1 492,000 0 0
Live Nation COM 538034109 23,202 477,700 SH   DFND 1 477,700 0 0
Lowes COM 548661107 9,079 95,000 SH   SOLE   95,000 0 0
Lowes COM 548661107 45,396 475,000 SH   DFND 1 475,000 0 0
MSCI COM 55354G100 22,664 137,000 SH   DFND 1 137,000 0 0
Marriott International COM 571903202 12,913 102,000 SH   SOLE   102,000 0 0
Marriott International COM 571903202 178,920 1,413,269 SH   DFND 1 1,413,269 0 0
Marsh & McLennan COM 571748102 49,961 609,500 SH   DFND 1 609,500 0 0
Mastercard, Inc COM 57636Q104 35,786 182,100 SH   DFND 1 182,100 0 0
Mattel COM 577081102 3,350 204,000 SH   DFND 1 204,000 0 0
Maxim Integrated Products COM 57772K101 14,137 241,000 SH   DFND 1 241,000 0 0
McKesson Corp COM 58155Q103 4,949 37,100 SH   DFND 1 37,100 0 0
Microchip Technology COM 595017104 8,276 91,000 SH   DFND 1 91,000 0 0
Microsoft Corp COM 594918104 35,598 361,000 SH   DFND 1 361,000 0 0
Moody's Corp COM 615369105 34,112 200,000 SH   DFND 1 200,000 0 0
Nike COM 654106103 2,868 36,000 SH   SOLE   36,000 0 0
Nike COM 654106103 26,294 330,000 SH   DFND 1 330,000 0 0
Norfolk Southern COM 655844108 34,625 229,500 SH   DFND 1 229,500 0 0
Novo-Nordisk A/S COM 670100205 49,579 1,075,000 SH   DFND 1 1,075,000 0 0
Oaktree Capital Group LLC COM 674001201 40,792 1,003,500 SH   DFND 1 1,003,500 0 0
Parker-Hannifin Corp COM 701094104 18,484 118,600 SH   DFND 1 118,600 0 0
Paychex COM 704326107 10,252 150,000 SH   DFND 1 150,000 0 0
Penske Automotive Group COM 70959W103 3,373 72,000 SH   DFND 1 72,000 0 0
Pepsico COM 713448108 15,851 145,600 SH   DFND 1 145,600 0 0
Philip Morris International COM 718172109 9,245 114,500 SH   DFND 1 114,500 0 0
Praxair Inc. COM 74005P104 14,929 94,400 SH   DFND 1 94,400 0 0
Progressive Corp COM 743315103 18,632 315,000 SH   DFND 1 315,000 0 0
RLI Corporation COM 749607107 79,247 1,197,272 SH   DFND 1 1,197,272 0 0
Rockwell Automation Inc COM 773903109 21,244 127,800 SH   DFND 1 127,800 0 0
Rollins, Inc. COM 775711104 26,537 504,700 SH   DFND 1 504,700 0 0
S&P Global COM 78409V104 29,972 147,000 SH   DFND 1 147,000 0 0
SEI Investments Co COM 784117103 19,144 306,200 SH   DFND 1 306,200 0 0
Scotts Miracle-Gro Co COM 810186106 6,154 74,000 SH   DFND 1 74,000 0 0
Sensata Technologies Holding COM N7902X106 7,993 168,000 SH   DFND 1 168,000 0 0
Shake Shack Inc - Class A COM 819047101 1,926 29,100 SH   DFND 1 29,100 0 0
Southwest Airlines COM 844741108 1,526 30,000 SH   DFND 1 30,000 0 0
Starbucks Corp COM 855244109 14,872 304,448 SH   DFND 1 304,448 0 0
Stericycle Inc COM 858912108 24,190 370,500 SH   DFND 1 370,500 0 0
Synalloy Corporation COM 871565107 8,275 414,804 SH   SOLE   414,804 0 0
Synchrony Financial COM 87165B103 221 6,606 SH   DFND 1 6,606 0 0
T.Rowe Price COM 74144T108 1,277 11,000 SH   SOLE   11,000 0 0
T.Rowe Price COM 74144T108 35,175 303,000 SH   DFND 1 303,000 0 0
Texas Instruments Inc COM 882508104 67,473 612,000 SH   DFND 1 612,000 0 0
The Carlyle Group COM 14309L102 22,312 1,047,500 SH   DFND 1 1,047,500 0 0
The Travelers Companies Inc COM 89417E109 38,537 315,000 SH   DFND 1 315,000 0 0
Tyson Foods COM 902494103 15,216 221,000 SH   DFND 1 221,000 0 0
Unilever PLC ADR COM 904767704 84,446 1,527,600 SH   DFND 1 1,527,600 0 0
Union Pacific COM 907818108 12,095 85,370 SH   DFND 1 85,370 0 0
United Health Group Inc COM 91324P102 1,276 5,200 SH   SOLE   5,200 0 0
United Health Group Inc COM 91324P102 161,385 657,800 SH   DFND 1 657,800 0 0
United Technologies COM 913017109 24,068 192,500 SH   DFND 1 192,500 0 0
Verisk Analytics Inc COM 92345Y106 7,858 73,000 SH   DFND 1 73,000 0 0
Verizon COM 92343V104 2,616 52,000 SH   DFND 1 52,000 0 0
Visa COM 92826C839 530 4,000 SH   SOLE   4,000 0 0
Visa COM 92826C839 121,377 916,400 SH   DFND 1 916,400 0 0
W.P. Carey COM 92936U109 2,986 45,000 SH   SOLE   45,000 0 0
W.P. Carey COM 92936U109 43,473 655,200 SH   DFND 1 655,200 0 0
WR Berkley Corp COM 084423102 1,303 18,000 SH   DFND 1 18,000 0 0
Walgreens Boots Alliance Inc COM 931427108 37,509 625,000 SH   SOLE   625,000 0 0
Walgreens Boots Alliance Inc COM 931427108 91,403 1,523,000 SH   DFND 1 1,523,000 0 0
Watsco Inc COM 942622200 49,205 276,000 SH   DFND 1 276,000 0 0
Wells Fargo COM 949746101 665 12,000 SH   DFND 1 12,000 0 0
Whirlpool Corp COM 963320106 211 1,444 SH   DFND 1 1,444 0 0