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

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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
ALARM COM HLDGS INC COM 011642105 24,259 600,770 SH   SOLE   600,770 0 0
AMERICAN TOWER CORP NEW COM 03027X100 1,019,472 7,071,319 SH   SOLE   7,071,319 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 53,489 286,576 SH   SOLE   286,576 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108 11,846 42 SH   SOLE   42 0 0
BOSTON OMAHA CORP COM 101044105 7,374 350,000 SH   SOLE   350,000 0 0
CARMAX INC COM 143130102 382,895 5,254,491 SH   SOLE   5,254,491 0 0
DANAHER CORP DEL COM 235851102 163,345 1,655,300 SH   SOLE   1,655,300 0 0
DIAMOND HILL INVESTMENT GROU COM NEW 25264R207 12,803 65,848 SH   SOLE   65,848 0 0
DOLLAR TREE INC COM 256746108 427,767 5,032,556 SH   SOLE   5,032,556 0 0
ENSTAR GROUP LIMITED SHS G3075P101 273,015 1,317,002 SH   SOLE   1,317,002 0 0
KKR & CO L P DEL COM UNITS 48251W104 248,500 10,000,000 SH   SOLE   10,000,000 0 0
LAMAR ADVERTISING CO CL A 512816109 3,315 48,530 SH   SOLE   48,530 0 0
MARKEL CORP COM 570535104 556,725 513,418 SH   SOLE   513,418 0 0
MASTERCARD INC CL A 57636Q104 1,047,387 5,329,671 SH   SOLE   5,329,671 0 0
MOODYS CORP COM 615369105 969,261 5,682,813 SH   SOLE   5,682,813 0 0
O REILLY AUTOMOTIVE INC NEW COM 67103H107 516,590 1,888,330 SH   SOLE   1,888,330 0 0
PRIMO WTR CORP COM 74165N105 49,728 2,843,220 SH   SOLE   2,843,220 0 0
ROPER INDS INC NEW COM 776696106 430,319 1,559,634 SH   SOLE   1,559,634 0 0
SBA COMMUNICATIONS CORP COM 78388J106 407,021 2,465,000 SH   SOLE   2,465,000 0 0
TD AMERITRADE HLDG CORP COM 87236Y108 162,530 2,967,500 SH   SOLE   2,967,500 0 0
UBIQUITI NETWORKS INC COM 90347A100 227,050 2,680,000 SH   SOLE   2,680,000 0 0
VERISK ANALYTICS INC CL A 92345Y106 273,896 2,544,553 SH   SOLE   2,544,553 0 0
VISA INC COM CL A 92826C839 647,319 4,887,270 SH   SOLE   4,887,270 0 0