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 15,803 75,000 SH   SOLE   75,000 0 0
3M Company COM 88579Y101 27,182 129,000 SH   DFND 1 129,000 0 0
Accenture COM G1151C101 11,420 67,100 SH   SOLE   67,100 0 0
Accenture COM G1151C101 15,709 92,300 SH   DFND 1 92,300 0 0
Activision Blizzard Inc COM 00507V109 150 1,800 SH   SOLE   1,800 0 0
Activision Blizzard Inc COM 00507V109 3,660 44,000 SH   DFND 1 44,000 0 0
Albemarle Corp COM 012653101 7,284 73,000 SH   DFND 1 73,000 0 0
Alleghany Corporation COM 017175100 2,824 4,328 SH   SOLE   4,328 0 0
Alphabet Inc COM 02079K107 12,829 10,749 SH   SOLE   10,749 0 0
Alphabet Inc COM 02079K107 122,999 103,060 SH   DFND 1 103,060 0 0
Alphabet Inc Class A COM 02079K305 3,983 3,300 SH   SOLE   3,300 0 0
Alphabet Inc Class A COM 02079K305 11,105 9,200 SH   DFND 1 9,200 0 0
Amazon.com COM 023135106 17,827 8,900 SH   SOLE   8,900 0 0
Amazon.com COM 023135106 161,081 80,420 SH   DFND 1 80,420 0 0
American Express COM 025816109 1,065 10,000 SH   SOLE   10,000 0 0
American Express COM 025816109 40,040 376,000 SH   DFND 1 376,000 0 0
American Tower COM 03027X100 145 1,000 SH   SOLE   1,000 0 0
American Tower COM 03027X100 5,013 34,500 SH   DFND 1 34,500 0 0
Analog Devices Inc COM 032654105 10,593 114,565 SH   SOLE   114,565 0 0
Analog Devices Inc COM 032654105 50,413 545,246 SH   DFND 1 545,246 0 0
Anthem Inc COM 036752103 7,947 29,000 SH   SOLE   29,000 0 0
Anthem Inc COM 036752103 53,440 195,000 SH   DFND 1 195,000 0 0
Aon Corporation COM G0408V102 5,690 37,000 SH   DFND 1 37,000 0 0
Apollo Global Management - A COM 037612306 777 22,500 SH   SOLE   22,500 0 0
Apollo Global Management - A COM 037612306 32,650 945,000 SH   DFND 1 945,000 0 0
Apple Inc COM 037833100 2,720 12,050 SH   SOLE   12,050 0 0
Apple Inc COM 037833100 32,128 142,325 SH   DFND 1 142,325 0 0
Archer Daniels COM 039483102 12,618 251,000 SH   SOLE   251,000 0 0
Archer Daniels COM 039483102 60,942 1,212,300 SH   DFND 1 1,212,300 0 0
Automatic Data Processing COM 053015103 13,107 87,000 SH   SOLE   87,000 0 0
Automatic Data Processing COM 053015103 66,848 443,700 SH   DFND 1 443,700 0 0
Autonation Inc COM 05329W102 50 1,200 SH   SOLE   1,200 0 0
Autonation Inc COM 05329W102 1,093 26,310 SH   DFND 1 26,310 0 0
Berkshire Hathaway Class B COM 084670702 103,976 485,620 SH   SOLE   485,620 0 0
Berkshire Hathaway Class B COM 084670702 220,850 1,031,477 SH   DFND 1 1,031,477 0 0
Berkshire Hathaway, Inc. COM 084670108 144,960 453 SH   SOLE   453 0 0
Berkshire Hathaway, Inc. COM 084670108 205,760 643 SH   DFND 1 643 0 0
Blackrock Inc COM 09247X101 5,656 12,000 SH   SOLE   12,000 0 0
Blackrock Inc COM 09247X101 86,489 183,500 SH   DFND 1 183,500 0 0
Blackstone Group COM 09253U108 1,314 34,500 SH   SOLE   34,500 0 0
Blackstone Group COM 09253U108 41,069 1,078,500 SH   DFND 1 1,078,500 0 0
Boeing Co COM 097023105 4,426 11,900 SH   SOLE   11,900 0 0
Boeing Co COM 097023105 30,682 82,500 SH   DFND 1 82,500 0 0
Booking Holdings Inc COM 09857L108 496 250 SH   DFND 1 250 0 0
Brookfield Asset Management COM 112585104 39,889 895,782 SH   SOLE   895,782 0 0
Brookfield Asset Management COM 112585104 212,331 4,768,259 SH   DFND 1 4,768,259 0 0
Brown Forman Class A COM 115637100 16,439 323,600 SH   SOLE   323,600 0 0
Brown Forman Class A COM 115637100 26,386 519,400 SH   DFND 1 519,400 0 0
Brown-Forman Class B COM 115637209 11,462 226,750 SH   SOLE   226,750 0 0
Brown-Forman Class B COM 115637209 12,508 247,437 SH   DFND 1 247,437 0 0
CDK Global Inc COM 12508E101 2,648 42,333 SH   SOLE   42,333 0 0
CDK Global Inc COM 12508E101 8,418 134,564 SH   DFND 1 134,564 0 0
CME Group Inc COM 12572Q105 851 5,000 SH   SOLE   5,000 0 0
CME Group Inc COM 12572Q105 22,127 130,000 SH   DFND 1 130,000 0 0
CVS Corporation COM 126650100 157 2,000 SH   SOLE   2,000 0 0
CVS Corporation COM 126650100 21,491 273,000 SH   DFND 1 273,000 0 0
Cable One COM 12685J105 4,595 5,200 SH   DFND 1 5,200 0 0
Carmax COM 143130102 98,892 1,324,386 SH   SOLE   1,324,386 0 0
Carmax COM 143130102 267,967 3,588,684 SH   DFND 1 3,588,684 0 0
Caterpillar Inc COM 149123101 1,525 10,000 SH   SOLE   10,000 0 0
Caterpillar Inc COM 149123101 40,867 268,000 SH   DFND 1 268,000 0 0
Charles Schwab COM 808513105 5,898 120,000 SH   SOLE   120,000 0 0
Charles Schwab COM 808513105 46,058 937,100 SH   DFND 1 937,100 0 0
Chipotle Mexican Grill Inc COM 169656105 12,363 27,200 SH   DFND 1 27,200 0 0
Choice Hotels Intl Inc COM 169905106 250 3,000 SH   SOLE   3,000 0 0
Choice Hotels Intl Inc COM 169905106 9,288 111,500 SH   DFND 1 111,500 0 0
Cisco COM 17275R102 7,200 148,000 SH   SOLE   148,000 0 0
Cisco COM 17275R102 9,438 194,000 SH   DFND 1 194,000 0 0
Citigroup Inc COM 172967424 95 1,320 SH   SOLE   1,320 0 0
Citigroup Inc COM 172967424 757 10,550 SH   DFND 1 10,550 0 0
Colfax Corporation COM 194014106 39,128 1,085,070 SH   SOLE   1,085,070 0 0
Colfax Corporation COM 194014106 1,803 50,000 SH   DFND 1 50,000 0 0
Comcast Corp- Class A COM 20030N101 3,647 103,000 SH   SOLE   103,000 0 0
Comcast Corp- Class A COM 20030N101 10,375 293,000 SH   DFND 1 293,000 0 0
Costco COM 22160K105 3,053 13,000 SH   SOLE   13,000 0 0
Costco COM 22160K105 6,107 26,000 SH   DFND 1 26,000 0 0
Crown Holdings Inc COM 228368106 528 11,000 SH   DFND 1 11,000 0 0
DR Horton Inc COM 23331A109 36 850 SH   SOLE   850 0 0
DR Horton Inc COM 23331A109 319 7,557 SH   DFND 1 7,557 0 0
Delta Air Lines COM 247361702 347 6,000 SH   SOLE   6,000 0 0
Delta Air Lines COM 247361702 2,371 41,000 SH   DFND 1 41,000 0 0
Diageo PLC COM 25243Q205 63,369 447,300 SH   SOLE   447,300 0 0
Diageo PLC COM 25243Q205 127,857 902,500 SH   DFND 1 902,500 0 0
Discovery Communications COM 25470F302 444 15,000 SH   SOLE   15,000 0 0
Discovery Communications COM 25470F302 34,194 1,156,000 SH   DFND 1 1,156,000 0 0
Disney COM 254687106 12,828 109,700 SH   SOLE   109,700 0 0
Disney COM 254687106 197,570 1,689,500 SH   DFND 1 1,689,500 0 0
Dollar Tree Inc COM 256746108 1,060 13,000 SH   SOLE   13,000 0 0
Dollar Tree Inc COM 256746108 8,970 110,000 SH   DFND 1 110,000 0 0
Ecolab COM 278865100 3,606 23,000 SH   SOLE   23,000 0 0
Ecolab COM 278865100 38,584 246,100 SH   DFND 1 246,100 0 0
Electronic Arts Inc COM 285512109 108 900 SH   SOLE   900 0 0
Electronic Arts Inc COM 285512109 4,036 33,500 SH   DFND 1 33,500 0 0
Facebook COM 30303M102 3,061 18,610 SH   SOLE   18,610 0 0
Facebook COM 30303M102 19,474 118,410 SH   DFND 1 118,410 0 0
Factset Research COM 303075105 5,145 23,000 SH   SOLE   23,000 0 0
Factset Research COM 303075105 20,805 93,000 SH   DFND 1 93,000 0 0
General Dynamics COM 369550108 9,008 44,000 SH   SOLE   44,000 0 0
General Dynamics COM 369550108 70,219 343,000 SH   DFND 1 343,000 0 0
Goldman Sachs COM 38141G104 4,003 17,850 SH   SOLE   17,850 0 0
Goldman Sachs COM 38141G104 23,254 103,700 SH   DFND 1 103,700 0 0
Graham Holdings Co COM 384637104 3,012 5,200 SH   DFND 1 5,200 0 0
Hasbro, Inc COM 418056107 10,975 104,400 SH   SOLE   104,400 0 0
Hasbro, Inc COM 418056107 27,289 259,600 SH   DFND 1 259,600 0 0
Healthcare Services Group COM 421906108 203 5,000 SH   SOLE   5,000 0 0
Healthcare Services Group COM 421906108 5,199 128,000 SH   DFND 1 128,000 0 0
Heico Corp Class A COM 422806208 582 7,702 SH   SOLE   7,702 0 0
Heico Corp Class A COM 422806208 21,324 282,443 SH   DFND 1 282,443 0 0
Hershey Foods COM 427866108 551 5,400 SH   SOLE   5,400 0 0
Hershey Foods COM 427866108 1,907 18,700 SH   DFND 1 18,700 0 0
Hexcel Corp COM 428291108 268 4,000 SH   SOLE   4,000 0 0
Hexcel Corp COM 428291108 8,582 128,000 SH   DFND 1 128,000 0 0
Home Depot COM 437076102 7,665 37,000 SH   SOLE   37,000 0 0
Home Depot COM 437076102 182,913 883,000 SH   DFND 1 883,000 0 0
Illinois Tool Works COM 452308109 11,995 85,000 SH   SOLE   85,000 0 0
Illinois Tool Works COM 452308109 20,462 145,000 SH   DFND 1 145,000 0 0
Illumina Inc COM 452327109 367 1,000 SH   DFND 1 1,000 0 0
Intl Flavors & Fragrances COM 459506101 2,087 15,000 SH   SOLE   15,000 0 0
Intl Flavors & Fragrances COM 459506101 6,747 48,500 SH   DFND 1 48,500 0 0
Investors Title Company COM 461804106 35,813 213,300 SH   DFND 1 213,300 0 0
JP Morgan COM 46625H100 20,650 183,000 SH   DFND 1 183,000 0 0
John Deere COM 244199105 3,758 25,000 SH   SOLE   25,000 0 0
John Deere COM 244199105 160,913 1,070,400 SH   DFND 1 1,070,400 0 0
Johnson and Johnson COM 478160104 24,898 180,200 SH   SOLE   180,200 0 0
Johnson and Johnson COM 478160104 59,496 430,600 SH   DFND 1 430,600 0 0
KKR & Co LLC COM 48251W104 491 18,000 SH   SOLE   18,000 0 0
KKR & Co LLC COM 48251W104 33,269 1,220,000 SH   DFND 1 1,220,000 0 0
Liberty Broadband A COM 530307107 1,666 19,750 SH   SOLE   19,750 0 0
Liberty Broadband A COM 530307107 15,643 185,500 SH   DFND 1 185,500 0 0
Liberty Broadband Class C COM 530307305 3,444 40,853 SH   SOLE   40,853 0 0
Liberty Broadband Class C COM 530307305 11,065 131,260 SH   DFND 1 131,260 0 0
Liberty Global PLC COM G5480U104 87 3,000 SH   SOLE   3,000 0 0
Liberty Global PLC COM G5480U104 5,063 175,000 SH   DFND 1 175,000 0 0
Liberty Latin America COM G9001E102 411 19,720 SH   DFND 1 19,720 0 0
Liberty Media Group A COM 531229870 676 19,000 SH   SOLE   19,000 0 0
Liberty Media Group A COM 531229870 7,490 210,500 SH   DFND 1 210,500 0 0
Liberty Media Group C COM 531229854 1,079 29,000 SH   SOLE   29,000 0 0
Liberty Media Group C COM 531229854 8,572 230,500 SH   DFND 1 230,500 0 0
Liberty Sirius Group A COM 531229409 2,259 52,000 SH   SOLE   52,000 0 0
Liberty Sirius Group A COM 531229409 16,247 374,000 SH   DFND 1 374,000 0 0
Liberty Sirius Group C COM 531229607 5,822 134,000 SH   SOLE   134,000 0 0
Liberty Sirius Group C COM 531229607 16,859 388,000 SH   DFND 1 388,000 0 0
Live Nation COM 538034109 572 10,500 SH   SOLE   10,500 0 0
Live Nation COM 538034109 25,993 477,200 SH   DFND 1 477,200 0 0
Lowes COM 548661107 24,916 217,000 SH   SOLE   217,000 0 0
Lowes COM 548661107 40,531 353,000 SH   DFND 1 353,000 0 0
MSCI COM 55354G100 177 1,000 SH   SOLE   1,000 0 0
MSCI COM 55354G100 24,128 136,000 SH   DFND 1 136,000 0 0
Marriott International COM 571903202 24,247 183,648 SH   SOLE   183,648 0 0
Marriott International COM 571903202 177,926 1,347,621 SH   DFND 1 1,347,621 0 0
Marsh & McLennan COM 571748102 1,448 17,500 SH   SOLE   17,500 0 0
Marsh & McLennan COM 571748102 48,970 592,000 SH   DFND 1 592,000 0 0
Mastercard, Inc COM 57636Q104 8,014 36,000 SH   SOLE   36,000 0 0
Mastercard, Inc COM 57636Q104 32,523 146,100 SH   DFND 1 146,100 0 0
Maxim Integrated Products COM 57772K101 3,947 70,000 SH   SOLE   70,000 0 0
Maxim Integrated Products COM 57772K101 10,207 181,000 SH   DFND 1 181,000 0 0
McKesson Corp COM 58155Q103 491 3,700 SH   SOLE   3,700 0 0
McKesson Corp COM 58155Q103 4,431 33,400 SH   DFND 1 33,400 0 0
Microchip Technology COM 595017104 316 4,000 SH   SOLE   4,000 0 0
Microchip Technology COM 595017104 8,601 109,000 SH   DFND 1 109,000 0 0
Microsoft Corp COM 594918104 9,493 83,000 SH   SOLE   83,000 0 0
Microsoft Corp COM 594918104 34,768 304,000 SH   DFND 1 304,000 0 0
Mohawk Industries COM 608190104 5,260 30,000 SH   DFND 1 30,000 0 0
Moody's Corp COM 615369105 7,858 47,000 SH   SOLE   47,000 0 0
Moody's Corp COM 615369105 25,582 153,000 SH   DFND 1 153,000 0 0
NXP Semiconductors NV COM N6596X109 2,394 28,000 SH   DFND 1 28,000 0 0
Nike COM 654106103 6,947 82,000 SH   SOLE   82,000 0 0
Nike COM 654106103 24,060 284,000 SH   DFND 1 284,000 0 0
Norfolk Southern COM 655844108 13,176 73,000 SH   SOLE   73,000 0 0
Norfolk Southern COM 655844108 28,248 156,500 SH   DFND 1 156,500 0 0
Novo-Nordisk A/S COM 670100205 24,748 525,000 SH   SOLE   525,000 0 0
Novo-Nordisk A/S COM 670100205 25,927 550,000 SH   DFND 1 550,000 0 0
Oaktree Capital Group LLC COM 674001201 2,401 58,000 SH   SOLE   58,000 0 0
Oaktree Capital Group LLC COM 674001201 39,806 961,500 SH   DFND 1 961,500 0 0
Parker-Hannifin Corp COM 701094104 1,122 6,100 SH   SOLE   6,100 0 0
Parker-Hannifin Corp COM 701094104 20,692 112,500 SH   DFND 1 112,500 0 0
Paychex COM 704326107 5,155 70,000 SH   SOLE   70,000 0 0
Paychex COM 704326107 5,892 80,000 SH   DFND 1 80,000 0 0
Penske Automotive Group COM 70959W103 1,185 25,000 SH   SOLE   25,000 0 0
Penske Automotive Group COM 70959W103 2,227 47,000 SH   DFND 1 47,000 0 0
Pepsico COM 713448108 2,124 19,000 SH   SOLE   19,000 0 0
Pepsico COM 713448108 14,154 126,600 SH   DFND 1 126,600 0 0
Philip Morris International COM 718172109 9,336 114,500 SH   DFND 1 114,500 0 0
Praxair Inc. COM 74005P104 948 5,900 SH   SOLE   5,900 0 0
Praxair Inc. COM 74005P104 14,225 88,500 SH   DFND 1 88,500 0 0
Progressive Corp COM 743315103 3,907 55,000 SH   SOLE   55,000 0 0
Progressive Corp COM 743315103 26,249 369,500 SH   DFND 1 369,500 0 0
RLI Corporation COM 749607107 94,082 1,197,272 SH   DFND 1 1,197,272 0 0
Rockwell Automation Inc COM 773903109 1,106 5,900 SH   SOLE   5,900 0 0
Rockwell Automation Inc COM 773903109 22,859 121,900 SH   DFND 1 121,900 0 0
Rollins, Inc. COM 775711104 1,463 24,100 SH   SOLE   24,100 0 0
Rollins, Inc. COM 775711104 30,199 497,600 SH   DFND 1 497,600 0 0
S&P Global COM 78409V104 195 1,000 SH   SOLE   1,000 0 0
S&P Global COM 78409V104 28,527 146,000 SH   DFND 1 146,000 0 0
SEI Investments Co COM 784117103 3,605 59,000 SH   SOLE   59,000 0 0
SEI Investments Co COM 784117103 16,509 270,200 SH   DFND 1 270,200 0 0
Scotts Miracle-Gro Co COM 810186106 2,756 35,000 SH   SOLE   35,000 0 0
Scotts Miracle-Gro Co COM 810186106 10,550 134,000 SH   DFND 1 134,000 0 0
Sensata Technologies Holding COM N7902X106 99 2,000 SH   SOLE   2,000 0 0
Sensata Technologies Holding COM N7902X106 3,964 80,000 SH   DFND 1 80,000 0 0
Shake Shack Inc - Class A COM 819047101 189 3,000 SH   SOLE   3,000 0 0
Shake Shack Inc - Class A COM 819047101 1,771 28,100 SH   DFND 1 28,100 0 0
Southwest Airlines COM 844741108 1,062 17,000 SH   SOLE   17,000 0 0
Southwest Airlines COM 844741108 3,934 63,000 SH   DFND 1 63,000 0 0
Starbucks Corp COM 855244109 2,188 38,500 SH   SOLE   38,500 0 0
Starbucks Corp COM 855244109 21,677 381,368 SH   DFND 1 381,368 0 0
Stericycle Inc COM 858912108 1,467 25,000 SH   SOLE   25,000 0 0
Stericycle Inc COM 858912108 21,976 374,500 SH   DFND 1 374,500 0 0
Synalloy Corporation COM 871565107 9,478 414,804 SH   SOLE   414,804 0 0
Synchrony Financial COM 87165B103 30 950 SH   SOLE   950 0 0
Synchrony Financial COM 87165B103 210 6,756 SH   DFND 1 6,756 0 0
T.Rowe Price COM 74144T108 3,494 32,000 SH   SOLE   32,000 0 0
T.Rowe Price COM 74144T108 30,789 282,000 SH   DFND 1 282,000 0 0
Texas Instruments Inc COM 882508104 11,587 108,000 SH   SOLE   108,000 0 0
Texas Instruments Inc COM 882508104 56,542 527,000 SH   DFND 1 527,000 0 0
The Carlyle Group COM 14309L102 778 34,500 SH   SOLE   34,500 0 0
The Carlyle Group COM 14309L102 23,802 1,055,500 SH   DFND 1 1,055,500 0 0
The Travelers Companies Inc COM 89417E109 40,859 315,000 SH   DFND 1 315,000 0 0
Tyson Foods COM 902494103 13,454 226,000 SH   DFND 1 226,000 0 0
Unilever PLC ADR COM 904767704 220 4,000 SH   SOLE   4,000 0 0
Unilever PLC ADR COM 904767704 83,752 1,523,600 SH   DFND 1 1,523,600 0 0
Union Pacific COM 907818108 1,807 11,100 SH   SOLE   11,100 0 0
Union Pacific COM 907818108 12,093 74,270 SH   DFND 1 74,270 0 0
United Health Group Inc COM 91324P102 12,823 48,200 SH   SOLE   48,200 0 0
United Health Group Inc COM 91324P102 163,561 614,800 SH   DFND 1 614,800 0 0
United Technologies COM 913017109 7,634 54,600 SH   SOLE   54,600 0 0
United Technologies COM 913017109 23,544 168,400 SH   DFND 1 168,400 0 0
Verisk Analytics Inc COM 92345Y106 121 1,000 SH   SOLE   1,000 0 0
Verisk Analytics Inc COM 92345Y106 8,680 72,000 SH   DFND 1 72,000 0 0
Verizon COM 92343V104 961 18,000 SH   SOLE   18,000 0 0
Verizon COM 92343V104 4,004 75,000 SH   DFND 1 75,000 0 0
Visa COM 92826C839 13,373 89,100 SH   SOLE   89,100 0 0
Visa COM 92826C839 125,370 835,300 SH   DFND 1 835,300 0 0
WR Berkley Corp COM 084423102 1,439 18,000 SH   DFND 1 18,000 0 0
Walgreens Boots Alliance Inc COM 931427108 55,623 763,000 SH   SOLE   763,000 0 0
Walgreens Boots Alliance Inc COM 931427108 100,966 1,385,000 SH   DFND 1 1,385,000 0 0
Watsco Inc COM 942622200 3,936 22,100 SH   SOLE   22,100 0 0
Watsco Inc COM 942622200 48,069 269,900 SH   DFND 1 269,900 0 0
Wells Fargo COM 949746101 894 17,000 SH   SOLE   17,000 0 0
Wells Fargo COM 949746101 1,945 37,000 SH   DFND 1 37,000 0 0
Whirlpool Corp COM 963320106 27 230 SH   SOLE   230 0 0
Whirlpool Corp COM 963320106 2,333 19,649 SH   DFND 1 19,649 0 0