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 34,484 600,770 SH   SOLE   600,770 0 0
AMERICAN TOWER CORP NEW COM 03027X100 1,026,987 7,068,048 SH   SOLE   7,068,048 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 61,252 286,076 SH   SOLE   286,076 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108 13,440 42 SH   SOLE   42 0 0
BOSTON OMAHA CORP COM 101044105 7,889 263,834 SH   SOLE   263,834 0 0
CARMAX INC COM 143130102 392,353 5,254,491 SH   SOLE   5,254,491 0 0
DANAHER CORP DEL COM 235851102 179,865 1,655,300 SH   SOLE   1,655,300 0 0
DIAMOND HILL INVESTMENT GROU COM NEW 25264R207 10,891 65,848 SH   SOLE   65,848 0 0
DOLLAR TREE INC COM 256746108 414,766 5,086,035 SH   SOLE   5,086,035 0 0
ENSTAR GROUP LIMITED SHS G3075P101 243,885 1,169,714 SH   SOLE   1,169,714 0 0
FOCUS FINL PARTNERS INC COM CL A 34417P100 130,515 2,750,000 SH   SOLE   2,750,000 0 0
KKR & CO L P DEL COM UNITS 48251W104 272,700 10,000,000 SH   SOLE   10,000,000 0 0
LAMAR ADVERTISING CO CL A 512816109 3,776 48,530 SH   SOLE   48,530 0 0
MARKEL CORP COM 570535104 609,802 513,090 SH   SOLE   513,090 0 0
MASTERCARD INC CL A 57636Q104 1,185,880 5,327,165 SH   SOLE   5,327,165 0 0
MOODYS CORP COM 615369105 949,967 5,681,621 SH   SOLE   5,681,621 0 0
O REILLY AUTOMOTIVE INC NEW COM 67103H107 655,499 1,887,307 SH   SOLE   1,887,307 0 0
PRIMO WTR CORP COM 74165N105 51,320 2,843,220 SH   SOLE   2,843,220 0 0
ROPER INDS INC NEW COM 776696106 461,849 1,559,194 SH   SOLE   1,559,194 0 0
SBA COMMUNICATIONS CORP COM 78388J106 395,953 2,465,000 SH   SOLE   2,465,000 0 0
TD AMERITRADE HLDG CORP COM 87236Y108 156,773 2,967,500 SH   SOLE   2,967,500 0 0
UBIQUITI NETWORKS INC COM 90347A100 264,945 2,680,000 SH   SOLE   2,680,000 0 0
VERISK ANALYTICS INC CL A 92345Y106 306,612 2,543,442 SH   SOLE   2,543,442 0 0
VISA INC COM CL A 92826C839 733,530 4,887,270 SH   SOLE   4,887,270 0 0