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
ALARM COM HLDGS INC COM 011642105 31,162 600,770 SH   SOLE   600,770 0 0
AMERICAN TOWER CORP NEW COM 03027X100 1,117,996 7,067,428 SH   SOLE   7,067,428 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 58,405 286,046 SH   SOLE   286,046 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108 12,852 42 SH   SOLE   42 0 0
BOSTON OMAHA CORP COM 101044105 5,672 242,396 SH   SOLE   242,396 0 0
CARMAX INC COM 143130102 362,403 5,777,181 SH   SOLE   5,777,181 0 0
DANAHER CORP DEL COM 235851102 170,695 1,655,300 SH   SOLE   1,655,300 0 0
DIAMOND HILL INVESTMENT GROU COM NEW 25264R207 9,841 65,848 SH   SOLE   65,848 0 0
DOLLAR TREE INC COM 256746108 459,362 5,085,935 SH   SOLE   5,085,935 0 0
ENSTAR GROUP LIMITED SHS G3075P101 149,844 894,216 SH   SOLE   894,216 0 0
FOCUS FINL PARTNERS INC COM CL A 34417P100 78,200 2,970,000 SH   SOLE   2,970,000 0 0
GOOSEHEAD INS INC COM CL A 38267D109 311 11,831 SH   SOLE   11,831 0 0
KKR & CO L P DEL COM UNITS 48251W104 248,361 12,652,100 SH   SOLE   12,652,100 0 0
LAMAR ADVERTISING CO CL A 512816109 3,357 48,530 SH   SOLE   48,530 0 0
MARKEL CORP COM 570535104 532,592 513,070 SH   SOLE   513,070 0 0
MASTERCARD INC CL A 57636Q104 1,004,941 5,327,015 SH   SOLE   5,327,015 0 0
MOODYS CORP COM 615369105 795,675 5,681,771 SH   SOLE   5,681,771 0 0
O REILLY AUTOMOTIVE INC NEW COM 67103H107 649,808 1,887,165 SH   SOLE   1,887,165 0 0
PRIMO WTR CORP COM 74165N105 39,862 2,845,220 SH   SOLE   2,845,220 0 0
ROPER INDS INC NEW COM 776696106 417,681 1,567,164 SH   SOLE   1,567,164 0 0
SBA COMMUNICATIONS CORP COM 78388J106 399,059 2,465,000 SH   SOLE   2,465,000 0 0
TD AMERITRADE HLDG CORP COM 87236Y108 164,016 3,350,000 SH   SOLE   3,350,000 0 0
UBIQUITI NETWORKS INC COM 90347A100 266,419 2,680,000 SH   SOLE   2,680,000 0 0
VERISK ANALYTICS INC CL A 92345Y106 277,337 2,543,442 SH   SOLE   2,543,442 0 0
VISA INC COM CL A 92826C839 644,826 4,887,270 SH   SOLE   4,887,270 0 0