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 15,583 75,000 SH   SOLE   75,000 0 0
3M Company COM 88579Y101 26,804 129,000 SH   DFND 1 129,000 0 0
Accenture COM G1151C101 11,811 67,100 SH   SOLE   67,100 0 0
Accenture COM G1151C101 16,247 92,300 SH   DFND 1 92,300 0 0
Activision Blizzard Inc COM 00507V109 82 1,800 SH   SOLE   1,800 0 0
Activision Blizzard Inc COM 00507V109 11,246 247,000 SH   DFND 1 247,000 0 0
Albemarle Corp COM 012653101 5,985 73,000 SH   DFND 1 73,000 0 0
Alleghany Corporation COM 017175100 2,650 4,328 SH   SOLE   4,328 0 0
Alphabet Inc COM 02079K107 12,612 10,749 SH   SOLE   10,749 0 0
Alphabet Inc COM 02079K107 132,807 113,190 SH   DFND 1 113,190 0 0
Alphabet Inc Class A COM 02079K305 3,884 3,300 SH   SOLE   3,300 0 0
Alphabet Inc Class A COM 02079K305 10,827 9,200 SH   DFND 1 9,200 0 0
Amazon.com COM 023135106 22,081 12,400 SH   SOLE   12,400 0 0
Amazon.com COM 023135106 143,950 80,837 SH   DFND 1 80,837 0 0
American Express COM 025816109 1,093 10,000 SH   SOLE   10,000 0 0
American Express COM 025816109 41,753 382,000 SH   DFND 1 382,000 0 0
American Tower COM 03027X100 197 1,000 SH   SOLE   1,000 0 0
American Tower COM 03027X100 6,799 34,500 SH   DFND 1 34,500 0 0
Analog Devices Inc COM 032654105 21,429 203,565 SH   SOLE   203,565 0 0
Analog Devices Inc COM 032654105 58,030 551,246 SH   DFND 1 551,246 0 0
Anthem Inc COM 036752103 8,322 29,000 SH   SOLE   29,000 0 0
Anthem Inc COM 036752103 55,961 195,000 SH   DFND 1 195,000 0 0
Aon Corporation COM G0408V102 6,316 37,000 SH   DFND 1 37,000 0 0
Apollo Global Management - A COM 037612306 636 22,500 SH   SOLE   22,500 0 0
Apollo Global Management - A COM 037612306 27,346 968,000 SH   DFND 1 968,000 0 0
Apple Inc COM 037833100 2,289 12,050 SH   SOLE   12,050 0 0
Apple Inc COM 037833100 49,137 258,685 SH   DFND 1 258,685 0 0
Archer Daniels COM 039483102 25,619 594,000 SH   SOLE   594,000 0 0
Archer Daniels COM 039483102 37,493 869,300 SH   DFND 1 869,300 0 0
Automatic Data Processing COM 053015103 20,287 127,000 SH   SOLE   127,000 0 0
Automatic Data Processing COM 053015103 64,487 403,700 SH   DFND 1 403,700 0 0
Autonation Inc COM 05329W102 43 1,200 SH   SOLE   1,200 0 0
Autonation Inc COM 05329W102 1,120 31,360 SH   DFND 1 31,360 0 0
Berkshire Hathaway Class B COM 084670702 132,913 661,620 SH   SOLE   661,620 0 0
Berkshire Hathaway Class B COM 084670702 172,664 859,497 SH   DFND 1 859,497 0 0
Berkshire Hathaway, Inc. COM 084670108 102,413 340 SH   SOLE   340 0 0
Berkshire Hathaway, Inc. COM 084670108 227,719 756 SH   DFND 1 756 0 0
Blackrock Inc COM 09247X101 5,128 12,000 SH   SOLE   12,000 0 0
Blackrock Inc COM 09247X101 83,209 194,700 SH   DFND 1 194,700 0 0
Blackstone Group COM 09253U108 1,206 34,500 SH   SOLE   34,500 0 0
Blackstone Group COM 09253U108 39,778 1,137,500 SH   DFND 1 1,137,500 0 0
Boeing Co COM 097023105 4,539 11,900 SH   SOLE   11,900 0 0
Boeing Co COM 097023105 31,467 82,500 SH   DFND 1 82,500 0 0
Booking Holdings Inc COM 09857L108 436 250 SH   DFND 1 250 0 0
Brookfield Asset Management COM 112585104 70,198 1,504,782 SH   SOLE   1,504,782 0 0
Brookfield Asset Management COM 112585104 197,465 4,232,909 SH   DFND 1 4,232,909 0 0
Brown Forman Class A COM 115637100 25,206 492,600 SH   SOLE   492,600 0 0
Brown Forman Class A COM 115637100 17,930 350,400 SH   DFND 1 350,400 0 0
Brown-Forman Class B COM 115637209 11,968 226,750 SH   SOLE   226,750 0 0
Brown-Forman Class B COM 115637209 13,060 247,437 SH   DFND 1 247,437 0 0
CDK Global Inc COM 12508E101 2,490 42,333 SH   SOLE   42,333 0 0
CDK Global Inc COM 12508E101 7,915 134,564 SH   DFND 1 134,564 0 0
CME Group Inc COM 12572Q105 823 5,000 SH   SOLE   5,000 0 0
CME Group Inc COM 12572Q105 21,395 130,000 SH   DFND 1 130,000 0 0
CVS Corporation COM 126650100 108 2,000 SH   SOLE   2,000 0 0
CVS Corporation COM 126650100 14,723 273,000 SH   DFND 1 273,000 0 0
Cable One COM 12685J105 5,103 5,200 SH   DFND 1 5,200 0 0
Carmax COM 143130102 78,115 1,119,126 SH   SOLE   1,119,126 0 0
Carmax COM 143130102 264,817 3,793,944 SH   DFND 1 3,793,944 0 0
Caterpillar Inc COM 149123101 1,355 10,000 SH   SOLE   10,000 0 0
Caterpillar Inc COM 149123101 36,311 268,000 SH   DFND 1 268,000 0 0
Charles Schwab COM 808513105 5,131 120,000 SH   SOLE   120,000 0 0
Charles Schwab COM 808513105 40,070 937,100 SH   DFND 1 937,100 0 0
Chipotle Mexican Grill Inc COM 169656105 5,825 8,200 SH   DFND 1 8,200 0 0
Choice Hotels Intl Inc COM 169905106 233 3,000 SH   SOLE   3,000 0 0
Choice Hotels Intl Inc COM 169905106 10,767 138,500 SH   DFND 1 138,500 0 0
Cisco COM 17275R102 7,991 148,000 SH   SOLE   148,000 0 0
Cisco COM 17275R102 10,474 194,000 SH   DFND 1 194,000 0 0
Citigroup Inc COM 172967424 82 1,320 SH   SOLE   1,320 0 0
Citigroup Inc COM 172967424 762 12,250 SH   DFND 1 12,250 0 0
Colfax Corporation COM 194014106 32,205 1,085,070 SH   SOLE   1,085,070 0 0
Colfax Corporation COM 194014106 1,484 50,000 SH   DFND 1 50,000 0 0
Comcast Corp- Class A COM 20030N101 4,118 103,000 SH   SOLE   103,000 0 0
Comcast Corp- Class A COM 20030N101 13,473 337,000 SH   DFND 1 337,000 0 0
Costco COM 22160K105 3,148 13,000 SH   SOLE   13,000 0 0
Costco COM 22160K105 6,296 26,000 SH   DFND 1 26,000 0 0
Crown Holdings Inc COM 228368106 2,674 49,000 SH   DFND 1 49,000 0 0
DR Horton Inc COM 23331A109 35 850 SH   SOLE   850 0 0
DR Horton Inc COM 23331A109 377 9,107 SH   DFND 1 9,107 0 0
Delta Air Lines COM 247361702 310 6,000 SH   SOLE   6,000 0 0
Delta Air Lines COM 247361702 8,677 168,000 SH   DFND 1 168,000 0 0
Diageo PLC COM 25243Q205 96,252 588,300 SH   SOLE   588,300 0 0
Diageo PLC COM 25243Q205 124,589 761,500 SH   DFND 1 761,500 0 0
Discovery Communications COM 25470F302 381 15,000 SH   SOLE   15,000 0 0
Discovery Communications COM 25470F302 29,386 1,156,000 SH   DFND 1 1,156,000 0 0
Disney COM 254687106 38,272 344,700 SH   SOLE   344,700 0 0
Disney COM 254687106 162,304 1,461,800 SH   DFND 1 1,461,800 0 0
Dollar Tree Inc COM 256746108 1,366 13,000 SH   SOLE   13,000 0 0
Dollar Tree Inc COM 256746108 11,554 110,000 SH   DFND 1 110,000 0 0
Ecolab COM 278865100 4,060 23,000 SH   SOLE   23,000 0 0
Ecolab COM 278865100 44,629 252,800 SH   DFND 1 252,800 0 0
Electronic Arts Inc COM 285512109 91 900 SH   SOLE   900 0 0
Electronic Arts Inc COM 285512109 11,332 111,500 SH   DFND 1 111,500 0 0
Equifax Inc COM 294429105 4,207 35,500 SH   DFND 1 35,500 0 0
Facebook COM 30303M102 3,102 18,610 SH   SOLE   18,610 0 0
Facebook COM 30303M102 20,915 125,470 SH   DFND 1 125,470 0 0
Factset Research COM 303075105 5,710 23,000 SH   SOLE   23,000 0 0
Factset Research COM 303075105 23,089 93,000 SH   DFND 1 93,000 0 0
General Dynamics COM 369550108 7,448 44,000 SH   SOLE   44,000 0 0
General Dynamics COM 369550108 58,063 343,000 SH   DFND 1 343,000 0 0
Goldman Sachs COM 38141G104 3,427 17,850 SH   SOLE   17,850 0 0
Goldman Sachs COM 38141G104 28,996 151,030 SH   DFND 1 151,030 0 0
Graham Holdings Co COM 384637104 3,553 5,200 SH   DFND 1 5,200 0 0
Hasbro, Inc COM 418056107 8,876 104,400 SH   SOLE   104,400 0 0
Hasbro, Inc COM 418056107 22,071 259,600 SH   DFND 1 259,600 0 0
Healthcare Services Group COM 421906108 165 5,000 SH   SOLE   5,000 0 0
Healthcare Services Group COM 421906108 6,318 191,500 SH   DFND 1 191,500 0 0
Heico Corp Class A COM 422806208 647 7,702 SH   SOLE   7,702 0 0
Heico Corp Class A COM 422806208 24,919 296,443 SH   DFND 1 296,443 0 0
Hexcel Corp COM 428291108 277 4,000 SH   SOLE   4,000 0 0
Hexcel Corp COM 428291108 9,821 142,000 SH   DFND 1 142,000 0 0
Home Depot COM 437076102 7,100 37,000 SH   SOLE   37,000 0 0
Home Depot COM 437076102 169,439 883,000 SH   DFND 1 883,000 0 0
Illinois Tool Works COM 452308109 12,200 85,000 SH   SOLE   85,000 0 0
Illinois Tool Works COM 452308109 20,812 145,000 SH   DFND 1 145,000 0 0
Illumina Inc COM 452327109 311 1,000 SH   DFND 1 1,000 0 0
Intl Flavors & Fragrances COM 459506101 1,932 15,000 SH   SOLE   15,000 0 0
Intl Flavors & Fragrances COM 459506101 6,633 51,500 SH   DFND 1 51,500 0 0
Investors Title Company COM 461804106 33,680 213,300 SH   DFND 1 213,300 0 0
JP Morgan COM 46625H100 18,844 186,150 SH   DFND 1 186,150 0 0
John Deere COM 244199105 160,783 1,005,900 SH   DFND 1 1,005,900 0 0
Johnson and Johnson COM 478160104 15,964 114,200 SH   SOLE   114,200 0 0
Johnson and Johnson COM 478160104 69,420 496,600 SH   DFND 1 496,600 0 0
KKR & Co LLC COM 48251W104 423 18,000 SH   SOLE   18,000 0 0
KKR & Co LLC COM 48251W104 30,079 1,280,500 SH   DFND 1 1,280,500 0 0
Liberty Broadband A COM 530307107 1,993 21,750 SH   SOLE   21,750 0 0
Liberty Broadband A COM 530307107 16,816 183,500 SH   DFND 1 183,500 0 0
Liberty Broadband Class C COM 530307305 3,748 40,853 SH   SOLE   40,853 0 0
Liberty Broadband Class C COM 530307305 12,042 131,260 SH   DFND 1 131,260 0 0
Liberty Global PLC COM G5480U104 75 3,000 SH   SOLE   3,000 0 0
Liberty Global PLC COM G5480U104 4,386 176,000 SH   DFND 1 176,000 0 0
Liberty Latin America COM G9001E102 381 19,720 SH   DFND 1 19,720 0 0
Liberty Media Group A COM 531229870 647 19,000 SH   SOLE   19,000 0 0
Liberty Media Group A COM 531229870 7,165 210,500 SH   DFND 1 210,500 0 0
Liberty Media Group C COM 531229854 1,016 29,000 SH   SOLE   29,000 0 0
Liberty Media Group C COM 531229854 8,079 230,500 SH   DFND 1 230,500 0 0
Liberty Sirius Group A COM 531229409 1,985 52,000 SH   SOLE   52,000 0 0
Liberty Sirius Group A COM 531229409 14,279 374,000 SH   DFND 1 374,000 0 0
Liberty Sirius Group C COM 531229607 5,124 134,000 SH   SOLE   134,000 0 0
Liberty Sirius Group C COM 531229607 14,837 388,000 SH   DFND 1 388,000 0 0
Linde PLC COM G5494J103 1,038 5,900 SH   SOLE   5,900 0 0
Linde PLC COM G5494J103 15,570 88,500 SH   DFND 1 88,500 0 0
Live Nation COM 538034109 667 10,500 SH   SOLE   10,500 0 0
Live Nation COM 538034109 30,385 478,200 SH   DFND 1 478,200 0 0
Lowes COM 548661107 23,755 217,000 SH   SOLE   217,000 0 0
Lowes COM 548661107 38,643 353,000 SH   DFND 1 353,000 0 0
MSCI COM 55354G100 199 1,000 SH   SOLE   1,000 0 0
MSCI COM 55354G100 27,042 136,000 SH   DFND 1 136,000 0 0
Marriott International COM 571903202 25,775 206,049 SH   SOLE   206,049 0 0
Marriott International COM 571903202 166,647 1,332,220 SH   DFND 1 1,332,220 0 0
Marsh & McLennan COM 571748102 1,643 17,500 SH   SOLE   17,500 0 0
Marsh & McLennan COM 571748102 55,589 592,000 SH   DFND 1 592,000 0 0
Mastercard, Inc COM 57636Q104 8,476 36,000 SH   SOLE   36,000 0 0
Mastercard, Inc COM 57636Q104 35,812 152,100 SH   DFND 1 152,100 0 0
Maxim Integrated Products COM 57772K101 3,722 70,000 SH   SOLE   70,000 0 0
Maxim Integrated Products COM 57772K101 9,677 182,000 SH   DFND 1 182,000 0 0
McKesson Corp COM 58155Q103 433 3,700 SH   SOLE   3,700 0 0
McKesson Corp COM 58155Q103 3,910 33,400 SH   DFND 1 33,400 0 0
Microchip Technology COM 595017104 332 4,000 SH   SOLE   4,000 0 0
Microchip Technology COM 595017104 12,195 147,000 SH   DFND 1 147,000 0 0
Microsoft Corp COM 594918104 9,789 83,000 SH   SOLE   83,000 0 0
Microsoft Corp COM 594918104 38,838 329,300 SH   DFND 1 329,300 0 0
Mohawk Industries COM 608190104 11,984 95,000 SH   DFND 1 95,000 0 0
Moody's Corp COM 615369105 18,652 103,000 SH   SOLE   103,000 0 0
Moody's Corp COM 615369105 17,752 98,030 SH   DFND 1 98,030 0 0
NVR Inc COM 62944T105 9,062 3,275 SH   DFND 1 3,275 0 0
NXP Semiconductors NV COM N6596X109 2,563 29,000 SH   DFND 1 29,000 0 0
Nike COM 654106103 6,905 82,000 SH   SOLE   82,000 0 0
Nike COM 654106103 23,916 284,000 SH   DFND 1 284,000 0 0
Norfolk Southern COM 655844108 13,643 73,000 SH   SOLE   73,000 0 0
Norfolk Southern COM 655844108 29,248 156,500 SH   DFND 1 156,500 0 0
Novo-Nordisk A/S COM 670100205 27,463 525,000 SH   SOLE   525,000 0 0
Novo-Nordisk A/S COM 670100205 28,770 550,000 SH   DFND 1 550,000 0 0
Oaktree Capital Group LLC COM 674001201 2,880 58,000 SH   SOLE   58,000 0 0
Oaktree Capital Group LLC COM 674001201 50,022 1,007,500 SH   DFND 1 1,007,500 0 0
Parker-Hannifin Corp COM 701094104 1,047 6,100 SH   SOLE   6,100 0 0
Parker-Hannifin Corp COM 701094104 19,307 112,500 SH   DFND 1 112,500 0 0
Paychex COM 704326107 5,614 70,000 SH   SOLE   70,000 0 0
Paychex COM 704326107 6,416 80,000 SH   DFND 1 80,000 0 0
Penske Automotive Group COM 70959W103 1,116 25,000 SH   SOLE   25,000 0 0
Penske Automotive Group COM 70959W103 2,099 47,000 SH   DFND 1 47,000 0 0
Pepsico COM 713448108 2,328 19,000 SH   SOLE   19,000 0 0
Pepsico COM 713448108 15,515 126,600 SH   DFND 1 126,600 0 0
Philip Morris International COM 718172109 10,121 114,500 SH   DFND 1 114,500 0 0
Progressive Corp COM 743315103 3,965 55,000 SH   SOLE   55,000 0 0
Progressive Corp COM 743315103 29,701 412,000 SH   DFND 1 412,000 0 0
RLI Corporation COM 749607107 19,875 277,000 SH   SOLE   277,000 0 0
RLI Corporation COM 749607107 66,030 920,272 SH   DFND 1 920,272 0 0
Rockwell Automation Inc COM 773903109 1,035 5,900 SH   SOLE   5,900 0 0
Rockwell Automation Inc COM 773903109 21,389 121,900 SH   DFND 1 121,900 0 0
Rollins, Inc. COM 775711104 1,505 36,150 SH   SOLE   36,150 0 0
Rollins, Inc. COM 775711104 31,440 755,400 SH   DFND 1 755,400 0 0
S&P Global COM 78409V104 211 1,000 SH   SOLE   1,000 0 0
S&P Global COM 78409V104 30,740 146,000 SH   DFND 1 146,000 0 0
SEI Investments Co COM 784117103 3,083 59,000 SH   SOLE   59,000 0 0
SEI Investments Co COM 784117103 16,939 324,200 SH   DFND 1 324,200 0 0
Scotts Miracle-Gro Co COM 810186106 2,750 35,000 SH   SOLE   35,000 0 0
Scotts Miracle-Gro Co COM 810186106 20,667 263,000 SH   DFND 1 263,000 0 0
Sensata Technologies Holding COM N7902X106 90 2,000 SH   SOLE   2,000 0 0
Sensata Technologies Holding COM N7902X106 3,602 80,000 SH   DFND 1 80,000 0 0
Shake Shack Inc - Class A COM 819047101 177 3,000 SH   SOLE   3,000 0 0
Shake Shack Inc - Class A COM 819047101 1,709 28,900 SH   DFND 1 28,900 0 0
Sherwin Williams COM 824348106 13,352 31,000 SH   DFND 1 31,000 0 0
Southwest Airlines COM 844741108 882 17,000 SH   SOLE   17,000 0 0
Southwest Airlines COM 844741108 10,071 194,000 SH   DFND 1 194,000 0 0
Starbucks Corp COM 855244109 2,862 38,500 SH   SOLE   38,500 0 0
Starbucks Corp COM 855244109 31,455 423,118 SH   DFND 1 423,118 0 0
Stericycle Inc COM 858912108 1,360 25,000 SH   SOLE   25,000 0 0
Stericycle Inc COM 858912108 28,326 520,500 SH   DFND 1 520,500 0 0
Synchrony Financial COM 87165B103 30 950 SH   SOLE   950 0 0
Synchrony Financial COM 87165B103 225 7,056 SH   DFND 1 7,056 0 0
T.Rowe Price COM 74144T108 3,204 32,000 SH   SOLE   32,000 0 0
T.Rowe Price COM 74144T108 28,234 282,000 SH   DFND 1 282,000 0 0
Texas Instruments Inc COM 882508104 18,138 171,000 SH   SOLE   171,000 0 0
Texas Instruments Inc COM 882508104 51,656 487,000 SH   DFND 1 487,000 0 0
The Carlyle Group COM 14309L102 813 44,500 SH   SOLE   44,500 0 0
The Carlyle Group COM 14309L102 20,099 1,099,500 SH   DFND 1 1,099,500 0 0
The Travelers Companies Inc COM 89417E109 43,205 315,000 SH   DFND 1 315,000 0 0
TransUnion COM 89400J107 2,674 40,000 SH   DFND 1 40,000 0 0
Tyson Foods COM 902494103 19,857 286,000 SH   DFND 1 286,000 0 0
Unilever PLC ADR COM 904767704 231 4,000 SH   SOLE   4,000 0 0
Unilever PLC ADR COM 904767704 87,942 1,523,600 SH   DFND 1 1,523,600 0 0
Union Pacific COM 907818108 1,856 11,100 SH   SOLE   11,100 0 0
Union Pacific COM 907818108 12,418 74,270 SH   DFND 1 74,270 0 0
United Health Group Inc COM 91324P102 11,918 48,200 SH   SOLE   48,200 0 0
United Health Group Inc COM 91324P102 136,191 550,800 SH   DFND 1 550,800 0 0
United Technologies COM 913017109 7,037 54,600 SH   SOLE   54,600 0 0
United Technologies COM 913017109 21,834 169,400 SH   DFND 1 169,400 0 0
Verisk Analytics Inc COM 92345Y106 133 1,000 SH   SOLE   1,000 0 0
Verisk Analytics Inc COM 92345Y106 9,709 73,000 SH   DFND 1 73,000 0 0
Verizon COM 92343V104 1,064 18,000 SH   SOLE   18,000 0 0
Verizon COM 92343V104 4,435 75,000 SH   DFND 1 75,000 0 0
Visa COM 92826C839 13,292 85,100 SH   SOLE   85,100 0 0
Visa COM 92826C839 132,246 846,700 SH   DFND 1 846,700 0 0
WR Berkley Corp COM 084423102 1,525 18,000 SH   DFND 1 18,000 0 0
Walgreens Boots Alliance Inc COM 931427108 43,381 685,650 SH   SOLE   685,650 0 0
Walgreens Boots Alliance Inc COM 931427108 92,523 1,462,350 SH   DFND 1 1,462,350 0 0
Watsco Inc COM 942622200 3,165 22,100 SH   SOLE   22,100 0 0
Watsco Inc COM 942622200 43,951 306,900 SH   DFND 1 306,900 0 0
Wells Fargo COM 949746101 821 17,000 SH   SOLE   17,000 0 0
Wells Fargo COM 949746101 1,836 38,000 SH   DFND 1 38,000 0 0
Whirlpool Corp COM 963320106 31 230 SH   SOLE   230 0 0
Whirlpool Corp COM 963320106 25,850 194,519 SH   DFND 1 194,519 0 0