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 38,990 600,770 SH   SOLE   600,770 0 0
AMERICAN TOWER CORP NEW COM 03027X100 1,416,236 7,186,828 SH   SOLE   7,186,828 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 57,504 286,246 SH   SOLE   286,246 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108 12,651 42 SH   SOLE   42 0 0
BOSTON OMAHA CORP COM 101044105 6,045 242,396 SH   SOLE   242,396 0 0
CARMAX INC COM 143130102 424,243 6,077,981 SH   SOLE   6,077,981 0 0
DANAHER CORP DEL COM 235851102 218,533 1,655,300 SH   SOLE   1,655,300 0 0
DIAMOND HILL INVESTMENT GROU COM NEW 25264R207 7,937 56,694 SH   SOLE   56,694 0 0
DOLLAR TREE INC COM 256746108 534,298 5,086,615 SH   SOLE   5,086,615 0 0
ENSTAR GROUP LIMITED SHS G3075P101 79,248 455,447 SH   SOLE   455,447 0 0
FOCUS FINL PARTNERS INC COM CL A 34417P100 105,851 2,970,000 SH   SOLE   2,970,000 0 0
GOOSEHEAD INS INC COM CL A 38267D109 1,069 38,331 SH   SOLE   38,331 0 0
KKR & CO L P DEL COM UNITS 48251W104 299,582 12,753,600 SH   SOLE   12,753,600 0 0
LAMAR ADVERTISING CO CL A 512816109 3,846 48,530 SH   SOLE   48,530 0 0
MARKEL CORP COM 570535104 511,201 513,130 SH   SOLE   513,130 0 0
MASTERCARD INC CL A 57636Q104 1,254,458 5,327,915 SH   SOLE   5,327,915 0 0
MOODYS CORP COM 615369105 1,029,021 5,682,371 SH   SOLE   5,682,371 0 0
O REILLY AUTOMOTIVE INC NEW COM 67103H107 732,852 1,887,335 SH   SOLE   1,887,335 0 0
PRIMO WTR CORP COM 74165N105 44,195 2,858,679 SH   SOLE   2,858,679 0 0
ROPER INDS INC NEW COM 776696106 536,003 1,567,399 SH   SOLE   1,567,399 0 0
SBA COMMUNICATIONS CORP COM 78388J106 492,162 2,465,000 SH   SOLE   2,465,000 0 0
TD AMERITRADE HLDG CORP COM 87236Y108 167,466 3,350,000 SH   SOLE   3,350,000 0 0
UBIQUITI NETWORKS INC COM 90347A100 401,223 2,680,000 SH   SOLE   2,680,000 0 0
VERISK ANALYTICS INC CL A 92345Y106 338,322 2,543,775 SH   SOLE   2,543,775 0 0
VISA INC COM CL A 92826C839 763,343 4,887,270 SH   SOLE   4,887,270 0 0