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 12,011 77,000 SH   SOLE   77,000 0 0
3M Company COM 88579Y101 24,522 157,200 SH   DFND 1 157,200 0 0
Accenture COM G1151C101 14,408 67,100 SH   SOLE   67,100 0 0
Accenture COM G1151C101 19,819 92,300 SH   DFND 1 92,300 0 0
Activision Blizzard Inc COM 00507V109 137 1,800 SH   SOLE   1,800 0 0
Activision Blizzard Inc COM 00507V109 21,404 282,000 SH   DFND 1 282,000 0 0
Albemarle Corp COM 012653101 5,868 76,000 SH   DFND 1 76,000 0 0
Alleghany Corporation COM 017175100 2,117 4,328 SH   SOLE   4,328 0 0
Alphabet Inc COM 02079K107 59,724 42,249 SH   SOLE   42,249 0 0
Alphabet Inc COM 02079K107 134,638 95,244 SH   DFND 1 95,244 0 0
Alphabet Inc Class A COM 02079K305 4,680 3,300 SH   SOLE   3,300 0 0
Alphabet Inc Class A COM 02079K305 13,046 9,200 SH   DFND 1 9,200 0 0
Amazon.com COM 023135106 92,145 33,400 SH   SOLE   33,400 0 0
Amazon.com COM 023135106 179,439 65,042 SH   DFND 1 65,042 0 0
American Express COM 025816109 952 10,000 SH   SOLE   10,000 0 0
American Express COM 025816109 45,120 473,950 SH   DFND 1 473,950 0 0
American Tower COM 03027X100 259 1,000 SH   SOLE   1,000 0 0
American Tower COM 03027X100 12,966 50,150 SH   DFND 1 50,150 0 0
Analog Devices Inc COM 032654105 24,965 203,565 SH   SOLE   203,565 0 0
Analog Devices Inc COM 032654105 83,671 682,246 SH   DFND 1 682,246 0 0
Aon Corporation COM G0408V102 7,126 37,000 SH   DFND 1 37,000 0 0
Apollo Global Management - A COM 03768E105 1,123 22,500 SH   SOLE   22,500 0 0
Apollo Global Management - A COM 03768E105 49,421 990,000 SH   DFND 1 990,000 0 0
Apple Inc COM 037833100 4,396 12,050 SH   SOLE   12,050 0 0
Apple Inc COM 037833100 105,276 288,585 SH   DFND 1 288,585 0 0
Archer Daniels COM 039483102 23,701 594,000 SH   SOLE   594,000 0 0
Archer Daniels COM 039483102 35,284 884,300 SH   DFND 1 884,300 0 0
Ball Corporation COM 058498106 3,197 46,000 SH   DFND 1 46,000 0 0
Bank of New York Mellon Corp COM 064058100 13,527 350,000 SH   DFND 1 350,000 0 0
Berkshire Hathaway Class B COM 084670702 134,172 751,620 SH   SOLE   751,620 0 0
Berkshire Hathaway Class B COM 084670702 139,250 780,067 SH   DFND 1 780,067 0 0
Berkshire Hathaway, Inc. COM 084670108 155,034 580 SH   SOLE   580 0 0
Berkshire Hathaway, Inc. COM 084670108 142,738 534 SH   DFND 1 534 0 0
Blackrock Inc COM 09247X101 6,529 12,000 SH   SOLE   12,000 0 0
Blackrock Inc COM 09247X101 113,280 208,200 SH   DFND 1 208,200 0 0
Blackstone Group COM 09260D107 1,955 34,500 SH   SOLE   34,500 0 0
Blackstone Group COM 09260D107 67,680 1,194,500 SH   DFND 1 1,194,500 0 0
Brookfield Asset Management COM 112585104 95,235 2,894,673 SH   SOLE   2,894,673 0 0
Brookfield Asset Management COM 112585104 191,017 5,805,988 SH   DFND 1 5,805,988 0 0
Brown Forman Class A COM 115637100 28,359 492,600 SH   SOLE   492,600 0 0
Brown Forman Class A COM 115637100 20,173 350,400 SH   DFND 1 350,400 0 0
Brown-Forman Class B COM 115637209 14,435 226,750 SH   SOLE   226,750 0 0
Brown-Forman Class B COM 115637209 15,752 247,437 SH   DFND 1 247,437 0 0
CVS Corporation COM 126650100 130 2,000 SH   SOLE   2,000 0 0
CVS Corporation COM 126650100 21,440 330,000 SH   DFND 1 330,000 0 0
Cable One COM 12685J105 9,229 5,200 SH   DFND 1 5,200 0 0
Carrier Air Conditioning COM 14448C104 1,213 54,600 SH   SOLE   54,600 0 0
Carrier Air Conditioning COM 14448C104 3,764 169,400 SH   DFND 1 169,400 0 0
Caterpillar Inc COM 149123101 1,265 10,000 SH   SOLE   10,000 0 0
Caterpillar Inc COM 149123101 35,104 277,500 SH   DFND 1 277,500 0 0
Charles Schwab COM 808513105 4,150 123,000 SH   SOLE   123,000 0 0
Charles Schwab COM 808513105 32,805 972,300 SH   DFND 1 972,300 0 0
Cisco COM 17275R102 6,903 148,000 SH   SOLE   148,000 0 0
Cisco COM 17275R102 9,048 194,000 SH   DFND 1 194,000 0 0
Citigroup Inc COM 172967424 67 1,320 SH   SOLE   1,320 0 0
Citigroup Inc COM 172967424 1,088 21,300 SH   DFND 1 21,300 0 0
Colfax Corporation COM 194014106 30,273 1,085,070 SH   SOLE   1,085,070 0 0
Colfax Corporation COM 194014106 1,395 50,000 SH   DFND 1 50,000 0 0
Comcast Corp- Class A COM 20030n101 4,015 103,000 SH   SOLE   103,000 0 0
Comcast Corp- Class A COM 20030n101 16,333 419,000 SH   DFND 1 419,000 0 0
Costco COM 22160K105 3,942 13,000 SH   SOLE   13,000 0 0
Costco COM 22160K105 7,929 26,150 SH   DFND 1 26,150 0 0
Crown Holdings Inc COM 228368106 7,555 116,000 SH   DFND 1 116,000 0 0
DR Horton Inc COM 23331A109 47 850 SH   SOLE   850 0 0
DR Horton Inc COM 23331A109 729 13,149 SH   DFND 1 13,149 0 0
Diageo PLC COM 25243Q205 99,220 738,300 SH   SOLE   738,300 0 0
Diageo PLC COM 25243Q205 82,179 611,500 SH   DFND 1 611,500 0 0
Disney COM 254687106 60,739 544,700 SH   SOLE   544,700 0 0
Disney COM 254687106 146,934 1,317,680 SH   DFND 1 1,317,680 0 0
Eastman Chemical Company COM 277432100 418 6,000 SH   DFND 1 6,000 0 0
Ecolab COM 278865100 4,576 23,000 SH   SOLE   23,000 0 0
Ecolab COM 278865100 56,959 286,300 SH   DFND 1 286,300 0 0
Electronic Arts Inc COM 285512109 119 900 SH   SOLE   900 0 0
Electronic Arts Inc COM 285512109 16,414 124,300 SH   DFND 1 124,300 0 0
Equifax Inc COM 294429105 19,594 114,000 SH   DFND 1 114,000 0 0
Facebook COM 30303M102 4,226 18,610 SH   SOLE   18,610 0 0
Facebook COM 30303M102 28,699 126,390 SH   DFND 1 126,390 0 0
Factset Research COM 303075105 7,555 23,000 SH   SOLE   23,000 0 0
Factset Research COM 303075105 30,771 93,680 SH   DFND 1 93,680 0 0
General Dynamics COM 369550108 6,576 44,000 SH   SOLE   44,000 0 0
General Dynamics COM 369550108 51,265 343,000 SH   DFND 1 343,000 0 0
Goldman Sachs COM 38141G104 3,528 17,850 SH   SOLE   17,850 0 0
Goldman Sachs COM 38141G104 64,217 324,950 SH   DFND 1 324,950 0 0
Graham Holdings Co COM 384637104 1,782 5,200 SH   DFND 1 5,200 0 0
Guidewire Software Inc COM 40171V100 1,441 13,000 SH   DFND 1 13,000 0 0
Healthcare Services Group COM 421906108 489 20,000 SH   SOLE   20,000 0 0
Healthcare Services Group COM 421906108 16,596 678,500 SH   DFND 1 678,500 0 0
Heico Corp Class A COM 422806208 626 7,702 SH   SOLE   7,702 0 0
Heico Corp Class A COM 422806208 27,251 335,442 SH   DFND 1 335,442 0 0
Hexcel Corp COM 428291108 181 4,000 SH   SOLE   4,000 0 0
Hexcel Corp COM 428291108 8,366 185,000 SH   DFND 1 185,000 0 0
Home Depot COM 437076102 29,310 117,000 SH   SOLE   117,000 0 0
Home Depot COM 437076102 201,160 803,000 SH   DFND 1 803,000 0 0
Illinois Tool Works COM 452308109 14,862 85,000 SH   SOLE   85,000 0 0
Illinois Tool Works COM 452308109 42,401 242,500 SH   DFND 1 242,500 0 0
Illumina Inc COM 452327109 1,481 4,000 SH   DFND 1 4,000 0 0
InterActiveCorp COM 44919P508 525 1,650 SH   DFND 1 1,650 0 0
Intl Flavors & Fragrances COM 459506101 1,837 15,000 SH   SOLE   15,000 0 0
Intl Flavors & Fragrances COM 459506101 11,266 92,000 SH   DFND 1 92,000 0 0
Investors Title Company COM 461804106 25,878 213,300 SH   DFND 1 213,300 0 0
JP Morgan COM 46625H100 20,444 217,350 SH   DFND 1 217,350 0 0
John Deere COM 244199105 118,774 755,800 SH   DFND 1 755,800 0 0
Johnson and Johnson COM 478160104 16,060 114,200 SH   SOLE   114,200 0 0
Johnson and Johnson COM 478160104 69,837 496,600 SH   DFND 1 496,600 0 0
KKR & Co LLC COM 48251W104 1,915 62,000 SH   SOLE   62,000 0 0
KKR & Co LLC COM 48251W104 40,681 1,317,400 SH   DFND 1 1,317,400 0 0
Lamar Advertising Company COM 512816109 567 8,500 SH   DFND 1 8,500 0 0
Lennar Corp - B COM 526057302 599 13,000 SH   DFND 1 13,000 0 0
Liberty Broadband A COM 530307107 2,658 21,750 SH   SOLE   21,750 0 0
Liberty Broadband A COM 530307107 22,422 183,500 SH   DFND 1 183,500 0 0
Liberty Broadband Class C COM 530307305 5,064 40,853 SH   SOLE   40,853 0 0
Liberty Broadband Class C COM 530307305 16,271 131,260 SH   DFND 1 131,260 0 0
Liberty Global PLC COM G5480U104 66 3,000 SH   SOLE   3,000 0 0
Liberty Global PLC COM G5480U104 3,847 176,000 SH   DFND 1 176,000 0 0
Liberty Sirius Group A COM 531229409 1,795 52,000 SH   SOLE   52,000 0 0
Liberty Sirius Group A COM 531229409 12,910 374,000 SH   DFND 1 374,000 0 0
Liberty Sirius Group C COM 531229607 4,616 134,000 SH   SOLE   134,000 0 0
Liberty Sirius Group C COM 531229607 13,367 388,000 SH   DFND 1 388,000 0 0
Linde PLC COM G5494J103 1,251 5,900 SH   SOLE   5,900 0 0
Linde PLC COM G5494J103 18,772 88,500 SH   DFND 1 88,500 0 0
Lowes COM 548661107 34,726 257,000 SH   SOLE   257,000 0 0
Lowes COM 548661107 44,792 331,500 SH   DFND 1 331,500 0 0
MSCI COM 55354G100 334 1,000 SH   SOLE   1,000 0 0
MSCI COM 55354G100 45,400 136,000 SH   DFND 1 136,000 0 0
Marsh & McLennan COM 571748102 1,879 17,500 SH   SOLE   17,500 0 0
Marsh & McLennan COM 571748102 63,563 592,000 SH   DFND 1 592,000 0 0
Mastercard, Inc COM 57636Q104 10,645 36,000 SH   SOLE   36,000 0 0
Mastercard, Inc COM 57636Q104 50,674 171,370 SH   DFND 1 171,370 0 0
Maxim Integrated Products COM 57772K101 4,243 70,000 SH   SOLE   70,000 0 0
Maxim Integrated Products COM 57772K101 11,031 182,000 SH   DFND 1 182,000 0 0
Microchip Technology COM 595017104 421 4,000 SH   SOLE   4,000 0 0
Microchip Technology COM 595017104 16,744 159,000 SH   DFND 1 159,000 0 0
Microsoft Corp COM 594918104 17,298 85,000 SH   SOLE   85,000 0 0
Microsoft Corp COM 594918104 80,106 393,620 SH   DFND 1 393,620 0 0
Mohawk Industries COM 608190104 509 5,000 SH   SOLE   5,000 0 0
Mohawk Industries COM 608190104 29,510 290,000 SH   DFND 1 290,000 0 0
Moody's Corp COM 615369105 28,572 104,000 SH   SOLE   104,000 0 0
Moody's Corp COM 615369105 29,418 107,080 SH   DFND 1 107,080 0 0
NVR Inc COM 62944T105 326 100 SH   SOLE   100 0 0
NVR Inc COM 62944T105 30,616 9,395 SH   DFND 1 9,395 0 0
Nike COM 654106103 8,040 82,000 SH   SOLE   82,000 0 0
Nike COM 654106103 27,846 284,000 SH   DFND 1 284,000 0 0
Norfolk Southern COM 655844108 12,817 73,000 SH   SOLE   73,000 0 0
Norfolk Southern COM 655844108 27,477 156,500 SH   DFND 1 156,500 0 0
Novo-Nordisk A/S COM 670100205 34,377 525,000 SH   SOLE   525,000 0 0
Novo-Nordisk A/S COM 670100205 36,014 550,000 SH   DFND 1 550,000 0 0
Otis Elevator COM 68902V107 1,552 27,300 SH   SOLE   27,300 0 0
Otis Elevator COM 68902V107 4,816 84,700 SH   DFND 1 84,700 0 0
Owens-Illinois Inc COM 67098H104 3,987 444,000 SH   DFND 1 444,000 0 0
PayPal Holdings Inc COM 70450Y103 319 1,830 SH   DFND 1 1,830 0 0
Paychex COM 704326107 5,302 70,000 SH   SOLE   70,000 0 0
Paychex COM 704326107 6,060 80,000 SH   DFND 1 80,000 0 0
Pepsico COM 713448108 12,644 95,600 SH   DFND 1 95,600 0 0
Philip Morris International COM 718172109 8,022 114,500 SH   DFND 1 114,500 0 0
Progressive Corp COM 743315103 4,807 60,000 SH   SOLE   60,000 0 0
Progressive Corp COM 743315103 49,228 614,500 SH   DFND 1 614,500 0 0
RLI Corporation COM 749607107 30,952 377,000 SH   SOLE   377,000 0 0
RLI Corporation COM 749607107 67,344 820,272 SH   DFND 1 820,272 0 0
Raytheon Technologies Ord COM 75513E101 3,364 54,600 SH   SOLE   54,600 0 0
Raytheon Technologies Ord COM 75513E101 10,438 169,400 SH   DFND 1 169,400 0 0
Rockwell Automation Inc COM 773903109 1,683 7,900 SH   SOLE   7,900 0 0
Rockwell Automation Inc COM 773903109 28,585 134,200 SH   DFND 1 134,200 0 0
Rollins, Inc. COM 775711104 1,554 36,650 SH   SOLE   36,650 0 0
Rollins, Inc. COM 775711104 33,581 792,200 SH   DFND 1 792,200 0 0
S&P Global COM 78409V104 329 1,000 SH   SOLE   1,000 0 0
S&P Global COM 78409V104 48,104 146,000 SH   DFND 1 146,000 0 0
SEI Investments Co COM 784117103 3,244 59,000 SH   SOLE   59,000 0 0
SEI Investments Co COM 784117103 17,825 324,200 SH   DFND 1 324,200 0 0
Shake Shack Inc - Class A COM 819047101 159 3,000 SH   SOLE   3,000 0 0
Shake Shack Inc - Class A COM 819047101 1,462 27,600 SH   DFND 1 27,600 0 0
Sherwin Williams COM 824348106 17,913 31,000 SH   DFND 1 31,000 0 0
Starbucks Corp COM 855244109 2,980 40,500 SH   SOLE   40,500 0 0
Starbucks Corp COM 855244109 35,862 487,318 SH   DFND 1 487,318 0 0
Stericycle Inc COM 858912108 1,399 25,000 SH   SOLE   25,000 0 0
Stericycle Inc COM 858912108 31,836 568,700 SH   DFND 1 568,700 0 0
T.Rowe Price COM 74144T108 3,952 32,000 SH   SOLE   32,000 0 0
T.Rowe Price COM 74144T108 34,827 282,000 SH   DFND 1 282,000 0 0
Texas Instruments Inc COM 882508104 22,347 176,000 SH   SOLE   176,000 0 0
Texas Instruments Inc COM 882508104 69,580 548,000 SH   DFND 1 548,000 0 0
The Carlyle Group COM 14316J108 1,242 44,500 SH   SOLE   44,500 0 0
The Carlyle Group COM 14316J108 32,852 1,177,500 SH   DFND 1 1,177,500 0 0
TransUnion COM 89400J107 261 3,000 SH   SOLE   3,000 0 0
TransUnion COM 89400J107 7,964 91,500 SH   DFND 1 91,500 0 0
Trupanion COM 898202106 213 5,000 SH   SOLE   5,000 0 0
Trupanion COM 898202106 5,477 128,300 SH   DFND 1 128,300 0 0
Twitter Inc COM 90184l102 253 8,500 SH   DFND 1 8,500 0 0
Tyson Foods COM 902494103 299 5,000 SH   SOLE   5,000 0 0
Tyson Foods COM 902494103 21,734 364,000 SH   DFND 1 364,000 0 0
Union Pacific COM 907818108 1,877 11,100 SH   SOLE   11,100 0 0
Union Pacific COM 907818108 12,557 74,270 SH   DFND 1 74,270 0 0
Verisk Analytics Inc COM 92345Y106 170 1,000 SH   SOLE   1,000 0 0
Verisk Analytics Inc COM 92345Y106 12,425 73,000 SH   DFND 1 73,000 0 0
Visa COM 92826C839 35,949 186,100 SH   SOLE   186,100 0 0
Visa COM 92826C839 148,847 770,550 SH   DFND 1 770,550 0 0
WR Berkley Corp COM 084423102 1,547 27,000 SH   DFND 1 27,000 0 0
Watsco Inc COM 942622200 4,816 27,100 SH   SOLE   27,100 0 0
Watsco Inc COM 942622200 65,731 369,900 SH   DFND 1 369,900 0 0
Wells Fargo COM 949746101 819 32,000 SH   SOLE   32,000 0 0
Wells Fargo COM 949746101 4,184 163,450 SH   DFND 1 163,450 0 0
Whirlpool Corp COM 963320106 677 5,230 SH   SOLE   5,230 0 0
Whirlpool Corp COM 963320106 34,417 265,709 SH   DFND 1 265,709 0 0