Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BRK/B	BERKSHIRE HATHAWAY B	739,638	$123M	14.1%	$111.17	+50.5%	COM	084670702
MKL	MARKEL CORP COM	70,891	$69.18M	7.9%	$523.59	+80.5%	COM	570535104
—	GOLDMAN SACHS INC	166,669	$38.29M	4.4%	$155.02	—	COM	38141g104
JNJ	JOHNSON AND JOHNSON	273,375	$34.05M	3.9%	$61.79	+51.1%	COM	478160104
WFC	WELLS FARGO & CO	533,282	$29.68M	3.4%	$28.04	+58.2%	COM	949746101
—	EXXON MOBIL CORP	354,288	$29.05M	3.3%	$89.39	—	COM	30231g102
WYNN	WYNN RESORTS LTD	248,982	$28.54M	3.3%	$97.41	-7.5%	COM	983134107
—	ENSTAR GROUP LTD	142,064	$27.18M	3.1%	$133.61	—	COM	g3075p101
—	BLACKSTONE GROUP LP	862,037	$25.6M	2.9%	$27.77	—	COM	09253u108
AMG	AFFILIATED MANAGERS GRP	153,964	$25.24M	2.9%	$150.14	+2.1%	COM	008252108
SLB	SCHLUMBERGER LTD	317,763	$24.82M	2.8%	$65.08	-2.7%	COM	806857108
PEP	PEPSICO INC	220,269	$24.64M	2.8%	$56.00	+46.3%	COM	713448108
AXP	AMERICAN EXPRESS CO	302,928	$23.96M	2.7%	$61.68	+12.1%	COM	025816109
—	GAMING & LEISURE INC	685,885	$22.92M	2.6%	$38.72	—	COM	36467j108
VNO	VORNADO REALTY TRUST	225,702	$22.64M	2.6%	$83.34	—	COM	929042109
—	ALPHABET INC SHS CL C	24,478	$20.31M	2.3%	$758.89	—	COM	02079k107
—	TIFFANY & CO NEW	211,736	$20.18M	2.3%	$72.70	—	COM	886547108
KO	COCA COLA COM	451,777	$19.17M	2.2%	$27.75	+13.6%	COM	191216100
—	DOUGLAS EMMETT INC	487,215	$18.71M	2.1%	$24.95	—	COM	25960p109
—	JPMORGAN CHASE & CO	192,745	$16.93M	1.9%	$53.76	—	COM	46625h100
—	LEUCADIA NATL CORP	632,092	$16.43M	1.9%	$25.26	—	COM	527288104
KMX	CARMAX INC	268,688	$15.91M	1.8%	$50.20	+29.4%	COM	143130102
NKE	NIKE INC CL B	283,634	$15.81M	1.8%	$41.30	+19.3%	COM	654106103
GAMI	GAMCO INVS INC	520,013	$15.39M	1.8%	$22.12	+3.4%	COM	361438104
—	ALPHABET INC SHS CL A	16,509	$14M	1.6%	$777.99	—	COM	02079k305
—	BROOKFIELD ASSET MGMT	361,198	$13.14M	1.5%	$35.59	—	COM	112585104
AMZN	AMAZON.COM INC	13,284	$11.78M	1.3%	$28.45	+46.5%	COM	023135106
EL	ESTEE LAUDER INC	135,898	$11.52M	1.3%	$58.22	+26.9%	COM	518439104
—	SOUTHERN NATL BANCORP	639,401	$10.82M	1.2%	$10.73	—	COM	843395104
BRK/A	BERKSHIRE HATHAWAY A	38	$9.494M	1.1%	$165023.42	+52.0%	COM	084670108
—	REALOGY HLDGS CORP	306,258	$9.123M	1.0%	$39.27	—	COM	75605y106
AAPL	APPLE INC	62,283	$8.948M	1.0%	$18.26	+66.7%	COM	037833100
—	WHOLE FOODS MKT INC	292,083	$8.681M	1.0%	$36.58	—	COM	966837106
—	PACWEST BANCORP	135,735	$7.229M	0.8%	$37.90	—	COM	695263103
—	T ROWE PRICE GROUP INC	104,646	$7.132M	0.8%	$77.42	—	COM	74144t108
HOMB	HOME BANCSHARES INC	218,920	$5.926M	0.7%	$24.26	+13.2%	COM	436893200
CHDN	CHURCHILL DOWNS	30,550	$4.853M	0.6%	$17.11	+40.6%	COM	171484108
PG	PROCTER & GAMBLE	48,184	$4.329M	0.5%	$55.00	+27.3%	COM	742718109
DIS	WALT DISNEY CO	35,033	$3.972M	0.5%	$58.78	+75.2%	COM	254687106
LYV	LIVE NATION ENTMT	113,325	$3.442M	0.4%	$23.56	+21.5%	COM	538034109
LVS	LAS VEGAS SANDS CORP	56,750	$3.239M	0.4%	$47.43	-6.6%	COM	517834107
—	AMERICAN TOWER CORP	24,309	$2.955M	0.3%	$89.89	—	COM	03027x100
FRFHF	FAIRFAX FINL HLDGS LTD	6,052	$2.749M	0.3%	$322.84	+24.4%	COM	303901102
OXY	OCCIDENTAL PETROL CO	33,527	$2.124M	0.2%	$57.49	-9.4%	COM	674599105
CVX	CHEVRON CORPORATION	16,971	$1.822M	0.2%	$71.37	+7.6%	COM	166764100
—	OAKTREE CAP GRP CL A	40,050	$1.814M	0.2%	$42.13	—	COM	674001201
—	WINTRUST FINANCIAL	24,290	$1.679M	0.2%	$48.66	—	COM	97650w108
—	HOWARD HUGHES CORP	10,511	$1.232M	0.1%	$112.09	—	COM	44267d107
UPS	UNITED PARCEL SRVC CL B	11,375	$1.221M	0.1%	$55.65	+40.8%	COM	911312106
SBCF	SEACOAST BK CORP FLA	48,650	$1.167M	0.1%	$11.76	+94.9%	COM	811707801
HUM	HUMANA INC	5,600	$1.154M	0.1%	$110.34	+74.0%	COM	444859102
PNC	PNC FINANCIAL SRVCS	8,376	$1.007M	0.1%	$48.32	+89.0%	COM	693475105
MCD	MC DONALDS CORP	6,239	$809K	0.1%	$73.66	+38.1%	COM	580135101
—	UNITED TECHNOLOGIES	6,555	$736K	0.1%	$95.69	—	COM	913017109
USB	US BANCORP DEL	14,020	$722K	0.1%	$22.57	+68.7%	COM	902973304
MCO	MOODY'S CORP	6,371	$714K	0.1%	$81.59	+21.2%	COM	615369105
PM	PHILIP MORRIS INTL INC	5,859	$661K	0.1%	$49.50	+32.5%	COM	718172109
—	DIAMOND HILL INVT CL A	2,650	$516K	0.1%	$194.72	—	COM	25264r207
—	COSTCO WHOLESALE CO	3,015	$506K	0.1%	$167.83	—	COM	22160k105
PFE	PFIZER INCORPORATED	14,218	$486K	0.1%	$16.87	+26.9%	COM	717081103
BP	BP PLC	13,481	$465K	0.1%	$41.38	—	COM	055622104
—	SPDR S&P 500 ETF	1,734	$409K	0.0%	$235.87	—	COM	78462f103
—	GENERAL ELECTRIC CO	13,156	$392K	0.0%	$25.43	—	COM	369604103
WMT	WAL-MART STORES INC	5,400	$389K	0.0%	$20.00	-1.1%	COM	931142103
—	ABBVIE INC	5,626	$367K	0.0%	$44.16	—	COM	00287y109
—	FACEBOOK INC CL A	2,564	$364K	0.0%	$107.44	—	COM	30303m102
—	MERCK & CO INC	5,683	$361K	0.0%	$47.83	—	COM	58933y105
—	ANNALY CAP MGMT INC	31,650	$352K	0.0%	$11.87	—	COM	035710409
—	FARMERS CAP BK CORP	8,000	$323K	0.0%	$21.67	—	COM	309562106
MSFT	MICROSOFT CORP	4,696	$309K	0.0%	$35.10	+64.8%	COM	594918104
MDLZ	MONDELEZ INTL CLASS A	7,003	$302K	0.0%	$24.11	+48.8%	COM	609207105
—	3M COMPANY	1,550	$297K	0.0%	$191.61	—	COM	88579y101
COP	CONOCOPHILLIPS	5,859	$292K	0.0%	$40.58	-9.9%	COM	20825C104
—	ALTRIA GROUP INC	4,057	$290K	0.0%	$64.87	—	COM	02209s103
—	ENBRIDGE INC	6,610	$277K	0.0%	$41.91	—	COM	29250n105
ACGP	ASSOCIATED CAPITAL GP	7,200	$260K	0.0%	$27.05	+21.7%	COM	045528106
BA	BOEING CO	1,399	$247K	0.0%	$135.00	+17.6%	COM	097023105
ABT	ABBOTT LABORATORIES	5,500	$244K	0.0%	$29.51	+25.1%	COM	002824100
—	SPDR GOLD TRUST	2,000	$237K	0.0%	$125.50	—	COM	78463v107
—	FEDEX CORPORATION	1,200	$234K	0.0%	$174.40	—	COM	31428x106
INTU	INTUIT	1,979	$230K	0.0%	$65.70	+71.1%	COM	461202103
BAC	BANK OF AMERICA CORP	9,696	$229K	0.0%	$15.68	+23.6%	COM	060505104
ADP	AUTOMATIC DATA PROCESS	2,100	$215K	0.0%	$67.89	+24.3%	COM	053015103
IJH	ISHARES CORE S&P MID CAP ETF	1,257	$215K	0.0%	$165.33	—	COM	464287507
MVIS	MICROVISION INC WASH	12,000	$30,000	0.0%	$1.60	+6.7%	COM	594960304