Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MKL	MARKEL CORP COM	29,979	$24.04M	8.0%	$523.61	+61.6%	COM	570535104
WFC	WELLS FARGO & CO	391,036	$20.08M	6.7%	$27.36	+50.1%	COM	949746101
—	CHUBB CORPORATION	148,026	$18.16M	6.0%	$85.71	—	COM	171232101
—	JOHNSON CONTROLS INC	432,716	$17.9M	6.0%	$36.49	—	COM	478366107
MSFT	MICROSOFT CORPORATION	401,456	$17.77M	5.9%	$26.80	+45.2%	COM	594918104
INTC	INTEL CORPORATION	588,066	$17.72M	5.9%	$20.56	+10.1%	COM	458140100
GM	GENERAL MOTORS CORP.	561,246	$16.85M	5.6%	$23.73	+1.8%	COM	37045V100
CCL	CARNIVAL CORPORATION	333,441	$16.57M	5.5%	$27.66	+59.2%	COM	143658300
—	LEUCADIA NATIONAL COR	791,998	$16.05M	5.3%	$27.17	—	COM	527288104
CVS	CVS CAREMARK CORPORATION	163,323	$15.76M	5.2%	$41.44	+87.7%	COM	126650100
KSS	KOHL'S CORPORATION	278,504	$12.9M	4.3%	$60.36	-6.8%	COM	500255104
MRK	MERCK & CO. INC.	223,901	$11.06M	3.7%	$30.02	+27.9%	COM	58933Y105
VLO	VALERO ENERGY CORP.	166,557	$10.01M	3.3%	$24.42	+72.7%	COM	91913Y100
BK	BANK OF NEW YORK CO (New)	253,499	$9.924M	3.3%	$21.52	+48.7%	COM	064058100
—	LIBERTY INTERACTIVE CORP INT C	375,206	$9.842M	3.3%	$29.42	—	COM	53071M104
—	JACOBS ENGINEERING GR	208,177	$7.792M	2.6%	$40.62	—	COM	469814107
—	UNILEVER PLC ADR	183,019	$7.463M	2.5%	$40.54	—	COM	904767704
—	NATIONAL OIL WELL VARCO	174,612	$6.574M	2.2%	$62.78	—	COM	637071101
DNOW	NOW INC COM	434,154	$6.426M	2.1%	$28.77	-39.5%	COM	67011P100
EMR	EMERSON ELECTRIC CO	142,298	$6.286M	2.1%	$40.31	-7.4%	COM	291011104
XOM	EXXON MOBIL CORPORATION	74,483	$5.538M	1.8%	$54.36	-9.7%	COM	30231G102
HSBC	HSBC HLDGS PLC ADS	105,696	$4.004M	1.3%	$51.90	—	COM	404280406
BA	BOEING COMPANY	18,591	$2.435M	0.8%	$80.37	+53.4%	COM	097023105
CVX	CHEVRON CORP	27,991	$2.208M	0.7%	$71.09	-24.2%	COM	166764100
PFE	PFIZER INC.	58,316	$1.832M	0.6%	$16.48	+25.0%	COM	717081103
—	ROCKWELL COLLINS	19,644	$1.608M	0.5%	$63.44	—	COM	774341101
PG	PROCTER & GAMBLE CO.	19,688	$1.417M	0.5%	$55.41	+1.7%	COM	742718109
JNJ	JOHNSON & JOHNSON	11,721	$1.094M	0.4%	$59.85	+21.1%	COM	478160104
—	EXPRESS SCRIPTS INC	13,249	$1.073M	0.4%	$84.97	—	COM	30219g108
PEP	PEPSICO INC.	10,834	$1.022M	0.3%	$56.00	+24.1%	COM	713448108
CLX	CLOROX COMPANY	7,980	$922K	0.3%	$60.00	+39.8%	COM	189054109
—	GENERAL ELECTRIC CO	31,880	$804K	0.3%	$23.52	—	COM	369604103
TGT	TARGET CORPORATION	8,805	$692K	0.2%	$46.95	+24.9%	COM	87612E106
—	UNITED TECHNOLOGIES	6,577	$585K	0.2%	$103.16	—	COM	913017109
IBM	IBM CORP	3,843	$557K	0.2%	$117.89	-19.1%	COM	459200101
AEO	AMERN EAGLE OUTFIT NEW COM	35,395	$553K	0.2%	$11.14	+15.0%	COM	02553E106
—	NOVARTIS AG ADS	5,759	$529K	0.2%	$90.47	—	COM	66987v109
GPC	GENUINE PARTS COMPANY	5,760	$477K	0.2%	$54.12	+17.8%	COM	372460105
SRE	SEMPRA ENERGY	4,802	$464K	0.2%	$28.49	+24.4%	COM	816851109
BMY	BRISTOL-MEYERS SQUIBB	7,817	$463K	0.2%	$28.71	+55.1%	COM	110122108
—	ROYAL DUTCH SHELL ADR	9,400	$445K	0.1%	$64.53	—	COM	780259206
—	3M COMPANY	2,732	$387K	0.1%	$143.39	—	COM	88579y101
KO	COCA-COLA COMPANY	9,158	$367K	0.1%	$27.85	+3.5%	COM	191216100
MRSH	MARSH & McLENNAN COS	5,257	$275K	0.1%	$31.19	+49.8%	COM	571748102
—	MCKESSON CORP	1,395	$258K	0.1%	$186.38	—	COM	58155q103
BRK/B	BERKSHIRE HATHAWAY CL B	1,967	$256K	0.1%	$111.67	+22.7%	COM	084670702
ABT	ABBOTT LABS COM	5,738	$231K	0.1%	$28.79	+34.8%	COM	002824100
—	MONSANTO CO	2,523	$215K	0.1%	$124.85	—	COM	61166w101
DE	DEERE & CO COM	2,768	$205K	0.1%	$68.04	+7.8%	COM	244199105
CL	COLGATE-PALMOLIVE CO	3,174	$201K	0.1%	$48.40	+6.0%	COM	194162103
GLW	CORNING INCORPORATED	11,367	$195K	0.1%	$10.49	+30.0%	COM	219350105
—	STERLING RESOURCES L	165,000	$7,000	0.0%	$0.27	—	COM	858915101