Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BRK/B	Berkshire Hathaway Inc-Cl B	151,770	$22.79M	9.6%	$110.14	+31.1%	COM	084670702
MKL	Markel Corp Com	23,623	$16.13M	6.8%	$525.99	+28.9%	COM	570535104
WMT	Wal Mart Stores Inc Com	140,110	$12.03M	5.0%	$19.98	+9.2%	COM	931142103
JNJ	Johnson & Johnson	113,547	$11.87M	5.0%	$59.66	+29.6%	COM	478160104
—	Walgreens Boots Alliance Inc C	132,255	$10.08M	4.2%	$76.20	—	COM	931427108
NSC	Norfolk Southern Corp	83,802	$9.185M	3.9%	$57.66	+48.8%	COM	655844108
—	Exxon Mobil Corp	94,203	$8.709M	3.7%	$90.53	—	COM	30231g102
—	Alleghany Corp	17,449	$8.088M	3.4%	$385.07	—	COM	017175100
—	Bed Bath & Beyond Inc Com	105,240	$8.016M	3.4%	$63.99	—	COM	075896100
MSFT	Microsoft Corp Com	169,111	$7.855M	3.3%	$26.70	+49.3%	COM	594918104
—	Leucadia National Corp	303,494	$6.804M	2.9%	$26.11	—	COM	527288104
KO	Coca-Cola Corp	157,299	$6.641M	2.8%	$27.65	+8.7%	COM	191216100
L	Loews Corp	157,471	$6.617M	2.8%	$42.06	-5.6%	COM	540424108
PG	Procter & Gamble Co	72,332	$6.589M	2.8%	$55.00	+17.5%	COM	742718109
PGR	Progressive Corp Ohio Com	227,066	$6.129M	2.6%	$17.05	+11.0%	COM	743315103
WFC	Wells Fargo & Co	110,201	$6.041M	2.5%	$27.89	+39.0%	COM	949746101
GPC	Genuine Parts Co Com	56,591	$6.031M	2.5%	$54.18	+31.4%	COM	372460105
PEP	Pepsico Inc	61,898	$5.853M	2.5%	$56.02	+22.5%	COM	713448108
—	Becton Dickinson & Co Com	40,405	$5.623M	2.4%	$99.02	—	COM	758871099
DIS	Walt Disney Holding Co	56,570	$5.328M	2.2%	$56.11	+44.9%	COM	254687106
PAYX	Paychex Inc	110,543	$5.104M	2.1%	$25.02	+31.7%	COM	704326107
HAS	Hasbro Inc Com	92,614	$5.093M	2.1%	$30.22	+29.8%	COM	418056107
MKC	McCormick & Co Inc Com Non Vtg	57,684	$4.286M	1.8%	$27.98	+3.4%	COM	579780206
—	Covidien PLC	41,005	$4.194M	1.8%	$62.84	—	COM	g2554f113
—	Sandy Spring Bancorp Com	144,807	$3.777M	1.6%	$21.68	—	COM	800363103
GHC	Graham Holdings Co	4,325	$3.735M	1.6%	$339.79	+29.1%	COM	384637104
DOV	Dover Corp Com	50,559	$3.626M	1.5%	$40.20	+26.4%	COM	260003108
MRSH	Marsh & McLennan Cos Com	62,452	$3.575M	1.5%	$31.19	+45.0%	COM	571748102
GLW	Corning Inc Com	136,375	$3.127M	1.3%	$10.49	+44.9%	COM	219350105
—	Tyco Intl Ltd New Com	53,600	$2.351M	1.0%	$32.94	—	COM	h89128104
—	Target Corp Com	27,525	$2.089M	0.9%	$68.86	—	COM	87612e106
—	Diamond Offshore Drill Com	48,612	$1.785M	0.7%	$36.72	—	COM	25271c102
—	Glaxo Holdings Plc	36,815	$1.573M	0.7%	$49.98	—	COM	37733w105
—	Allergan	7,175	$1.525M	0.6%	$84.22	—	COM	184901023
BAC	Bank Of Amer Corp	78,209	$1.399M	0.6%	$10.03	+35.2%	COM	060505104
NSRGY	Nestle Sa-Adr Repstg	15,400	$1.123M	0.5%	$65.77	—	COM	641069406
—	Pentair Ltd	16,872	$1.121M	0.5%	$72.12	—	COM	g7s00t104
—	ADT Corp	27,820	$1.008M	0.4%	$39.85	—	COM	00101j106
—	International Speedway Cl A	31,055	$983K	0.4%	$31.52	—	COM	460335201
—	Knowles Corp Com	30,032	$707K	0.3%	$30.58	—	COM	49926d109
PFE	Pfizer Inc Com	22,254	$693K	0.3%	$16.46	+9.2%	COM	717081103
—	Berkshire Hathaway Inc-Cl A	3	$678K	0.3%	$168500.00	—	COM	846701084
—	General Electric Corp	21,029	$531K	0.2%	$23.23	—	COM	369604103
—	J P Morgan Chase And Co	7,684	$481K	0.2%	$52.84	—	COM	46625h100
IBM	International Business Machine	2,912	$467K	0.2%	$117.70	-14.6%	COM	459200101
—	Royal Dutch Shell Plc Adr Cl A	6,400	$428K	0.2%	$63.80	—	COM	780257804
—	AT&T Inc	12,529	$421K	0.2%	$35.43	—	COM	00206r102
—	Chubb Corp	4,000	$414K	0.2%	$84.75	—	COM	171232101
—	Source Capital Inc	5,773	$412K	0.2%	$62.26	—	COM	836144105
—	Alerus Finl Corp Com	20,100	$397K	0.2%	$26.63	—	COM	01446u103
ELME	Washington Real Estate Inv Tr	14,290	$395K	0.2%	$26.89	—	COM	939653101
—	Verizon Communications Com	8,313	$389K	0.2%	$50.30	—	COM	92343v104
CVX	Chevrontexaco Corp Com	3,390	$380K	0.2%	$71.44	-1.3%	COM	166764100
PM	Philip Morris Intl Inc Com	4,522	$368K	0.2%	$49.37	-0.3%	COM	718172109
—	First Natl Bk Alaska Com	225	$357K	0.1%	$1721.01	—	COM	32212j106
—	Federal Realty Invt Tr Sbi-New	2,500	$334K	0.1%	$103.60	—	COM	313747206
BXP	Boston Properties	2,400	$309K	0.1%	$64.00	+23.8%	COM	101121101
TEVA	Teva Pharmaceutical Inds Adr	5,250	$302K	0.1%	$40.00	—	COM	881624209
—	Costco Wholesale Corp	2,126	$301K	0.1%	$110.54	—	COM	22160k105
HON	Honeywell Intl Inc	3,000	$300K	0.1%	$53.13	+28.5%	COM	438516106
—	Altria Group Inc.	5,572	$275K	0.1%	$38.46	—	COM	02209s103
EFA	IShares Tr MSCI Eafe Idx	3,965	$241K	0.1%	$57.32	—	COM	464287465
ALL	Allstate Corp	3,402	$239K	0.1%	$46.95	+10.1%	COM	020002101
—	BB&T Corp	5,811	$226K	0.1%	$37.24	—	COM	054937107
AVB	Avalonbay Comm Reit Inc.	1,350	$221K	0.1%	$108.21	0.0%	COM	053484101
—	Santa Fe Pacific Gold Corp	1,772	$201K	0.1%	$119.07	—	COM	78463v107
—	Dover Motorsports Inc	67,969	$177K	0.1%	$2.55	—	COM	260174107