Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BRK/B	Berkshire Hathaway Inc-Cl B	153,108	$19.96M	8.7%	$110.14	+24.4%	COM	084670702
MKL	Markel Corp Com	23,497	$18.84M	8.2%	$525.99	+60.8%	COM	570535104
—	Walgreens Boots Alliance Inc C	129,012	$10.72M	4.7%	$76.20	—	COM	931427108
JNJ	Johnson & Johnson	111,823	$10.44M	4.6%	$59.66	+21.5%	COM	478160104
WMT	Wal Mart Stores Inc Com	139,744	$9.061M	4.0%	$19.97	-5.3%	COM	931142103
—	Alleghany Corp	17,363	$8.128M	3.5%	$385.07	—	COM	017175100
—	Precision Castparts Cp Com	33,361	$7.663M	3.3%	$200.32	—	COM	740189105
MSFT	Microsoft Corp Com	167,697	$7.422M	3.2%	$26.70	+45.8%	COM	594918104
—	Exxon Mobil Corp	94,754	$7.045M	3.1%	$90.53	—	COM	30231g102
PGR	Progressive Corp Ohio Com	224,016	$6.864M	3.0%	$17.05	+30.6%	COM	743315103
NSC	Norfolk Southern Corp	85,111	$6.503M	2.8%	$57.75	+12.7%	COM	655844108
HAS	Hasbro Inc Com	87,721	$6.328M	2.8%	$30.22	+81.6%	COM	418056107
—	Leucadia National Corp	311,123	$6.303M	2.7%	$26.08	—	COM	527288104
—	Bed Bath & Beyond Inc Com	107,640	$6.138M	2.7%	$64.10	—	COM	075896100
L	Loews Corp	161,535	$5.838M	2.5%	$41.94	-15.1%	COM	540424108
DIS	Walt Disney Holding Co	55,974	$5.721M	2.5%	$56.11	+77.7%	COM	254687106
PEP	Pepsico Inc	60,336	$5.69M	2.5%	$56.02	+24.1%	COM	713448108
WFC	Wells Fargo & Co	110,109	$5.654M	2.5%	$27.89	+47.3%	COM	949746101
—	T Rowe Price Group Inc	77,431	$5.381M	2.3%	$69.49	—	COM	74144t108
PAYX	Paychex Inc	109,843	$5.232M	2.3%	$25.02	+36.3%	COM	704326107
KO	Coca-Cola Corp	129,873	$5.21M	2.3%	$27.65	+4.3%	COM	191216100
MKC	McCormick & Co Inc Com Non Vtg	57,545	$4.729M	2.1%	$27.98	+19.2%	COM	579780206
GPC	Genuine Parts Co Com	55,995	$4.641M	2.0%	$54.18	+17.7%	COM	372460105
—	Colfax Corp Com	154,765	$4.629M	2.0%	$43.35	—	COM	194014106
—	Becton Dickinson & Co Com	30,223	$4.009M	1.7%	$99.02	—	COM	758871099
—	Sandy Spring Bancorp Com	143,856	$3.766M	1.6%	$21.68	—	COM	800363103
PG	Procter & Gamble Co	50,210	$3.612M	1.6%	$55.00	+2.4%	COM	742718109
MRSH	Marsh & McLennan Cos Com	61,440	$3.208M	1.4%	$31.19	+49.8%	COM	571748102
DOV	Dover Corp Com	52,945	$3.027M	1.3%	$40.29	+4.7%	COM	260003108
MDT	Medtronic Plc	36,436	$2.439M	1.1%	$58.10	-1.9%	COM	G5960L103
GLW	Corning Inc Com	135,910	$2.327M	1.0%	$10.49	+30.0%	COM	219350105
—	Target Corp Com	26,319	$2.07M	0.9%	$68.86	—	COM	87612e106
GHC	Graham Holdings Co	3,185	$1.838M	0.8%	$339.79	+75.3%	COM	384637104
—	Tyco Intl Ltd New Com	52,971	$1.772M	0.8%	$32.94	—	COM	h89128104
—	Glaxo Holdings Plc	36,815	$1.416M	0.6%	$49.98	—	COM	37733w105
—	Cable One Inc Com	3,185	$1.336M	0.6%	$419.47	—	COM	12685j105
BAC	Bank Of Amer Corp	75,959	$1.183M	0.5%	$10.03	+34.1%	COM	060505104
NSRGY	Nestle Sa-Adr Repstg	15,400	$1.159M	0.5%	$65.77	—	COM	641069406
—	Diamond Offshore Drill Com	58,342	$1.009M	0.4%	$33.71	—	COM	25271c102
—	Pentair Ltd	19,121	$976K	0.4%	$69.46	—	COM	g7s00t104
—	Allergan Plc	2,642	$718K	0.3%	$303.56	—	COM	g0177j108
PFE	Pfizer Inc Com	20,672	$649K	0.3%	$16.46	+25.2%	COM	717081103
—	Berkshire Hathaway Inc-Cl A	3	$586K	0.3%	$168500.00	—	COM	846701084
—	Knowles Corp Com	31,632	$583K	0.3%	$29.98	—	COM	49926d109
—	General Electric Corp	18,480	$466K	0.2%	$23.23	—	COM	369604103
—	J P Morgan Chase And Co	7,506	$458K	0.2%	$52.84	—	COM	46625h100
IBM	International Business Machine	2,812	$408K	0.2%	$117.70	-19.0%	COM	459200101
—	Alerus Finl Corp Com	20,100	$407K	0.2%	$26.63	—	COM	01446u103
—	Source Capital Inc	5,980	$405K	0.2%	$62.57	—	COM	836144105
—	AT&T Inc	11,694	$381K	0.2%	$35.43	—	COM	00206r102
ELME	Washington Real Estate Inv Tr	14,290	$356K	0.2%	$26.89	—	COM	939653101
—	Federal Realty Invt Tr Sbi-New	2,500	$341K	0.1%	$103.60	—	COM	313747206
—	First Natl Bk Alaska Com	225	$332K	0.1%	$1721.01	—	COM	32212j106
—	Costco Wholesale Corp	2,126	$307K	0.1%	$110.54	—	COM	22160k105
—	Royal Dutch Shell Plc Adr Cl A	6,400	$303K	0.1%	$63.80	—	COM	780257804
—	Verizon Communications Com	6,829	$297K	0.1%	$50.30	—	COM	92343v104
TEVA	Teva Pharmaceutical Inds Adr	5,250	$296K	0.1%	$40.00	—	COM	881624209
PM	Philip Morris Intl Inc Com	3,737	$296K	0.1%	$49.37	-1.0%	COM	718172109
—	Altria Group Inc.	5,315	$289K	0.1%	$38.46	—	COM	02209s103
BXP	Boston Properties	2,400	$284K	0.1%	$64.00	+22.5%	COM	101121101
HON	Honeywell Intl Inc	3,000	$284K	0.1%	$53.13	+38.0%	COM	438516106
CVX	Chevrontexaco Corp Com	3,390	$267K	0.1%	$71.44	-24.6%	COM	166764100
AVB	Avalonbay Comm Reit Inc.	1,350	$236K	0.1%	$108.21	+10.4%	COM	053484101
—	Abbvie Inc. Com	4,314	$235K	0.1%	$67.23	—	COM	00287y109
EFA	IShares Tr MSCI Eafe Idx	3,965	$227K	0.1%	$57.32	—	COM	464287465
—	BB&T Corp	5,811	$207K	0.1%	$37.24	—	COM	054937107
—	Santa Fe Pacific Gold Corp	1,872	$200K	0.1%	$106.84	—	COM	78463v107
—	Dover Motorsports Inc	71,969	$166K	0.1%	$2.54	—	COM	260174107