Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BRK/B	Berkshire Hathaway Inc-Cl B	153,658	$20.29M	8.4%	$110.14	+21.8%	COM	084670702
MKL	Markel Corp Com	22,822	$20.16M	8.4%	$525.99	+65.4%	COM	570535104
JNJ	Johnson & Johnson	111,829	$11.49M	4.8%	$59.66	+27.3%	COM	478160104
—	Walgreens Boots Alliance Inc C	126,331	$10.76M	4.5%	$76.20	—	COM	931427108
MSFT	Microsoft Corp Com	167,330	$9.283M	3.9%	$26.70	+72.0%	COM	594918104
WMT	Wal Mart Stores Inc Com	140,094	$8.588M	3.6%	$19.97	-16.7%	COM	931142103
—	Alleghany Corp	17,288	$8.262M	3.4%	$385.07	—	COM	017175100
—	Precision Castparts Cp Com	32,711	$7.589M	3.2%	$200.32	—	COM	740189105
—	Exxon Mobil Corp	94,809	$7.39M	3.1%	$90.53	—	COM	30231g102
NSC	Norfolk Southern Corp	85,165	$7.204M	3.0%	$57.75	+19.7%	COM	655844108
PGR	Progressive Corp Ohio Com	222,916	$7.089M	2.9%	$17.05	+37.3%	COM	743315103
L	Loews Corp	164,048	$6.299M	2.6%	$41.84	-15.2%	COM	540424108
PEP	Pepsico Inc	60,186	$6.014M	2.5%	$56.02	+31.1%	COM	713448108
WFC	Wells Fargo & Co	110,264	$5.994M	2.5%	$27.89	+46.4%	COM	949746101
HAS	Hasbro Inc Com	87,289	$5.88M	2.4%	$30.22	+73.3%	COM	418056107
DIS	Walt Disney Holding Co	55,731	$5.856M	2.4%	$56.11	+82.2%	COM	254687106
PAYX	Paychex Inc	109,507	$5.792M	2.4%	$25.02	+54.1%	COM	704326107
—	Leucadia National Corp	329,107	$5.723M	2.4%	$25.61	—	COM	527288104
—	T Rowe Price Group Inc	79,947	$5.715M	2.4%	$69.56	—	COM	74144t108
KO	Coca-Cola Corp	129,945	$5.582M	2.3%	$27.65	+11.6%	COM	191216100
—	Bed Bath & Beyond Inc Com	106,740	$5.15M	2.1%	$64.10	—	COM	075896100
IBM	International Business Machine	36,923	$5.081M	2.1%	$89.82	-2.6%	COM	459200101
MKC	McCormick & Co Inc Com Non Vtg	57,554	$4.924M	2.0%	$27.98	+24.4%	COM	579780206
GPC	Genuine Parts Co Com	55,946	$4.805M	2.0%	$54.18	+20.4%	COM	372460105
—	Becton Dickinson & Co Com	30,230	$4.658M	1.9%	$99.02	—	COM	758871099
PG	Procter & Gamble Co	50,272	$3.992M	1.7%	$55.00	+5.3%	COM	742718109
—	Sandy Spring Bancorp Com	143,100	$3.858M	1.6%	$21.68	—	COM	800363103
MRSH	Marsh & McLennan Cos Com	61,240	$3.396M	1.4%	$31.19	+48.8%	COM	571748102
DOV	Dover Corp Com	53,031	$3.251M	1.4%	$40.29	+5.6%	COM	260003108
—	Colfax Corp Com	132,625	$3.097M	1.3%	$43.35	—	COM	194014106
GLW	Corning Inc Com	136,342	$2.492M	1.0%	$10.49	+32.1%	COM	219350105
—	Target Corp Com	26,316	$1.911M	0.8%	$68.86	—	COM	87612e106
MDT	Medtronic Plc	23,259	$1.789M	0.7%	$58.10	+0.8%	COM	G5960L103
—	Tyco Intl Ltd New Com	52,945	$1.688M	0.7%	$32.94	—	COM	h89128104
GHC	Graham Holdings Co	3,145	$1.525M	0.6%	$339.79	+44.6%	COM	384637104
—	Glaxo Holdings Plc	36,815	$1.485M	0.6%	$49.98	—	COM	37733w105
—	Cable One Inc Com	3,185	$1.381M	0.6%	$419.47	—	COM	12685j105
BAC	Bank Of Amer Corp	75,709	$1.274M	0.5%	$10.03	+35.2%	COM	060505104
—	Diamond Offshore Drill Com	55,144	$1.164M	0.5%	$33.71	—	COM	25271c102
NSRGY	Nestle Sa-Adr Repstg	15,400	$1.146M	0.5%	$65.77	—	COM	641069406
—	Pentair Ltd	22,087	$1.094M	0.5%	$66.79	—	COM	g7s00t104
—	Allergan Plc	2,642	$826K	0.3%	$303.56	—	COM	g0177j108
PFE	Pfizer Inc Com	20,512	$662K	0.3%	$16.46	+23.8%	COM	717081103
—	Berkshire Hathaway Inc-Cl A	3	$593K	0.2%	$168500.00	—	COM	846701084
—	General Electric Corp	18,130	$565K	0.2%	$23.23	—	COM	369604103
—	J P Morgan Chase And Co	7,552	$499K	0.2%	$52.84	—	COM	46625h100
—	Source Capital Inc	6,113	$405K	0.2%	$62.65	—	COM	836144105
—	AT&T Inc	11,701	$403K	0.2%	$35.43	—	COM	00206r102
ELME	Washington Real Estate Inv Tr	14,290	$387K	0.2%	$26.89	—	COM	939653101
—	Alerus Finl Corp Com	20,100	$380K	0.2%	$26.63	—	COM	01446u103
—	Knowles Corp Com	27,595	$368K	0.2%	$29.98	—	COM	49926d109
—	Federal Realty Invt Tr Sbi-New	2,500	$365K	0.2%	$103.60	—	COM	313747206
—	Costco Wholesale Corp	2,126	$343K	0.1%	$110.54	—	COM	22160k105
PM	Philip Morris Intl Inc Com	3,737	$329K	0.1%	$49.37	+5.9%	COM	718172109
TEVA	Teva Pharmaceutical Inds Adr	5,000	$328K	0.1%	$40.00	—	COM	881624209
CVX	Chevrontexaco Corp Com	3,540	$318K	0.1%	$70.89	-17.6%	COM	166764100
—	First Natl Bk Alaska Com	225	$316K	0.1%	$1721.01	—	COM	32212j106
—	Verizon Communications Com	6,829	$316K	0.1%	$50.30	—	COM	92343v104
—	Altria Group Inc.	5,341	$311K	0.1%	$38.46	—	COM	02209s103
HON	Honeywell Intl Inc	3,000	$311K	0.1%	$53.13	+39.8%	COM	438516106
BXP	Boston Properties	2,400	$306K	0.1%	$64.00	+28.3%	COM	101121101
—	Royal Dutch Shell Plc Adr Cl A	6,400	$293K	0.1%	$63.80	—	COM	780257804
—	Abbvie Inc. Com	4,348	$258K	0.1%	$67.23	—	COM	00287y109
AVB	Avalonbay Comm Reit Inc.	1,350	$249K	0.1%	$108.21	+17.5%	COM	053484101
EFA	IShares Tr MSCI Eafe Idx	3,965	$233K	0.1%	$57.32	—	COM	464287465
—	BB&T Corp	5,811	$220K	0.1%	$37.24	—	COM	054937107
BMY	Bristol-Meyers Squibb	3,110	$214K	0.1%	$46.69	0.0%	COM	110122108
MCD	McDonalds Corp	1,780	$210K	0.1%	$87.24	0.0%	COM	580135101
DHR	Danaher Corp Del Com	2,200	$204K	0.1%	$38.22	0.0%	COM	235851102
—	Dover Motorsports Inc	71,969	$168K	0.1%	$2.54	—	COM	260174107