Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BRK/B	Berkshire Hathaway Inc-Cl B	151,603	$21.95M	8.9%	$110.14	+29.8%	COM	084670702
MKL	Markel Corp Com	22,369	$21.31M	8.7%	$525.99	+77.0%	COM	570535104
JNJ	Johnson & Johnson	109,531	$13.29M	5.4%	$59.66	+45.9%	COM	478160104
—	Walgreens Boots Alliance Inc C	124,545	$10.37M	4.2%	$76.20	—	COM	931427108
—	Alleghany Corp	16,992	$9.338M	3.8%	$385.07	—	COM	017175100
—	Exxon Mobil Corp	90,602	$8.493M	3.5%	$90.53	—	COM	30231g102
MSFT	Microsoft Corp Com	165,156	$8.451M	3.4%	$26.70	+72.2%	COM	594918104
PGR	Progressive Corp Ohio Com	220,781	$7.396M	3.0%	$17.05	+47.1%	COM	743315103
NSC	Norfolk Southern Corp	85,236	$7.256M	2.9%	$57.75	+20.7%	COM	655844108
HAS	Hasbro Inc Com	84,282	$7.079M	2.9%	$30.22	+102.8%	COM	418056107
IBM	International Business Machine	46,399	$7.042M	2.9%	$88.81	+7.1%	COM	459200101
WMT	Wal Mart Stores Inc Com	94,560	$6.905M	2.8%	$19.97	-2.3%	COM	931142103
L	Loews Corp	164,248	$6.749M	2.7%	$41.84	-9.3%	COM	540424108
PAYX	Paychex Inc	107,804	$6.414M	2.6%	$25.02	+60.6%	COM	704326107
PEP	Pepsico Inc	59,533	$6.307M	2.6%	$56.02	+37.6%	COM	713448108
—	T Rowe Price Group Inc	82,730	$6.037M	2.5%	$69.68	—	COM	74144t108
—	Leucadia National Corp	339,128	$5.877M	2.4%	$25.41	—	COM	527288104
KO	Coca-Cola Corp	128,482	$5.824M	2.4%	$27.65	+20.5%	COM	191216100
GPC	Genuine Parts Co Com	55,069	$5.576M	2.3%	$54.18	+35.4%	COM	372460105
WFC	Wells Fargo & Co	117,663	$5.569M	2.3%	$28.47	+30.8%	COM	949746101
DIS	Walt Disney Holding Co	55,375	$5.417M	2.2%	$56.11	+64.3%	COM	254687106
—	Becton Dickinson & Co Com	29,794	$5.053M	2.1%	$99.02	—	COM	758871099
—	Colfax Corp Com	190,280	$5.035M	2.0%	$38.76	—	COM	194014106
—	Bed Bath & Beyond Inc Com	114,490	$4.948M	2.0%	$62.82	—	COM	075896100
—	Discovery Holdings Co Cl A	195,705	$4.938M	2.0%	$25.23	—	COM	25470f104
MRSH	Marsh & McLennan Cos Com	60,740	$4.158M	1.7%	$31.19	+75.3%	COM	571748102
—	Sandy Spring Bancorp Com	142,150	$4.131M	1.7%	$21.68	—	COM	800363103
MKC	McCormick & Co Inc Com Non Vtg	37,530	$4.003M	1.6%	$27.98	+45.3%	COM	579780206
DOV	Dover Corp Com	53,777	$3.728M	1.5%	$40.30	+13.8%	COM	260003108
GLW	Corning Inc Com	160,662	$3.29M	1.3%	$11.23	+38.1%	COM	219350105
—	Tyco Intl Ltd New Com	49,652	$2.115M	0.9%	$32.94	—	COM	h89128104
MDT	Medtronic Plc	21,938	$1.904M	0.8%	$58.10	+9.3%	COM	G5960L103
—	Cable One Inc Com	3,230	$1.652M	0.7%	$421.18	—	COM	12685j105
—	Glaxo Holdings Plc	36,815	$1.596M	0.6%	$49.98	—	COM	37733w105
GHC	Graham Holdings Co	3,075	$1.505M	0.6%	$339.79	+30.3%	COM	384637104
—	Pentair Ltd	24,453	$1.425M	0.6%	$65.43	—	COM	g7s00t104
—	Diamond Offshore Drill Com	55,144	$1.342M	0.5%	$33.71	—	COM	25271c102
NSRGY	Nestle Sa-Adr Repstg	15,400	$1.191M	0.5%	$65.77	—	COM	641069406
BAC	Bank Of Amer Corp	78,375	$1.04M	0.4%	$10.06	+12.7%	COM	060505104
PFE	Pfizer Inc Com	19,868	$700K	0.3%	$16.46	+27.9%	COM	717081103
—	Berkshire Hathaway Inc-Cl A	3	$651K	0.3%	$168500.00	—	COM	846701084
—	Allergan Plc	2,642	$611K	0.2%	$303.56	—	COM	g0177j108
—	General Electric Corp	18,165	$572K	0.2%	$23.23	—	COM	369604103
—	J P Morgan Chase And Co	7,653	$476K	0.2%	$52.84	—	COM	46625h100
—	AT&T Inc	10,821	$468K	0.2%	$35.51	—	COM	00206r102
—	Verizon Communications Com	7,615	$425K	0.2%	$50.69	—	COM	92343v104
—	Federal Realty Invt Tr Sbi-New	2,500	$414K	0.2%	$103.60	—	COM	313747206
ELME	Washington Real Estate Inv Tr	13,090	$412K	0.2%	$26.89	—	COM	939653101
HON	Honeywell Intl Inc	3,172	$369K	0.1%	$54.39	+54.8%	COM	438516106
—	Alerus Finl Corp Com	20,100	$354K	0.1%	$26.63	—	COM	01446u103
—	Royal Dutch Shell Plc Adr Cl A	6,400	$353K	0.1%	$63.80	—	COM	780257804
—	First Natl Bk Alaska Com	225	$348K	0.1%	$1721.01	—	COM	32212j106
—	Costco Wholesale Corp	2,026	$318K	0.1%	$110.54	—	COM	22160k105
BXP	Boston Properties	2,400	$317K	0.1%	$64.00	+34.9%	COM	101121101
PM	Philip Morris Intl Inc Com	2,787	$283K	0.1%	$49.37	+24.4%	COM	718172109
—	Abbvie Inc. Com	4,429	$274K	0.1%	$67.23	—	COM	00287y109
—	Altria Group Inc.	3,895	$269K	0.1%	$38.46	—	COM	02209s103
TEVA	Teva Pharmaceutical Inds Adr	5,051	$254K	0.1%	$40.14	—	COM	881624209
CVX	Chevrontexaco Corp Com	2,403	$252K	0.1%	$70.89	-5.8%	COM	166764100
AVB	Avalonbay Comm Reit Inc.	1,350	$244K	0.1%	$108.21	+20.0%	COM	053484101
BMY	Bristol-Meyers Squibb	3,110	$229K	0.1%	$50.50	0.0%	COM	110122108
UNP	Union Pac Corp	2,625	$229K	0.1%	$68.24	0.0%	COM	907818108
—	Source Capital Inc	6,219	$229K	0.1%	$62.37	—	COM	836144105
—	Diageo Plc Spon Adr New	2,000	$226K	0.1%	$113.00	—	COM	25243q205
DHR	Danaher Corp Del Com	2,200	$222K	0.1%	$38.22	+4.9%	COM	235851102
EFA	IShares Tr MSCI Eafe Idx	3,965	$221K	0.1%	$57.32	—	COM	464287465
MCD	McDonalds Corp	1,837	$221K	0.1%	$87.44	+13.4%	COM	580135101
—	BB&T Corp	5,811	$207K	0.1%	$35.62	—	COM	054937107
—	Dover Motorsports Inc	71,969	$156K	0.1%	$2.54	—	COM	260174107