Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BRK/B	Berkshire Hathaway Inc-Cl B	147,039	$24.9M	9.2%	$110.14	+51.0%	COM	084670702
MKL	Markel Corp Com	22,379	$21.84M	8.1%	$525.99	+84.5%	COM	570535104
JNJ	Johnson & Johnson	104,951	$13.88M	5.1%	$59.66	+68.3%	COM	478160104
—	Alleghany Corp	16,925	$10.07M	3.7%	$385.07	—	COM	017175100
PGR	Progressive Corp Ohio Com	214,021	$9.436M	3.5%	$17.05	+88.1%	COM	743315103
—	Leucadia National Corp	345,105	$9.028M	3.3%	$25.28	—	COM	527288104
NSC	Norfolk Southern Corp	70,142	$8.536M	3.2%	$57.75	+71.0%	COM	655844108
—	Walgreens Boots Alliance Inc C	103,596	$8.113M	3.0%	$76.20	—	COM	931427108
HAS	Hasbro Inc Com	70,854	$7.901M	2.9%	$30.22	+153.0%	COM	418056107
L	Loews Corp	164,648	$7.707M	2.9%	$41.84	+7.7%	COM	540424108
—	Colfax Corp Com	185,130	$7.289M	2.7%	$38.76	—	COM	194014106
IBM	International Business Machine	46,701	$7.184M	2.7%	$88.81	+16.8%	COM	459200101
—	Exxon Mobil Corp	88,870	$7.174M	2.7%	$90.53	—	COM	30231g102
MSFT	Microsoft Corp Com	102,959	$7.097M	2.6%	$26.70	+133.4%	COM	594918104
—	Madison Square Garden Cl A	35,981	$7.085M	2.6%	$174.22	—	COM	55825t103
WFC	Wells Fargo & Co	123,079	$6.82M	2.5%	$28.93	+45.8%	COM	949746101
PEP	Pepsico Inc	59,000	$6.814M	2.5%	$56.02	+57.4%	COM	713448108
—	T Rowe Price Group Inc	86,897	$6.449M	2.4%	$69.54	—	COM	74144t108
RYAAY	Ryanair Hldgs Plc Sponsored Ad	55,375	$5.959M	2.2%	$76.27	—	COM	783513203
WMT	Wal Mart Stores Inc Com	78,072	$5.908M	2.2%	$19.97	+10.3%	COM	931142103
DIS	Walt Disney Holding Co	55,055	$5.85M	2.2%	$56.11	+82.6%	COM	254687106
PAYX	Paychex Inc	94,422	$5.376M	2.0%	$25.02	+81.6%	COM	704326107
—	Discovery Holdings Co Cl A	201,115	$5.195M	1.9%	$25.30	—	COM	25470f104
GPC	Genuine Parts Co Com	54,476	$5.053M	1.9%	$54.18	+31.9%	COM	372460105
KO	Coca-Cola Corp	110,877	$4.973M	1.8%	$27.65	+21.8%	COM	191216100
GLW	Corning Inc Com	160,120	$4.812M	1.8%	$11.23	+102.7%	COM	219350105
MRSH	Marsh & McLennan Cos Com	57,165	$4.457M	1.7%	$31.19	+110.3%	COM	571748102
—	Becton Dickinson & Co Com	22,719	$4.433M	1.6%	$99.02	—	COM	758871099
DOV	Dover Corp Com	53,115	$4.261M	1.6%	$40.30	+40.9%	COM	260003108
—	Sandy Spring Bancorp Com	99,045	$4.027M	1.5%	$21.68	—	COM	800363103
—	Bed Bath & Beyond Inc Com	113,054	$3.437M	1.3%	$62.82	—	COM	075896100
MKC	McCormick & Co Inc Com Non Vtg	32,259	$3.146M	1.2%	$27.98	+53.4%	COM	579780206
—	Cable One Inc Com	3,242	$2.305M	0.9%	$421.18	—	COM	12685j105
JCI	Johnson Ctls International Plc	46,939	$2.035M	0.8%	$33.21	+3.4%	COM	G51502105
—	Diageo Plc Spon Adr New	15,148	$1.815M	0.7%	$108.25	—	COM	25243q205
GHC	Graham Holdings Co	3,011	$1.805M	0.7%	$339.79	+61.6%	COM	384637104
BAC	Bank Of Amer Corp	72,825	$1.767M	0.7%	$10.06	+89.8%	COM	060505104
—	Pentair Ltd	23,859	$1.588M	0.6%	$65.43	—	COM	g7s00t104
—	Glaxo Holdings Plc	36,815	$1.587M	0.6%	$49.98	—	COM	37733w105
NSRGY	Nestle Sa-Adr Repstg	15,400	$1.343M	0.5%	$65.77	—	COM	641069406
—	Diamond Offshore Drill Com	71,644	$776K	0.3%	$29.67	—	COM	25271c102
—	Berkshire Hathaway Inc-Cl A	3	$764K	0.3%	$168500.00	—	COM	846701084
—	J P Morgan Chase And Co	7,836	$716K	0.3%	$52.84	—	COM	46625h100
PFE	Pfizer Inc Com	19,778	$664K	0.2%	$16.46	+31.2%	COM	717081103
—	Allergan Plc	2,642	$642K	0.2%	$303.56	—	COM	g0177j108
—	General Electric Corp	17,775	$480K	0.2%	$23.23	—	COM	369604103
FRFHF	Fairfax Finl Hldgs Ltd Sub Vtg	1,061	$459K	0.2%	$381.83	0.0%	COM	303901102
ELME	Washington Real Estate Inv Tr	13,090	$418K	0.2%	$26.89	—	COM	939653101
—	AT&T Inc	10,829	$409K	0.2%	$35.51	—	COM	00206r102
—	Alerus Finl Corp Com	20,100	$386K	0.1%	$26.63	—	COM	01446u103
—	First Natl Bk Alaska Com	214	$374K	0.1%	$1721.01	—	COM	32212j106
—	Royal Dutch Shell Plc Adr Cl A	6,400	$340K	0.1%	$63.80	—	COM	780257804
—	Verizon Communications Com	7,615	$340K	0.1%	$50.69	—	COM	92343v104
—	Abbvie Inc. Com	4,586	$333K	0.1%	$67.23	—	COM	00287y109
TEVA	Teva Pharmaceutical Inds Adr	10,001	$332K	0.1%	$37.58	—	COM	881624209
—	Federal Realty Invt Tr Sbi-New	2,500	$316K	0.1%	$103.60	—	COM	313747206
—	Costco Wholesale Corp	1,976	$316K	0.1%	$110.54	—	COM	22160k105
BXP	Boston Properties	2,400	$295K	0.1%	$64.00	+35.8%	COM	101121101
HON	Honeywell Intl Inc	2,172	$290K	0.1%	$54.39	+81.6%	COM	438516106
—	Altria Group Inc.	3,886	$289K	0.1%	$38.46	—	COM	02209s103
MCD	McDonalds Corp	1,837	$281K	0.1%	$87.44	+34.8%	COM	580135101
EFA	IShares Tr MSCI Eafe Idx	4,065	$265K	0.1%	$57.71	—	COM	464287465
—	BB&T Corp	5,811	$264K	0.1%	$35.62	—	COM	054937107
AVB	Avalonbay Comm Reit Inc.	1,350	$259K	0.1%	$108.21	+31.3%	COM	053484101
—	Source Capital Inc	6,468	$250K	0.1%	$62.08	—	COM	836144105
UNP	Union Pac Corp	2,100	$229K	0.1%	$68.24	+32.0%	COM	907818108
—	Scripps Networks Inter Cl A Co	3,175	$217K	0.1%	$68.35	—	COM	811065101
ABT	Abbott Labs Com	4,250	$207K	0.1%	$38.90	0.0%	COM	002824100
AMZN	Amazon Com Inc Com	212	$205K	0.1%	$47.71	0.0%	COM	023135106
—	Dover Motorsports Inc	97,352	$204K	0.1%	$2.52	—	COM	260174107