Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BRK/B	Berkshire Hathaway Inc-Cl B	140,774	$27.9M	10.0%	$110.14	+72.4%	COM	084670702
MKL	Markel Corp Com	21,377	$24.35M	8.7%	$525.99	+107.8%	COM	570535104
JNJ	Johnson & Johnson	103,089	$14.4M	5.2%	$59.66	+86.0%	COM	478160104
—	Alleghany Corp	17,094	$10.19M	3.6%	$385.07	—	COM	017175100
—	Leucadia National Corp	346,696	$9.184M	3.3%	$25.28	—	COM	527288104
—	T Rowe Price Group Inc	85,735	$8.996M	3.2%	$69.54	—	COM	74144t108
PGR	Progressive Corp Ohio Com	152,116	$8.567M	3.1%	$17.05	+134.3%	COM	743315103
L	Loews Corp	166,082	$8.309M	3.0%	$41.84	+13.9%	COM	540424108
MSFT	Microsoft Corp Com	91,113	$7.794M	2.8%	$26.70	+181.8%	COM	594918104
—	Madison Square Garden Cl A	36,478	$7.691M	2.8%	$174.22	—	COM	55825t103
WFC	Wells Fargo & Co	126,317	$7.664M	2.7%	$29.30	+53.9%	COM	949746101
—	Exxon Mobil Corp	89,733	$7.505M	2.7%	$90.44	—	COM	30231g102
IBM	International Business Machine	48,775	$7.483M	2.7%	$89.15	+14.5%	COM	459200101
—	Walgreens Boots Alliance Inc C	101,434	$7.366M	2.6%	$76.20	—	COM	931427108
—	Colfax Corp Com	184,030	$7.291M	2.6%	$38.76	—	COM	194014106
NSC	Norfolk Southern Corp	46,217	$6.697M	2.4%	$57.75	+97.4%	COM	655844108
—	Discovery Holdings Co Cl A	296,000	$6.624M	2.4%	$24.27	—	COM	25470f104
WMT	Wal Mart Stores Inc Com	65,889	$6.507M	2.3%	$19.97	+34.3%	COM	931142103
PEP	Pepsico Inc	53,138	$6.372M	2.3%	$56.02	+58.8%	COM	713448108
PAYX	Paychex Inc	93,248	$6.348M	2.3%	$25.02	+106.4%	COM	704326107
HAS	Hasbro Inc Com	68,276	$6.206M	2.2%	$30.22	+132.8%	COM	418056107
RYAAY	Ryanair Hldgs Plc Sponsored Ad	54,975	$5.728M	2.0%	$76.27	—	COM	783513203
GLW	Corning Inc Com	171,762	$5.495M	2.0%	$12.03	+109.7%	COM	219350105
GPC	Genuine Parts Co Com	54,079	$5.138M	1.8%	$54.18	+33.1%	COM	372460105
MRSH	Marsh & McLennan Cos Com	55,090	$4.484M	1.6%	$31.19	+133.7%	COM	571748102
KO	Coca-Cola Corp	96,322	$4.419M	1.6%	$27.65	+28.9%	COM	191216100
—	Becton Dickinson & Co Com	18,318	$3.921M	1.4%	$99.02	—	COM	758871099
DOV	Dover Corp Com	38,598	$3.898M	1.4%	$40.30	+69.0%	COM	260003108
DIS	Walt Disney Holding Co	35,834	$3.853M	1.4%	$56.11	+73.4%	COM	254687106
—	Sandy Spring Bancorp Com	98,474	$3.842M	1.4%	$21.68	—	COM	800363103
MKC	McCormick & Co Inc Com Non Vtg	32,119	$3.273M	1.2%	$27.98	+52.6%	COM	579780206
—	Cable One Inc Com	3,226	$2.269M	0.8%	$421.18	—	COM	12685j105
—	Diageo Plc Spon Adr New	15,148	$2.212M	0.8%	$108.25	—	COM	25243q205
BAC	Bank Of Amer Corp	71,747	$2.118M	0.8%	$10.06	+126.3%	COM	060505104
—	Norwegian Cruise Line Shs	34,500	$1.837M	0.7%	$53.60	—	COM	g66721104
JCI	Johnson Ctls International Plc	48,175	$1.836M	0.7%	$33.19	-2.2%	COM	G51502105
—	Pentair Ltd	23,741	$1.677M	0.6%	$65.43	—	COM	g7s00t104
GHC	Graham Holdings Co	2,940	$1.642M	0.6%	$339.79	+53.5%	COM	384637104
—	Diamond Offshore Drill Com	73,144	$1.36M	0.5%	$29.36	—	COM	25271c102
NSRGY	Nestle Sa-Adr Repstg	15,400	$1.324M	0.5%	$65.77	—	COM	641069406
—	Glaxo Holdings Plc	36,815	$1.306M	0.5%	$49.98	—	COM	37733w105
TRIP	Tripadvisor Inc Com	34,435	$1.187M	0.4%	$36.13	-11.1%	COM	896945201
—	Berkshire Hathaway Inc-Cl A	3	$893K	0.3%	$168500.00	—	COM	846701084
—	J P Morgan Chase And Co	7,915	$846K	0.3%	$52.84	—	COM	46625h100
WHR	Whirlpool Corp Com	3,961	$668K	0.2%	$169.43	0.0%	COM	963320106
PFE	Pfizer Inc Com	18,201	$659K	0.2%	$16.46	+44.6%	COM	717081103
FRFHF	Fairfax Finl Hldgs Ltd Sub Vtg	1,096	$581K	0.2%	$382.57	+18.3%	COM	303901102
INTC	Intel Corp	12,403	$573K	0.2%	$32.09	+13.9%	COM	458140100
—	Abbvie Inc. Com	4,624	$447K	0.2%	$67.23	—	COM	00287y109
—	First Natl Bk Alaska Com	214	$442K	0.2%	$1721.01	—	COM	32212j106
—	Allergan Plc	2,642	$432K	0.2%	$303.56	—	COM	g0177j108
—	Royal Dutch Shell Plc Adr Cl A	6,400	$427K	0.2%	$63.80	—	COM	780257804
—	AT&T Inc	10,625	$413K	0.1%	$35.51	—	COM	00206r102
—	Alerus Finl Corp Com	20,100	$411K	0.1%	$26.63	—	COM	01446u103
ELME	Washington Real Estate Inv Tr	13,090	$407K	0.1%	$26.89	—	COM	939653101
—	Verizon Communications Com	7,437	$394K	0.1%	$50.69	—	COM	92343v104
—	Costco Wholesale Corp	1,976	$368K	0.1%	$110.54	—	COM	22160k105
HON	Honeywell Intl Inc	2,172	$333K	0.1%	$54.39	+108.5%	COM	438516106
—	Federal Realty Invt Tr Sbi-New	2,500	$332K	0.1%	$103.60	—	COM	313747206
MCD	McDonalds Corp	1,840	$317K	0.1%	$87.44	+58.6%	COM	580135101
BXP	Boston Properties	2,400	$312K	0.1%	$64.00	+36.3%	COM	101121101
TEVA	Teva Pharmaceutical Inds Adr	15,901	$301K	0.1%	$30.28	—	COM	881624209
—	BB&T Corp	5,796	$288K	0.1%	$35.62	—	COM	054937107
UNP	Union Pac Corp	2,100	$282K	0.1%	$68.24	+47.7%	COM	907818108
—	Altria Group Inc.	3,938	$281K	0.1%	$38.46	—	COM	02209s103
EFA	IShares Tr MSCI Eafe Idx	3,865	$272K	0.1%	$57.71	—	COM	464287465
—	General Electric Corp	15,488	$270K	0.1%	$23.23	—	COM	369604103
—	Source Capital Inc	6,635	$270K	0.1%	$61.73	—	COM	836144105
AMZN	Amazon Com Inc Com	212	$248K	0.1%	$47.75	+15.2%	COM	023135106
ABT	Abbott Labs Com	4,271	$244K	0.1%	$38.90	+23.7%	COM	002824100
AVB	Avalonbay Comm Reit Inc.	1,350	$241K	0.1%	$108.21	+26.6%	COM	053484101
ALL	Allstate Corp	2,259	$237K	0.1%	$75.17	+8.8%	COM	020002101
FDX	Fedex Corp Com	910	$227K	0.1%	$184.90	+7.7%	COM	31428X106
—	Liberty Media Corp Del Com Ser	6,620	$226K	0.1%	$37.95	—	COM	531229854
LOW	Lowes Cos Inc Com	2,400	$223K	0.1%	$71.24	0.0%	COM	548661107
AAPL	Apple Inc	1,228	$208K	0.1%	$39.08	0.0%	COM	037833100
—	Dover Motorsports Inc	101,355	$198K	0.1%	$2.50	—	COM	260174107