Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BRK/B	Berkshire Hathaway Inc-Cl B	138,549	$25.86M	9.5%	$110.14	+77.0%	COM	084670702
MKL	Markel Corp Com	21,290	$23.09M	8.5%	$525.99	+114.7%	COM	570535104
—	Madison Square Garden Cl A	37,018	$11.48M	4.2%	$175.42	—	COM	55825t103
JNJ	Johnson & Johnson	87,576	$10.63M	3.9%	$59.66	+68.8%	COM	478160104
—	Alleghany Corp	16,428	$9.446M	3.5%	$385.07	—	COM	017175100
—	T Rowe Price Group Inc	76,007	$8.824M	3.2%	$69.54	—	COM	74144t108
PGR	Progressive Corp Ohio Com	147,462	$8.722M	3.2%	$17.05	+183.2%	COM	743315103
—	Discovery Holdings Co Cl A	308,445	$8.482M	3.1%	$24.32	—	COM	25470f104
—	Jefferies Grp Inc New Com	369,167	$8.395M	3.1%	$22.74	—	COM	47233w109
L	Loews Corp	164,570	$7.945M	2.9%	$41.84	+16.3%	COM	540424108
WFC	Wells Fargo & Co	132,587	$7.351M	2.7%	$30.00	+44.5%	COM	949746101
—	Exxon Mobil Corp	87,867	$7.269M	2.7%	$90.44	—	COM	30231g102
NSC	Norfolk Southern Corp	45,226	$6.823M	2.5%	$57.75	+116.9%	COM	655844108
IBM	International Business Machine	48,305	$6.748M	2.5%	$89.15	+12.1%	COM	459200101
—	Walgreens Boots Alliance Inc C	112,178	$6.732M	2.5%	$74.56	—	COM	931427108
RYAAY	Ryanair Hldgs Plc Sponsored Ad	53,945	$6.162M	2.3%	$76.27	—	COM	783513203
HAS	Hasbro Inc Com	66,713	$6.158M	2.3%	$30.22	+120.9%	COM	418056107
PAYX	Paychex Inc	88,840	$6.072M	2.2%	$25.02	+106.0%	COM	704326107
—	Colfax Corp Com	193,210	$5.922M	2.2%	$38.39	—	COM	194014106
PEP	Pepsico Inc	50,097	$5.454M	2.0%	$56.02	+45.9%	COM	713448108
GLW	Corning Inc Com	187,459	$5.157M	1.9%	$12.89	+73.7%	COM	219350105
—	Norwegian Cruise Line Shs	108,954	$5.148M	1.9%	$52.24	—	COM	g66721104
GPC	Genuine Parts Co Com	52,130	$4.785M	1.8%	$54.18	+35.0%	COM	372460105
MSFT	Microsoft Corp Com	48,444	$4.777M	1.7%	$26.70	+236.1%	COM	594918104
WMT	Wal Mart Stores Inc Com	52,360	$4.485M	1.6%	$19.97	+26.4%	COM	931142103
JCI	Johnson Ctls International Plc	131,731	$4.406M	1.6%	$30.68	-4.6%	COM	G51502105
MRSH	Marsh & McLennan Cos Com	52,917	$4.338M	1.6%	$31.19	+131.5%	COM	571748102
DIS	Walt Disney Holding Co	39,614	$4.152M	1.5%	$60.20	+61.4%	COM	254687106
KO	Coca-Cola Corp	90,770	$3.981M	1.5%	$27.65	+23.0%	COM	191216100
—	Sandy Spring Bancorp Com	95,658	$3.923M	1.4%	$21.68	—	COM	800363103
—	Becton Dickinson & Co Com	14,219	$3.406M	1.2%	$99.02	—	COM	758871099
DOV	Dover Corp Com	37,123	$2.717M	1.0%	$40.30	+68.7%	COM	260003108
—	Cable One Inc Com	3,251	$2.384M	0.9%	$430.30	—	COM	12685j105
—	Diageo Plc Spon Adr New	15,148	$2.181M	0.8%	$108.25	—	COM	25243q205
BAC	Bank Of Amer Corp	70,848	$1.997M	0.7%	$10.06	+146.9%	COM	060505104
TRIP	Tripadvisor Inc Com	35,715	$1.99M	0.7%	$35.96	+18.2%	COM	896945201
WHR	Whirlpool Corp Com	11,670	$1.707M	0.6%	$165.85	-8.4%	COM	963320106
GHC	Graham Holdings Co	2,700	$1.582M	0.6%	$339.79	+63.4%	COM	384637104
—	Diamond Offshore Drill Com	74,679	$1.558M	0.6%	$28.96	—	COM	25271c102
INTC	Intel Corp	29,974	$1.49M	0.5%	$37.19	+21.1%	COM	458140100
—	J P Morgan Chase And Co	12,168	$1.268M	0.5%	$70.65	—	COM	46625h100
NSRGY	Nestle Sa-Adr Repstg	15,400	$1.192M	0.4%	$65.77	—	COM	641069406
—	Glaxo Holdings Plc	28,815	$1.162M	0.4%	$49.98	—	COM	37733w105
—	Pentair Ltd	23,566	$992K	0.4%	$65.43	—	COM	g7s00t104
FRFHF	Fairfax Finl Hldgs Ltd Sub Vtg	1,678	$941K	0.3%	$405.55	+18.6%	COM	303901102
AAPL	Apple Inc	4,922	$911K	0.3%	$40.14	+6.5%	COM	037833100
META	Facebook Inc Cl A	4,583	$891K	0.3%	$179.45	0.0%	COM	30303M102
—	Berkshire Hathaway Inc-Cl A	3	$846K	0.3%	$168500.00	—	COM	846701084
—	Apergy Corp Com	18,546	$774K	0.3%	$41.73	—	COM	03755l104
DAL	Delta Air Lines Del Com New	12,975	$643K	0.2%	$50.60	-2.4%	COM	247361702
PFE	Pfizer Inc Com	16,654	$604K	0.2%	$16.46	+47.7%	COM	717081103
—	Nvent Electric Plc Shs	23,566	$592K	0.2%	$25.12	—	COM	g6700g107
—	Alerus Finl Corp Com	20,100	$526K	0.2%	$26.63	—	COM	01446u103
—	First Natl Bk Alaska Com	214	$470K	0.2%	$1721.01	—	COM	32212j106
TEVA	Teva Pharmaceutical Inds Adr	18,450	$449K	0.2%	$28.69	—	COM	881624209
—	Royal Dutch Shell Plc Adr Cl A	6,400	$443K	0.2%	$63.80	—	COM	780257804
—	Abbvie Inc. Com	4,624	$428K	0.2%	$67.23	—	COM	00287y109
—	Costco Wholesale Corp	1,976	$413K	0.2%	$110.54	—	COM	22160k105
ELME	Washington Real Estate Inv Tr	13,149	$399K	0.1%	$26.89	—	COM	939653101
—	Verizon Communications Com	7,567	$381K	0.1%	$50.65	—	COM	92343v104
AMZN	Amazon Com Inc Com	212	$360K	0.1%	$47.75	+66.2%	COM	023135106
—	AT&T Inc	9,997	$321K	0.1%	$35.51	—	COM	00206r102
GOOG	Alphabet Inc	288	$321K	0.1%	$53.63	0.0%	COM	02079K107
—	Federal Realty Invt Tr Sbi-New	2,500	$316K	0.1%	$103.60	—	COM	313747206
—	Liberty Media Corp Del Com Ser	8,520	$316K	0.1%	$36.26	—	COM	531229854
HON	Honeywell Intl Inc	2,172	$313K	0.1%	$54.39	+108.8%	COM	438516106
BXP	Boston Properties	2,400	$301K	0.1%	$64.00	+33.6%	COM	101121101
—	BB&T Corp	5,796	$292K	0.1%	$35.62	—	COM	054937107
MCD	McDonalds Corp	1,848	$290K	0.1%	$87.44	+55.0%	COM	580135101
SBUX	Starbucks Corp Com	5,520	$270K	0.1%	$48.07	0.0%	COM	855244109
—	Dover Motorsports Inc	116,855	$263K	0.1%	$2.44	—	COM	260174107
ABT	Abbott Labs Com	4,271	$260K	0.1%	$38.90	+36.6%	COM	002824100
EFA	IShares Tr MSCI Eafe Idx	3,865	$259K	0.1%	$57.71	—	COM	464287465
—	General Electric Corp	17,897	$244K	0.1%	$19.74	—	COM	369604103
AVB	Avalonbay Comm Reit Inc.	1,350	$232K	0.1%	$108.21	+17.3%	COM	053484101
—	Altria Group Inc.	3,944	$224K	0.1%	$38.46	—	COM	02209s103
FDX	Fedex Corp Com	910	$207K	0.1%	$184.90	+17.1%	COM	31428X106
ALL	Allstate Corp	2,259	$206K	0.1%	$75.17	+5.9%	COM	020002101