Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BRK/B	Berkshire Hathaway Inc-Cl B	137,682	$29.48M	10.2%	$110.14	+86.3%	COM	084670702
MKL	Markel Corp Com	21,208	$25.2M	8.7%	$525.99	+123.7%	COM	570535104
JNJ	Johnson & Johnson	79,776	$11.02M	3.8%	$59.66	+81.1%	COM	478160104
—	Alleghany Corp	16,195	$10.57M	3.6%	$385.07	—	COM	017175100
PGR	Progressive Corp Ohio Com	144,037	$10.23M	3.5%	$17.05	+197.6%	COM	743315103
—	Discovery Holdings Co Cl A	304,695	$9.75M	3.4%	$24.32	—	COM	25470f104
—	Madison Square Garden Cl A	27,816	$8.771M	3.0%	$175.42	—	COM	55825t103
—	T Rowe Price Group Inc	74,960	$8.184M	2.8%	$69.54	—	COM	74144t108
L	Loews Corp	162,230	$8.149M	2.8%	$41.84	+16.0%	COM	540424108
—	Walgreens Boots Alliance Inc C	110,819	$8.079M	2.8%	$74.56	—	COM	931427108
—	Jefferies Grp Inc New Com	367,166	$8.063M	2.8%	$22.74	—	COM	47233w109
NSC	Norfolk Southern Corp	43,042	$7.769M	2.7%	$57.75	+154.8%	COM	655844108
—	Exxon Mobil Corp	86,974	$7.395M	2.6%	$90.44	—	COM	30231g102
WFC	Wells Fargo & Co	133,240	$7.003M	2.4%	$30.00	+55.0%	COM	949746101
HAS	Hasbro Inc Com	65,813	$6.918M	2.4%	$30.22	+153.5%	COM	418056107
—	Colfax Corp Com	190,310	$6.863M	2.4%	$38.39	—	COM	194014106
GLW	Corning Inc Com	184,054	$6.497M	2.2%	$12.89	+105.5%	COM	219350105
PAYX	Paychex Inc	87,729	$6.461M	2.2%	$25.02	+131.6%	COM	704326107
—	Norwegian Cruise Line Shs	107,999	$6.202M	2.1%	$52.24	—	COM	g66721104
IBM	International Business Machine	40,334	$6.099M	2.1%	$89.15	+13.6%	COM	459200101
RYAAY	Ryanair Hldgs Plc Sponsored Ad	60,255	$5.787M	2.0%	$78.34	—	COM	783513203
PEP	Pepsico Inc	49,799	$5.568M	1.9%	$56.02	+61.2%	COM	713448108
MSFT	Microsoft Corp Com	44,905	$5.136M	1.8%	$26.70	+277.5%	COM	594918104
GPC	Genuine Parts Co Com	51,534	$5.122M	1.8%	$54.18	+46.1%	COM	372460105
WMT	Wal Mart Stores Inc Com	51,887	$4.873M	1.7%	$19.97	+36.9%	COM	931142103
DIS	Walt Disney Holding Co	39,977	$4.675M	1.6%	$60.20	+77.0%	COM	254687106
JCI	Johnson Ctls International Plc	133,202	$4.662M	1.6%	$30.69	+2.0%	COM	G51502105
MRSH	Marsh & McLennan Cos Com	51,942	$4.297M	1.5%	$31.19	+141.5%	COM	571748102
KO	Coca-Cola Corp	89,830	$4.149M	1.4%	$27.65	+31.3%	COM	191216100
—	Sandy Spring Bancorp Com	94,173	$3.702M	1.3%	$21.68	—	COM	800363103
DOV	Dover Corp Com	34,623	$3.065M	1.1%	$40.30	+83.1%	COM	260003108
—	Cable One Inc Com	3,206	$2.833M	1.0%	$430.30	—	COM	12685j105
INTC	Intel Corp	54,400	$2.573M	0.9%	$39.13	+6.1%	COM	458140100
—	Diageo Plc Spon Adr New	14,648	$2.075M	0.7%	$108.25	—	COM	25243q205
BAC	Bank Of Amer Corp	70,449	$2.075M	0.7%	$10.06	+153.1%	COM	060505104
TRIP	Tripadvisor Inc Com	35,575	$1.817M	0.6%	$35.96	+35.2%	COM	896945201
WHR	Whirlpool Corp Com	13,520	$1.605M	0.6%	$161.30	-17.8%	COM	963320106
—	J P Morgan Chase And Co	13,673	$1.543M	0.5%	$75.29	—	COM	46625h100
GHC	Graham Holdings Co	2,655	$1.538M	0.5%	$339.79	+55.0%	COM	384637104
—	Diamond Offshore Drill Com	69,179	$1.384M	0.5%	$28.96	—	COM	25271c102
NSRGY	Nestle Sa-Adr Repstg	15,400	$1.281M	0.4%	$65.77	—	COM	641069406
—	Glaxo Holdings Plc	30,077	$1.208M	0.4%	$49.57	—	COM	37733w105
AAPL	Apple Inc	4,787	$1.081M	0.4%	$40.14	+22.8%	COM	037833100
SBUX	Starbucks Corp Com	18,815	$1.069M	0.4%	$45.95	-1.9%	COM	855244109
—	Pentair Ltd	23,908	$1.036M	0.4%	$65.11	—	COM	g7s00t104
META	Facebook Inc Cl A	6,055	$996K	0.3%	$179.53	+0.1%	COM	30303M102
—	Berkshire Hathaway Inc-Cl A	3	$960K	0.3%	$168500.00	—	COM	846701084
—	Abbvie Inc. Com	10,076	$953K	0.3%	$82.03	—	COM	00287y109
FRFHF	Fairfax Finl Hldgs Ltd Sub Vtg	1,659	$901K	0.3%	$405.55	+17.5%	COM	303901102
—	Becton Dickinson & Co Com	3,191	$833K	0.3%	$99.02	—	COM	758871099
—	Apergy Corp Com	18,034	$786K	0.3%	$41.73	—	COM	03755l104
DAL	Delta Air Lines Del Com New	13,510	$781K	0.3%	$50.63	+1.5%	COM	247361702
PFE	Pfizer Inc Com	16,793	$740K	0.3%	$16.46	+68.0%	COM	717081103
—	Nvent Electric Plc Shs	25,042	$680K	0.2%	$25.24	—	COM	g6700g107
—	First Natl Bk Alaska Com	2,110	$559K	0.2%	$412.61	—	COM	32212j106
—	Alerus Finl Corp Com	20,100	$487K	0.2%	$26.63	—	COM	01446u103
—	Costco Wholesale Corp	1,976	$464K	0.2%	$110.54	—	COM	22160k105
MAR	Marriott Intl Inc	3,442	$454K	0.2%	$120.17	0.0%	COM	571903202
—	Royal Dutch Shell Plc Adr Cl A	6,400	$436K	0.2%	$63.80	—	COM	780257804
—	Verizon Communications Com	8,079	$431K	0.1%	$50.82	—	COM	92343v104
ELME	Washington Real Estate Inv Tr	13,177	$404K	0.1%	$26.89	—	COM	939653101
HON	Honeywell Intl Inc	2,272	$378K	0.1%	$57.34	+112.1%	COM	438516106
—	AT&T Inc	10,291	$346K	0.1%	$35.46	—	COM	00206r102
GOOG	Alphabet Inc	286	$341K	0.1%	$53.63	+10.9%	COM	02079K107
—	Dynavax Technologies C Com New	26,990	$335K	0.1%	$12.41	—	COM	268158201
TEVA	Teva Pharmaceutical Inds Adr	15,400	$332K	0.1%	$28.69	—	COM	881624209
FDX	Fedex Corp Com	1,365	$329K	0.1%	$194.01	+9.4%	COM	31428X106
AMZN	Amazon Com Inc Com	162	$324K	0.1%	$47.75	+96.9%	COM	023135106
—	Liberty Media Corp Del Com Ser	8,520	$317K	0.1%	$36.26	—	COM	531229854
—	Federal Realty Invt Tr Sbi-New	2,500	$316K	0.1%	$103.60	—	COM	313747206
ABT	Abbott Labs Com	4,276	$314K	0.1%	$38.90	+48.7%	COM	002824100
MCD	McDonalds Corp	1,852	$310K	0.1%	$87.44	+54.2%	COM	580135101
BXP	Boston Properties	2,400	$295K	0.1%	$64.00	+41.1%	COM	101121101
—	BB&T Corp	5,996	$291K	0.1%	$36.05	—	COM	054937107
EFA	IShares Tr MSCI Eafe Idx	3,997	$272K	0.1%	$58.05	—	COM	464287465
CVX	Chevrontexaco Corp Com	2,064	$252K	0.1%	$87.91	0.0%	COM	166764100
—	Dover Motorsports Inc	116,855	$251K	0.1%	$2.44	—	COM	260174107
AVB	Avalonbay Comm Reit Inc.	1,350	$245K	0.1%	$108.21	+27.8%	COM	053484101
—	Altria Group Inc.	3,948	$238K	0.1%	$38.46	—	COM	02209s103
ALL	Allstate Corp	2,259	$223K	0.1%	$75.17	+9.2%	COM	020002101
CSCO	Cisco Sys Inc Com	4,229	$206K	0.1%	$36.04	0.0%	COM	17275R102
—	General Electric Corp	15,055	$170K	0.1%	$19.74	—	COM	369604103