Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BRK/B	Berkshire Hathaway Inc-Cl B	138,180	$27.76M	10.2%	$110.14	+83.3%	COM	084670702
MKL	Markel Corp Com	19,982	$19.91M	7.3%	$525.99	+93.1%	COM	570535104
JNJ	Johnson & Johnson	74,058	$10.35M	3.8%	$59.66	+85.0%	COM	478160104
PGR	Progressive Corp Ohio Com	125,178	$9.024M	3.3%	$17.05	+225.4%	COM	743315103
—	Norwegian Cruise Line Shs	156,439	$8.598M	3.2%	$53.56	—	COM	g66721104
—	Madison Square Garden Cl A	27,691	$8.117M	3.0%	$175.42	—	COM	55825t103
—	T Rowe Price Group Inc	80,056	$8.015M	3.0%	$71.66	—	COM	74144t108
—	Alleghany Corp	12,464	$7.633M	2.8%	$385.07	—	COM	017175100
L	Loews Corp	154,276	$7.394M	2.7%	$41.84	+9.5%	COM	540424108
—	Discovery Holdings Co Cl A	270,175	$7.3M	2.7%	$24.32	—	COM	25470f104
NSC	Norfolk Southern Corp	38,632	$7.22M	2.7%	$57.75	+160.5%	COM	655844108
—	Jefferies Grp Inc New Com	368,835	$6.93M	2.6%	$22.52	—	COM	47233w109
PAYX	Paychex Inc	86,256	$6.918M	2.5%	$25.02	+141.6%	COM	704326107
—	Walgreens Boots Alliance Inc C	106,786	$6.756M	2.5%	$74.56	—	COM	931427108
—	Exxon Mobil Corp	78,730	$6.361M	2.3%	$90.44	—	COM	30231g102
WFC	Wells Fargo & Co	128,929	$6.23M	2.3%	$30.00	+35.9%	COM	949746101
GLW	Corning Inc Com	181,893	$6.021M	2.2%	$12.89	+109.9%	COM	219350105
PEP	Pepsico Inc	48,270	$5.916M	2.2%	$56.02	+65.0%	COM	713448108
GPC	Genuine Parts Co Com	48,315	$5.413M	2.0%	$54.18	+56.4%	COM	372460105
—	Colfax Corp Com	180,010	$5.343M	2.0%	$38.00	—	COM	194014106
HAS	Hasbro Inc Com	62,652	$5.327M	2.0%	$30.22	+123.4%	COM	418056107
MSFT	Microsoft Corp Com	44,123	$5.204M	1.9%	$26.70	+283.1%	COM	594918104
RYAAY	Ryanair Hldgs Plc Sponsored Ad	68,228	$5.113M	1.9%	$77.80	—	COM	783513203
DIS	Walt Disney Holding Co	45,805	$5.086M	1.9%	$66.29	+62.7%	COM	254687106
JCI	Johnson Ctls International Plc	134,830	$4.981M	1.8%	$30.67	-3.6%	COM	G51502105
IBM	International Business Machine	31,734	$4.478M	1.6%	$89.15	+6.2%	COM	459200101
MHK	Mohawk Inds Inc Com	33,748	$4.257M	1.6%	$133.22	-2.3%	COM	608190104
KO	Coca-Cola Corp	86,980	$4.076M	1.5%	$27.65	+36.6%	COM	191216100
AAPL	Apple Inc	18,571	$3.528M	1.3%	$43.70	-7.5%	COM	037833100
INTC	Intel Corp	63,825	$3.427M	1.3%	$39.45	+11.1%	COM	458140100
—	Sandy Spring Bancorp Com	108,159	$3.383M	1.2%	$22.92	—	COM	800363103
DAL	Delta Air Lines Del Com New	62,520	$3.229M	1.2%	$47.62	-1.8%	COM	247361702
—	Cable One Inc Com	3,101	$3.043M	1.1%	$430.30	—	COM	12685j105
—	Diageo Plc Spon Adr New	17,491	$2.862M	1.1%	$113.50	—	COM	25243q205
MRSH	Marsh & McLennan Cos Com	27,943	$2.624M	1.0%	$31.19	+154.4%	COM	571748102
WHR	Whirlpool Corp Com	14,313	$1.902M	0.7%	$154.25	-14.4%	COM	963320106
BAC	Bank Of Amer Corp	66,651	$1.839M	0.7%	$10.06	+137.4%	COM	060505104
GHC	Graham Holdings Co	2,570	$1.756M	0.6%	$339.79	+83.6%	COM	384637104
META	Facebook Inc Cl A	9,204	$1.534M	0.6%	$169.41	-6.8%	COM	30303M102
SBUX	Starbucks Corp Com	20,178	$1.5M	0.6%	$46.55	+27.3%	COM	855244109
TRIP	Tripadvisor Inc Com	28,930	$1.488M	0.5%	$36.65	+32.9%	COM	896945201
NSRGY	Nestle Sa-Adr Repstg	15,400	$1.468M	0.5%	$65.77	—	COM	641069406
GOOG	Alphabet Inc	1,167	$1.369M	0.5%	$53.34	+4.4%	COM	02079K107
—	J P Morgan Chase And Co	12,225	$1.238M	0.5%	$76.70	—	COM	46625h100
—	Glaxo Holdings Plc	28,650	$1.197M	0.4%	$49.57	—	COM	37733w105
—	Pentair Ltd	23,593	$1.05M	0.4%	$65.11	—	COM	g7s00t104
FRFHF	Fairfax Finl Hldgs Ltd Sub Vtg	2,072	$964K	0.4%	$407.98	+2.6%	COM	303901102
—	Activision Blizzard In Com	21,075	$960K	0.4%	$45.55	—	COM	00507v109
—	Berkshire Hathaway Inc-Cl A	3	$904K	0.3%	$168500.00	—	COM	846701084
—	Abbvie Inc. Com	10,715	$864K	0.3%	$82.59	—	COM	00287y109
PFE	Pfizer Inc Com	16,734	$711K	0.3%	$16.84	+73.6%	COM	717081103
LMT	Lockheed Martin Corp	2,255	$677K	0.2%	$243.60	0.0%	COM	539830109
—	Liberty Media Corp Del Com Ser	18,115	$635K	0.2%	$35.44	—	COM	531229854
—	AT&T Inc	19,666	$617K	0.2%	$33.14	—	COM	00206r102
—	Nvent Electric Plc Shs	22,455	$606K	0.2%	$25.24	—	COM	g6700g107
CVX	Chevrontexaco Corp Com	4,793	$590K	0.2%	$86.11	+1.6%	COM	166764100
—	First Natl Bk Alaska Com	2,090	$545K	0.2%	$412.61	—	COM	32212j106
—	Altria Group Inc.	8,957	$514K	0.2%	$44.56	—	COM	02209s103
—	Verizon Communications Com	8,184	$484K	0.2%	$50.82	—	COM	92343v104
—	Costco Wholesale Corp	1,976	$478K	0.2%	$110.54	—	COM	22160k105
PH	Parker Hannifin Corp Com	2,770	$475K	0.2%	$145.73	+2.8%	COM	701094104
—	Royal Dutch Shell Plc Adr Cl A	7,530	$471K	0.2%	$62.98	—	COM	780257804
MAR	Marriott Intl Inc	3,442	$431K	0.2%	$120.17	-7.2%	COM	571903202
MCD	McDonalds Corp	2,210	$420K	0.2%	$97.50	+58.6%	COM	580135101
PM	Philip Morris Intl Inc Com	4,710	$416K	0.2%	$57.29	-2.1%	COM	718172109
—	Alerus Finl Corp Com	20,100	$392K	0.1%	$26.63	—	COM	01446u103
ELME	Washington Real Estate Inv Tr	12,838	$364K	0.1%	$26.89	—	COM	939653101
—	Federal Realty Invt Tr Sbi-New	2,500	$345K	0.1%	$103.60	—	COM	313747206
HON	Honeywell Intl Inc	2,172	$345K	0.1%	$57.34	+111.3%	COM	438516106
—	Diamond Offshore Drill Com	32,588	$342K	0.1%	$28.96	—	COM	25271c102
FDX	Fedex Corp Com	1,780	$323K	0.1%	$188.38	-17.3%	COM	31428X106
BXP	Boston Properties	2,400	$321K	0.1%	$64.00	+44.7%	COM	101121101
AMZN	Amazon Com Inc Com	159	$283K	0.1%	$47.75	+74.3%	COM	023135106
—	BB&T Corp	5,996	$279K	0.1%	$36.05	—	COM	054937107
AVB	Avalonbay Comm Reit Inc.	1,350	$271K	0.1%	$108.21	+39.1%	COM	053484101
TEVA	Teva Pharmaceutical Inds Adr	15,700	$246K	0.1%	$28.44	—	COM	881624209
—	Unilever Plc Amern Shs	4,090	$236K	0.1%	$52.32	—	COM	904767704
—	Dover Motorsports Inc	116,855	$236K	0.1%	$2.44	—	COM	260174107
LOW	Lowes Cos Inc Com	2,100	$230K	0.1%	$88.06	0.0%	COM	548661107
EFA	IShares Tr MSCI Eafe Idx	3,372	$219K	0.1%	$58.05	—	COM	464287465
AXP	American Express Co	2,000	$219K	0.1%	$95.83	0.0%	COM	025816109
BA	Boeing Co	569	$217K	0.1%	$375.20	0.0%	COM	097023105
CMCSA	Comcast Corp New Cl A	5,364	$214K	0.1%	$31.54	0.0%	COM	20030N101
ALL	Allstate Corp	2,259	$213K	0.1%	$76.90	0.0%	COM	020002101
ADP	Automatic Data Processing Inc	1,260	$201K	0.1%	$125.45	0.0%	COM	053015103
—	General Electric Corp	10,865	$109K	0.0%	$19.74	—	COM	369604103