Historical Stock Holdings

Thomas Gayner - Markel Asset Management

PeriodPortfolio ValueTop 20 holdings history (left to right)
2017   Q3$5.02 B KMX
CarMax Inc.
7.42% of portfolio
BRK.A
Berkshire Hathaway CL A
5.95% of portfolio
BRK.B
Berkshire Hathaway CL B
5.52% of portfolio
BAM
Brookfield Asset Management Inc.
4.47% of portfolio
DEO
Diageo plc
3.55% of portfolio
DIS
Walt Disney Co.
3.33% of portfolio
MAR
Marriott Int'l.
3.31% of portfolio
WBA
Walgreens Boots Alliance
3.28% of portfolio
HD
Home Depot
3.00% of portfolio
DE
Deere & Co.
2.74% of portfolio
UNH
United Health Group Inc.
2.59% of portfolio
GOOGL
Alphabet Inc.
2.10% of portfolio
V
Visa Inc.
1.92% of portfolio
UL
Unilever PLC
1.76% of portfolio
BLK
BlackRock Inc.
1.60% of portfolio
GD
General Dynamics
1.58% of portfolio
JNJ
Johnson & Johnson
1.58% of portfolio
AMZN
Amazon Corp.
1.53% of portfolio
RLI
RLI Corp.
1.37% of portfolio
WPC
WP Carey
1.27% of portfolio
2017   Q2$4.69 B KMX
CarMax Inc.
6.61% of portfolio
BRK.A
Berkshire Hathaway CL A
5.91% of portfolio
BRK.B
Berkshire Hathaway CL B
5.46% of portfolio
BAM
Brookfield Asset Management Inc.
4.48% of portfolio
DIS
Walt Disney Co.
3.82% of portfolio
WBA
Walgreens Boots Alliance
3.57% of portfolio
DEO
Diageo plc
3.44% of portfolio
MAR
Marriott Int'l.
3.23% of portfolio
HD
Home Depot
3.01% of portfolio
DE
Deere & Co.
2.89% of portfolio
UNH
United Health Group Inc.
2.62% of portfolio
GOOGL
Alphabet Inc.
1.93% of portfolio
V
Visa Inc.
1.81% of portfolio
UL
Unilever PLC
1.76% of portfolio
JNJ
Johnson & Johnson
1.72% of portfolio
GD
General Dynamics
1.64% of portfolio
XOM
Exxon Mobil Corp.
1.63% of portfolio
BLK
BlackRock Inc.
1.58% of portfolio
AMZN
Amazon Corp.
1.45% of portfolio
RLI
RLI Corp.
1.39% of portfolio
2017   Q1$4.44 B KMX
CarMax Inc.
6.55% of portfolio
BRK.A
Berkshire Hathaway CL A
6.12% of portfolio
BRK.B
Berkshire Hathaway CL B
5.68% of portfolio
BAM
Brookfield Asset Management Inc.
4.32% of portfolio
DIS
Walt Disney Co.
4.25% of portfolio
WBA
Walgreens Boots Alliance
3.99% of portfolio
DEO
Diageo plc
3.48% of portfolio
MAR
Marriott Int'l.
3.20% of portfolio
HD
Home Depot
3.04% of portfolio
DE
Deere & Co.
2.69% of portfolio
UNH
United Health Group Inc.
2.45% of portfolio
V
Visa Inc.
1.78% of portfolio
XOM
Exxon Mobil Corp.
1.75% of portfolio
JNJ
Johnson & Johnson
1.71% of portfolio
UL
Unilever PLC
1.70% of portfolio
GD
General Dynamics
1.63% of portfolio
RLI
RLI Corp.
1.62% of portfolio
GOOGL
Alphabet Inc.
1.62% of portfolio
ADM
Archer-Daniels-Midland
1.52% of portfolio
BLK
BlackRock Inc.
1.46% of portfolio
2016   Q4$4.15 B KMX
CarMax Inc.
7.62% of portfolio
BRK.A
Berkshire Hathaway CL A
6.38% of portfolio
BRK.B
Berkshire Hathaway CL B
5.94% of portfolio
WBA
Walgreens Boots Alliance
4.26% of portfolio
DIS
Walt Disney Co.
4.14% of portfolio
BAM
Brookfield Asset Management Inc.
4.10% of portfolio
DEO
Diageo plc
3.31% of portfolio
MAR
Marriott Int'l.
2.98% of portfolio
HD
Home Depot
2.97% of portfolio
DE
Deere & Co.
2.72% of portfolio
UNH
United Health Group Inc.
2.56% of portfolio
XOM
Exxon Mobil Corp.
2.06% of portfolio
RLI
RLI Corp.
1.82% of portfolio
JNJ
Johnson & Johnson
1.70% of portfolio
V
Visa Inc.
1.66% of portfolio
ADM
Archer-Daniels-Midland
1.61% of portfolio
GD
General Dynamics
1.61% of portfolio
UL
Unilever PLC
1.50% of portfolio
BLK
BlackRock Inc.
1.48% of portfolio
GOOGL
Alphabet Inc.
1.37% of portfolio
2016   Q3$3.88 B KMX
CarMax Inc.
6.76% of portfolio
BRK.A
Berkshire Hathaway CL A
6.04% of portfolio
BRK.B
Berkshire Hathaway CL B
5.63% of portfolio
BAM
Brookfield Asset Management Inc.
4.64% of portfolio
WBA
Walgreens Boots Alliance
4.44% of portfolio
DEO
Diageo plc
3.92% of portfolio
DIS
Walt Disney Co.
3.87% of portfolio
HD
Home Depot
3.05% of portfolio
MAR
Marriott Int'l.
2.56% of portfolio
DE
Deere & Co.
2.41% of portfolio
UNH
United Health Group Inc.
2.39% of portfolio
XOM
Exxon Mobil Corp.
2.13% of portfolio
RLI
RLI Corp.
2.11% of portfolio
UL
Unilever PLC
1.87% of portfolio
V
Visa Inc.
1.86% of portfolio
JNJ
Johnson & Johnson
1.86% of portfolio
ADM
Archer-Daniels-Midland
1.59% of portfolio
WPC
WP Carey
1.58% of portfolio
GD
General Dynamics
1.55% of portfolio
BLK
BlackRock Inc.
1.45% of portfolio
2016   Q2$3.79 B KMX
CarMax Inc.
6.35% of portfolio
BRK.A
Berkshire Hathaway CL A
6.20% of portfolio
BRK.B
Berkshire Hathaway CL B
5.77% of portfolio
WBA
Walgreens Boots Alliance
4.69% of portfolio
BAM
Brookfield Asset Management Inc.
4.43% of portfolio
DIS
Walt Disney Co.
4.15% of portfolio
DEO
Diageo plc
3.87% of portfolio
HD
Home Depot
3.10% of portfolio
MAR
Marriott Int'l.
2.58% of portfolio
UNH
United Health Group Inc.
2.47% of portfolio
DE
Deere & Co.
2.33% of portfolio
XOM
Exxon Mobil Corp.
2.33% of portfolio
RLI
RLI Corp.
2.17% of portfolio
JNJ
Johnson & Johnson
1.95% of portfolio
UL
Unilever PLC
1.93% of portfolio
WPC
WP Carey
1.74% of portfolio
V
Visa Inc.
1.68% of portfolio
ADM
Archer-Daniels-Midland
1.65% of portfolio
NVO
Novo Nordisk A S
1.52% of portfolio
GD
General Dynamics
1.42% of portfolio
2016   Q1$3.73 B KMX
CarMax Inc.
6.74% of portfolio
BRK.A
Berkshire Hathaway CL A
6.21% of portfolio
BRK.B
Berkshire Hathaway CL B
5.76% of portfolio
WBA
Walgreens Boots Alliance
4.83% of portfolio
BAM
Brookfield Asset Management Inc.
4.71% of portfolio
DIS
Walt Disney Co.
4.24% of portfolio
DEO
Diageo plc
3.73% of portfolio
HD
Home Depot
3.30% of portfolio
MAR
Marriott Int'l.
2.77% of portfolio
UNH
United Health Group Inc.
2.29% of portfolio
DE
Deere & Co.
2.26% of portfolio
RLI
RLI Corp.
2.15% of portfolio
XOM
Exxon Mobil Corp.
2.12% of portfolio
UL
Unilever PLC
1.85% of portfolio
JNJ
Johnson & Johnson
1.77% of portfolio
V
Visa Inc.
1.75% of portfolio
WPC
WP Carey
1.59% of portfolio
NVO
Novo Nordisk A S
1.56% of portfolio
ADM
Archer-Daniels-Midland
1.40% of portfolio
BLK
BlackRock Inc.
1.39% of portfolio
2015   Q4$3.69 B KMX
CarMax Inc.
7.18% of portfolio
BRK.A
Berkshire Hathaway CL A
5.80% of portfolio
BRK.B
Berkshire Hathaway CL B
5.40% of portfolio
WBA
Walgreens Boots Alliance
4.92% of portfolio
DIS
Walt Disney Co.
4.52% of portfolio
BAM
Brookfield Asset Management Inc.
4.30% of portfolio
DEO
Diageo plc
3.79% of portfolio
HD
Home Depot
3.29% of portfolio
MAR
Marriott Int'l.
2.63% of portfolio
DE
Deere & Co.
2.25% of portfolio
UNH
United Health Group Inc.
2.11% of portfolio
UPS
United Parcel Service
2.07% of portfolio
RLI
RLI Corp.
2.00% of portfolio
XOM
Exxon Mobil Corp.
1.99% of portfolio
V
Visa Inc.
1.79% of portfolio
UL
Unilever PLC
1.78% of portfolio
NVO
Novo Nordisk A S
1.69% of portfolio
JNJ
Johnson & Johnson
1.68% of portfolio
WPC
WP Carey
1.52% of portfolio
GD
General Dynamics
1.44% of portfolio
2015   Q3$3.8 B KMX
CarMax Inc.
7.68% of portfolio
BRK.A
Berkshire Hathaway CL A
5.55% of portfolio
BRK.B
Berkshire Hathaway CL B
5.19% of portfolio
WBA
Walgreens Boots Alliance
4.67% of portfolio
DIS
Walt Disney Co.
4.24% of portfolio
BAM
Brookfield Asset Management Inc.
4.16% of portfolio
DEO
Diageo plc
3.61% of portfolio
HD
Home Depot
2.80% of portfolio
MAR
Marriott Int'l.
2.56% of portfolio
UNH
United Health Group Inc.
2.03% of portfolio
DE
Deere & Co.
2.02% of portfolio
UPS
United Parcel Service
2.00% of portfolio
GE
General Electric
1.97% of portfolio
WMT
Wal-Mart Stores
1.88% of portfolio
XOM
Exxon Mobil Corp.
1.84% of portfolio
RLI
RLI Corp.
1.69% of portfolio
UL
Unilever PLC
1.61% of portfolio
NVO
Novo Nordisk A S
1.54% of portfolio
V
Visa Inc.
1.53% of portfolio
FII
Federated Investors Inc.
1.53% of portfolio
2015   Q2$4.01 B KMX
CarMax Inc.
8.12% of portfolio
BRK.A
Berkshire Hathaway CL A
5.51% of portfolio
BRK.B
Berkshire Hathaway CL B
5.14% of portfolio
WBA
Walgreens Boots Alliance
4.50% of portfolio
DIS
Walt Disney Co.
4.43% of portfolio
BAM
Brookfield Asset Management Inc.
4.36% of portfolio
DEO
Diageo plc
3.63% of portfolio
MAR
Marriott Int'l.
2.57% of portfolio
HD
Home Depot
2.55% of portfolio
DE
Deere & Co.
2.39% of portfolio
UNH
United Health Group Inc.
2.02% of portfolio
GE
General Electric
1.97% of portfolio
WMT
Wal-Mart Stores
1.94% of portfolio
XOM
Exxon Mobil Corp.
1.84% of portfolio
UPS
United Parcel Service
1.83% of portfolio
FII
Federated Investors Inc.
1.78% of portfolio
ADM
Archer-Daniels-Midland
1.66% of portfolio
UL
Unilever PLC
1.58% of portfolio
RLI
RLI Corp.
1.54% of portfolio
NVO
Novo Nordisk A S
1.47% of portfolio
2015   Q1$3.96 B KMX
CarMax Inc.
8.57% of portfolio
BRK.A
Berkshire Hathaway CL A
5.93% of portfolio
BRK.B
Berkshire Hathaway CL B
5.51% of portfolio
WBA
Walgreens Boots Alliance
4.57% of portfolio
BAM
Brookfield Asset Management Inc.
4.50% of portfolio
DIS
Walt Disney Co.
4.09% of portfolio
DEO
Diageo plc
3.49% of portfolio
MAR
Marriott Int'l.
2.78% of portfolio
HD
Home Depot
2.64% of portfolio
WMT
Wal-Mart Stores
2.28% of portfolio
DE
Deere & Co.
2.01% of portfolio
UNH
United Health Group Inc.
1.98% of portfolio
XOM
Exxon Mobil Corp.
1.87% of portfolio
GE
General Electric
1.86% of portfolio
FII
Federated Investors Inc.
1.83% of portfolio
UPS
United Parcel Service
1.82% of portfolio
ADM
Archer-Daniels-Midland
1.65% of portfolio
WPC
WP Carey
1.63% of portfolio
RLI
RLI Corp.
1.59% of portfolio
UL
Unilever PLC
1.54% of portfolio
2014   Q4$3.79 B KMX
CarMax Inc.
8.72% of portfolio
BRK.B
Berkshire Hathaway CL B
5.99% of portfolio
BAM
Brookfield Asset Management Inc.
4.38% of portfolio
WBA
Walgreens Boots Alliance
4.28% of portfolio
FFH
Fairfax Financial Holdings Ltd.
3.86% of portfolio
DIS
Walt Disney Co.
3.80% of portfolio
DEO
Diageo plc
3.74% of portfolio
MAR
Marriott Int'l.
2.79% of portfolio
HD
Home Depot
2.55% of portfolio
WMT
Wal-Mart Stores
2.49% of portfolio
UPS
United Parcel Service
2.15% of portfolio
XOM
Exxon Mobil Corp.
2.12% of portfolio
GE
General Electric
1.96% of portfolio
DE
Deere & Co.
1.94% of portfolio
ADM
Archer-Daniels-Midland
1.89% of portfolio
FII
Federated Investors Inc.
1.85% of portfolio
WPC
WP Carey
1.76% of portfolio
UNH
United Health Group Inc.
1.75% of portfolio
BRK.A
Berkshire Hathaway CL A
1.64% of portfolio
JNJ
Johnson & Johnson
1.58% of portfolio
2014   Q3$3.55 B KMX
CarMax Inc.
6.50% of portfolio
BRK.A
Berkshire Hathaway CL A
6.29% of portfolio
BRK.B
Berkshire Hathaway CL B
5.89% of portfolio
BAM
Brookfield Asset Management Inc.
4.17% of portfolio
DEO
Diageo plc
4.00% of portfolio
DIS
Walt Disney Co.
3.80% of portfolio
WBA
Walgreens Boots Alliance
3.57% of portfolio
FFH
Fairfax Financial Holdings Ltd.
3.52% of portfolio
MAR
Marriott Int'l.
2.62% of portfolio
HD
Home Depot
2.38% of portfolio
WMT
Wal-Mart Stores
2.37% of portfolio
XOM
Exxon Mobil Corp.
2.30% of portfolio
GE
General Electric
2.08% of portfolio
UPS
United Parcel Service
2.01% of portfolio
ADM
Archer-Daniels-Midland
1.98% of portfolio
FII
Federated Investors Inc.
1.77% of portfolio
CFX
Colfax Corp.
1.74% of portfolio
JNJ
Johnson & Johnson
1.73% of portfolio
WPC
WP Carey
1.71% of portfolio
UNH
United Health Group Inc.
1.57% of portfolio
2014   Q2$3.51 B KMX
CarMax Inc.
7.36% of portfolio
BRK.A
Berkshire Hathaway CL A
5.84% of portfolio
BRK.B
Berkshire Hathaway CL B
5.45% of portfolio
WBA
Walgreens Boots Alliance
4.51% of portfolio
DEO
Diageo plc
4.41% of portfolio
BAM
Brookfield Asset Management Inc.
4.10% of portfolio
FFH
Fairfax Financial Holdings Ltd.
3.76% of portfolio
DIS
Walt Disney Co.
3.67% of portfolio
XOM
Exxon Mobil Corp.
2.49% of portfolio
MAR
Marriott Int'l.
2.39% of portfolio
WMT
Wal-Mart Stores
2.35% of portfolio
CFX
Colfax Corp.
2.31% of portfolio
HD
Home Depot
2.12% of portfolio
GE
General Electric
2.11% of portfolio
UPS
United Parcel Service
2.09% of portfolio
FII
Federated Investors Inc.
1.88% of portfolio
WPC
WP Carey
1.74% of portfolio
ADM
Archer-Daniels-Midland
1.73% of portfolio
JNJ
Johnson & Johnson
1.71% of portfolio
RLI
RLI Corp.
1.56% of portfolio
2014   Q1$3.26 B KMX
CarMax Inc.
7.13% of portfolio
BRK.A
Berkshire Hathaway CL A
6.20% of portfolio
BRK.B
Berkshire Hathaway CL B
5.80% of portfolio
DEO
Diageo plc
4.60% of portfolio
WBA
Walgreens Boots Alliance
4.33% of portfolio
BAM
Brookfield Asset Management Inc.
4.01% of portfolio
FFH
Fairfax Financial Holdings Ltd.
3.72% of portfolio
DIS
Walt Disney Co.
3.65% of portfolio
XOM
Exxon Mobil Corp.
2.61% of portfolio
WMT
Wal-Mart Stores
2.58% of portfolio
CFX
Colfax Corp.
2.38% of portfolio
MAR
Marriott Int'l.
2.24% of portfolio
HD
Home Depot
2.24% of portfolio
UPS
United Parcel Service
2.14% of portfolio
GE
General Electric
2.09% of portfolio
FII
Federated Investors Inc.
2.00% of portfolio
ADM
Archer-Daniels-Midland
1.83% of portfolio
WPC
WP Carey
1.75% of portfolio
JNJ
Johnson & Johnson
1.73% of portfolio
RLI
RLI Corp.
1.63% of portfolio
2013   Q4$3.16 B KMX
CarMax Inc.
7.47% of portfolio
BRK.A
Berkshire Hathaway CL A
6.15% of portfolio
BRK.B
Berkshire Hathaway CL B
5.72% of portfolio
DEO
Diageo plc
5.07% of portfolio
BAM
Brookfield Asset Management Inc.
3.95% of portfolio
WBA
Walgreens Boots Alliance
3.90% of portfolio
DIS
Walt Disney Co.
3.64% of portfolio
FFH
Fairfax Financial Holdings Ltd.
3.53% of portfolio
XOM
Exxon Mobil Corp.
2.81% of portfolio
WMT
Wal-Mart Stores
2.81% of portfolio
UPS
United Parcel Service
2.44% of portfolio
HD
Home Depot
2.44% of portfolio
GE
General Electric
2.30% of portfolio
CFX
Colfax Corp.
2.18% of portfolio
MAR
Marriott Int'l.
2.09% of portfolio
FII
Federated Investors Inc.
1.96% of portfolio
ADM
Archer-Daniels-Midland
1.90% of portfolio
WPC
WP Carey
1.85% of portfolio
RLI
RLI Corp.
1.85% of portfolio
JNJ
Johnson & Johnson
1.68% of portfolio
2013   Q3$2.92 B KMX
CarMax Inc.
8.37% of portfolio
BRK.A
Berkshire Hathaway CL A
6.39% of portfolio
BRK.B
Berkshire Hathaway CL B
5.96% of portfolio
DEO
Diageo plc
5.28% of portfolio
BAM
Brookfield Asset Management Inc.
4.06% of portfolio
WBA
Walgreens Boots Alliance
3.96% of portfolio
FFH
Fairfax Financial Holdings Ltd.
3.90% of portfolio
DIS
Walt Disney Co.
3.34% of portfolio
WMT
Wal-Mart Stores
2.83% of portfolio
XOM
Exxon Mobil Corp.
2.53% of portfolio
HD
Home Depot
2.44% of portfolio
UPS
United Parcel Service
2.31% of portfolio
WPC
WP Carey
2.11% of portfolio
CFX
Colfax Corp.
2.10% of portfolio
FII
Federated Investors Inc.
2.01% of portfolio
GE
General Electric
2.01% of portfolio
MAR
Marriott Int'l.
1.93% of portfolio
RLI
RLI Corp.
1.80% of portfolio
ADM
Archer-Daniels-Midland
1.75% of portfolio
JNJ
Johnson & Johnson
1.73% of portfolio
2013   Q2$2.8 B KMX
CarMax Inc.
8.44% of portfolio
BRK.A
Berkshire Hathaway CL A
6.63% of portfolio
BRK.B
Berkshire Hathaway CL B
6.21% of portfolio
DEO
Diageo plc
5.05% of portfolio
BAM
Brookfield Asset Management Inc.
4.02% of portfolio
FFH
Fairfax Financial Holdings Ltd.
3.90% of portfolio
DIS
Walt Disney Co.
3.45% of portfolio
WBA
Walgreens Boots Alliance
3.40% of portfolio
WMT
Wal-Mart Stores
2.96% of portfolio
XOM
Exxon Mobil Corp.
2.73% of portfolio
HD
Home Depot
2.63% of portfolio
UPS
United Parcel Service
2.31% of portfolio
WPC
WP Carey
2.26% of portfolio
FII
Federated Investors Inc.
2.11% of portfolio
GE
General Electric
2.02% of portfolio
CFX
Colfax Corp.
2.02% of portfolio
MAR
Marriott Int'l.
1.97% of portfolio
JNJ
Johnson & Johnson
1.79% of portfolio
ADM
Archer-Daniels-Midland
1.68% of portfolio
RLI
RLI Corp.
1.67% of portfolio
2013   Q1$2.69 B KMX
CarMax Inc.
7.93% of portfolio
BRK.A
Berkshire Hathaway CL A
6.39% of portfolio
BRK.B
Berkshire Hathaway CL B
6.01% of portfolio
DEO
Diageo plc
5.75% of portfolio
BAM
Brookfield Asset Management Inc.
4.15% of portfolio
FFH
Fairfax Financial Holdings Ltd.
4.06% of portfolio
WBA
Walgreens Boots Alliance
3.81% of portfolio
DIS
Walt Disney Co.
3.24% of portfolio
WMT
Wal-Mart Stores
3.09% of portfolio
XOM
Exxon Mobil Corp.
2.75% of portfolio
HD
Home Depot
2.46% of portfolio
WPC
WP Carey
2.39% of portfolio
UPS
United Parcel Service
2.37% of portfolio
MAR
Marriott Int'l.
2.15% of portfolio
GE
General Electric
2.05% of portfolio
FII
Federated Investors Inc.
1.90% of portfolio
CFX
Colfax Corp.
1.88% of portfolio
JNJ
Johnson & Johnson
1.80% of portfolio
ADM
Archer-Daniels-Midland
1.69% of portfolio
RLI
RLI Corp.
1.63% of portfolio
2012   Q4$2.4 B KMX
CarMax Inc.
8.04% of portfolio
BRK.A
Berkshire Hathaway CL A
6.16% of portfolio
DEO
Diageo plc
5.99% of portfolio
BRK.B
Berkshire Hathaway CL B
5.83% of portfolio
BAM
Brookfield Asset Management Inc.
4.70% of portfolio
FFH
Fairfax Financial Holdings Ltd.
4.20% of portfolio
WBA
Walgreens Boots Alliance
3.32% of portfolio
DIS
Walt Disney Co.
3.19% of portfolio
WMT
Wal-Mart Stores
3.14% of portfolio
XOM
Exxon Mobil Corp.
2.96% of portfolio
HD
Home Depot
2.46% of portfolio
UPS
United Parcel Service
2.29% of portfolio
MAR
Marriott Int'l.
2.14% of portfolio
GE
General Electric
2.10% of portfolio
WPC
WP Carey
2.08% of portfolio
CFX
Colfax Corp.
1.82% of portfolio
FII
Federated Investors Inc.
1.82% of portfolio
JNJ
Johnson & Johnson
1.73% of portfolio
UBSH
Union First Market Bankshares Corp.
1.72% of portfolio
RLI
RLI Corp.
1.65% of portfolio
2012   Q3$2.34 B KMX
CarMax Inc.
6.23% of portfolio
BRK.A
Berkshire Hathaway CL A
6.15% of portfolio
DEO
Diageo plc
5.95% of portfolio
BRK.B
Berkshire Hathaway CL B
5.89% of portfolio
FFH
Fairfax Financial Holdings Ltd.
4.62% of portfolio
BAM
Brookfield Asset Management Inc.
4.54% of portfolio
WMT
Wal-Mart Stores
3.50% of portfolio
DIS
Walt Disney Co.
3.45% of portfolio
WBA
Walgreens Boots Alliance
3.35% of portfolio
XOM
Exxon Mobil Corp.
3.23% of portfolio
HD
Home Depot
2.47% of portfolio
GE
General Electric
2.34% of portfolio
UBSH
Union First Market Bankshares Corp.
2.33% of portfolio
MAR
Marriott Int'l.
2.31% of portfolio
UPS
United Parcel Service
2.29% of portfolio
WPC
WP Carey
2.00% of portfolio
FII
Federated Investors Inc.
1.91% of portfolio
RLI
RLI Corp.
1.74% of portfolio
JNJ
Johnson & Johnson
1.71% of portfolio
CFX
Colfax Corp.
1.70% of portfolio
2012   Q2$2.19 B BRK.A
Berkshire Hathaway CL A
6.15% of portfolio
KMX
CarMax Inc.
6.12% of portfolio
BRK.B
Berkshire Hathaway CL B
5.97% of portfolio
DEO
Diageo plc
5.84% of portfolio
FFH
Fairfax Financial Holdings Ltd.
5.00% of portfolio
BAM
Brookfield Asset Management Inc.
4.68% of portfolio
WMT
Wal-Mart Stores
3.55% of portfolio
DIS
Walt Disney Co.
3.43% of portfolio
XOM
Exxon Mobil Corp.
3.24% of portfolio
UPS
United Parcel Service
2.67% of portfolio
MAR
Marriott Int'l.
2.48% of portfolio
HD
Home Depot
2.33% of portfolio
UBSH
Union First Market Bankshares Corp.
2.32% of portfolio
GE
General Electric
2.30% of portfolio
FII
Federated Investors Inc.
2.15% of portfolio
WPC
WP Carey
2.01% of portfolio
RLI
RLI Corp.
1.91% of portfolio
JNJ
Johnson & Johnson
1.74% of portfolio
NVO
Novo Nordisk A S
1.52% of portfolio
BUD
Anheuser-Busch InBev
1.47% of portfolio
2012   Q1$2.17 B KMX
CarMax Inc.
8.22% of portfolio
BRK.B
Berkshire Hathaway CL B
5.85% of portfolio
BRK.A
Berkshire Hathaway CL A
5.62% of portfolio
DEO
Diageo plc
5.49% of portfolio
FFH
Fairfax Financial Holdings Ltd.
5.19% of portfolio
BAM
Brookfield Asset Management Inc.
4.48% of portfolio
XOM
Exxon Mobil Corp.
3.26% of portfolio
DIS
Walt Disney Co.
3.12% of portfolio
WMT
Wal-Mart Stores
3.10% of portfolio
UPS
United Parcel Service
2.72% of portfolio
MAR
Marriott Int'l.
2.41% of portfolio
UBSH
Union First Market Bankshares Corp.
2.26% of portfolio
HD
Home Depot
2.24% of portfolio
GE
General Electric
2.23% of portfolio
FII
Federated Investors Inc.
2.22% of portfolio
WPC
WP Carey
2.05% of portfolio
RLI
RLI Corp.
2.01% of portfolio
CFX
Colfax Corp.
1.76% of portfolio
JNJ
Johnson & Johnson
1.71% of portfolio
NVO
Novo Nordisk A S
1.45% of portfolio
2011   Q4$1.9 B KMX
CarMax Inc.
8.35% of portfolio
FFH
Fairfax Financial Holdings Ltd.
6.36% of portfolio
BRK.B
Berkshire Hathaway CL B
6.34% of portfolio
BRK.A
Berkshire Hathaway CL A
5.79% of portfolio
DEO
Diageo plc
5.75% of portfolio
BAM
Brookfield Asset Management Inc.
4.50% of portfolio
XOM
Exxon Mobil Corp.
3.63% of portfolio
WMT
Wal-Mart Stores
3.43% of portfolio
DIS
Walt Disney Co.
3.04% of portfolio
UPS
United Parcel Service
2.86% of portfolio
UBSH
Union First Market Bankshares Corp.
2.46% of portfolio
RLI
RLI Corp.
2.36% of portfolio
GE
General Electric
2.29% of portfolio
MAR
Marriott Int'l.
2.17% of portfolio
HD
Home Depot
2.14% of portfolio
WPC
WP Carey
2.08% of portfolio
JNJ
Johnson & Johnson
1.96% of portfolio
ADP
Automatic Data Processing Inc.
1.43% of portfolio
FNF
Fidelity National Financial Inc.
1.42% of portfolio
NVO
Novo Nordisk A S
1.39% of portfolio
2011   Q3$1.63 B KMX
CarMax Inc.
7.59% of portfolio
BRK.B
Berkshire Hathaway CL B
6.86% of portfolio
FFH
Fairfax Financial Holdings Ltd.
6.58% of portfolio
BRK.A
Berkshire Hathaway CL A
6.26% of portfolio
DEO
Diageo plc
5.80% of portfolio
BAM
Brookfield Asset Management Inc.
5.21% of portfolio
WMT
Wal-Mart Stores
3.41% of portfolio
XOM
Exxon Mobil Corp.
3.37% of portfolio
UPS
United Parcel Service
2.87% of portfolio
DIS
Walt Disney Co.
2.84% of portfolio
RLI
RLI Corp.
2.39% of portfolio
MAR
Marriott Int'l.
2.35% of portfolio
UBSH
Union First Market Bankshares Corp.
2.30% of portfolio
GE
General Electric
2.28% of portfolio
JNJ
Johnson & Johnson
2.21% of portfolio
WPC
WP Carey
2.14% of portfolio
HD
Home Depot
1.94% of portfolio
FNF
Fidelity National Financial Inc.
1.58% of portfolio
ADP
Automatic Data Processing Inc.
1.41% of portfolio
NVO
Novo Nordisk A S
1.40% of portfolio
2011   Q2$1.88 B KMX
CarMax Inc.
9.13% of portfolio
BRK.B
Berkshire Hathaway CL B
6.49% of portfolio
FFH
Fairfax Financial Holdings Ltd.
5.95% of portfolio
BRK.A
Berkshire Hathaway CL A
5.80% of portfolio
BAM
Brookfield Asset Management Inc.
5.45% of portfolio
DEO
Diageo plc
5.44% of portfolio
XOM
Exxon Mobil Corp.
3.13% of portfolio
DIS
Walt Disney Co.
3.08% of portfolio
WMT
Wal-Mart Stores
2.98% of portfolio
UPS
United Parcel Service
2.78% of portfolio
MAR
Marriott Int'l.
2.67% of portfolio
GE
General Electric
2.46% of portfolio
UBSH
Union First Market Bankshares Corp.
2.27% of portfolio
WPC
WP Carey
2.07% of portfolio
RLI
RLI Corp.
2.02% of portfolio
JNJ
Johnson & Johnson
2.00% of portfolio
HD
Home Depot
1.86% of portfolio
WTM
White Mountains Insurance
1.68% of portfolio
GD
General Dynamics
1.54% of portfolio
NVO
Novo Nordisk A S
1.53% of portfolio
2011   Q1$1.85 B KMX
CarMax Inc.
9.08% of portfolio
BRK.B
Berkshire Hathaway CL B
7.15% of portfolio
BRK.A
Berkshire Hathaway CL A
6.39% of portfolio
FFH
Fairfax Financial Holdings Ltd.
5.72% of portfolio
BAM
Brookfield Asset Management Inc.
5.44% of portfolio
DEO
Diageo plc
5.17% of portfolio
DIS
Walt Disney Co.
3.47% of portfolio
XOM
Exxon Mobil Corp.
3.30% of portfolio
WMT
Wal-Mart Stores
2.92% of portfolio
UPS
United Parcel Service
2.90% of portfolio
MAR
Marriott Int'l.
2.73% of portfolio
GE
General Electric
2.68% of portfolio
UBSH
Union First Market Bankshares Corp.
2.14% of portfolio
HD
Home Depot
1.94% of portfolio
RLI
RLI Corp.
1.93% of portfolio
WPC
WP Carey
1.87% of portfolio
JNJ
Johnson & Johnson
1.82% of portfolio
GD
General Dynamics
1.62% of portfolio
WTM
White Mountains Insurance
1.61% of portfolio
NVO
Novo Nordisk A S
1.56% of portfolio
2010   Q4$1.79 B KMX
CarMax Inc.
9.29% of portfolio
BRK.B
Berkshire Hathaway CL B
7.06% of portfolio
FFH
Fairfax Financial Holdings Ltd.
6.39% of portfolio
BRK.A
Berkshire Hathaway CL A
6.33% of portfolio
BAM
Brookfield Asset Management Inc.
5.75% of portfolio
DEO
Diageo plc
5.20% of portfolio
MAR
Marriott Int'l.
3.29% of portfolio
DIS
Walt Disney Co.
3.11% of portfolio
WMT
Wal-Mart Stores
2.97% of portfolio
UBSH
Union First Market Bankshares Corp.
2.89% of portfolio
UPS
United Parcel Service
2.86% of portfolio
XOM
Exxon Mobil Corp.
2.84% of portfolio
GE
General Electric
2.53% of portfolio
JNJ
Johnson & Johnson
1.94% of portfolio
HD
Home Depot
1.89% of portfolio
RLI
RLI Corp.
1.81% of portfolio
WPC
WP Carey
1.69% of portfolio
GD
General Dynamics
1.55% of portfolio
WTM
White Mountains Insurance
1.53% of portfolio
NVO
Novo Nordisk A S
1.45% of portfolio
2010   Q3$1.66 B KMX
CarMax Inc.
8.85% of portfolio
BRK.B
Berkshire Hathaway CL B
7.83% of portfolio
FFH
Fairfax Financial Holdings Ltd.
6.86% of portfolio
BRK.A
Berkshire Hathaway CL A
6.73% of portfolio
BAM
Brookfield Asset Management Inc.
5.31% of portfolio
DEO
Diageo plc
5.23% of portfolio
GE
General Electric
3.57% of portfolio
MAR
Marriott Int'l.
3.07% of portfolio
WMT
Wal-Mart Stores
3.01% of portfolio
DIS
Walt Disney Co.
2.97% of portfolio
UPS
United Parcel Service
2.84% of portfolio
UBSH
Union First Market Bankshares Corp.
2.76% of portfolio
XOM
Exxon Mobil Corp.
2.39% of portfolio
RLI
RLI Corp.
2.11% of portfolio
JNJ
Johnson & Johnson
2.08% of portfolio
HD
Home Depot
1.85% of portfolio
WPC
WP Carey
1.69% of portfolio
FNF
Fidelity National Financial Inc.
1.66% of portfolio
WTM
White Mountains Insurance
1.52% of portfolio
GD
General Dynamics
1.48% of portfolio
2010   Q2$1.47 B BRK.B
Berkshire Hathaway CL B
8.52% of portfolio
BRK.A
Berkshire Hathaway CL A
7.32% of portfolio
KMX
CarMax Inc.
7.15% of portfolio
FFH
Fairfax Financial Holdings Ltd.
7.06% of portfolio
DEO
Diageo plc
5.37% of portfolio
BAM
Brookfield Asset Management Inc.
4.78% of portfolio
GE
General Electric
3.58% of portfolio
DIS
Walt Disney Co.
3.20% of portfolio
UBSH
Union First Market Bankshares Corp.
2.93% of portfolio
MAR
Marriott Int'l.
2.90% of portfolio
WMT
Wal-Mart Stores
2.89% of portfolio
UPS
United Parcel Service
2.74% of portfolio
JNJ
Johnson & Johnson
2.25% of portfolio
RLI
RLI Corp.
2.21% of portfolio
XOM
Exxon Mobil Corp.
2.12% of portfolio
HD
Home Depot
1.85% of portfolio
WPC
WP Carey
1.82% of portfolio
WTM
White Mountains Insurance
1.80% of portfolio
SYY
Sysco Corp.
1.57% of portfolio
GD
General Dynamics
1.56% of portfolio
2010   Q1$1.62 B KMX
CarMax Inc.
8.25% of portfolio
BRK.B
Berkshire Hathaway CL B
7.90% of portfolio
BRK.A
Berkshire Hathaway CL A
6.76% of portfolio
FFH
Fairfax Financial Holdings Ltd.
6.49% of portfolio
DEO
Diageo plc
5.25% of portfolio
BAM
Brookfield Asset Management Inc.
4.89% of portfolio
GE
General Electric
4.11% of portfolio
UBSH
Union First Market Bankshares Corp.
3.28% of portfolio
DIS
Walt Disney Co.
3.22% of portfolio
WMT
Wal-Mart Stores
2.99% of portfolio
UPS
United Parcel Service
2.82% of portfolio
MAR
Marriott Int'l.
2.78% of portfolio
JNJ
Johnson & Johnson
2.25% of portfolio
RLI
RLI Corp.
2.18% of portfolio
XOM
Exxon Mobil Corp.
2.07% of portfolio
WTM
White Mountains Insurance
2.01% of portfolio
HD
Home Depot
1.94% of portfolio
GD
General Dynamics
1.87% of portfolio
WPC
WP Carey
1.71% of portfolio
FNF
Fidelity National Financial Inc.
1.61% of portfolio
2009   Q4$1.41 B KMX
CarMax Inc.
9.13% of portfolio
FFH
Fairfax Financial Holdings Ltd.
7.71% of portfolio
BRK.B
Berkshire Hathaway CL B
7.30% of portfolio
BRK.A
Berkshire Hathaway CL A
6.29% of portfolio
DEO
Diageo plc
6.17% of portfolio
BAM
Brookfield Asset Management Inc.
4.86% of portfolio
GE
General Electric
3.90% of portfolio
DIS
Walt Disney Co.
3.40% of portfolio
WMT
Wal-Mart Stores
3.28% of portfolio
UPS
United Parcel Service
2.87% of portfolio
MAR
Marriott Int'l.
2.75% of portfolio
JNJ
Johnson & Johnson
2.50% of portfolio
RLI
RLI Corp.
2.33% of portfolio
WTM
White Mountains Insurance
2.20% of portfolio
XOM
Exxon Mobil Corp.
2.01% of portfolio
HD
Home Depot
1.98% of portfolio
GD
General Dynamics
1.89% of portfolio
WPC
WP Carey
1.69% of portfolio
FNF
Fidelity National Financial Inc.
1.67% of portfolio
SYY
Sysco Corp.
1.59% of portfolio
2009   Q3$1.34 B KMX
CarMax Inc.
8.31% of portfolio
BRK.B
Berkshire Hathaway CL B
7.78% of portfolio
FFH
Fairfax Financial Holdings Ltd.
7.72% of portfolio
BRK.A
Berkshire Hathaway CL A
6.76% of portfolio
DEO
Diageo plc
5.76% of portfolio
BAM
Brookfield Asset Management Inc.
5.25% of portfolio
GE
General Electric
4.46% of portfolio
WMT
Wal-Mart Stores
3.16% of portfolio
DIS
Walt Disney Co.
3.05% of portfolio
UPS
United Parcel Service
2.98% of portfolio
MAR
Marriott Int'l.
2.92% of portfolio
RLI
RLI Corp.
2.44% of portfolio
JNJ
Johnson & Johnson
2.44% of portfolio
WTM
White Mountains Insurance
2.14% of portfolio
FNF
Fidelity National Financial Inc.
1.97% of portfolio
XOM
Exxon Mobil Corp.
1.96% of portfolio
HD
Home Depot
1.95% of portfolio
GD
General Dynamics
1.89% of portfolio
IGT
International Game Technology
1.84% of portfolio
WPC
WP Carey
1.82% of portfolio
2009   Q2$1.11 B BRK.B
Berkshire Hathaway CL B
8.22% of portfolio
BRK.A
Berkshire Hathaway CL A
7.30% of portfolio
KMX
CarMax Inc.
7.08% of portfolio
DEO
Diageo plc
6.50% of portfolio
FFH
Fairfax Financial Holdings Ltd.
6.30% of portfolio
BAM
Brookfield Asset Management Inc.
4.78% of portfolio
GE
General Electric
3.86% of portfolio
WMT
Wal-Mart Stores
3.73% of portfolio
UPS
United Parcel Service
3.20% of portfolio
DIS
Walt Disney Co.
3.14% of portfolio
MAR
Marriott Int'l.
2.81% of portfolio
JNJ
Johnson & Johnson
2.76% of portfolio
RLI
RLI Corp.
2.50% of portfolio
XOM
Exxon Mobil Corp.
2.39% of portfolio
FNF
Fidelity National Financial Inc.
2.14% of portfolio
HD
Home Depot
2.10% of portfolio
GD
General Dynamics
1.97% of portfolio
WPC
WP Carey
1.94% of portfolio
WTM
White Mountains Insurance
1.93% of portfolio
IGT
International Game Technology
1.64% of portfolio
2009   Q1$992 M BRK.B
Berkshire Hathaway CL B
8.94% of portfolio
BRK.A
Berkshire Hathaway CL A
7.85% of portfolio
FFH
Fairfax Financial Holdings Ltd.
7.34% of portfolio
KMX
CarMax Inc.
6.70% of portfolio
DEO
Diageo plc
5.68% of portfolio
BAM
Brookfield Asset Management Inc.
4.31% of portfolio
WMT
Wal-Mart Stores
4.29% of portfolio
GE
General Electric
3.72% of portfolio
UPS
United Parcel Service
3.50% of portfolio
FNF
Fidelity National Financial Inc.
3.45% of portfolio
RLI
RLI Corp.
3.14% of portfolio
JNJ
Johnson & Johnson
2.85% of portfolio
DIS
Walt Disney Co.
2.73% of portfolio
XOM
Exxon Mobil Corp.
2.61% of portfolio
HD
Home Depot
2.34% of portfolio
MAR
Marriott Int'l.
2.31% of portfolio
WPC
WP Carey
1.93% of portfolio
SYY
Sysco Corp.
1.79% of portfolio
GD
General Dynamics
1.65% of portfolio
WTM
White Mountains Insurance
1.62% of portfolio
2008   Q4$1.13 B BRK.B
Berkshire Hathaway CL B
8.98% of portfolio
FFH
Fairfax Financial Holdings Ltd.
7.78% of portfolio
BRK.A
Berkshire Hathaway CL A
7.70% of portfolio
DEO
Diageo plc
6.34% of portfolio
GE
General Electric
5.25% of portfolio
BAM
Brookfield Asset Management Inc.
4.21% of portfolio
WMT
Wal-Mart Stores
4.07% of portfolio
KMX
CarMax Inc.
3.74% of portfolio
UPS
United Parcel Service
3.41% of portfolio
RLI
RLI Corp.
3.37% of portfolio
DIS
Walt Disney Co.
2.99% of portfolio
JNJ
Johnson & Johnson
2.86% of portfolio
FNF
Fidelity National Financial Inc.
2.77% of portfolio
XOM
Exxon Mobil Corp.
2.70% of portfolio
MAR
Marriott Int'l.
2.42% of portfolio
WTM
White Mountains Insurance
2.22% of portfolio
HD
Home Depot
2.02% of portfolio
GD
General Dynamics
2.01% of portfolio
WPC
WP Carey
1.79% of portfolio
SYY
Sysco Corp.
1.58% of portfolio
2008   Q3$1.53 B BRK.B
Berkshire Hathaway CL B
9.02% of portfolio
BRK.A
Berkshire Hathaway CL A
7.65% of portfolio
GE
General Electric
6.08% of portfolio
FFH
Fairfax Financial Holdings Ltd.
5.98% of portfolio
DEO
Diageo plc
5.66% of portfolio
KMX
CarMax Inc.
4.88% of portfolio
BAM
Brookfield Asset Management Inc.
3.93% of portfolio
WMT
Wal-Mart Stores
3.20% of portfolio
WTM
White Mountains Insurance
3.07% of portfolio
UPS
United Parcel Service
2.86% of portfolio
RLI
RLI Corp.
2.52% of portfolio
JNJ
Johnson & Johnson
2.43% of portfolio
MAR
Marriott Int'l.
2.39% of portfolio
LFG
LandAmerica Financial Group
2.19% of portfolio
XOM
Exxon Mobil Corp.
1.93% of portfolio
GD
General Dynamics
1.89% of portfolio
MMC
Marsh & McLennan
1.86% of portfolio
HD
Home Depot
1.72% of portfolio
FCE.A
Forest City Enterprises Inc.
1.62% of portfolio
BAC
Bank of America Corp.
1.62% of portfolio
2008   Q2$1.52 B BRK.B
Berkshire Hathaway CL B
8.33% of portfolio
BRK.A
Berkshire Hathaway CL A
7.15% of portfolio
GE
General Electric
6.43% of portfolio
DEO
Diageo plc
6.14% of portfolio
KMX
CarMax Inc.
5.01% of portfolio
FFH
Fairfax Financial Holdings Ltd.
4.68% of portfolio
BAM
Brookfield Asset Management Inc.
4.60% of portfolio
WTM
White Mountains Insurance
3.35% of portfolio
WMT
Wal-Mart Stores
3.04% of portfolio
UPS
United Parcel Service
2.82% of portfolio
MAR
Marriott Int'l.
2.39% of portfolio
JNJ
Johnson & Johnson
2.28% of portfolio
XOM
Exxon Mobil Corp.
2.22% of portfolio
GD
General Dynamics
2.19% of portfolio
RLI
RLI Corp.
2.03% of portfolio
LFG
LandAmerica Financial Group
1.87% of portfolio
IGT
International Game Technology
1.85% of portfolio
MMC
Marsh & McLennan
1.75% of portfolio
FCE.A
Forest City Enterprises Inc.
1.73% of portfolio
WPC
WP Carey
1.63% of portfolio
2008   Q1$1.81 B BRK.B
Berkshire Hathaway CL B
7.78% of portfolio
GE
General Electric
7.48% of portfolio
BRK.A
Berkshire Hathaway CL A
6.65% of portfolio
KMX
CarMax Inc.
5.76% of portfolio
DEO
Diageo plc
5.68% of portfolio
FFH
Fairfax Financial Holdings Ltd.
4.43% of portfolio
BUD
Anheuser-Busch InBev
4.07% of portfolio
WTM
White Mountains Insurance
3.46% of portfolio
UPS
United Parcel Service
2.81% of portfolio
BAM
Brookfield Asset Management Inc.
2.74% of portfolio
IGT
International Game Technology
2.51% of portfolio
MAR
Marriott Int'l.
2.40% of portfolio
WMT
Wal-Mart Stores
2.37% of portfolio
LFG
LandAmerica Financial Group
2.03% of portfolio
JNJ
Johnson & Johnson
1.92% of portfolio
GD
General Dynamics
1.82% of portfolio
XOM
Exxon Mobil Corp.
1.73% of portfolio
RLI
RLI Corp.
1.73% of portfolio
FNF
Fidelity National Financial Inc.
1.68% of portfolio
FCE.A
Forest City Enterprises Inc.
1.65% of portfolio
2007   Q4$1.96 B BRK.B
Berkshire Hathaway CL B
7.63% of portfolio
GE
General Electric
6.97% of portfolio
BRK.A
Berkshire Hathaway CL A
6.53% of portfolio
DEO
Diageo plc
5.57% of portfolio
KMX
CarMax Inc.
5.48% of portfolio
FFH
Fairfax Financial Holdings Ltd.
4.67% of portfolio
BUD
Anheuser-Busch InBev
4.22% of portfolio
WTM
White Mountains Insurance
3.66% of portfolio
BAM
Brookfield Asset Management Inc.
2.98% of portfolio
UPS
United Parcel Service
2.56% of portfolio
IGT
International Game Technology
2.53% of portfolio
C
Citigroup Inc.
2.30% of portfolio
WMT
Wal-Mart Stores
1.96% of portfolio
MAR
Marriott Int'l.
1.89% of portfolio
FCE.A
Forest City Enterprises Inc.
1.85% of portfolio
JNJ
Johnson & Johnson
1.83% of portfolio
RLI
RLI Corp.
1.83% of portfolio
GD
General Dynamics
1.79% of portfolio
XOM
Exxon Mobil Corp.
1.75% of portfolio
MMC
Marsh & McLennan
1.72% of portfolio
2007   Q3$1.98 B GE
General Electric
7.61% of portfolio
BRK.B
Berkshire Hathaway CL B
6.31% of portfolio
DEO
Diageo plc
5.65% of portfolio
KMX
CarMax Inc.
5.53% of portfolio
BRK.A
Berkshire Hathaway CL A
5.41% of portfolio
FFH
Fairfax Financial Holdings Ltd.
4.31% of portfolio
BUD
Anheuser-Busch InBev
3.99% of portfolio
WTM
White Mountains Insurance
3.82% of portfolio
C
Citigroup Inc.
3.58% of portfolio
BAM
Brookfield Asset Management Inc.
3.16% of portfolio
UPS
United Parcel Service
2.66% of portfolio
IGT
International Game Technology
2.37% of portfolio
XL
XL Group plc
2.31% of portfolio
FCE.A
Forest City Enterprises Inc.
2.27% of portfolio
MBI
MBIA Inc.
1.96% of portfolio
MAR
Marriott Int'l.
1.90% of portfolio
RLI
RLI Corp.
1.81% of portfolio
WMT
Wal-Mart Stores
1.72% of portfolio
XOM
Exxon Mobil Corp.
1.71% of portfolio
HD
Home Depot
1.71% of portfolio
2007   Q2$1.94 B KMX
CarMax Inc.
7.09% of portfolio
GE
General Electric
6.82% of portfolio
BRK.B
Berkshire Hathaway CL B
5.87% of portfolio
DEO
Diageo plc
5.48% of portfolio
BRK.A
Berkshire Hathaway CL A
4.81% of portfolio
WTM
White Mountains Insurance
4.54% of portfolio
BUD
Anheuser-Busch InBev
4.25% of portfolio
C
Citigroup Inc.
3.77% of portfolio
FFH
Fairfax Financial Holdings Ltd.
3.46% of portfolio
BAM
Brookfield Asset Management Inc.
3.35% of portfolio
FCE.A
Forest City Enterprises Inc.
2.58% of portfolio
XL
XL Group plc
2.52% of portfolio
UPS
United Parcel Service
2.19% of portfolio
HD
Home Depot
2.12% of portfolio
MBI
MBIA Inc.
2.05% of portfolio
MMC
Marsh & McLennan
2.03% of portfolio
IGT
International Game Technology
2.01% of portfolio
WMT
Wal-Mart Stores
1.94% of portfolio
MAR
Marriott Int'l.
1.86% of portfolio
RLI
RLI Corp.
1.82% of portfolio
2007   Q1$1.87 B KMX
CarMax Inc.
7.10% of portfolio
FFH
Fairfax Financial Holdings Ltd.
6.74% of portfolio
BRK.B
Berkshire Hathaway Class B
6.15% of portfolio
GE
General Electric
5.71% of portfolio
DEO
Diageo plc
5.54% of portfolio
BRK.A
Berkshire Hathaway Class A
4.73% of portfolio
WTM
White Mountains Insurance
4.41% of portfolio
BUD
Anheuser-Busch InBev
4.28% of portfolio
C
Citigroup Inc.
3.83% of portfolio
BAM
Brookfield Asset Management Inc.
3.04% of portfolio
FCE.A
Forest City Enterprises Inc.
2.93% of portfolio
MBI
MBIA Inc.
2.24% of portfolio
XL
XL Group plc
2.19% of portfolio
HD
Home Depot
2.06% of portfolio
MMC
Marsh & McLennan
1.98% of portfolio
IGT
International Game Technology
1.93% of portfolio
WMT
Wal-Mart Stores
1.91% of portfolio
RLI
RLI Corp.
1.86% of portfolio
MAR
Marriott Int'l.
1.83% of portfolio
WPC
WP Carey
1.74% of portfolio
2006   Q4$1.89 B FFH
Fairfax Financial Holdings Ltd.
7.68% of portfolio
KMX
CarMax Inc.
7.67% of portfolio
BRK.B
Berkshire Hathaway Class B
6.12% of portfolio
DEO
Diageo plc
5.37% of portfolio
GE
General Electric
5.28% of portfolio
BRK.A
Berkshire Hathaway Class A
4.70% of portfolio
WTM
White Mountains Insurance
4.45% of portfolio
BUD
Anheuser-Busch InBev
4.13% of portfolio
C
Citigroup Inc.
4.03% of portfolio
BAM
Brookfield Asset Management Inc.
2.77% of portfolio
FCE.A
Forest City Enterprises Inc.
2.55% of portfolio
MBI
MBIA Inc.
2.48% of portfolio
XL
XL Group plc
2.23% of portfolio
HD
Home Depot
2.21% of portfolio
IGT
International Game Technology
2.15% of portfolio
MMC
Marsh & McLennan
2.05% of portfolio
RLI
RLI Corp.
1.88% of portfolio
WMT
Wal-Mart Stores
1.83% of portfolio
MAR
Marriott Int'l.
1.76% of portfolio
SPGI
S&P Global Inc.
1.75% of portfolio