Buy/Sell Activity

Thomas Gayner - Markel Asset Management

Stock Activity Share change % change to portfolio
Q3  2012
hist MCO - Moody's Corp. Buy 30,000 0.06
hist NRP - Natural Resource Partners Buy 55,000 0.05
hist ANR - Alpha Natural Resources Inc. Buy 186,000 0.05
hist CNX - CONSOL Energy Inc. Buy 15,000 0.02
hist LUK - Leucadia National Corp. Reduce 0.03% 233 0.00
hist ADP - Automatic Data Processing Inc. Reduce 0.04% 200 0.00
hist AXP - American Express Reduce 0.08% 299 0.00
hist HD - Home Depot Reduce 0.09% 897 0.00
hist MMM - 3M Co. Reduce 0.10% 200 0.00
hist KMX - CarMax Inc. Reduce 0.11% 5,785 0.01
hist DEO - Diageo plc Reduce 0.13% 1,666 0.01
hist MAR - Marriott Int'l. Reduce 0.16% 2,253 0.00
hist WPC - WP Carey Reduce 0.17% 1,600 0.00
hist DIS - Walt Disney Co. Reduce 0.18% 2,800 0.01
hist CAT - Caterpillar Inc. Reduce 0.18% 434 0.00
hist INTC - Intel Corp. Reduce 0.18% 1,500 0.00
hist EMR - Emerson Electric Reduce 0.23% 400 0.00
hist XOM - Exxon Mobil Corp. Reduce 0.24% 1,999 0.01
hist BAM - Brookfield Asset Management Inc. Reduce 0.24% 7,571 0.01
hist BUD - Anheuser-Busch InBev Reduce 0.25% 1,000 0.00
hist WMT - Wal-Mart Stores Reduce 0.26% 2,897 0.01
hist PDCO - Patterson Cos. Inc. Reduce 0.27% 400 0.00
hist GE - General Electric Reduce 0.28% 6,789 0.01
hist BRK.B - Berkshire Hathaway CL B Reduce 0.30% 4,625 0.02
hist KO - Coca Cola Co. Reduce 0.32% 400 0.00
hist NVO - Novo Nordisk A S Reduce 0.35% 4,000 0.01
hist MCD - McDonald's Corp. Reduce 0.42% 799 0.00
hist ITW - Illinois Tool Works Reduce 0.47% 1,162 0.00
hist WRE - Washington REIT Reduce 1.77% 166 0.00
hist SYY - Sysco Corp. Reduce 3.89% 30,695 0.04
hist FNF - Fidelity National Financial Inc. Reduce 88.30% 123,000 0.08
hist WU - Western Union Co. Sell 100.00% 390,000 0.30
hist VAC - Marriott Vacations Worldwide Sell 100.00% 133,115 0.19
hist MO - Altria Group Inc. Sell 100.00% 117,400 0.19
hist WSO - Watsco Inc. Sell 100.00% 40,000 0.13
hist LEN.B - Lennar Corp. CL B Sell 100.00% 101,700 0.11
hist MCF - Contango Oil & Gas Co. Sell 100.00% 40,500 0.11
hist EXP - Eagle Materials Inc. Sell 100.00% 58,500 0.10
hist DWA - DreamWorks Animation SKG Inc. Sell 100.00% 98,000 0.09
hist MOS - Mosaic Co. Sell 100.00% 33,000 0.08
hist LPX - Louisiana Pacific Sell 100.00% 117,000 0.06
hist BRP - Brookfield Residential Properties Inc. Sell 100.00% 98,500 0.05
hist YUM - Yum! Brands Inc. Sell 100.00% 3,200 0.01
Q2  2012
hist APD - Air Products & Chemicals Add 464.29% 13,000 0.05
hist CLMS - Calamos Asset Management Inc. Add 380.00% 95,000 0.05
hist ART - Artio Global Investors Inc. Add 304.23% 4,285,400 0.68
hist ADM - Archer-Daniels-Midland Add 162.18% 609,800 0.82
hist BBSI - Barrett Business Services Add 95.24% 10,000 0.01
hist SLB - Schlumberger Ltd. Add 59.34% 54,000 0.16
hist CRR - Carbo Ceramics Add 56.82% 25,000 0.09