Buy/Sell Activity

Thomas Gayner - Markel Asset Management

Stock Activity Share change % change to portfolio
Q3  2011
hist DIS - Walt Disney Co. Add 3.77% 56,000 0.10
hist UPS - United Parcel Service Add 3.20% 23,004 0.09
hist BRK.A - Berkshire Hathaway CL A Add 1.81% 17 0.11
hist WMT - Wal-Mart Stores Add 1.53% 16,203 0.05
hist MO - Altria Group Inc. Add 0.60% 700 0.00
hist EMR - Emerson Electric Add 0.11% 200 0.00
hist SCHW - Charles Schwab Add 0.10% 1,000 0.00
hist JNJ - Johnson & Johnson Add 0.05% 300 0.00
hist HD - Home Depot Add 0.00% 3 0.00
hist AXP - American Express Add 0.00% 1 0.00
hist LII - Lennox International Buy 110,500 0.17
hist UTX - United Technologies Buy 18,600 0.08
hist ECL - Ecolab Inc. Buy 26,400 0.08
hist MA - Mastercard Inc. Buy 30,000 0.06
hist NICK - Nicholas Financial Inc. Buy 83,500 0.05
hist EXPD - Expeditors Int'l Buy 17,000 0.04
hist ECA - EnCana Corp. Buy 28,000 0.03
hist EXP - Eagle Materials Inc. Buy 26,500 0.03
hist COF - Capital One Financial Buy 11,000 0.03
hist LPX - Louisiana Pacific Buy 57,000 0.02
hist KMX - CarMax Inc. Reduce 0.10% 5,163 0.01
hist BRK.B - Berkshire Hathaway CL B Reduce 0.12% 1,950 0.01
hist RLI - RLI Corp. Reduce 0.17% 2,140 0.00
hist IGT - International Game Technology Reduce 0.21% 2,445 0.00
hist BAM - Brookfield Asset Management Inc. Reduce 0.22% 10,118 0.01
hist DEO - Diageo plc Reduce 0.26% 3,200 0.01
hist GD - General Dynamics Reduce 0.26% 996 0.00
hist MCD - McDonald's Corp. Reduce 0.36% 700 0.00
hist GE - General Electric Reduce 0.41% 9,974 0.01
hist WPC - WP Carey Reduce 0.41% 4,000 0.01
hist FNF - Fidelity National Financial Inc. Reduce 0.41% 7,000 0.01
hist SLB - Schlumberger Ltd. Reduce 0.43% 300 0.00
hist SYY - Sysco Corp. Reduce 0.53% 4,296 0.01
hist MAR - Marriott Int'l. Reduce 0.53% 7,549 0.01
hist ACN - Accenture Reduce 0.82% 1,000 0.00
hist ITW - Illinois Tool Works Reduce 0.99% 2,495 0.01
hist KO - Coca Cola Co. Reduce 1.54% 2,000 0.00
hist NSH - NuStar GP Holdings LLC Reduce 4.28% 25,000 0.05
hist APD - Air Products & Chemicals Reduce 7.55% 400 0.00
hist EPD - Enterprise Products Partners LP Reduce 11.23% 56,000 0.07
hist WRE - Washington REIT Reduce 93.93% 203,367 0.31
hist WTM - White Mountains Insurance Sell 100.00% 75,530 1.68
hist CLX - Clorox Co. Sell 100.00% 16,000 0.06
hist KMB - Kimberly-Clark Sell 100.00% 16,200 0.06
Q2  2011
hist WU - Western Union Co. Add 93.44% 57,000 0.06
hist INTC - Intel Corp. Add 77.61% 204,100 0.24
hist MCF - Contango Oil & Gas Co. Add 77.19% 22,000 0.07
hist TEVA - Teva Pharmaceutical Industries Ltd. Add 76.79% 109,500 0.28
hist ABT - Abbott Labs Add 46.33% 41,000 0.11
hist MSFT - Microsoft Corp. Add 27.21% 80,000 0.11
hist DST - DST Systems Inc. Add 19.05% 4,000 0.01
hist BUD - Anheuser-Busch InBev Add 17.78% 50,801 0.16
hist PEP - PepsiCo Inc. Add 15.38% 14,000 0.05
hist FII - Federated Investors Inc. Add 14.60% 36,000 0.05
hist KMB - Kimberly-Clark Add 14.08% 2,000 0.01
hist WMT - Wal-Mart Stores Add 1.99% 20,604 0.06
hist Y - Alleghany Corp. Add 1.98% 84 0.00
hist APD - Air Products & Chemicals Add 1.92% 100 0.00
hist ADP - Automatic Data Processing Inc. Add 0.26% 1,200 0.00
hist SYY - Sysco Corp. Add 0.09% 704 0.00
hist UPS - United Parcel Service Add 0.03% 203 0.00
hist GD - General Dynamics Add 0.00% 2 0.00
hist ORCL - Oracle Corp. Buy 201,700 0.35
hist LEN - Lennar Corp. Buy 25,000 0.02
hist BRP - Brookfield Residential Properties Inc. Buy 27,000 0.01
hist BAM - Brookfield Asset Management Inc. Reduce 0.00% 221 0.00
hist DEO - Diageo plc Reduce 0.01% 98 0.00
hist HD - Home Depot Reduce 0.02% 197 0.00
hist LUK - Leucadia National Corp. Reduce 0.02% 134 0.00
hist MAR - Marriott Int'l. Reduce 0.02% 268 0.00
hist CAT - Caterpillar Inc. Reduce 0.03% 66 0.00
hist XOM - Exxon Mobil Corp. Reduce 0.06% 399 0.00
hist DIS - Walt Disney Co. Reduce 0.07% 1,000 0.00
hist WBA - Walgreens Boots Alliance Reduce 0.09% 200 0.00
hist NVO - Novo Nordisk A S Reduce 0.09% 1,000 0.00
hist MCD - McDonald's Corp. Reduce 0.10% 199 0.00
hist ITW - Illinois Tool Works Reduce 0.13% 329 0.00
hist NSH - NuStar GP Holdings LLC Reduce 0.17% 1,000 0.00
hist EPD - Enterprise Products Partners LP Reduce 0.20% 1,000 0.00
hist RLI - RLI Corp. Reduce 0.24% 3,000 0.00
hist KMX - CarMax Inc. Reduce 0.28% 14,814 0.03
hist IGT - International Game Technology Reduce 0.28% 3,207 0.00
hist KO - Coca Cola Co. Reduce 0.31% 400 0.00
hist GE - General Electric Reduce 0.43% 10,726 0.01
hist PDCO - Patterson Cos. Inc. Reduce 1.73% 2,400 0.00
hist CPB - Campbell Soup Reduce 2.02% 1,500 0.00
hist AXP - American Express Reduce 2.22% 8,796 0.02
hist FNF - Fidelity National Financial Inc. Reduce 2.38% 41,729 0.03
hist WTM - White Mountains Insurance Reduce 7.36% 6,000 0.13
hist WRE - Washington REIT Reduce 46.87% 190,967 0.33
hist FCE.A - Forest City Enterprises Inc. Sell 100.00% 11,400 0.01
Q1  2011
hist WU - Western Union Co. Add 52.50% 21,000 0.02
hist MSFT - Microsoft Corp. Add 40.94% 85,400 0.12
hist CLMT - Calumet Specialty Products Add 38.91% 10,000 0.01
hist PEP - PepsiCo Inc. Add 35.82% 24,000 0.08
hist CLX - Clorox Co. Add 33.33% 4,000 0.02
hist ABT - Abbott Labs Add 26.43% 18,500 0.05
hist TEVA - Teva Pharmaceutical Industries Ltd. Add 17.27% 21,000 0.06
hist KMB - Kimberly-Clark Add 16.39% 2,000 0.01
hist LOW - Lowe's Cos. Add 13.31% 41,100 0.06