Buy/Sell Activity

Thomas Gayner - Markel Asset Management

Stock Activity Share change % change to portfolio
Q4  2011
hist XOM - Exxon Mobil Corp. Add 7.12% 53,926 0.24
hist LUK - Leucadia National Corp. Add 6.71% 39,500 0.05
hist CLMT - Calumet Specialty Products Add 3.64% 1,300 0.00
hist ADP - Automatic Data Processing Inc. Add 2.85% 13,900 0.04
hist WMT - Wal-Mart Stores Add 1.36% 14,595 0.05
hist BAM - Brookfield Asset Management Inc. Add 0.49% 22,684 0.02
hist MCD - McDonald's Corp. Add 0.24% 451 0.00
hist WBA - Walgreens Boots Alliance Add 0.18% 400 0.00
hist L - Loews Corp. Buy 70,500 0.14
hist VAC - Marriott Vacations Worldwide Buy 140,735 0.13
hist SEIC - SEI Investments Buy 95,000 0.09
hist LEN.B - Lennar Corp. CL B Buy 96,700 0.08
hist MOS - Mosaic Co. Buy 27,000 0.07
hist MKC - McCormick & Co. Buy 15,000 0.04
hist DWA - DreamWorks Animation SKG Inc. Buy 50,000 0.04
hist VOD - Vodafone Group PLC Buy 15,000 0.02
hist HD - Home Depot Reduce 0.04% 380 0.00
hist DEO - Diageo plc Reduce 0.08% 1,041 0.00
hist PCL - Plum Creek Timber Co. Reduce 0.08% 300 0.00
hist BRK.A - Berkshire Hathaway CL A Reduce 0.10% 1 0.01
hist BRK.B - Berkshire Hathaway CL B Reduce 0.10% 1,550 0.01
hist NVO - Novo Nordisk A S Reduce 0.11% 1,250 0.00
hist KMX - CarMax Inc. Reduce 0.15% 7,734 0.01
hist ITW - Illinois Tool Works Reduce 0.16% 394 0.00
hist MAR - Marriott Int'l. Reduce 0.17% 2,370 0.00
hist EMR - Emerson Electric Reduce 0.17% 300 0.00
hist AXP - American Express Reduce 0.17% 669 0.00
hist GD - General Dynamics Reduce 0.18% 697 0.00
hist DIS - Walt Disney Co. Reduce 0.19% 3,000 0.01
hist CAT - Caterpillar Inc. Reduce 0.20% 500 0.00
hist BUD - Anheuser-Busch InBev Reduce 0.20% 800 0.00
hist UPS - United Parcel Service Reduce 0.23% 1,697 0.01
hist ACN - Accenture Reduce 0.33% 400 0.00
hist EOG - EOG Resources Reduce 0.36% 600 0.00
hist SYY - Sysco Corp. Reduce 0.45% 3,596 0.01
hist FNF - Fidelity National Financial Inc. Reduce 0.60% 10,150 0.01
hist SLB - Schlumberger Ltd. Reduce 0.86% 600 0.00
hist GE - General Electric Reduce 0.91% 22,415 0.02
hist SCHW - Charles Schwab Reduce 1.21% 11,600 0.01
hist APD - Air Products & Chemicals Reduce 2.04% 100 0.00
hist IGT - International Game Technology Reduce 2.26% 25,699 0.02
hist WRE - Washington REIT Reduce 5.90% 775 0.00
hist ABT - Abbott Labs Reduce 30.50% 39,500 0.12
hist PG - Procter & Gamble Reduce 31.86% 20,200 0.07
hist NSH - NuStar GP Holdings LLC Reduce 53.78% 300,800 0.52
hist EPD - Enterprise Products Partners LP Reduce 97.15% 430,000 0.68
hist CPB - Campbell Soup Sell 100.00% 72,900 0.14
hist LEN - Lennar Corp. Sell 100.00% 57,000 0.05
hist ECA - EnCana Corp. Sell 100.00% 28,000 0.03
Q3  2011
hist V - Visa Inc. Add 707.32% 116,000 0.15
hist WSO - Watsco Inc. Add 700.00% 35,000 0.11
hist BRP - Brookfield Residential Properties Inc. Add 161.11% 43,500 0.02
hist LEN - Lennar Corp. Add 128.00% 32,000 0.03
hist WU - Western Union Co. Add 82.20% 97,000 0.09
hist FII - Federated Investors Inc. Add 71.86% 203,000 0.22
hist ORCL - Oracle Corp. Add 64.35% 129,800 0.23
hist INTC - Intel Corp. Add 46.14% 215,500 0.28
hist TEVA - Teva Pharmaceutical Industries Ltd. Add 34.15% 86,100 0.20
hist LOW - Lowe's Cos. Add 27.49% 96,200 0.11
hist MSFT - Microsoft Corp. Add 20.51% 76,700 0.12
hist BUD - Anheuser-Busch InBev Add 20.50% 69,000 0.22
hist MCF - Contango Oil & Gas Co. Add 19.80% 10,000 0.03
hist DST - DST Systems Inc. Add 12.00% 3,000 0.01
hist PDCO - Patterson Cos. Inc. Add 7.32% 10,000 0.02
hist XOM - Exxon Mobil Corp. Add 4.63% 33,502 0.15
hist ADP - Automatic Data Processing Inc. Add 4.05% 19,000 0.05
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 EXP - Eagle Materials Inc. Buy 26,500 0.03
hist ECA - EnCana Corp. Buy 28,000 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 WPC - WP Carey Reduce 0.41% 4,000 0.01
hist FNF - Fidelity National Financial Inc. Reduce 0.41% 7,000 0.01
hist GE - General Electric Reduce 0.41% 9,974 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