Buy/Sell Activity

Thomas Gayner - Markel Asset Management

Stock Activity Share change % change to portfolio
Q1  2009
hist CMCSA - Comcast Corp. Reduce 1.12% 750 0.00
hist PEYUF - Peyto Energy Trust Sell 100.00% 25,000 0.02
hist FBR - Friedman Billings Ramsey Group Sell 100.00% 140,000 0.00
Q4  2008
hist DIS - Walt Disney Co. Add 122.55% 816,500 1.65
hist LUK - Leucadia National Corp. Add 54.39% 75,000 0.13
hist BAM - Brookfield Asset Management Inc. Add 41.37% 908,550 1.23
hist INTC - Intel Corp. Add 19.70% 40,900 0.05
hist LOW - Lowe's Cos. Add 7.42% 20,800 0.04
hist FNF - Fidelity National Financial Inc. Add 6.04% 100,000 0.16
hist FCE.A - Forest City Enterprises Inc. Add 4.00% 32,500 0.02
hist SLB - Schlumberger Ltd. Add 3.48% 700 0.00
hist FO - Fortune Brands Inc. Add 2.00% 500 0.00
hist EMR - Emerson Electric Add 1.82% 2,900 0.01
hist PEP - PepsiCo Inc. Add 1.49% 500 0.00
hist CAT - Caterpillar Inc. Add 1.48% 3,000 0.01
hist ACN - Accenture Add 1.42% 1,700 0.00
hist TROW - T. Rowe Price Group Add 0.29% 500 0.00
hist ITW - Illinois Tool Works Add 0.13% 306 0.00
hist NSH - NuStar GP Holdings LLC Add 0.07% 400 0.00
hist BF.B - Brown-Forman Corp. Buy 106,447 0.32
hist CVA - Covanta Holding Corp. Buy 23,992 0.05
hist COP - ConocoPhillips Buy 10,000 0.05
hist JNJ - Johnson & Johnson Reduce 0.06% 300 0.00
hist BRK.B - Berkshire Hathaway CL B Reduce 0.10% 1,600 0.01
hist GE - General Electric Reduce 0.11% 4,160 0.01
hist DEO - Diageo plc Reduce 0.13% 1,697 0.01
hist KMX - CarMax Inc. Reduce 0.13% 6,852 0.00
hist ADP - Automatic Data Processing Inc. Reduce 0.16% 500 0.00
hist MAR - Marriott Int'l. Reduce 0.17% 2,320 0.00
hist UPS - United Parcel Service Reduce 0.21% 1,496 0.01
hist ITIC - Investors Title Co. Reduce 0.22% 500 0.00
hist BAC - Bank of America Corp. Reduce 0.22% 1,586 0.00
hist GD - General Dynamics Reduce 0.23% 897 0.00
hist IGT - International Game Technology Reduce 0.24% 2,762 0.00
hist WRE - Washington REIT Reduce 0.25% 1,000 0.00
hist RLI - RLI Corp. Reduce 0.33% 2,074 0.01
hist SYY - Sysco Corp. Reduce 0.33% 2,596 0.01
hist WMT - Wal-Mart Stores Reduce 0.35% 2,900 0.01
hist CME - CME Group Reduce 0.36% 250 0.00
hist AXP - American Express Reduce 0.50% 1,999 0.00
hist HD - Home Depot Reduce 2.95% 29,996 0.06
hist WTM - White Mountains Insurance Reduce 6.78% 6,800 0.16
hist NYX - NYSE Euronext Reduce 66.67% 20,000 0.04
hist CMCSA - Comcast Corp. Reduce 92.48% 821,950 1.23
hist LFG - LandAmerica Financial Group Sell 100.00% 1,382,700 2.19
hist MMC - Marsh & McLennan Sell 100.00% 898,776 1.86
hist CINF - Cincinnati Financial Sell 100.00% 210,906 0.39
hist XL - XL Capital Sell 100.00% 249,230 0.29
hist CNS - Cohen & Steers Inc. Sell 100.00% 95,800 0.18
hist ALD - Allied Capital Corp. Sell 100.00% 134,299 0.09