Buy/Sell Activity

Thomas Gayner - Markel Asset Management

Stock Activity Share change % change to portfolio
Q4  2010
hist GE - General Electric Reduce 31.90% 1,160,709 1.19
hist FCE.A - Forest City Enterprises Inc. Reduce 41.14% 7,967 0.01
hist EPE - Enterprise GP Holdings LP Sell 100.00% 167,200 0.59
hist NSRGY - Nestle Sell 100.00% 100,100 0.32
hist PPD - Pre-Paid Legal Svcs. Sell 100.00% 15,000 0.06
hist CMCSA - Comcast Corp. Sell 100.00% 10,800 0.01
Q3  2010
hist MSFT - Microsoft Corp. Add 95.62% 50,000 0.07
hist TEVA - Teva Pharmaceutical Industries Ltd. Add 48.67% 29,300 0.09
hist XOM - Exxon Mobil Corp. Add 17.65% 96,052 0.36
hist SCHW - Charles Schwab Add 17.25% 124,900 0.10
hist BUD - Anheuser-Busch InBev Add 11.67% 14,000 0.05
hist MMM - 3M Co. Add 11.64% 15,600 0.08
hist LUK - Leucadia National Corp. Add 7.29% 40,000 0.06
hist ADP - Automatic Data Processing Inc. Add 6.57% 26,800 0.07
hist WMT - Wal-Mart Stores Add 5.60% 49,460 0.16
hist FII - Federated Investors Inc. Add 5.08% 11,000 0.01
hist CAT - Caterpillar Inc. Add 3.76% 8,900 0.04
hist FO - Fortune Brands Inc. Add 0.44% 200 0.00
hist INTC - Intel Corp. Add 0.18% 450 0.00
hist NSRGY - Nestle Buy 100,100 0.32
hist NOV - National Oilwell Varco Inc. Buy 82,000 0.22
hist AXP - American Express Reduce 0.01% 49 0.00
hist RLI - RLI Corp. Reduce 0.02% 300 0.00
hist IGT - International Game Technology Reduce 0.04% 498 0.00
hist ITW - Illinois Tool Works Reduce 0.04% 94 0.00
hist SYY - Sysco Corp. Reduce 0.05% 396 0.00
hist HD - Home Depot Reduce 0.06% 546 0.00
hist PCL - Plum Creek Timber Co. Reduce 0.06% 200 0.00
hist GD - General Dynamics Reduce 0.06% 247 0.00
hist JNJ - Johnson & Johnson Reduce 0.07% 400 0.00
hist DEO - Diageo plc Reduce 0.07% 900 0.00
hist MCD - McDonald's Corp. Reduce 0.08% 150 0.00
hist BRK.B - Berkshire Hathaway CL B Reduce 0.09% 1,400 0.01
hist KMX - CarMax Inc. Reduce 0.09% 4,700 0.01
hist BAM - Brookfield Asset Management Inc. Reduce 0.09% 2,747 0.00
hist UPS - United Parcel Service Reduce 0.09% 642 0.00
hist WAG - Walgreen Co. Reduce 0.09% 200 0.00
hist DIS - Walt Disney Co. Reduce 0.11% 1,700 0.00
hist MAR - Marriott Int'l. Reduce 0.13% 1,860 0.00
hist GE - General Electric Reduce 0.15% 5,363 0.01
hist SLB - Schlumberger Ltd. Reduce 0.15% 100 0.00
hist LOW - Lowe's Cos. Reduce 0.16% 500 0.00
hist FNF - Fidelity National Financial Inc. Reduce 0.18% 3,243 0.00
hist PDCO - Patterson Cos. Inc. Reduce 0.22% 300 0.00
hist WPC - WP Carey Reduce 0.24% 2,300 0.00
hist IBM - International Bus. Machines Reduce 0.24% 50 0.00
hist NVO - Novo Nordisk A S Reduce 0.28% 3,250 0.00
hist EMR - Emerson Electric Reduce 0.57% 1,000 0.00
hist COST - Costco Co. Reduce 0.86% 350 0.00
hist ACN - Accenture Reduce 1.06% 1,300 0.00