Buy/Sell Activity

Thomas Gayner - Markel Asset Management

Stock Activity Share change % change to portfolio
Q2  2007
hist PENN - Penn National Gaming Inc. Sell 100.00% 434,800 0.99
hist VLO - Valero Energy Sell 100.00% 514,100 0.77
hist JNC - Nuveen Investments Sell 100.00% 20,000 0.05
hist ABT - Abbott Labs Sell 100.00% 3,600 0.01
Q1  2007
hist CMCSA - Comcast Corp. Add 622.93% 751,250 1.04
hist UPS - United Parcel Service Add 337.43% 182,550 0.69
hist PBI - Pitney-Bowes Add 100.00% 10,000 0.03
hist VLO - Valero Energy Add 26.28% 107,000 0.16
hist GE - General Electric Add 12.16% 326,533 0.62
hist FII - Federated Investors Inc. Add 6.02% 10,000 0.02
hist FBR - Friedman Billings Ramsey Group Add 3.37% 35,633 0.01
hist BK - Bank of New York Add 2.62% 10,000 0.02
hist AFL - AFLAC Inc. Add 2.17% 8,000 0.02
hist SYY - Sysco Corp. Add 1.79% 12,800 0.02
hist BBBY - Bed Bath & Beyond Add 1.79% 500 0.00
hist C - Citigroup Inc. Add 1.65% 2,260 0.06
hist WMT - Wal-Mart Stores Add 1.10% 8,241 0.02
hist IGT - International Game Technology Add 0.90% 7,966 0.02
hist HD - Home Depot Add 0.41% 4,265 0.01
hist MAR - Marriott Int'l. Add 0.32% 2,200 0.01
hist VLY - Valley National Bancorp Add 0.00% 3 0.00
hist CAT - Caterpillar Inc. Buy 50,000 0.18
hist ITW - Illinois Tool Works Buy 21,100 0.06
hist LOW - Lowe's Cos. Buy 30,400 0.05
hist MMM - 3M Co. Buy 10,100 0.04
hist Y - Alleghany Corp. Buy 1,020 0.02
hist ABT - Abbott Labs Buy 3,600 0.01
hist XL - XL Group plc Reduce 0.05% 300 0.00
hist BAM - Brookfield Asset Management Inc. Reduce 0.09% 2,250 0.00
hist SCHW - Charles Schwab Reduce 0.09% 400 0.00
hist GD - General Dynamics Reduce 0.12% 485 0.00
hist FCE.A - Forest City Enterprises Inc. Reduce 0.18% 1,483 0.01
hist MHFI - McGraw Hill Financial Inc. Reduce 0.21% 1,000 0.00
hist JNJ - Johnson & Johnson Reduce 0.23% 1,000 0.00
hist KMX - CarMax Inc. Reduce 0.32% 17,458 0.02
hist BRK.B - Berkshire Hathaway CL B Reduce 0.33% 5,200 0.02
hist WPC - WP Carey Reduce 0.36% 3,500 0.01
hist MBI - MBIA Inc. Reduce 0.37% 2,367 0.01
hist DEO - Diageo plc Reduce 0.40% 5,133 0.02
hist XOM - Exxon Mobil Corp. Reduce 0.41% 1,500 0.01
hist AXP - American Express Reduce 0.45% 1,667 0.01
hist MMC - Marsh & McLennan Reduce 0.49% 6,200 0.01
hist PCL - Plum Creek Timber Co. Reduce 0.49% 1,800 0.00
hist BUD - Anheuser-Busch InBev Reduce 0.51% 8,033 0.02
hist ALD - Allied Capital Corp. Reduce 0.55% 2,445 0.00
hist ISCA - International Speedway Reduce 0.80% 3,834 0.01
hist CINF - Cincinnati Financial Reduce 1.19% 6,575 0.01
hist WB - Wachovia Corp. Reduce 15.98% 3,425 0.01
hist BG - Bunge Ltd. Reduce 17.70% 7,700 0.03
hist FFH - Fairfax Financial Holdings Ltd. Reduce 23.57% 172,500 2.08
hist SVM-OLD - Servicemaster Sell 100.00% 597,743 0.41
hist HRB - Block H&R Sell 100.00% 325,000 0.40
hist GM - General Motors Sell 100.00% 200,000 0.27
hist JOE - St. Joe Co. Sell 100.00% 40,600 0.11
hist DIS - Walt Disney Co. Sell 100.00% 14,500 0.03
hist FUN - Cedar Fair LP Sell 100.00% 7,400 0.01
hist DE - Deere & Co. Sell 100.00% 5,000 0.01