Buy/Sell Activity

Thomas Gayner - Markel Asset Management

Stock Activity Share change % change to portfolio
Q3  2007
hist FBR - Friedman Billings Ramsey Group Reduce 5.48% 59,466 0.01
hist BK - Bank of New York Reduce 5.68% 23,721 0.05
hist WRE - Washington REIT Reduce 5.98% 29,225 0.05
hist TIF - Tiffany & Co. Reduce 20.52% 35,000 0.09
hist ISCA - International Speedway Reduce 46.68% 196,266 0.46
hist FRZ - Reddy Ice Holdings Sell 100.00% 100,500 0.15
hist BG - Bunge Ltd. Sell 100.00% 32,700 0.14
hist BBBY - Bed Bath & Beyond Sell 100.00% 26,500 0.05
hist HOG - Harley-Davidson Sell 100.00% 10,000 0.03
hist AIG - American International Group Sell 100.00% 147 0.01
hist JOE - St. Joe Co. Sell 100.00% 4,400 0.01
Q2  2007
hist ITW - Illinois Tool Works Add 821.33% 173,300 0.48
hist MMM - 3M Co. Add 498.02% 50,300 0.22
hist Y - Alleghany Corp. Add 292.16% 2,980 0.06
hist CAT - Caterpillar Inc. Add 234.00% 117,000 0.47
hist UPS - United Parcel Service Add 145.98% 345,450 1.30
hist LOW - Lowe's Cos. Add 115.13% 35,000 0.05
hist LUK - Leucadia National Corp. Add 90.78% 56,100 0.10
hist BAC - Bank of America Corp. Add 31.06% 10,096 0.03
hist MAR - Marriott Int'l. Add 19.50% 136,266 0.30
hist NTRS - Northern Trust Corp. Add 18.18% 20,000 0.07
hist GE - General Electric Add 14.69% 442,368 0.87
hist SCHW - Charles Schwab Add 12.21% 55,000 0.06
hist JNJ - Johnson & Johnson Add 10.60% 45,700 0.15
hist IGT - International Game Technology Add 10.26% 91,300 0.19
hist BK - Bank of New York Add 6.37% 25,000 0.05
hist BRK.A - Berkshire Hathaway CL A Add 5.32% 43 0.24
hist SYY - Sysco Corp. Add 5.03% 36,633 0.06
hist VLY - Valley National Bancorp Add 4.99% 6,109 0.01
hist WB - Wachovia Corp. Add 4.43% 797 0.00
hist CMCSA - Comcast Corp. Add 3.16% 27,550 0.04
hist AXP - American Express Add 2.95% 10,966 0.03
hist WMT - Wal-Mart Stores Add 2.67% 20,266 0.05
hist C - Citigroup Inc. Add 2.40% 3,333 0.09
hist AFL - AFLAC Inc. Add 2.33% 8,800 0.02
hist MMC - Marsh & McLennan Add 1.39% 17,500 0.03
hist XOM - Exxon Mobil Corp. Add 0.57% 2,066 0.01
hist BRK.B - Berkshire Hathaway CL B Add 0.23% 3,600 0.01
hist ALD - Allied Capital Corp. Add 0.07% 300 0.00
hist NSH - NuStar GP Holdings LLC Buy 512,100 1.01
hist CTAS - Cintas Corp. Buy 30,000 0.06
hist AIG - American International Group Buy 147 0.01
hist MSFT - Microsoft Corp. Buy 9,590 0.01
hist JOE - St. Joe Co. Buy 4,400 0.01
hist MDT - Medtronic plc Buy 3,840 0.01
hist HD - Home Depot Reduce 0.01% 134 0.00
hist MBI - MBIA Inc. Reduce 0.02% 134 0.00
hist BUD - Anheuser-Busch InBev Reduce 0.06% 1,000 0.00
hist GD - General Dynamics Reduce 0.10% 400 0.00
hist DEO - Diageo plc Reduce 0.14% 1,734 0.01
hist BAM - Brookfield Asset Management Inc. Reduce 0.14% 3,308 0.00
hist KMX - CarMax Inc. Reduce 0.17% 9,280 0.01
hist WPC - WP Carey Reduce 0.18% 1,800 0.00
hist ADP - Automatic Data Processing Inc. Reduce 0.32% 1,000 0.00
hist MHFI - McGraw Hill Financial Inc. Reduce 0.37% 1,800 0.01
hist CINF - Cincinnati Financial Reduce 0.40% 2,156 0.00
hist TIF - Tiffany & Co. Reduce 0.58% 1,000 0.00
hist NWS - News Corp. CL B Reduce 0.66% 2,000 0.00
hist FBR - Friedman Billings Ramsey Group Reduce 0.68% 7,400 0.00
hist XL - XL Group plc Reduce 1.01% 5,902 0.03
hist PCL - Plum Creek Timber Co. Reduce 1.10% 4,000 0.01
hist FCE.A - Forest City Enterprises Inc. Reduce 1.50% 12,400 0.04
hist BBBY - Bed Bath & Beyond Reduce 7.02% 2,000 0.00
hist BG - Bunge Ltd. Reduce 8.66% 3,100 0.01
hist ISCA - International Speedway Reduce 11.51% 54,700 0.15
hist FFH - Fairfax Financial Holdings Ltd. Reduce 37.54% 210,000 2.08
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 SCHW - Charles Schwab Reduce 0.09% 400 0.00
hist BAM - Brookfield Asset Management Inc. Reduce 0.09% 2,250 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