Thomas Gayner - Markel Asset Management

History Stock Activity Share change % change to portfolio
Q4  2008
CME - CME Group Reduce 0.36% 250 0.00
AXP - American Express Reduce 0.50% 1,999 0.00
Q3  2008
WTM - White Mountains Insurance Reduce 15.22% 18,000 0.55
AFL - AFLAC Inc. Reduce 48.78% 200,000 0.38
SPGI - S&P Global Inc. Reduce 35.45% 120,800 0.25
C - Citigroup Inc. Sell 100.00% 20,550 0.23
MMC - Marsh & McLennan Reduce 10.07% 100,630 0.21
BK - Bank of New York Mellon Corp. Reduce 30.82% 91,697 0.20
CINF - Cincinnati Financial Reduce 29.91% 90,000 0.17
XL-OLD - XL Group Ltd. Reduce 28.63% 100,000 0.12
INBVF - Inbev NV Sell 100.00% 20,000 0.09
NWS - News Corp. CL B Reduce 67.34% 114,000 0.08
ALD - Allied Capital Corp. Reduce 42.78% 100,400 0.07
BP - BP plc Sell 100.00% 11,548 0.05
MIG - Meadowbrook Insurance Group Inc. Sell 100.00% 130,000 0.05
FBR - Friedman Billings Ramsey Group Reduce 64.10% 250,000 0.04
CORS-OLD2 - Corus Bankshares Reduce 50.76% 100,000 0.03
VLY - Valley National Bancorp Sell 100.00% 29,641 0.03
RLI - RLI Corp. Reduce 0.24% 3,002 0.01
DEO - Diageo ADR Reduce 0.01% 166 0.00
AXP - American Express Reduce 0.02% 65 0.00
YUM - Yum! Brands Inc. Reduce 0.41% 100 0.00
MSFT - Microsoft Corp. Reduce 3.62% 300 0.00
Q2  2008
BUD - Anheuser-Busch InBev Sell 100.00% 1,553,704 4.07
C - Citigroup Inc. Reduce 84.84% 115,041 1.29
AFL - AFLAC Inc. Reduce 39.19% 264,240 0.55
WTM - White Mountains Insurance Reduce 9.21% 12,000 0.34
SPGI - S&P Global Inc. Reduce 26.04% 120,000 0.32
BK - Bank of New York Mellon Corp. Reduce 24.20% 94,996 0.24
MMC - Marsh & McLennan Reduce 11.52% 130,150 0.23
CINF - Cincinnati Financial Reduce 31.02% 135,330 0.22
WPC - WP Carey Reduce 9.42% 89,400 0.17
XL-OLD - XL Group Ltd. Reduce 25.66% 120,566 0.16
ALD - Allied Capital Corp. Reduce 38.29% 145,616 0.13
ISCA-OLD - International Speedway Sell 100.00% 58,650 0.13
NWS - News Corp. CL B Reduce 41.75% 121,350 0.12
VLY - Valley National Bancorp Reduce 76.59% 96,966 0.10
AIG - American International Group Sell 100.00% 2,148 0.10
MIG - Meadowbrook Insurance Group Inc. Reduce 55.37% 161,300 0.06
BRK.A - Berkshire Hathaway CL A Reduce 0.44% 4 0.03
CORS-OLD2 - Corus Bankshares Reduce 37.85% 120,000 0.03
FBR - Friedman Billings Ramsey Group Reduce 43.48% 300,000 0.03
DEO - Diageo ADR Reduce 0.36% 4,500 0.02
KMX - CarMax Inc. Reduce 0.41% 22,000 0.02
RLI - RLI Corp. Reduce 0.96% 12,144 0.02
CMCSA - Comcast Corp. Reduce 1.44% 25,900 0.02
WB-OLD - Wachovia Corp. Sell 100.00% 12,797 0.02
UPS - United Parcel Service Reduce 0.19% 1,297 0.01
HD - Home Depot Reduce 0.56% 5,697 0.01
IGT - International Game Technology Reduce 0.61% 6,900 0.01
BAC - Bank of America Corp. Reduce 0.65% 4,685 0.01
GE - GE Aerospace Reduce 0.07% 324 0.00
FNF - Fidelity National Financial Inc. Reduce 0.21% 3,500 0.00
ELME - ELME Communities Reduce 0.22% 900 0.00
ITIC - Investors Title Co. Reduce 0.26% 600 0.00
SYY - Sysco Corp. Reduce 0.32% 2,497 0.00
ITW - Illinois Tool Works Reduce 0.41% 1,000 0.00
BIP - Brookfield Infrastructure Partners Reduce 1.10% 1,011 0.00
YUM - Yum! Brands Inc. Reduce 2.02% 500 0.00
MSFT - Microsoft Corp. Reduce 5.69% 500 0.00
Q1  2008
FRFHF - Fairfax Financial Holdings Ltd. Reduce 12.52% 40,000 0.63
MBI - MBIA Inc. Sell 100.00% 589,767 0.56
WTM - White Mountains Insurance Reduce 6.46% 9,000 0.24
AFL - AFLAC Inc. Reduce 16.74% 135,600 0.24
ISCA-OLD - International Speedway Reduce 65.22% 110,000 0.24
CINF - Cincinnati Financial Reduce 19.33% 104,563 0.22
C - Citigroup Inc. Reduce 11.32% 17,304 0.20
MMC - Marsh & McLennan Reduce 11.03% 140,038 0.19
TIF - Tiffany & Co. Sell 100.00% 80,600 0.19
XL-OLD - XL Group Ltd. Reduce 18.52% 106,812 0.18
KMX - CarMax Inc. Reduce 1.01% 55,014 0.06
BUD - Anheuser-Busch InBev Reduce 1.52% 24,033 0.06
ALD - Allied Capital Corp. Reduce 13.28% 58,225 0.06
GE - GE Aerospace Reduce 0.65% 2,992 0.05
UPS - United Parcel Service Reduce 1.58% 11,200 0.05
SPGI - S&P Global Inc. Reduce 4.52% 21,800 0.04
HD - Home Depot Reduce 1.58% 16,463 0.03
BAC - Bank of America Corp. Reduce 1.87% 13,600 0.03
MIG - Meadowbrook Insurance Group Inc. Reduce 17.62% 62,300 0.03
BRK.B - Berkshire Hathaway CL B Reduce 0.20% 3,150 0.02
DEO - Diageo ADR Reduce 0.40% 5,122 0.02
FNF - Fidelity National Financial Inc. Reduce 1.36% 22,800 0.02
SYY - Sysco Corp. Reduce 1.67% 13,244 0.02
FBR - Friedman Billings Ramsey Group Reduce 28.66% 277,200 0.02
AXP - American Express Reduce 0.59% 2,360 0.01
WPC - WP Carey Reduce 0.69% 6,600 0.01
PCL - Plum Creek Timber Co. Reduce 0.97% 3,500 0.01
CMCSA - Comcast Corp. Reduce 1.12% 20,400 0.01
ELME - ELME Communities Reduce 1.77% 7,300 0.01
SPIR - Spire Global Inc. Reduce 2.26% 10,600 0.01
NWS - News Corp. CL B Reduce 3.71% 11,200 0.01
CORS-OLD2 - Corus Bankshares Reduce 5.09% 17,000 0.01
WB-OLD - Wachovia Corp. Reduce 38.48% 8,006 0.01
MSFT - Microsoft Corp. Reduce 55.13% 10,800 0.01
UMH - UMH Properties Inc. Sell 100.00% 13,000 0.01
FCE.A - Forest City Enterprises Inc. Reduce 0.08% 666 0.00
ITIC - Investors Title Co. Reduce 0.09% 200 0.00
JNJ - Johnson & Johnson Reduce 0.14% 744 0.00
ADP - Automatic Data Processing Inc. Reduce 0.20% 600 0.00
IBM - International Business Machines Reduce 0.24% 50 0.00