BARR E S & CO Activity Q4 1999-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
BRKB	Buy	BERKSHIRE HATHAWAY B	$205,431,333	+4.8%	586,444	+2.0%	14.87%	+0.5%
MKL	Buy	MARKEL GROUP INC	$119,866,576	+12.2%	81,404	+5.4%	8.68%	+7.6%
JPM	Buy	JPMORGAN CHASE & CO	$109,307,955	+190.0%	753,744	+190.8%	7.91%	+178.2%
GOOG	Buy	ALPHABET INC SHS CL C	$83,115,998	+11.2%	630,383	+2.0%	6.02%	+6.7%
GS	Buy	GOLDMAN SACHS INC	$67,570,040	+2.4%	208,827	+2.0%	4.89%	-1.8%
BX	Sell	BLACKSTONE INC	$62,398,872	+12.2%	582,405	-2.6%	4.52%	+7.7%
AMZN	Buy	AMAZON.COM INC	$58,360,284	-2.2%	459,096	+0.3%	4.22%	-6.2%
MCO	Sell	MOODY'S CORP	$57,643,798	-9.2%	182,319	-0.2%	4.17%	-12.9%
HOMB	Buy	HOME BANCSHARES INC	$54,536,804	-6.7%	2,604,432	+1.6%	3.95%	-10.5%
NKE	Buy	NIKE INC CL B	$39,861,109	-6.9%	416,870	+7.4%	2.88%	-10.7%
SCHW	Buy	SCHWAB CHARLES CORP	$39,226,389	-0.8%	714,506	+2.5%	2.84%	-4.8%
AAPL	Sell	APPLE INC	$33,042,920	-13.5%	192,996	-2.0%	2.39%	-17.0%
GOOGL	Sell	ALPHABET INC SHS CL A	$31,711,696	+5.3%	242,333	-3.6%	2.30%	+1.1%
JNJ	Sell	JOHNSON AND JOHNSON	$28,928,693	-7.3%	185,738	-1.5%	2.09%	-11.0%
AMT	Buy	AMERICAN TOWER CORP	$26,604,228	-2.3%	161,777	+15.2%	1.93%	-6.2%
AXP	Buy	AMERICAN EXPRESS CO	$26,324,426	-14.1%	176,449	+0.3%	1.90%	-17.6%
ADBE	Sell	ADOBE SYS	$23,086,742	+3.0%	45,277	-1.2%	1.67%	-1.2%
EL	Buy	ESTEE LAUDER INC	$22,706,137	-23.0%	157,082	+4.6%	1.64%	-26.2%
	Sell	BROOKFIELD CORP	$21,148,693	-7.8%	676,325	-0.7%	1.53%	-11.5%
KMX	Sell	CARMAX INC	$20,981,418	-18.1%	296,641	-3.0%	1.52%	-21.4%
MA	Sell	MASTERCARD INC	$20,794,010	-0.3%	52,522	-1.0%	1.50%	-4.4%
PEP	Sell	PEPSICO INC	$20,082,552	-9.7%	118,523	-1.3%	1.45%	-13.3%
CHTR	Sell	CHARTER COMMUNICATIONS	$19,761,552	+13.2%	44,931	-5.4%	1.43%	+8.6%
BRKA	Buy	BERKSHIRE HATHAWAY A	$19,664,649	+15.1%	37	+12.1%	1.42%	+10.4%
TROW	Sell	T ROWE PRICE GROUP INC	$19,508,372	-8.1%	186,024	-1.8%	1.41%	-11.8%
TTWO	Sell	TAKE-TWO INTERACTIVE SOFTWARE	$15,538,927	-6.9%	110,684	-2.4%	1.12%	-10.6%
CHCO	Sell	CITY HOLDING CO	$15,511,288	-32.0%	171,680	-32.3%	1.12%	-34.7%
DIS	Sell	WALT DISNEY CO	$15,014,188	-10.5%	185,246	-1.4%	1.09%	-14.1%
ORLY	Sell	O'REILLY AUTOMOTIVE INC	$13,837,393	-8.4%	15,225	-3.8%	1.00%	-12.1%
DHIL	Sell	DIAMOND HILL INVT CL A	$8,498,457	-4.9%	50,415	-3.3%	0.62%	-8.8%
GLPI	Buy	GAMING & LEISURE INC	$7,640,734	+8.8%	167,744	+15.7%	0.55%	+4.3%
SHW	Sell	SHERWIN WILLIAMS CO	$6,524,689	-4.1%	25,582	-0.1%	0.47%	-8.0%
COST	Sell	COSTCO WHOLESALE CO	$5,119,726	+2.7%	9,062	-2.2%	0.37%	-1.3%
MSFT	Buy	MICROSOFT CORP	$4,571,113	-6.4%	14,477	+0.9%	0.33%	-10.1%
SBUX	Sell	STARBUCKS CORP	$4,272,055	-20.9%	46,807	-14.2%	0.31%	-24.1%
WFC	Sell	WELLS FARGO & CO	$4,140,712	-4.7%	101,339	-0.5%	0.30%	-8.5%
PG	Buy	PROCTER & GAMBLE	$3,944,638	-3.1%	27,044	+0.9%	0.29%	-6.8%
XOM	Buy	EXXON MOBIL CORP	$3,335,274	+11.2%	28,366	+1.4%	0.24%	+6.6%
WYNN	Buy	WYNN RESORTS LTD	$3,112,461	+43.0%	33,681	+63.5%	0.22%	+37.2%
SBCF	Sell	SEACOAST BK CORP FLA	$3,005,226	-13.1%	136,850	-12.6%	0.22%	-16.5%
KO	Sell	COCA COLA COM	$1,843,813	-14.0%	32,937	-7.5%	0.13%	-17.9%
MCD	Sell	MC DONALDS CORP	$1,810,623	-12.3%	6,873	-0.7%	0.13%	-16.0%
DEI	Sell	DOUGLAS EMMETT INC	$1,198,802	-73.8%	93,950	-74.2%	0.09%	-74.8%
INTU	Sell	INTUIT	$949,837	+8.6%	1,859	-2.6%	0.07%	+4.5%
PNC	Sell	PNC FINANCIAL SRVCS	$831,767	-5.3%	6,775	-2.9%	0.06%	-9.1%
ABBV	Sell	ABBVIE INC	$742,170	-1.3%	4,979	-10.8%	0.05%	-5.3%
V	Sell	VISA INC COM CLASS A	$711,651	-10.4%	3,094	-7.4%	0.05%	-13.3%
HD	Sell	HOME DEPOT INC	$681,069	-4.8%	2,254	-2.2%	0.05%	-9.3%
UPS	Sell	UNITED PARCEL SRVC CL B	$628,624	-14.0%	4,033	-1.1%	0.04%	-18.2%
CAT	Buy	CATERPILLAR INC	$522,249	+40.3%	1,913	+26.4%	0.04%	+35.7%
MRK	Sell	MERCK & CO INC	$519,795	-12.7%	5,049	-2.2%	0.04%	-15.6%
HSY	Buy	HERSHEY FOODS CORP	$507,403	+13.8%	2,536	+42.0%	0.04%	+8.8%
ABT	Sell	ABBOTT LABORATORIES	$487,076	-13.6%	5,029	-2.8%	0.04%	-18.6%
AVGO	Buy	BROADCOM LTD F	$477,583	+49.6%	575	+56.2%	0.04%	+45.8%
LYV	Sell	LIVE NATION ENTMT	$446,174	-13.7%	5,373	-5.3%	0.03%	-17.9%
COP	New	CONOCOPHILLIPS	$446,255	–	3,725	–	0.03%	–
FB	Sell	META PLATFORMS INC	$401,981	-2.3%	1,339	-6.6%	0.03%	-6.5%
WTFC	Sell	WINTRUST FINANCIAL	$385,050	-9.4%	5,100	-12.8%	0.03%	-12.5%
ADP	Sell	AUTOMATIC DATA PROCESS	$362,313	+3.6%	1,506	-5.3%	0.03%	0.0%
RTX	Buy	RAYTHEON TECH CORP	$346,967	-19.4%	4,821	+9.7%	0.02%	-21.9%
IVV	Sell	ISHARES CORE S&P 500 ETF	$335,385	-7.2%	781	-3.7%	0.02%	-11.1%
USB	Buy	US BANCORP DEL	$310,400	+9.4%	9,389	+9.3%	0.02%	+4.8%
PFE	Sell	PFIZER INCORPORATED	$295,478	-10.6%	8,908	-1.1%	0.02%	-16.0%
ACN	Sell	ACCENTURE PLC	$291,754	-21.2%	950	-20.8%	0.02%	-25.0%
TPL	New	TEXAS PACIFIC LAND CORP	$273,534	–	150	–	0.02%	–
TJX	Sell	TJX COS INC NEW	$259,588	+1.8%	2,921	-2.9%	0.02%	0.0%
AMGN	New	AMGEN INCORPORATED	$257,203	–	957	–	0.02%	–
UNP	Sell	UNION PAC CORP	$244,356	-8.1%	1,200	-7.7%	0.02%	-10.0%
CABO	Sell	CABLE ONE	$233,943	-21.8%	380	-16.5%	0.02%	-26.1%
CSX	Buy	CSX CORP	$215,250	-2.3%	7,000	+8.3%	0.02%	-5.9%
MVIS	Sell	MICROVISION INC WASH	$32,083	-79.4%	14,650	-56.9%	0.00%	-83.3%
IJH	Exit	ISHARES CORE S&P MID CAP ETF	$0	–	-767	–	-0.02%	–
UNH	Exit	UNITEDHEALTH GRP INC	$0	–	-424	–	-0.02%	–
DE	Exit	DEERE & CO	$0	–	-535	–	-0.02%	–
IEFA	Exit	ISHARES CORE MSCI EAFE ETF	$0	–	-3,115	–	-0.02%	–
YUM	Exit	YUM BRANDS INC	$0	–	-1,502	–	-0.02%	–
STWD	Exit	STARWOOD PPTY TR	$0	–	-20,000	–	-0.03%	–
VNO	Exit	VORNADO REALTY TRUST	$0	–	-21,333	–	-0.03%	–

Q2 2023

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY B	$196,080,456	–	575,016	–	14.79%	–
MKL	New	MARKEL GROUP INC	$106,861,720	–	77,258	–	8.06%	–
GOOG	New	ALPHABET INC SHS CL C	$74,761,879	–	618,020	–	5.64%	–
GS	New	GOLDMAN SACHS INC	$66,006,348	–	204,645	–	4.98%	–
MCO	New	MOODY'S CORP	$63,516,969	–	182,667	–	4.79%	–
AMZN	New	AMAZON.COM INC	$59,689,889	–	457,885	–	4.50%	–
HOMB	New	HOME BANCSHARES INC	$58,465,880	–	2,564,293	–	4.41%	–
BX	New	BLACKSTONE INC	$55,599,779	–	598,040	–	4.19%	–
NKE	New	NIKE INC CL B	$42,824,222	–	388,006	–	3.23%	–
SCHW	New	SCHWAB CHARLES CORP	$39,529,312	–	697,412	–	2.98%	–
AAPL	New	APPLE INC	$38,188,316	–	196,877	–	2.88%	–
JPM	New	JPMORGAN CHASE & CO	$37,692,667	–	259,163	–	2.84%	–
JNJ	New	JOHNSON AND JOHNSON	$31,202,010	–	188,509	–	2.35%	–
AXP	New	AMERICAN EXPRESS CO	$30,657,981	–	175,993	–	2.31%	–
GOOGL	New	ALPHABET INC SHS CL A	$30,103,114	–	251,488	–	2.27%	–
EL	New	ESTEE LAUDER INC	$29,503,149	–	150,235	–	2.23%	–
AMT	New	AMERICAN TOWER CORP	$27,226,267	–	140,385	–	2.05%	–
KMX	New	CARMAX INC	$25,608,685	–	305,958	–	1.93%	–
	New	BROOKFIELD CORP	$22,928,942	–	681,395	–	1.73%	–
CHCO	New	CITY HOLDING CO	$22,807,876	–	253,449	–	1.72%	–
ADBE	New	ADOBE SYS	$22,411,390	–	45,832	–	1.69%	–
PEP	New	PEPSICO INC	$22,237,345	–	120,059	–	1.68%	–
TROW	New	T ROWE PRICE GROUP INC	$21,218,492	–	189,417	–	1.60%	–
MA	New	MASTERCARD INC	$20,857,904	–	53,033	–	1.57%	–
CHTR	New	CHARTER COMMUNICATIONS	$17,453,749	–	47,510	–	1.32%	–
BRKA	New	BERKSHIRE HATHAWAY A	$17,087,730	–	33	–	1.29%	–
DIS	New	WALT DISNEY CO	$16,766,605	–	187,798	–	1.26%	–
TTWO	New	TAKE-TWO INTERACTIVE SOFTWARE	$16,692,212	–	113,429	–	1.26%	–
ORLY	New	O'REILLY AUTOMOTIVE INC	$15,112,846	–	15,820	–	1.14%	–
DHIL	New	DIAMOND HILL INVT CL A	$8,934,151	–	52,155	–	0.67%	–
GLPI	New	GAMING & LEISURE INC	$7,023,833	–	144,941	–	0.53%	–
SHW	New	SHERWIN WILLIAMS CO	$6,801,826	–	25,617	–	0.51%	–
SBUX	New	STARBUCKS CORP	$5,401,522	–	54,528	–	0.41%	–
COST	New	COSTCO WHOLESALE CO	$4,986,531	–	9,262	–	0.38%	–
MSFT	New	MICROSOFT CORP	$4,884,025	–	14,342	–	0.37%	–
DEI	New	DOUGLAS EMMETT INC	$4,571,319	–	363,669	–	0.34%	–
WFC	New	WELLS FARGO & CO	$4,345,165	–	101,808	–	0.33%	–
PG	New	PROCTER & GAMBLE	$4,068,756	–	26,814	–	0.31%	–
CHDN	New	CHURCHILL DOWNS	$3,924,594	–	28,200	–	0.30%	–
SBCF	New	SEACOAST BK CORP FLA	$3,459,755	–	156,550	–	0.26%	–
XOM	New	EXXON MOBIL CORP	$3,000,319	–	27,975	–	0.23%	–
WYNN	New	WYNN RESORTS LTD	$2,176,200	–	20,606	–	0.16%	–
KO	New	COCA COLA COM	$2,144,796	–	35,616	–	0.16%	–
MCD	New	MC DONALDS CORP	$2,065,296	–	6,921	–	0.16%	–
TSLA	New	TESLA MOTORS INC	$1,998,614	–	7,635	–	0.15%	–
SPY	New	SPDR S&P 500 ETF	$1,676,755	–	3,783	–	0.13%	–
KKR	New	KKR & CO	$1,639,400	–	29,275	–	0.12%	–
LLY	New	LILLY ELI & CO	$1,587,966	–	3,386	–	0.12%	–
NVDA	New	NVIDIA CORP	$1,420,924	–	3,359	–	0.11%	–
CME	New	CME GROUP	$1,111,740	–	6,000	–	0.08%	–
CVX	New	CHEVRON CORPORATION	$1,078,477	–	6,854	–	0.08%	–
WMT	New	WAL-MART STORES INC	$1,048,391	–	6,670	–	0.08%	–
INTU	New	INTUIT	$874,685	–	1,909	–	0.07%	–
PNC	New	PNC FINANCIAL SRVCS	$878,501	–	6,975	–	0.07%	–
V	New	VISA INC COM CLASS A	$793,896	–	3,343	–	0.06%	–
ABBV	New	ABBVIE INC	$751,659	–	5,579	–	0.06%	–
UPS	New	UNITED PARCEL SRVC CL B	$730,802	–	4,077	–	0.06%	–
HD	New	HOME DEPOT INC	$715,715	–	2,304	–	0.05%	–
MRK	New	MERCK & CO INC	$595,643	–	5,162	–	0.04%	–
ABT	New	ABBOTT LABORATORIES	$563,980	–	5,173	–	0.04%	–
HUM	New	HUMANA INC	$538,792	–	1,205	–	0.04%	–
PM	New	PHILIP MORRIS INTL INC	$518,655	–	5,313	–	0.04%	–
MDLZ	New	MONDELEZ INTL CLASS A	$514,956	–	7,060	–	0.04%	–
LYV	New	LIVE NATION ENTMT	$516,867	–	5,673	–	0.04%	–
CTAS	New	CINTAS CORP	$509,507	–	1,025	–	0.04%	–
SUN	New	SUNOCO LP	$458,469	–	10,525	–	0.04%	–
HSY	New	HERSHEY FOODS CORP	$445,964	–	1,786	–	0.03%	–
WTFC	New	WINTRUST FINANCIAL	$424,827	–	5,850	–	0.03%	–
RTX	New	RAYTHEON TECH CORP	$430,436	–	4,394	–	0.03%	–
FB	New	META PLATFORMS INC	$411,242	–	1,433	–	0.03%	–
STWD	New	STARWOOD PPTY TR	$388,000	–	20,000	–	0.03%	–
VNO	New	VORNADO REALTY TRUST	$386,981	–	21,333	–	0.03%	–
CAT	New	CATERPILLAR INC	$372,274	–	1,513	–	0.03%	–
ACN	New	ACCENTURE PLC	$370,296	–	1,200	–	0.03%	–
IVV	New	ISHARES CORE S&P 500 ETF	$361,471	–	811	–	0.03%	–
ADP	New	AUTOMATIC DATA PROCESS	$349,686	–	1,591	–	0.03%	–
PFE	New	PFIZER INCORPORATED	$330,413	–	9,008	–	0.02%	–
AVGO	New	BROADCOM LTD F	$319,214	–	368	–	0.02%	–
CABO	New	CABLE ONE	$298,971	–	455	–	0.02%	–
RWWI	New	RAND WORLDWIDE INC	$290,000	–	12,500	–	0.02%	–
USB	New	US BANCORP DEL	$283,781	–	8,589	–	0.02%	–
FDX	New	FEDEX CORPORATION	$276,656	–	1,116	–	0.02%	–
UNP	New	UNION PAC CORP	$266,006	–	1,300	–	0.02%	–
TJX	New	TJX COS INC NEW	$255,104	–	3,009	–	0.02%	–
F	New	FORD MOTOR CO.	$252,293	–	16,675	–	0.02%	–
CSX	New	CSX CORP	$220,388	–	6,463	–	0.02%	–
BA	New	BOEING CO	$221,718	–	1,050	–	0.02%	–
YUM	New	YUM BRANDS INC	$208,102	–	1,502	–	0.02%	–
IEFA	New	ISHARES CORE MSCI EAFE ETF	$210,262	–	3,115	–	0.02%	–
DE	New	DEERE & CO	$216,777	–	535	–	0.02%	–
UNH	New	UNITEDHEALTH GRP INC	$204,022	–	424	–	0.02%	–
IJH	New	ISHARES CORE S&P MID CAP ETF	$200,555	–	767	–	0.02%	–
MVIS	New	MICROVISION INC WASH	$155,720	–	34,000	–	0.01%	–

Q4 2022

			Value		Shares		↓ Weighting
MVIS	Exit	MICROVISION INC WASH	$0	–	-26,000	–	-0.01%	–
F	Exit	FORD MOTOR CO.	$0	–	-16,675	–	-0.02%	–
CAT	Exit	CATERPILLAR INC	$0	–	-1,338	–	-0.02%	–
ACN	Exit	ACCENTURE PLC	$0	–	-950	–	-0.02%	–
PSTX	Exit	POSEIDA THERAPEUTICS INC	$0	–	-76,398	–	-0.02%	–
RWWI	Exit	RAND WORLDWIDE INC	$0	–	-14,000	–	-0.02%	–
TPL	Exit	TEXAS PACIFIC LAND CORP	$0	–	-150	–	-0.02%	–
UNP	Exit	UNION PAC CORP	$0	–	-1,446	–	-0.02%	–
USB	Exit	US BANCORP DEL	$0	–	-7,300	–	-0.03%	–
ADP	Exit	AUTOMATIC DATA PROCESS	$0	–	-1,360	–	-0.03%	–
RTX	Exit	RAYTHEON TECH CORP	$0	–	-3,894	–	-0.03%	–
CTAS	Exit	CINTAS CORP	$0	–	-825	–	-0.03%	–
NVDA	Exit	NVIDIA CORP	$0	–	-2,659	–	-0.03%	–
FB	Exit	META PLATFORMS INC	$0	–	-2,497	–	-0.03%	–
STWD	Exit	STARWOOD PPTY TR	$0	–	-20,000	–	-0.03%	–
MDLZ	Exit	MONDELEZ INTL CLASS A	$0	–	-7,060	–	-0.03%	–
HSY	Exit	HERSHEY FOODS CORP	$0	–	-1,786	–	-0.04%	–
SUN	Exit	SUNOCO LP	$0	–	-10,525	–	-0.04%	–
MRK	Exit	MERCK & CO INC	$0	–	-4,912	–	-0.04%	–
XMTR	Exit	XOMETRY INC CL A	$0	–	-7,483	–	-0.04%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-5,313	–	-0.04%	–
ABT	Exit	ABBOTT LABORATORIES	$0	–	-4,789	–	-0.04%	–
PFE	Exit	PFIZER INCORPORATED	$0	–	-10,508	–	-0.04%	–
WTFC	Exit	WINTRUST FINANCIAL	$0	–	-6,275	–	-0.04%	–
V	Exit	VISA INC COM CLASS A	$0	–	-2,915	–	-0.05%	–
LYV	Exit	LIVE NATION ENTMT	$0	–	-6,788	–	-0.05%	–
HD	Exit	HOME DEPOT INC	$0	–	-2,080	–	-0.05%	–
HUM	Exit	HUMANA INC	$0	–	-1,305	–	-0.06%	–
UPS	Exit	UNITED PARCEL SRVC CL B	$0	–	-4,089	–	-0.06%	–
ABBV	Exit	ABBVIE INC	$0	–	-5,151	–	-0.06%	–
INTU	Exit	INTUIT	$0	–	-1,909	–	-0.06%	–
WMT	Exit	WAL-MART STORES INC	$0	–	-6,370	–	-0.07%	–
LLY	Exit	LILLY ELI & CO	$0	–	-3,112	–	-0.09%	–
CME	Exit	CME GROUP	$0	–	-6,015	–	-0.09%	–
CVX	Exit	CHEVRON CORPORATION	$0	–	-7,504	–	-0.10%	–
PNC	Exit	PNC FINANCIAL SRVCS	$0	–	-7,242	–	-0.10%	–
VNO	Exit	VORNADO REALTY TRUST	$0	–	-47,403	–	-0.10%	–
CABO	Exit	CABLE ONE	$0	–	-1,295	–	-0.10%	–
KKR	Exit	KKR & CO	$0	–	-30,825	–	-0.12%	–
SPY	Exit	SPDR S&P 500 ETF	$0	–	-4,132	–	-0.13%	–
MCD	Exit	MC DONALDS CORP	$0	–	-7,118	–	-0.14%	–
WYNN	Exit	WYNN RESORTS LTD	$0	–	-27,846	–	-0.16%	–
TSLA	Exit	TESLA MOTORS INC	$0	–	-6,990	–	-0.16%	–
SBCF	Exit	SEACOAST BK CORP FLA	$0	–	-69,400	–	-0.19%	–
KO	Exit	COCA COLA COM	$0	–	-38,386	–	-0.19%	–
CHDN	Exit	CHURCHILL DOWNS	$0	–	-14,100	–	-0.23%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-30,276	–	-0.23%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-13,895	–	-0.29%	–
PG	Exit	PROCTER & GAMBLE	$0	–	-27,126	–	-0.30%	–
WFC	Exit	WELLS FARGO & CO	$0	–	-102,419	–	-0.36%	–
COST	Exit	COSTCO WHOLESALE CO	$0	–	-9,235	–	-0.39%	–
BKNG	Exit	BOOKING HOLDING INC	$0	–	-3,180	–	-0.46%	–
SHW	Exit	SHERWIN WILLIAMS CO	$0	–	-25,630	–	-0.46%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-72,893	–	-0.54%	–
GLPI	Exit	GAMING & LEISURE INC	$0	–	-147,446	–	-0.58%	–
PACW	Exit	PACWEST BANCORP	$0	–	-300,573	–	-0.60%	–
DHIL	Exit	DIAMOND HILL INVT CL A	$0	–	-53,974	–	-0.79%	–
ADBE	Exit	ADOBE SYS	$0	–	-36,784	–	-0.90%	–
ORLY	Exit	O'REILLY AUTOMOTIVE INC	$0	–	-17,012	–	-1.06%	–
DEI	Exit	DOUGLAS EMMETT INC	$0	–	-675,079	–	-1.07%	–
BRKA	Exit	BERKSHIRE HATHAWAY A	$0	–	-33	–	-1.19%	–
MA	Exit	MASTERCARD INC	$0	–	-53,983	–	-1.36%	–
TTWO	Exit	TAKE-TWO INTERACTIVE SOFTWARE	$0	–	-168,289	–	-1.62%	–
PEP	Exit	PEPSICO INC	$0	–	-124,954	–	-1.80%	–
TROW	Exit	T ROWE PRICE GROUP INC	$0	–	-198,357	–	-1.84%	–
KMX	Exit	CARMAX INC	$0	–	-317,153	–	-1.85%	–
DIS	Exit	WALT DISNEY CO	$0	–	-235,443	–	-1.96%	–
AMT	Exit	AMERICAN TOWER CORP	$0	–	-107,224	–	-2.04%	–
CHTR	Exit	CHARTER COMMUNICATIONS	$0	–	-79,384	–	-2.13%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-181,106	–	-2.16%	–
GOOGL	Exit	ALPHABET INC SHS CL A	$0	–	-266,510	–	-2.26%	–
EL	Exit	ESTEE LAUDER INC	$0	–	-123,853	–	-2.37%	–
BAM	Exit	BROOKFIELD ASSET MGMT	$0	–	-662,456	–	-2.40%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-266,483	–	-2.46%	–
AAPL	Exit	APPLE INC	$0	–	-203,370	–	-2.49%	–
NKE	Exit	NIKE INC CL B	$0	–	-386,347	–	-2.84%	–
JNJ	Exit	JOHNSON AND JOHNSON	$0	–	-205,478	–	-2.97%	–
SCHW	Exit	SCHWAB CHARLES CORP	$0	–	-514,305	–	-3.27%	–
MCO	Exit	MOODY'S CORP	$0	–	-184,415	–	-3.97%	–
BX	Exit	BLACKSTONE INC	$0	–	-593,557	–	-4.40%	–
AMZN	Exit	AMAZON.COM INC	$0	–	-442,555	–	-4.43%	–
HOMB	Exit	HOME BANCSHARES INC	$0	–	-2,585,995	–	-5.15%	–
GOOG	Exit	ALPHABET INC SHS CL C	$0	–	-617,395	–	-5.25%	–
GS	Exit	GOLDMAN SACHS INC	$0	–	-210,536	–	-5.46%	–
MKL	Exit	MARKEL CORP COM	$0	–	-77,455	–	-7.43%	–
BRKB	Exit	BERKSHIRE HATHAWAY B	$0	–	-584,089	–	-13.80%	–

Q3 2022

			Value		Shares		↓ Weighting
BRKB	Sell	BERKSHIRE HATHAWAY B	$155,963,000	-2.7%	584,089	-0.5%	13.80%	+5.6%
MKL	Sell	MARKEL CORP COM	$83,978,000	-16.3%	77,455	-0.2%	7.43%	-9.2%
GS	Sell	GOLDMAN SACHS INC	$61,698,000	-2.0%	210,536	-0.6%	5.46%	+6.4%
GOOG	Buy	ALPHABET INC SHS CL C	$59,363,000	-12.0%	617,395	+1902.6%	5.25%	-4.5%
HOMB	Sell	HOME BANCSHARES INC	$58,211,000	+7.4%	2,585,995	-0.9%	5.15%	+16.6%
AMZN	Sell	AMAZON.COM INC	$50,009,000	+5.4%	442,555	-0.9%	4.43%	+14.4%
BX	Sell	BLACKSTONE INC	$49,681,000	-9.2%	593,557	-1.1%	4.40%	-1.5%
MCO	Sell	MOODY'S CORP	$44,833,000	-11.0%	184,415	-0.4%	3.97%	-3.4%
SCHW	Buy	SCHWAB CHARLES CORP	$36,963,000	+13.8%	514,305	+0.0%	3.27%	+23.5%
JNJ	Sell	JOHNSON AND JOHNSON	$33,567,000	-10.4%	205,478	-2.7%	2.97%	-2.8%
NKE	Buy	NIKE INC CL B	$32,113,000	-15.2%	386,347	+4.3%	2.84%	-8.0%
AAPL	Sell	APPLE INC	$28,106,000	-0.9%	203,370	-2.0%	2.49%	+7.5%
JPM	Buy	JPMORGAN CHASE & CO	$27,847,000	-2.1%	266,483	+5.5%	2.46%	+6.2%
BAM	Sell	BROOKFIELD ASSET MGMT	$27,088,000	-16.8%	662,456	-9.6%	2.40%	-9.8%
EL	Sell	ESTEE LAUDER INC	$26,740,000	-15.4%	123,853	-0.2%	2.37%	-8.2%
GOOGL	Buy	ALPHABET INC SHS CL A	$25,492,000	-13.2%	266,510	+1878.0%	2.26%	-5.8%
AXP	Sell	AMERICAN EXPRESS CO	$24,433,000	-3.2%	181,106	-0.6%	2.16%	+5.0%
CHTR	Buy	CHARTER COMMUNICATIONS	$24,081,000	-1.2%	79,384	+52.6%	2.13%	+7.2%
AMT	Buy	AMERICAN TOWER CORP	$23,021,000	-14.3%	107,224	+2.0%	2.04%	-7.0%
DIS	Buy	WALT DISNEY CO	$22,209,000	+0.4%	235,443	+0.5%	1.96%	+9.0%
KMX	Sell	CARMAX INC	$20,938,000	-27.3%	317,153	-0.4%	1.85%	-21.1%
TROW	Buy	T ROWE PRICE GROUP INC	$20,829,000	-6.7%	198,357	+0.9%	1.84%	+1.2%
PEP	Sell	PEPSICO INC	$20,400,000	-4.5%	124,954	-2.5%	1.80%	+3.7%
TTWO	Sell	TAKE-TWO INTERACTIVE SOFTWARE	$18,344,000	-18.7%	168,289	-8.6%	1.62%	-11.7%
MA	Sell	MASTERCARD INC	$15,350,000	-11.3%	53,983	-1.6%	1.36%	-3.8%
DEI	Sell	DOUGLAS EMMETT INC	$12,104,000	-20.2%	675,079	-0.3%	1.07%	-13.3%
ORLY	Sell	O'REILLY AUTOMOTIVE INC	$11,965,000	+10.4%	17,012	-0.9%	1.06%	+19.8%
ADBE	Buy	ADOBE SYS	$10,123,000	-20.5%	36,784	+5.7%	0.90%	-13.7%
DHIL	Buy	DIAMOND HILL INVT CL A	$8,906,000	+3.4%	53,974	+8.8%	0.79%	+12.1%
PACW	Sell	PACWEST BANCORP	$6,793,000	-19.5%	300,573	-5.0%	0.60%	-12.6%
GLPI	Sell	GAMING & LEISURE INC	$6,523,000	-3.6%	147,446	-0.1%	0.58%	+4.5%
SBUX	Buy	STARBUCKS CORP	$6,142,000	+15.8%	72,893	+5.0%	0.54%	+25.6%
SHW	Sell	SHERWIN WILLIAMS CO	$5,248,000	-9.0%	25,630	-0.5%	0.46%	-1.5%
BKNG	Sell	BOOKING HOLDING INC	$5,225,000	-27.5%	3,180	-22.8%	0.46%	-21.4%
COST	Sell	COSTCO WHOLESALE CO	$4,361,000	-2.0%	9,235	-0.6%	0.39%	+6.3%
WFC	Sell	WELLS FARGO & CO	$4,119,000	+2.0%	102,419	-0.6%	0.36%	+10.9%
PG	Sell	PROCTER & GAMBLE	$3,425,000	-13.3%	27,126	-1.2%	0.30%	-5.9%
MSFT	Sell	MICROSOFT CORP	$3,236,000	-11.2%	13,895	-2.1%	0.29%	-3.7%
XOM	Sell	EXXON MOBIL CORP	$2,643,000	-4.2%	30,276	-6.0%	0.23%	+4.0%
CHDN	Sell	CHURCHILL DOWNS	$2,597,000	-7.3%	14,100	-3.6%	0.23%	+0.9%
KO	Sell	COCA COLA COM	$2,150,000	-11.2%	38,386	-0.3%	0.19%	-3.6%
TSLA	Buy	TESLA MOTORS INC	$1,854,000	+17.1%	6,990	+197.4%	0.16%	+27.1%
WYNN	Sell	WYNN RESORTS LTD	$1,755,000	-72.3%	27,846	-75.0%	0.16%	-70.0%
MCD	Buy	MC DONALDS CORP	$1,642,000	-5.4%	7,118	+1.2%	0.14%	+2.1%
SPY	Buy	SPDR S&P 500 ETF	$1,476,000	-0.3%	4,132	+5.3%	0.13%	+8.3%
KKR	Buy	KKR & CO	$1,325,000	-5.9%	30,825	+1.3%	0.12%	+1.7%
CABO	New	CABLE ONE	$1,105,000	–	1,295	–	0.10%	–
VNO	Sell	VORNADO REALTY TRUST	$1,098,000	-51.4%	47,403	-39.9%	0.10%	-47.3%
CVX	Sell	CHEVRON CORPORATION	$1,078,000	-5.6%	7,504	-4.9%	0.10%	+2.2%
WMT	Sell	WAL-MART STORES INC	$826,000	+4.7%	6,370	-1.8%	0.07%	+14.1%
ABBV	Sell	ABBVIE INC	$691,000	-15.7%	5,151	-3.7%	0.06%	-9.0%
UPS	Sell	UNITED PARCEL SRVC CL B	$661,000	-11.7%	4,089	-0.4%	0.06%	-4.9%
HUM	Sell	HUMANA INC	$633,000	-8.8%	1,305	-12.0%	0.06%	-1.8%
HD	Buy	HOME DEPOT INC	$574,000	+2.3%	2,080	+1.6%	0.05%	+10.9%
LYV	Sell	LIVE NATION ENTMT	$516,000	-73.5%	6,788	-71.2%	0.05%	-71.1%
WTFC	Sell	WINTRUST FINANCIAL	$512,000	-10.3%	6,275	-11.9%	0.04%	-4.3%
PFE	Sell	PFIZER INCORPORATED	$460,000	-20.3%	10,508	-4.6%	0.04%	-12.8%
ABT	Sell	ABBOTT LABORATORIES	$463,000	-12.8%	4,789	-2.0%	0.04%	-4.7%
PM	Sell	PHILIP MORRIS INTL INC	$441,000	-29.4%	5,313	-16.0%	0.04%	-23.5%
XMTR	Sell	XOMETRY INC CL A	$425,000	-10.9%	7,483	-46.7%	0.04%	-2.6%
MRK	Sell	MERCK & CO INC	$423,000	-10.9%	4,912	-5.8%	0.04%	-5.1%
MDLZ	Sell	MONDELEZ INTL CLASS A	$387,000	-12.2%	7,060	-0.6%	0.03%	-5.6%
FB	Sell	META PLATFORMS INC	$339,000	-20.4%	2,497	-5.6%	0.03%	-14.3%
CTAS	Sell	CINTAS CORP	$320,000	+0.6%	825	-2.9%	0.03%	+7.7%
UNP	Sell	UNION PAC CORP	$282,000	-12.1%	1,446	-3.9%	0.02%	-3.8%
CAT	Sell	CATERPILLAR INC	$220,000	-11.3%	1,338	-3.4%	0.02%	-5.0%
F	New	FORD MOTOR CO.	$187,000	–	16,675	–	0.02%	–
ATUS	Exit	ALTICE USA INC	$0	–	-12,475	–	-0.01%	–
FDX	Exit	FEDEX CORPORATION	$0	–	-1,000	–	-0.02%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-2,875	–	-0.02%	–
BMY	Exit	BRISTOL-MYERS SQUIBB	$0	–	-3,317	–	-0.02%	–
SYBT	Exit	STOCK YARD BANCORP INC	$0	–	-11,687	–	-0.06%	–
PSTH	Exit	PERSHING SQUARE TONTINE HLDGS	$0	–	-118,179	–	-0.19%	–

Q2 2022

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY B	$160,262,000	–	586,997	–	13.07%	–
MKL	New	MARKEL CORP COM	$100,359,000	–	77,602	–	8.18%	–
GOOG	New	ALPHABET INC SHS CL C	$67,437,000	–	30,829	–	5.50%	–
GS	New	GOLDMAN SACHS INC	$62,930,000	–	211,872	–	5.13%	–
BX	New	BLACKSTONE INC	$54,728,000	–	599,892	–	4.46%	–
HOMB	New	HOME BANCSHARES INC	$54,187,000	–	2,608,906	–	4.42%	–
MCO	New	MOODY'S CORP	$50,374,000	–	185,220	–	4.11%	–
AMZN	New	AMAZON.COM INC	$47,426,000	–	446,535	–	3.87%	–
NKE	New	NIKE INC CL B	$37,862,000	–	370,472	–	3.09%	–
JNJ	New	JOHNSON AND JOHNSON	$37,468,000	–	211,073	–	3.06%	–
BAM	New	BROOKFIELD ASSET MGMT	$32,577,000	–	732,560	–	2.66%	–
SCHW	New	SCHWAB CHARLES CORP	$32,486,000	–	514,187	–	2.65%	–
EL	New	ESTEE LAUDER INC	$31,610,000	–	124,123	–	2.58%	–
GOOGL	New	ALPHABET INC SHS CL A	$29,363,000	–	13,474	–	2.40%	–
KMX	New	CARMAX INC	$28,805,000	–	318,358	–	2.35%	–
JPM	New	JPMORGAN CHASE & CO	$28,449,000	–	252,630	–	2.32%	–
AAPL	New	APPLE INC	$28,365,000	–	207,470	–	2.31%	–
AMT	New	AMERICAN TOWER CORP	$26,863,000	–	105,100	–	2.19%	–
AXP	New	AMERICAN EXPRESS CO	$25,248,000	–	182,141	–	2.06%	–
CHTR	New	CHARTER COMMUNICATIONS	$24,380,000	–	52,035	–	1.99%	–
TTWO	New	TAKE-TWO INTERACTIVE SOFTWARE	$22,552,000	–	184,049	–	1.84%	–
TROW	New	T ROWE PRICE GROUP INC	$22,331,000	–	196,560	–	1.82%	–
DIS	New	WALT DISNEY CO	$22,110,000	–	234,221	–	1.80%	–
PEP	New	PEPSICO INC	$21,354,000	–	128,131	–	1.74%	–
MA	New	MASTERCARD INC	$17,301,000	–	54,841	–	1.41%	–
DEI	New	DOUGLAS EMMETT INC	$15,160,000	–	677,408	–	1.24%	–
BRKA	New	BERKSHIRE HATHAWAY A	$13,495,000	–	33	–	1.10%	–
ADBE	New	ADOBE SYS	$12,734,000	–	34,787	–	1.04%	–
ORLY	New	O'REILLY AUTOMOTIVE INC	$10,842,000	–	17,161	–	0.88%	–
DHIL	New	DIAMOND HILL INVT CL A	$8,617,000	–	49,623	–	0.70%	–
PACW	New	PACWEST BANCORP	$8,439,000	–	316,523	–	0.69%	–
BKNG	New	BOOKING HOLDING INC	$7,208,000	–	4,121	–	0.59%	–
GLPI	New	GAMING & LEISURE INC	$6,768,000	–	147,581	–	0.55%	–
WYNN	New	WYNN RESORTS LTD	$6,336,000	–	111,192	–	0.52%	–
SHW	New	SHERWIN WILLIAMS CO	$5,770,000	–	25,770	–	0.47%	–
SBUX	New	STARBUCKS CORP	$5,305,000	–	69,448	–	0.43%	–
COST	New	COSTCO WHOLESALE CO	$4,452,000	–	9,288	–	0.36%	–
WFC	New	WELLS FARGO & CO	$4,037,000	–	103,069	–	0.33%	–
PG	New	PROCTER & GAMBLE	$3,950,000	–	27,469	–	0.32%	–
MSFT	New	MICROSOFT CORP	$3,645,000	–	14,192	–	0.30%	–
CHDN	New	CHURCHILL DOWNS	$2,801,000	–	14,625	–	0.23%	–
XOM	New	EXXON MOBIL CORP	$2,758,000	–	32,201	–	0.22%	–
KO	New	COCA COLA COM	$2,421,000	–	38,486	–	0.20%	–
PSTH	New	PERSHING SQUARE TONTINE HLDGS	$2,360,000	–	118,179	–	0.19%	–
SBCF	New	SEACOAST BK CORP FLA	$2,293,000	–	69,400	–	0.19%	–
VNO	New	VORNADO REALTY TRUST	$2,257,000	–	78,933	–	0.18%	–
LYV	New	LIVE NATION ENTMT	$1,946,000	–	23,568	–	0.16%	–
MCD	New	MC DONALDS CORP	$1,736,000	–	7,031	–	0.14%	–
TSLA	New	TESLA MOTORS INC	$1,583,000	–	2,350	–	0.13%	–
SPY	New	SPDR S&P 500 ETF	$1,481,000	–	3,925	–	0.12%	–
KKR	New	KKR & CO	$1,408,000	–	30,425	–	0.12%	–
CME	New	CME GROUP	$1,231,000	–	6,015	–	0.10%	–
CVX	New	CHEVRON CORPORATION	$1,142,000	–	7,889	–	0.09%	–
PNC	New	PNC FINANCIAL SRVCS	$1,143,000	–	7,242	–	0.09%	–
LLY	New	LILLY ELI & CO	$1,009,000	–	3,112	–	0.08%	–
ABBV	New	ABBVIE INC	$820,000	–	5,351	–	0.07%	–
WMT	New	WAL-MART STORES INC	$789,000	–	6,490	–	0.06%	–
UPS	New	UNITED PARCEL SRVC CL B	$749,000	–	4,104	–	0.06%	–
INTU	New	INTUIT	$736,000	–	1,909	–	0.06%	–
SYBT	New	STOCK YARD BANCORP INC	$699,000	–	11,687	–	0.06%	–
HUM	New	HUMANA INC	$694,000	–	1,483	–	0.06%	–
PM	New	PHILIP MORRIS INTL INC	$625,000	–	6,328	–	0.05%	–
PFE	New	PFIZER INCORPORATED	$577,000	–	11,014	–	0.05%	–
V	New	VISA INC COM CLASS A	$574,000	–	2,915	–	0.05%	–
WTFC	New	WINTRUST FINANCIAL	$571,000	–	7,120	–	0.05%	–
HD	New	HOME DEPOT INC	$561,000	–	2,047	–	0.05%	–
ABT	New	ABBOTT LABORATORIES	$531,000	–	4,889	–	0.04%	–
XMTR	New	XOMETRY INC CL A	$477,000	–	14,048	–	0.04%	–
MRK	New	MERCK & CO INC	$475,000	–	5,212	–	0.04%	–
MDLZ	New	MONDELEZ INTL CLASS A	$441,000	–	7,100	–	0.04%	–
FB	New	META PLATFORMS INC	$426,000	–	2,644	–	0.04%	–
STWD	New	STARWOOD PPTY TR	$418,000	–	20,000	–	0.03%	–
NVDA	New	NVIDIA CORP	$403,000	–	2,659	–	0.03%	–
SUN	New	SUNOCO LP	$392,000	–	10,525	–	0.03%	–
HSY	New	HERSHEY FOODS CORP	$384,000	–	1,786	–	0.03%	–
RTX	New	RAYTHEON TECH CORP	$374,000	–	3,894	–	0.03%	–
USB	New	US BANCORP DEL	$336,000	–	7,300	–	0.03%	–
CTAS	New	CINTAS CORP	$318,000	–	850	–	0.03%	–
UNP	New	UNION PAC CORP	$321,000	–	1,505	–	0.03%	–
ADP	New	AUTOMATIC DATA PROCESS	$286,000	–	1,360	–	0.02%	–
ACN	New	ACCENTURE PLC	$264,000	–	950	–	0.02%	–
BMY	New	BRISTOL-MYERS SQUIBB	$255,000	–	3,317	–	0.02%	–
CAT	New	CATERPILLAR INC	$248,000	–	1,385	–	0.02%	–
RWWI	New	RAND WORLDWIDE INC	$242,000	–	14,000	–	0.02%	–
FDX	New	FEDEX CORPORATION	$227,000	–	1,000	–	0.02%	–
EMR	New	EMERSON ELEC CO	$229,000	–	2,875	–	0.02%	–
TPL	New	TEXAS PACIFIC LAND CORP	$223,000	–	150	–	0.02%	–
PSTX	New	POSEIDA THERAPEUTICS INC	$197,000	–	76,398	–	0.02%	–
ATUS	New	ALTICE USA INC	$115,000	–	12,475	–	0.01%	–
MVIS	New	MICROVISION INC WASH	$100,000	–	26,000	–	0.01%	–

Q4 2021

			Value		Shares		↓ Weighting
ETV	Exit	EATON VANCE T/M BUY-WRT OPPS	$0	–	-10,000	–	-0.01%	–
CAS	Exit	CASCADE ACQUISITION CORP	$0	–	-19,000	–	-0.01%	–
NLY	Exit	ANNALY CAP MGMT INC	$0	–	-25,000	–	-0.02%	–
TGT	Exit	TARGET CORPORATION	$0	–	-940	–	-0.02%	–
FDX	Exit	FEDEX CORPORATION	$0	–	-1,000	–	-0.02%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-2,376	–	-0.02%	–
RWWI	Exit	RAND WORLDWIDE INC	$0	–	-14,000	–	-0.02%	–
ADBE	Exit	ADOBE SYS	$0	–	-405	–	-0.02%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-989	–	-0.02%	–
ITW	Exit	ILLINOIS TOOL WORKS INC	$0	–	-1,232	–	-0.02%	–
MMM	Exit	3M COMPANY	$0	–	-1,523	–	-0.02%	–
BA	Exit	BOEING CO	$0	–	-1,222	–	-0.02%	–
SHOP	Exit	SHOPIFY INC	$0	–	-192	–	-0.02%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-5,852	–	-0.02%	–
PYPL	Exit	PAYPAL HOLDINGS INC	$0	–	-1,015	–	-0.02%	–
T	Exit	AT & T CORP NEW	$0	–	-10,100	–	-0.02%	–
BMY	Exit	BRISTOL-MYERS SQUIBB	$0	–	-4,700	–	-0.02%	–
ADP	Exit	AUTOMATIC DATA PROCESS	$0	–	-1,360	–	-0.02%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-2,461	–	-0.02%	–
UNP	Exit	UNION PAC CORP	$0	–	-1,456	–	-0.02%	–
MVIS	Exit	MICROVISION INC WASH	$0	–	-26,000	–	-0.02%	–
ACN	Exit	ACCENTURE PLC	$0	–	-950	–	-0.02%	–
INTC	Exit	INTEL CORP	$0	–	-5,738	–	-0.02%	–
HSY	Exit	HERSHEY FOODS CORP	$0	–	-1,786	–	-0.02%	–
CMCSA	Exit	COMCAST CORP CLASS A	$0	–	-5,354	–	-0.02%	–
CTAS	Exit	CINTAS CORP	$0	–	-850	–	-0.02%	–
RTX	Exit	RAYTHEON TECH CORP	$0	–	-3,967	–	-0.02%	–
PSTH	Exit	PERSHING SQUARE TONTINE HLDGS	$0	–	-17,830	–	-0.02%	–
USB	Exit	US BANCORP DEL	$0	–	-7,448	–	-0.03%	–
MDLZ	Exit	MONDELEZ INTL CLASS A	$0	–	-8,267	–	-0.04%	–
MRK	Exit	MERCK & CO INC	$0	–	-6,575	–	-0.04%	–
NVDA	Exit	NVIDIA CORP	$0	–	-2,621	–	-0.04%	–
ABT	Exit	ABBOTT LABORATORIES	$0	–	-4,759	–	-0.04%	–
ABBV	Exit	ABBVIE INC	$0	–	-5,362	–	-0.04%	–
HUM	Exit	HUMANA INC	$0	–	-1,489	–	-0.04%	–
VZ	Exit	VERIZON COMM INC	$0	–	-10,936	–	-0.04%	–
HD	Exit	HOME DEPOT INC	$0	–	-1,930	–	-0.05%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-6,950	–	-0.05%	–
PFE	Exit	PFIZER INCORPORATED	$0	–	-15,413	–	-0.05%	–
V	Exit	VISA INC COM CLASS A	$0	–	-3,079	–	-0.05%	–
WTFC	Exit	WINTRUST FINANCIAL	$0	–	-9,175	–	-0.05%	–
CVX	Exit	CHEVRON CORPORATION	$0	–	-7,612	–	-0.06%	–
SYBT	Exit	STOCK YARD BANCORP INC	$0	–	-13,559	–	-0.06%	–
UPS	Exit	UNITED PARCEL SRVC CL B	$0	–	-4,614	–	-0.06%	–
WMT	Exit	WAL-MART STORES INC	$0	–	-6,515	–	-0.06%	–
FB	Exit	FACEBOOK INC CL A	$0	–	-2,777	–	-0.07%	–
LLY	Exit	LILLY ELI & CO	$0	–	-4,225	–	-0.07%	–
INTU	Exit	INTUIT	$0	–	-2,018	–	-0.08%	–
PNC	Exit	PNC FINANCIAL SRVCS	$0	–	-7,492	–	-0.11%	–
MCD	Exit	MC DONALDS CORP	$0	–	-7,156	–	-0.12%	–
TSLA	Exit	TESLA MOTORS INC	$0	–	-2,350	–	-0.13%	–
KO	Exit	COCA COLA COM	$0	–	-36,638	–	-0.14%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-34,097	–	-0.14%	–
KKR	Exit	KKR & CO	$0	–	-33,480	–	-0.15%	–
ATUS	Exit	ALTICE USA INC	$0	–	-107,325	–	-0.16%	–
SBCF	Exit	SEACOAST BK CORP FLA	$0	–	-70,150	–	-0.17%	–
CHTR	Exit	CHARTER COMMUNICATIONS	$0	–	-4,626	–	-0.24%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-12,432	–	-0.25%	–
CHDN	Exit	CHURCHILL DOWNS	$0	–	-14,625	–	-0.25%	–
GLPI	Exit	GAMING & LEISURE INC	$0	–	-80,922	–	-0.27%	–
PG	Exit	PROCTER & GAMBLE	$0	–	-28,489	–	-0.29%	–
COST	Exit	COSTCO WHOLESALE CO	$0	–	-9,301	–	-0.30%	–
SHW	Exit	SHERWIN WILLIAMS CO	$0	–	-15,266	–	-0.31%	–
LYV	Exit	LIVE NATION ENTMT	$0	–	-53,961	–	-0.35%	–
WFC	Exit	WELLS FARGO & CO	$0	–	-110,755	–	-0.37%	–
SPY	Exit	SPDR S&P 500 ETF	$0	–	-12,883	–	-0.40%	–
ROK	Exit	ROCKWELL AUTOMATION	$0	–	-20,254	–	-0.43%	–
SIRI	Exit	SIRIUS XM RADIO INC	$0	–	-1,399,818	–	-0.62%	–
DHIL	Exit	DIAMOND HILL INVT CL A	$0	–	-50,436	–	-0.64%	–
VNO	Exit	VORNADO REALTY TRUST	$0	–	-223,891	–	-0.68%	–
ORLY	Exit	O'REILLY AUTOMOTIVE INC	$0	–	-17,648	–	-0.78%	–
BRKA	Exit	BERKSHIRE HATHAWAY A	$0	–	-32	–	-0.95%	–
WYNN	Exit	WYNN RESORTS LTD	$0	–	-170,165	–	-1.04%	–
BKNG	Exit	BOOKING HOLDING INC	$0	–	-6,808	–	-1.16%	–
PACW	Exit	PACWEST BANCORP	$0	–	-414,919	–	-1.35%	–
MA	Exit	MASTERCARD INC	$0	–	-56,065	–	-1.40%	–
PEP	Exit	PEPSICO INC	$0	–	-134,416	–	-1.46%	–
DEI	Exit	DOUGLAS EMMETT INC	$0	–	-649,388	–	-1.48%	–
AMT	Exit	AMERICAN TOWER CORP	$0	–	-95,231	–	-1.82%	–
TROW	Exit	T ROWE PRICE GROUP INC	$0	–	-136,917	–	-1.94%	–
TTWO	Exit	TAKE-TWO INTERACTIVE SOFTWARE	$0	–	-176,570	–	-1.96%	–
AAPL	Exit	APPLE INC	$0	–	-210,767	–	-2.15%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-187,459	–	-2.26%	–
JNJ	Exit	JOHNSON AND JOHNSON	$0	–	-217,208	–	-2.53%	–
KMX	Exit	CARMAX INC	$0	–	-278,782	–	-2.57%	–
GOOGL	Exit	ALPHABET INC SHS CL A	$0	–	-14,009	–	-2.70%	–
DIS	Exit	WALT DISNEY CO	$0	–	-225,082	–	-2.74%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-235,089	–	-2.77%	–
EL	Exit	ESTEE LAUDER INC	$0	–	-128,545	–	-2.78%	–
BAM	Exit	BROOKFIELD ASSET MGMT	$0	–	-766,946	–	-2.96%	–
SCHW	Exit	SCHWAB CHARLES CORP	$0	–	-574,845	–	-3.02%	–
AMZN	Exit	AMAZON.COM INC	$0	–	-14,171	–	-3.35%	–
NKE	Exit	NIKE INC CL B	$0	–	-365,763	–	-3.82%	–
HOMB	Exit	HOME BANCSHARES INC	$0	–	-2,456,425	–	-4.16%	–
MCO	Exit	MOODY'S CORP	$0	–	-167,901	–	-4.29%	–
BX	Exit	BLACKSTONE INC	$0	–	-609,680	–	-5.11%	–
GS	Exit	GOLDMAN SACHS INC	$0	–	-198,970	–	-5.42%	–
GOOG	Exit	ALPHABET INC SHS CL C	$0	–	-29,640	–	-5.69%	–
MKL	Exit	MARKEL CORP COM	$0	–	-74,116	–	-6.38%	–
BRKB	Exit	BERKSHIRE HATHAWAY B	$0	–	-606,420	–	-11.92%	–

Q3 2021

			Value		Shares		↓ Weighting
BRKB	Sell	BERKSHIRE HATHAWAY B	$165,516,000	-2.6%	606,420	-0.9%	11.92%	-2.7%
MKL	Sell	MARKEL CORP COM	$88,578,000	-0.9%	74,116	-1.6%	6.38%	-0.9%
GOOG	Sell	ALPHABET INC SHS CL C	$79,000,000	+5.0%	29,640	-1.3%	5.69%	+4.9%
GS	Sell	GOLDMAN SACHS INC	$75,216,000	-2.8%	198,970	-2.5%	5.42%	-2.9%
BX	Sell	BLACKSTONE INC	$70,930,000	+4.6%	609,680	-12.7%	5.11%	+4.6%
MCO	Sell	MOODY'S CORP	$59,623,000	-3.3%	167,901	-1.4%	4.29%	-3.4%
HOMB	Buy	HOME BANCSHARES INC	$57,800,000	+12.2%	2,456,425	+17.7%	4.16%	+12.1%
NKE	Sell	NIKE INC CL B	$53,120,000	-9.0%	365,763	-3.2%	3.82%	-9.0%
AMZN	Sell	AMAZON.COM INC	$46,552,000	-5.0%	14,171	-0.5%	3.35%	-5.0%
SCHW	Sell	SCHWAB CHARLES CORP	$41,872,000	-3.1%	574,845	-3.1%	3.02%	-3.1%
BAM	Sell	BROOKFIELD ASSET MGMT	$41,039,000	+2.7%	766,946	-2.2%	2.96%	+2.6%
EL	Sell	ESTEE LAUDER INC	$38,555,000	-8.0%	128,545	-2.4%	2.78%	-8.1%
JPM	Sell	JPMORGAN CHASE & CO	$38,482,000	+4.9%	235,089	-0.3%	2.77%	+4.8%
DIS	Sell	WALT DISNEY CO	$38,077,000	-5.0%	225,082	-1.3%	2.74%	-5.1%
GOOGL	Sell	ALPHABET INC SHS CL A	$37,453,000	+6.4%	14,009	-2.9%	2.70%	+6.3%
KMX	Sell	CARMAX INC	$35,673,000	-5.2%	278,782	-4.3%	2.57%	-5.2%
JNJ	Sell	JOHNSON AND JOHNSON	$35,079,000	-2.9%	217,208	-1.0%	2.53%	-3.0%
AXP	Sell	AMERICAN EXPRESS CO	$31,405,000	-0.7%	187,459	-2.1%	2.26%	-0.7%
AAPL	Sell	APPLE INC	$29,824,000	+2.6%	210,767	-0.7%	2.15%	+2.6%
TTWO	New	TAKE-TWO INTERACTIVE SOFTWARE	$27,204,000	–	176,570	–	1.96%	–
TROW	Sell	T ROWE PRICE GROUP INC	$26,932,000	-2.9%	136,917	-2.3%	1.94%	-3.0%
AMT	Sell	AMERICAN TOWER CORP	$25,275,000	-2.8%	95,231	-1.1%	1.82%	-2.8%
DEI	Buy	DOUGLAS EMMETT INC	$20,527,000	+14.1%	649,388	+21.3%	1.48%	+14.0%
PEP	Sell	PEPSICO INC	$20,218,000	-2.6%	134,416	-4.0%	1.46%	-2.7%
MA	Sell	MASTERCARD INC	$19,493,000	-6.2%	56,065	-1.5%	1.40%	-6.3%
PACW	Sell	PACWEST BANCORP	$18,804,000	+3.1%	414,919	-6.3%	1.35%	+3.0%
BKNG	Sell	BOOKING HOLDING INC	$16,161,000	-24.8%	6,808	-30.7%	1.16%	-24.8%
WYNN	Sell	WYNN RESORTS LTD	$14,421,000	-35.3%	170,165	-6.6%	1.04%	-35.3%
BRKA	Sell	BERKSHIRE HATHAWAY A	$13,164,000	-4.7%	32	-3.0%	0.95%	-4.7%
ORLY	Sell	O'REILLY AUTOMOTIVE INC	$10,784,000	+7.5%	17,648	-0.4%	0.78%	+7.5%
VNO	Sell	VORNADO REALTY TRUST	$9,406,000	-18.1%	223,891	-9.0%	0.68%	-18.1%
DHIL	Buy	DIAMOND HILL INVT CL A	$8,860,000	+14.9%	50,436	+9.5%	0.64%	+14.7%
SIRI	Sell	SIRIUS XM RADIO INC	$8,539,000	-13.4%	1,399,818	-7.1%	0.62%	-13.4%
ROK	Sell	ROCKWELL AUTOMATION	$5,955,000	-17.5%	20,254	-19.8%	0.43%	-17.5%
SPY	Sell	SPDR S&P 500 ETF	$5,528,000	-0.2%	12,883	-0.5%	0.40%	-0.3%
WFC	Sell	WELLS FARGO & CO	$5,140,000	+0.9%	110,755	-1.6%	0.37%	+0.8%
LYV	Sell	LIVE NATION ENTMT	$4,917,000	-38.3%	53,961	-40.7%	0.35%	-38.3%
SHW	Sell	SHERWIN WILLIAMS CO	$4,270,000	+2.5%	15,266	-0.2%	0.31%	+2.3%
COST	Buy	COSTCO WHOLESALE CO	$4,179,000	+13.6%	9,301	+0.1%	0.30%	+13.6%
PG	Sell	PROCTER & GAMBLE	$3,983,000	+2.4%	28,489	-1.1%	0.29%	+2.5%
GLPI	Sell	GAMING & LEISURE INC	$3,748,000	-6.9%	80,922	-6.8%	0.27%	-6.9%
MSFT	Sell	MICROSOFT CORP	$3,505,000	+3.5%	12,432	-0.5%	0.25%	+3.3%
CHTR	Buy	CHARTER COMMUNICATIONS	$3,366,000	+0.9%	4,626	+0.0%	0.24%	+0.8%
ATUS	New	ALTICE USA INC	$2,224,000	–	107,325	–	0.16%	–
KKR	Sell	KKR & CO	$2,038,000	+1.7%	33,480	-1.0%	0.15%	+2.1%
XOM	Sell	EXXON MOBIL CORP	$2,006,000	-9.4%	34,097	-2.8%	0.14%	-10.0%
KO	Sell	COCA COLA COM	$1,922,000	-5.5%	36,638	-2.5%	0.14%	-6.1%
TSLA	Buy	TESLA MOTORS INC	$1,822,000	+15.8%	2,350	+1.5%	0.13%	+15.9%
MCD	Sell	MC DONALDS CORP	$1,725,000	+2.9%	7,156	-1.4%	0.12%	+2.5%
LLY	Buy	LILLY ELI & CO	$976,000	+0.9%	4,225	+0.3%	0.07%	0.0%
FB	Buy	FACEBOOK INC CL A	$942,000	-1.3%	2,777	+1.2%	0.07%	-1.4%
WMT	Sell	WAL-MART STORES INC	$908,000	-1.9%	6,515	-0.8%	0.06%	-3.0%
UPS	Sell	UNITED PARCEL SRVC CL B	$840,000	-12.8%	4,614	-0.4%	0.06%	-13.0%
SYBT	Buy	STOCK YARD BANCORP INC	$795,000	+20.6%	13,559	+4.7%	0.06%	+21.3%
CVX	Sell	CHEVRON CORPORATION	$772,000	-12.3%	7,612	-9.4%	0.06%	-11.1%
V	Buy	VISA INC COM CLASS A	$686,000	-3.7%	3,079	+1.1%	0.05%	-3.9%
PFE	Buy	PFIZER INCORPORATED	$663,000	+10.3%	15,413	+0.4%	0.05%	+11.6%
HD	Buy	HOME DEPOT INC	$634,000	+3.1%	1,930	+0.2%	0.05%	+4.5%
VZ	Sell	VERIZON COMM INC	$591,000	-8.5%	10,936	-5.1%	0.04%	-8.5%
HUM	Buy	HUMANA INC	$579,000	-11.6%	1,489	+0.6%	0.04%	-10.6%
ABBV	Buy	ABBVIE INC	$578,000	-4.1%	5,362	+0.2%	0.04%	-2.3%
ABT	Buy	ABBOTT LABORATORIES	$562,000	+2.6%	4,759	+0.7%	0.04%	+2.6%
NVDA	Buy	NVIDIA CORP	$543,000	+19.6%	2,621	+361.4%	0.04%	+18.2%
MRK	Sell	MERCK & CO INC	$494,000	-7.5%	6,575	-4.3%	0.04%	-5.3%
MDLZ	Buy	MONDELEZ INTL CLASS A	$481,000	-6.2%	8,267	+0.6%	0.04%	-5.4%
PSTH	Buy	PERSHING SQUARE TONTINE HLDGS	$351,000	+71.2%	17,830	+98.1%	0.02%	+66.7%
RTX	Sell	RAYTHEON TECH CORP	$341,000	-5.8%	3,967	-6.6%	0.02%	-3.8%
CTAS	Sell	CINTAS CORP	$324,000	-5.8%	850	-5.6%	0.02%	-8.0%
CMCSA	Sell	COMCAST CORP CLASS A	$299,000	-8.0%	5,354	-5.9%	0.02%	-4.3%
INTC	Sell	INTEL CORP	$306,000	-12.3%	5,738	-7.8%	0.02%	-12.0%
UNP	Buy	UNION PAC CORP	$285,000	-10.4%	1,456	+0.7%	0.02%	-8.7%
T	Sell	AT & T CORP NEW	$273,000	-15.5%	10,100	-10.1%	0.02%	-13.0%
BA	Sell	BOEING CO	$269,000	-15.1%	1,222	-7.6%	0.02%	-17.4%
PYPL	Sell	PAYPAL HOLDINGS INC	$264,000	-16.2%	1,015	-5.9%	0.02%	-17.4%
SHOP	Buy	SHOPIFY INC	$260,000	-3.7%	192	+3.8%	0.02%	0.0%
MO	Sell	ALTRIA GROUP INC	$266,000	-9.2%	5,852	-4.8%	0.02%	-9.5%
ITW	Sell	ILLINOIS TOOL WORKS INC	$255,000	-10.5%	1,232	-3.4%	0.02%	-14.3%
ADBE	Buy	ADOBE SYS	$233,000	+1.3%	405	+3.1%	0.02%	0.0%
BDX	Sell	BECTON DICKINSON & CO	$243,000	-2.4%	989	-3.2%	0.02%	-5.6%
TGT	Buy	TARGET CORPORATION	$215,000	-4.0%	940	+1.6%	0.02%	-6.2%
ETV	Sell	EATON VANCE T/M BUY-WRT OPPS	$160,000	-37.3%	10,000	-36.3%	0.01%	-33.3%
KMB	Exit	KIMBERLY-CLARK CORP	$0	–	-1,500	–	-0.01%	–
TPL	Exit	TEXAS PACIFIC LAND CORP	$0	–	-150	–	-0.02%	–
MPC	Exit	MARATHON PETE CORP	$0	–	-3,972	–	-0.02%	–
ESGR	Exit	ENSTAR GROUP LTD	$0	–	-1,042	–	-0.02%	–
BAMR	Exit	BROOKFIELD ASSET MGMT REINSURA	$0	–	-5,337	–	-0.02%	–

Q2 2021

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY B	$170,016,000	–	611,743	–	12.25%	–
MKL	New	MARKEL CORP COM	$89,341,000	–	75,285	–	6.44%	–
GS	New	GOLDMAN SACHS INC	$77,416,000	–	203,980	–	5.58%	–
GOOG	New	ALPHABET INC SHS CL C	$75,265,000	–	30,030	–	5.42%	–
BX	New	BLACKSTONE GROUP INC	$67,803,000	–	697,995	–	4.88%	–
MCO	New	MOODY'S CORP	$61,689,000	–	170,238	–	4.44%	–
NKE	New	NIKE INC CL B	$58,358,000	–	377,749	–	4.20%	–
HOMB	New	HOME BANCSHARES INC	$51,520,000	–	2,087,531	–	3.71%	–
AMZN	New	AMAZON.COM INC	$48,998,000	–	14,243	–	3.53%	–
SCHW	New	SCHWAB CHARLES CORP	$43,202,000	–	593,357	–	3.11%	–
EL	New	ESTEE LAUDER INC	$41,913,000	–	131,769	–	3.02%	–
DIS	New	WALT DISNEY CO	$40,101,000	–	228,146	–	2.89%	–
BAM	New	BROOKFIELD ASSET MGMT	$39,978,000	–	784,187	–	2.88%	–
KMX	New	CARMAX INC	$37,628,000	–	291,355	–	2.71%	–
JPM	New	JPMORGAN CHASE & CO	$36,694,000	–	235,914	–	2.64%	–
JNJ	New	JOHNSON AND JOHNSON	$36,130,000	–	219,314	–	2.60%	–
GOOGL	New	ALPHABET INC SHS CL A	$35,211,000	–	14,420	–	2.54%	–
AXP	New	AMERICAN EXPRESS CO	$31,626,000	–	191,407	–	2.28%	–
AAPL	New	APPLE INC	$29,065,000	–	212,219	–	2.09%	–
TROW	New	T ROWE PRICE GROUP INC	$27,739,000	–	140,117	–	2.00%	–
AMT	New	AMERICAN TOWER CORP	$26,001,000	–	96,249	–	1.87%	–
WYNN	New	WYNN RESORTS LTD	$22,273,000	–	182,120	–	1.60%	–
BKNG	New	BOOKING HOLDING INC	$21,489,000	–	9,821	–	1.55%	–
MA	New	MASTERCARD INC	$20,788,000	–	56,940	–	1.50%	–
PEP	New	PEPSICO INC	$20,756,000	–	140,080	–	1.50%	–
PACW	New	PACWEST BANCORP	$18,233,000	–	442,982	–	1.31%	–
DEI	New	DOUGLAS EMMETT INC	$17,995,000	–	535,260	–	1.30%	–
BRKA	New	BERKSHIRE HATHAWAY A	$13,814,000	–	33	–	1.00%	–
VNO	New	VORNADO REALTY TRUST	$11,480,000	–	245,992	–	0.83%	–
ORLY	New	O'REILLY AUTOMOTIVE INC	$10,029,000	–	17,713	–	0.72%	–
SIRI	New	SIRIUS XM RADIO INC	$9,858,000	–	1,507,308	–	0.71%	–
LYV	New	LIVE NATION ENTMT	$7,966,000	–	90,946	–	0.57%	–
DHIL	New	DIAMOND HILL INVT CL A	$7,710,000	–	46,081	–	0.56%	–
ROK	New	ROCKWELL AUTOMATION	$7,219,000	–	25,241	–	0.52%	–
SPY	New	SPDR S&P 500 ETF	$5,540,000	–	12,942	–	0.40%	–
WFC	New	WELLS FARGO & CO	$5,096,000	–	112,519	–	0.37%	–
SHW	New	SHERWIN WILLIAMS CO	$4,166,000	–	15,291	–	0.30%	–
GLPI	New	GAMING & LEISURE INC	$4,024,000	–	86,861	–	0.29%	–
PG	New	PROCTER & GAMBLE	$3,888,000	–	28,818	–	0.28%	–
COST	New	COSTCO WHOLESALE CO	$3,678,000	–	9,295	–	0.26%	–
MSFT	New	MICROSOFT CORP	$3,385,000	–	12,494	–	0.24%	–
CHTR	New	CHARTER COMMUNICATIONS	$3,336,000	–	4,624	–	0.24%	–
CHDN	New	CHURCHILL DOWNS	$2,900,000	–	14,625	–	0.21%	–
SBCF	New	SEACOAST BK CORP FLA	$2,396,000	–	70,150	–	0.17%	–
XOM	New	EXXON MOBIL CORP	$2,214,000	–	35,097	–	0.16%	–
KO	New	COCA COLA COM	$2,034,000	–	37,596	–	0.15%	–
KKR	New	KKR & CO	$2,004,000	–	33,825	–	0.14%	–
MCD	New	MC DONALDS CORP	$1,676,000	–	7,256	–	0.12%	–
TSLA	New	TESLA MOTORS INC	$1,574,000	–	2,315	–	0.11%	–
PNC	New	PNC FINANCIAL SRVCS	$1,429,000	–	7,492	–	0.10%	–
INTU	New	INTUIT	$989,000	–	2,018	–	0.07%	–
LLY	New	LILLY ELI & CO	$967,000	–	4,212	–	0.07%	–
UPS	New	UNITED PARCEL SRVC CL B	$963,000	–	4,631	–	0.07%	–
FB	New	FACEBOOK INC CL A	$954,000	–	2,744	–	0.07%	–
WMT	New	WAL-MART STORES INC	$926,000	–	6,565	–	0.07%	–
CVX	New	CHEVRON CORPORATION	$880,000	–	8,400	–	0.06%	–
V	New	VISA INC COM CLASS A	$712,000	–	3,046	–	0.05%	–
PM	New	PHILIP MORRIS INTL INC	$689,000	–	6,950	–	0.05%	–
WTFC	New	WINTRUST FINANCIAL	$694,000	–	9,175	–	0.05%	–
HUM	New	HUMANA INC	$655,000	–	1,480	–	0.05%	–
VZ	New	VERIZON COMM INC	$646,000	–	11,523	–	0.05%	–
SYBT	New	STOCK YARD BANCORP INC	$659,000	–	12,956	–	0.05%	–
HD	New	HOME DEPOT INC	$615,000	–	1,927	–	0.04%	–
PFE	New	PFIZER INCORPORATED	$601,000	–	15,356	–	0.04%	–
ABBV	New	ABBVIE INC	$603,000	–	5,351	–	0.04%	–
ABT	New	ABBOTT LABORATORIES	$548,000	–	4,726	–	0.04%	–
MRK	New	MERCK & CO INC	$534,000	–	6,871	–	0.04%	–
MDLZ	New	MONDELEZ INTL CLASS A	$513,000	–	8,218	–	0.04%	–
NVDA	New	NVIDIA CORP	$454,000	–	568	–	0.03%	–
USB	New	US BANCORP DEL	$424,000	–	7,448	–	0.03%	–
MVIS	New	MICROVISION INC WASH	$435,000	–	26,000	–	0.03%	–
RTX	New	RAYTHEON TECH CORP	$362,000	–	4,247	–	0.03%	–
INTC	New	INTEL CORP	$349,000	–	6,225	–	0.02%	–
CTAS	New	CINTAS CORP	$344,000	–	900	–	0.02%	–
BMY	New	BRISTOL-MYERS SQUIBB	$314,000	–	4,700	–	0.02%	–
BA	New	BOEING CO	$317,000	–	1,322	–	0.02%	–
CMCSA	New	COMCAST CORP CLASS A	$325,000	–	5,691	–	0.02%	–
UNP	New	UNION PAC CORP	$318,000	–	1,446	–	0.02%	–
PYPL	New	PAYPAL HOLDINGS INC	$315,000	–	1,079	–	0.02%	–
T	New	AT & T CORP NEW	$323,000	–	11,233	–	0.02%	–
MMM	New	3M COMPANY	$303,000	–	1,523	–	0.02%	–
HSY	New	HERSHEY FOODS CORP	$311,000	–	1,786	–	0.02%	–
FDX	New	FEDEX CORPORATION	$298,000	–	1,000	–	0.02%	–
ITW	New	ILLINOIS TOOL WORKS INC	$285,000	–	1,276	–	0.02%	–
MO	New	ALTRIA GROUP INC	$293,000	–	6,147	–	0.02%	–
BAMR	New	BROOKFIELD ASSET MGMT REINSURA	$278,000	–	5,337	–	0.02%	–
SBUX	New	STARBUCKS CORP	$275,000	–	2,461	–	0.02%	–
ACN	New	ACCENTURE PLC	$280,000	–	950	–	0.02%	–
SHOP	New	SHOPIFY INC	$270,000	–	185	–	0.02%	–
ADP	New	AUTOMATIC DATA PROCESS	$270,000	–	1,360	–	0.02%	–
ESGR	New	ENSTAR GROUP LTD	$249,000	–	1,042	–	0.02%	–
ETV	New	EATON VANCE T/M BUY-WRT OPPS	$255,000	–	15,690	–	0.02%	–
BDX	New	BECTON DICKINSON & CO	$249,000	–	1,022	–	0.02%	–
ADBE	New	ADOBE SYS	$230,000	–	393	–	0.02%	–
MPC	New	MARATHON PETE CORP	$240,000	–	3,972	–	0.02%	–
EMR	New	EMERSON ELEC CO	$229,000	–	2,376	–	0.02%	–
TPL	New	TEXAS PACIFIC LAND CORP	$240,000	–	150	–	0.02%	–
TGT	New	TARGET CORPORATION	$224,000	–	925	–	0.02%	–
NLY	New	ANNALY CAP MGMT INC	$222,000	–	25,000	–	0.02%	–
RWWI	New	RAND WORLDWIDE INC	$211,000	–	14,000	–	0.02%	–
PSTH	New	PERSHING SQUARE TONTINE HLDGS	$205,000	–	9,000	–	0.02%	–
KMB	New	KIMBERLY-CLARK CORP	$201,000	–	1,500	–	0.01%	–
CAS	New	CASCADE ACQUISITION CORP	$188,000	–	19,000	–	0.01%	–

Q4 2020

			Value		Shares		↓ Weighting
MVIS	Exit	MICROVISION INC WASH	$0	–	-24,000	–	-0.01%	–
NLY	Exit	ANNALY CAP MGMT INC	$0	–	-25,000	–	-0.02%	–
GBL	Exit	GAMCO INVS INC	$0	–	-16,515	–	-0.02%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-938	–	-0.02%	–
UNP	Exit	UNION PAC CORP	$0	–	-1,200	–	-0.02%	–
BA	Exit	BOEING CO	$0	–	-1,387	–	-0.02%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-2,828	–	-0.02%	–
FDX	Exit	FEDEX CORPORATION	$0	–	-1,000	–	-0.02%	–
ITW	Exit	ILLINOIS TOOL WORKS INC	$0	–	-1,376	–	-0.03%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-3,900	–	-0.03%	–
RTX	Exit	RAYTHEON TECH CORP	$0	–	-5,092	–	-0.03%	–
CTAS	Exit	CINTAS CORP	$0	–	-900	–	-0.03%	–
USB	Exit	US BANCORP DEL	$0	–	-8,502	–	-0.03%	–
LVS	Exit	LAS VEGAS SANDS CORP	$0	–	-6,927	–	-0.03%	–
LLY	Exit	LILLY ELI & CO	$0	–	-2,212	–	-0.03%	–
HD	Exit	HOME DEPOT INC	$0	–	-1,202	–	-0.03%	–
WMT	Exit	WAL-MART STORES INC	$0	–	-2,434	–	-0.03%	–
PFE	Exit	PFIZER INCORPORATED	$0	–	-9,593	–	-0.04%	–
MDLZ	Exit	MONDELEZ INTL CLASS A	$0	–	-6,309	–	-0.04%	–
MAR	Exit	MARRIOTT INT'L	$0	–	-4,275	–	-0.04%	–
V	Exit	VISA INC COM CLASS A	$0	–	-2,020	–	-0.04%	–
ABBV	Exit	ABBVIE INC	$0	–	-4,597	–	-0.04%	–
MRK	Exit	MERCK & CO INC	$0	–	-5,194	–	-0.04%	–
ABT	Exit	ABBOTT LABORATORIES	$0	–	-4,216	–	-0.04%	–
ESGR	Exit	ENSTAR GROUP LTD	$0	–	-3,032	–	-0.05%	–
CVX	Exit	CHEVRON CORPORATION	$0	–	-7,143	–	-0.05%	–
FB	Exit	FACEBOOK INC CL A	$0	–	-1,984	–	-0.05%	–
WTFC	Exit	WINTRUST FINANCIAL	$0	–	-14,800	–	-0.06%	–
INTU	Exit	INTUIT	$0	–	-1,979	–	-0.06%	–
HUM	Exit	HUMANA INC	$0	–	-1,580	–	-0.06%	–
TSLA	Exit	TESLA MOTORS INC	$0	–	-1,795	–	-0.08%	–
PNC	Exit	PNC FINANCIAL SRVCS	$0	–	-7,250	–	-0.08%	–
UPS	Exit	UNITED PARCEL SRVC CL B	$0	–	-5,602	–	-0.09%	–
COST	Exit	COSTCO WHOLESALE CO	$0	–	-2,901	–	-0.10%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-34,397	–	-0.12%	–
KKR	Exit	KKR & CO	$0	–	-36,825	–	-0.12%	–
MCD	Exit	MC DONALDS CORP	$0	–	-6,852	–	-0.15%	–
KO	Exit	COCA COLA COM	$0	–	-33,099	–	-0.16%	–
SBCF	Exit	SEACOAST BK CORP FLA	$0	–	-96,650	–	-0.17%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-10,001	–	-0.21%	–
CHDN	Exit	CHURCHILL DOWNS	$0	–	-15,725	–	-0.25%	–
GLPI	Exit	GAMING & LEISURE INC	$0	–	-94,287	–	-0.34%	–
SHW	Exit	SHERWIN WILLIAMS CO	$0	–	-5,120	–	-0.35%	–
PG	Exit	PROCTER & GAMBLE	$0	–	-27,950	–	-0.38%	–
SPY	Exit	SPDR S&P 500 ETF	$0	–	-14,655	–	-0.48%	–
ROK	Exit	ROCKWELL AUTOMATION	$0	–	-26,180	–	-0.57%	–
DHIL	Exit	DIAMOND HILL INVT CL A	$0	–	-51,381	–	-0.64%	–
SIRI	Exit	SIRIUS XM RADIO INC	$0	–	-1,527,003	–	-0.81%	–
ORLY	Exit	O'REILLY AUTOMOTIVE INC	$0	–	-18,277	–	-0.83%	–
PACW	Exit	PACWEST BANCORP	$0	–	-525,057	–	-0.89%	–
WFC	Exit	WELLS FARGO & CO	$0	–	-393,363	–	-0.91%	–
LYV	Exit	LIVE NATION ENTMT	$0	–	-178,282	–	-0.95%	–
BRKA	Exit	BERKSHIRE HATHAWAY A	$0	–	-37	–	-1.17%	–
VNO	Exit	VORNADO REALTY TRUST	$0	–	-368,062	–	-1.22%	–
DEI	Exit	DOUGLAS EMMETT INC	$0	–	-500,551	–	-1.24%	–
WYNN	Exit	WYNN RESORTS LTD	$0	–	-193,355	–	-1.37%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-191,422	–	-1.82%	–
TROW	Exit	T ROWE PRICE GROUP INC	$0	–	-145,122	–	-1.84%	–
MA	Exit	MASTERCARD INC	$0	–	-57,036	–	-1.90%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-195,735	–	-1.94%	–
AMT	Exit	AMERICAN TOWER CORP	$0	–	-81,524	–	-1.95%	–
PEP	Exit	PEPSICO INC	$0	–	-146,307	–	-2.00%	–
BKNG	Exit	BOOKING HOLDING INC	$0	–	-12,051	–	-2.04%	–
GOOGL	Exit	ALPHABET INC SHS CL A	$0	–	-14,501	–	-2.10%	–
SCHW	Exit	SCHWAB CHARLES CORP	$0	–	-641,880	–	-2.30%	–
AAPL	Exit	APPLE INC	$0	–	-221,047	–	-2.53%	–
BAM	Exit	BROOKFIELD ASSET MGMT	$0	–	-811,966	–	-2.65%	–
KMX	Exit	CARMAX INC	$0	–	-299,569	–	-2.72%	–
DIS	Exit	WALT DISNEY CO	$0	–	-231,040	–	-2.83%	–
EL	Exit	ESTEE LAUDER INC	$0	–	-136,389	–	-2.94%	–
JNJ	Exit	JOHNSON AND JOHNSON	$0	–	-208,745	–	-3.07%	–
HOMB	Exit	HOME BANCSHARES INC	$0	–	-2,114,115	–	-3.16%	–
BX	Exit	BLACKSTONE GROUP INC	$0	–	-728,918	–	-3.76%	–
GS	Exit	GOLDMAN SACHS INC	$0	–	-204,089	–	-4.05%	–
GOOG	Exit	ALPHABET INC SHS CL C	$0	–	-30,474	–	-4.42%	–
AMZN	Exit	AMAZON.COM INC	$0	–	-14,298	–	-4.45%	–
NKE	Exit	NIKE INC CL B	$0	–	-388,036	–	-4.81%	–
MCO	Exit	MOODY'S CORP	$0	–	-173,638	–	-4.97%	–
MKL	Exit	MARKEL CORP COM	$0	–	-75,441	–	-7.26%	–
BRKB	Exit	BERKSHIRE HATHAWAY B	$0	–	-653,827	–	-13.75%	–

Q3 2020

			Value		Shares		↓ Weighting
BRKB	Sell	BERKSHIRE HATHAWAY B	$139,226,000	+18.1%	653,827	-1.0%	13.75%	+13.3%
MKL	Sell	MARKEL CORP COM	$73,457,000	+3.6%	75,441	-1.8%	7.26%	-0.6%
MCO	Sell	MOODY'S CORP	$50,329,000	+2.5%	173,638	-2.8%	4.97%	-1.7%
NKE	Sell	NIKE INC CL B	$48,714,000	+23.3%	388,036	-3.7%	4.81%	+18.3%
AMZN	Sell	AMAZON.COM INC	$45,021,000	+10.0%	14,298	-3.6%	4.45%	+5.6%
GOOG	Sell	ALPHABET INC SHS CL C	$44,785,000	+2.9%	30,474	-1.0%	4.42%	-1.3%
GS	Sell	GOLDMAN SACHS INC	$41,016,000	+1.2%	204,089	-0.4%	4.05%	-2.9%
BX	Sell	BLACKSTONE GROUP INC	$38,050,000	-11.1%	728,918	-3.5%	3.76%	-14.7%
HOMB	Buy	HOME BANCSHARES INC	$32,050,000	+2.2%	2,114,115	+3.6%	3.16%	-2.0%
JNJ	Sell	JOHNSON AND JOHNSON	$31,078,000	+1.9%	208,745	-3.7%	3.07%	-2.2%
EL	Sell	ESTEE LAUDER INC	$29,767,000	+13.3%	136,389	-2.1%	2.94%	+8.7%
DIS	Sell	WALT DISNEY CO	$28,667,000	+8.9%	231,040	-2.1%	2.83%	+4.5%
KMX	Sell	CARMAX INC	$27,533,000	-2.1%	299,569	-4.6%	2.72%	-6.0%
BAM	Sell	BROOKFIELD ASSET MGMT	$26,844,000	-2.8%	811,966	-3.3%	2.65%	-6.8%
AAPL	Buy	APPLE INC	$25,599,000	+24.4%	221,047	+291.8%	2.53%	+19.4%
SCHW	Sell	SCHWAB CHARLES CORP	$23,255,000	+6.9%	641,880	-0.4%	2.30%	+2.6%
GOOGL	Sell	ALPHABET INC SHS CL A	$21,253,000	-1.2%	14,501	-4.5%	2.10%	-5.2%
BKNG	Sell	BOOKING HOLDING INC	$20,615,000	-2.2%	12,051	-9.0%	2.04%	-6.2%
PEP	Sell	PEPSICO INC	$20,278,000	-0.1%	146,307	-4.7%	2.00%	-4.2%
AMT	Sell	AMERICAN TOWER CORP	$19,707,000	-8.0%	81,524	-1.6%	1.95%	-11.7%
AXP	Sell	AMERICAN EXPRESS CO	$19,622,000	+2.1%	195,735	-3.1%	1.94%	-2.1%
MA	Sell	MASTERCARD INC	$19,288,000	+11.4%	57,036	-2.6%	1.90%	+6.8%
TROW	Sell	T ROWE PRICE GROUP INC	$18,608,000	+1.5%	145,122	-2.2%	1.84%	-2.6%
JPM	Buy	JPMORGAN CHASE & CO	$18,428,000	+2.4%	191,422	+0.1%	1.82%	-1.7%
WYNN	Sell	WYNN RESORTS LTD	$13,885,000	-6.0%	193,355	-2.5%	1.37%	-9.8%
DEI	Sell	DOUGLAS EMMETT INC	$12,564,000	-18.5%	500,551	-0.4%	1.24%	-21.8%
VNO	Sell	VORNADO REALTY TRUST	$12,407,000	-19.0%	368,062	-8.1%	1.22%	-22.3%
LYV	Sell	LIVE NATION ENTMT	$9,606,000	-0.5%	178,282	-18.1%	0.95%	-4.4%
WFC	Sell	WELLS FARGO & CO	$9,248,000	-14.1%	393,363	-6.5%	0.91%	-17.7%
PACW	Sell	PACWEST BANCORP	$8,968,000	-21.5%	525,057	-9.4%	0.89%	-24.7%
ORLY	Sell	O'REILLY AUTOMOTIVE INC	$8,427,000	+8.5%	18,277	-0.8%	0.83%	+4.1%
SIRI	Sell	SIRIUS XM RADIO INC	$8,185,000	-12.8%	1,527,003	-4.5%	0.81%	-16.4%
DHIL	Buy	DIAMOND HILL INVT CL A	$6,490,000	+51.7%	51,381	+36.5%	0.64%	+45.7%
ROK	Sell	ROCKWELL AUTOMATION	$5,777,000	+2.7%	26,180	-0.9%	0.57%	-1.4%
SPY	Sell	SPDR S&P 500 ETF	$4,908,000	-6.8%	14,655	-14.2%	0.48%	-10.5%
PG	Sell	PROCTER & GAMBLE	$3,885,000	+14.8%	27,950	-1.3%	0.38%	+10.3%
GLPI	Sell	GAMING & LEISURE INC	$3,482,000	-1.9%	94,287	-8.1%	0.34%	-5.8%
CHDN	Buy	CHURCHILL DOWNS	$2,576,000	+24.6%	15,725	+1.3%	0.25%	+19.2%
MSFT	Sell	MICROSOFT CORP	$2,104,000	+2.3%	10,001	-1.0%	0.21%	-1.9%
SBCF	Buy	SEACOAST BK CORP FLA	$1,743,000	+68.7%	96,650	+90.8%	0.17%	+62.3%
KO	Sell	COCA COLA COM	$1,634,000	-2.0%	33,099	-11.3%	0.16%	-6.4%
MCD	Sell	MC DONALDS CORP	$1,504,000	+18.1%	6,852	-0.8%	0.15%	+13.7%
KKR	Sell	KKR & CO	$1,265,000	+11.0%	36,825	-0.3%	0.12%	+6.8%
XOM	Sell	EXXON MOBIL CORP	$1,181,000	-25.9%	34,397	-3.5%	0.12%	-28.7%
COST	Sell	COSTCO WHOLESALE CO	$1,030,000	+13.2%	2,901	-3.3%	0.10%	+8.5%
UPS	Sell	UNITED PARCEL SRVC CL B	$933,000	+36.2%	5,602	-9.0%	0.09%	+29.6%
PNC	Sell	PNC FINANCIAL SRVCS	$797,000	+2.3%	7,250	-2.0%	0.08%	-1.2%
TSLA	Buy	TESLA MOTORS INC	$770,000	+95.9%	1,795	+393.1%	0.08%	+90.0%
HUM	Sell	HUMANA INC	$654,000	+0.5%	1,580	-6.0%	0.06%	-3.0%
WTFC	Sell	WINTRUST FINANCIAL	$593,000	-12.3%	14,800	-4.5%	0.06%	-15.7%
CVX	Sell	CHEVRON CORPORATION	$514,000	-28.1%	7,143	-10.8%	0.05%	-31.1%
ESGR	Sell	ENSTAR GROUP LTD	$490,000	-64.6%	3,032	-66.6%	0.05%	-66.4%
V	Buy	VISA INC COM CLASS A	$404,000	+4.1%	2,020	+0.6%	0.04%	0.0%
PFE	Sell	PFIZER INCORPORATED	$352,000	+8.6%	9,593	-3.1%	0.04%	+6.1%
USB	Sell	US BANCORP DEL	$305,000	-7.0%	8,502	-4.5%	0.03%	-11.8%
CTAS	Sell	CINTAS CORP	$300,000	+12.8%	900	-10.0%	0.03%	+11.1%
RTX	Sell	RAYTHEON TECH CORP	$293,000	-20.4%	5,092	-14.7%	0.03%	-23.7%
FDX	New	FEDEX CORPORATION	$252,000	–	1,000	–	0.02%	–
UNP	Sell	UNION PAC CORP	$236,000	+15.1%	1,200	-0.8%	0.02%	+9.5%
GBL	Sell	GAMCO INVS INC	$191,000	-51.8%	16,515	-44.5%	0.02%	-53.7%
BAX	Exit	BAXTER INTL	$0	–	-2,450	–	-0.02%	–
JEF	Exit	JEFFERIES FINANCIAL GROUP INC	$0	–	-17,325	–	-0.03%	–
AMG	Exit	AFFILIATED MANAGERS GRP	$0	–	-7,860	–	-0.06%	–
MGM	Exit	MGM MIRAGE	$0	–	-69,835	–	-0.12%	–

Q2 2020

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY B	$117,930,000	–	660,634	–	12.14%	–
MKL	New	MARKEL CORP COM	$70,901,000	–	76,802	–	7.30%	–
MCO	New	MOODY'S CORP	$49,102,000	–	178,728	–	5.05%	–
GOOG	New	ALPHABET INC SHS CL C	$43,531,000	–	30,794	–	4.48%	–
BX	New	BLACKSTONE GROUP INC	$42,814,000	–	755,637	–	4.41%	–
AMZN	New	AMAZON.COM INC	$40,924,000	–	14,834	–	4.21%	–
GS	New	GOLDMAN SACHS INC	$40,512,000	–	204,999	–	4.17%	–
NKE	New	NIKE INC CL B	$39,498,000	–	402,832	–	4.07%	–
HOMB	New	HOME BANCSHARES INC	$31,375,000	–	2,039,997	–	3.23%	–
JNJ	New	JOHNSON AND JOHNSON	$30,496,000	–	216,850	–	3.14%	–
KMX	New	CARMAX INC	$28,111,000	–	313,909	–	2.89%	–
BAM	New	BROOKFIELD ASSET MGMT	$27,621,000	–	839,544	–	2.84%	–
DIS	New	WALT DISNEY CO	$26,315,000	–	235,985	–	2.71%	–
EL	New	ESTEE LAUDER INC	$26,273,000	–	139,244	–	2.70%	–
SCHW	New	SCHWAB CHARLES CORP	$21,752,000	–	644,690	–	2.24%	–
GOOGL	New	ALPHABET INC SHS CL A	$21,522,000	–	15,177	–	2.22%	–
AMT	New	AMERICAN TOWER CORP	$21,423,000	–	82,860	–	2.20%	–
BKNG	New	BOOKING HOLDING INC	$21,079,000	–	13,238	–	2.17%	–
AAPL	New	APPLE INC	$20,581,000	–	56,418	–	2.12%	–
PEP	New	PEPSICO INC	$20,305,000	–	153,520	–	2.09%	–
AXP	New	AMERICAN EXPRESS CO	$19,224,000	–	201,930	–	1.98%	–
TROW	New	T ROWE PRICE GROUP INC	$18,334,000	–	148,452	–	1.89%	–
JPM	New	JPMORGAN CHASE & CO	$17,993,000	–	191,297	–	1.85%	–
MA	New	MASTERCARD INC.	$17,318,000	–	58,566	–	1.78%	–
DEI	New	DOUGLAS EMMETT INC	$15,408,000	–	502,554	–	1.59%	–
VNO	New	VORNADO REALTY TRUST	$15,310,000	–	400,680	–	1.58%	–
WYNN	New	WYNN RESORTS LTD	$14,771,000	–	198,300	–	1.52%	–
PACW	New	PACWEST BANCORP	$11,421,000	–	579,467	–	1.18%	–
WFC	New	WELLS FARGO & CO	$10,770,000	–	420,720	–	1.11%	–
BRKA	New	BERKSHIRE HATHAWAY A	$9,890,000	–	37	–	1.02%	–
LYV	New	LIVE NATION ENTMT	$9,652,000	–	217,737	–	0.99%	–
SIRI	New	SIRIUS XM RADIO INC	$9,383,000	–	1,598,552	–	0.97%	–
ORLY	New	O'REILLY AUTOMOTIVE INC	$7,767,000	–	18,419	–	0.80%	–
ROK	New	ROCKWELL AUTOMATION	$5,624,000	–	26,405	–	0.58%	–
SPY	New	SPDR S&P 500 ETF	$5,268,000	–	17,084	–	0.54%	–
DHIL	New	DIAMOND HILL INVT CL A	$4,277,000	–	37,629	–	0.44%	–
GLPI	New	GAMING & LEISURE INC	$3,550,000	–	102,594	–	0.36%	–
PG	New	PROCTER & GAMBLE	$3,385,000	–	28,312	–	0.35%	–
SHW	New	SHERWIN WILLIAMS CO	$2,959,000	–	5,120	–	0.30%	–
CHDN	New	CHURCHILL DOWNS	$2,067,000	–	15,525	–	0.21%	–
MSFT	New	MICROSOFT CORP	$2,056,000	–	10,101	–	0.21%	–
KO	New	COCA COLA COM	$1,667,000	–	37,319	–	0.17%	–
XOM	New	EXXON MOBIL CORP	$1,594,000	–	35,647	–	0.16%	–
ESGR	New	ENSTAR GROUP LTD	$1,386,000	–	9,075	–	0.14%	–
MCD	New	MC DONALDS CORP	$1,274,000	–	6,904	–	0.13%	–
MGM	New	MGM MIRAGE	$1,173,000	–	69,835	–	0.12%	–
KKR	New	KKR & CO	$1,140,000	–	36,925	–	0.12%	–
SBCF	New	SEACOAST BK CORP FLA	$1,033,000	–	50,650	–	0.11%	–
COST	New	COSTCO WHOLESALE CO	$910,000	–	3,001	–	0.09%	–
PNC	New	PNC FINANCIAL SRVCS	$779,000	–	7,400	–	0.08%	–
CVX	New	CHEVRON CORPORATION	$715,000	–	8,009	–	0.07%	–
UPS	New	UNITED PARCEL SRVC CL B	$685,000	–	6,158	–	0.07%	–
WTFC	New	WINTRUST FINANCIAL	$676,000	–	15,490	–	0.07%	–
HUM	New	HUMANA INC	$651,000	–	1,680	–	0.07%	–
AMG	New	AFFILIATED MANAGERS GRP	$586,000	–	7,860	–	0.06%	–
INTU	New	INTUIT	$586,000	–	1,979	–	0.06%	–
FB	New	FACEBOOK INC CL A	$451,000	–	1,984	–	0.05%	–
ABBV	New	ABBVIE INC	$451,000	–	4,597	–	0.05%	–
MRK	New	MERCK & CO INC	$402,000	–	5,194	–	0.04%	–
GBL	New	GAMCO INVS INC	$396,000	–	29,758	–	0.04%	–
ABT	New	ABBOTT LABORATORIES	$385,000	–	4,216	–	0.04%	–
TSLA	New	TESLA MOTORS INC	$393,000	–	364	–	0.04%	–
V	New	VISA INC COM CLASS A	$388,000	–	2,007	–	0.04%	–
RTX	New	RAYTHEON TECH CORP	$368,000	–	5,967	–	0.04%	–
MAR	New	MARRIOTT INT'L	$366,000	–	4,275	–	0.04%	–
LLY	New	LILLY ELI & CO	$363,000	–	2,212	–	0.04%	–
USB	New	US BANCORP DEL	$328,000	–	8,902	–	0.03%	–
PFE	New	PFIZER INCORPORATED	$324,000	–	9,904	–	0.03%	–
MDLZ	New	MONDELEZ INTL CLASS A	$323,000	–	6,309	–	0.03%	–
LVS	New	LAS VEGAS SANDS CORP	$315,000	–	6,927	–	0.03%	–
HD	New	HOME DEPOT INC	$301,000	–	1,202	–	0.03%	–
WMT	New	WAL-MART STORES INC	$292,000	–	2,434	–	0.03%	–
PM	New	PHILIP MORRIS INTL INC	$273,000	–	3,900	–	0.03%	–
JEF	New	JEFFERIES FINANCIAL GROUP INC	$269,000	–	17,325	–	0.03%	–
CTAS	New	CINTAS CORP	$266,000	–	1,000	–	0.03%	–
BA	New	BOEING CO	$254,000	–	1,387	–	0.03%	–
ITW	New	ILLINOIS TOOL WORKS INC	$241,000	–	1,376	–	0.02%	–
BDX	New	BECTON DICKINSON & CO	$224,000	–	938	–	0.02%	–
BAX	New	BAXTER INTL	$211,000	–	2,450	–	0.02%	–
UNP	New	UNION PAC CORP	$205,000	–	1,210	–	0.02%	–
SBUX	New	STARBUCKS CORP	$208,000	–	2,828	–	0.02%	–
NLY	New	ANNALY CAP MGMT INC	$164,000	–	25,000	–	0.02%	–
MVIS	New	MICROVISION INC WASH	$33,000	–	24,000	–	0.00%	–

Q4 2019

			Value		Shares		↓ Weighting
MVIS	Exit	MICROVISION INC WASH	$0	–	-24,000	–	-0.00%	–
KMB	Exit	KIMBERLY-CLARK CORP	$0	–	-1,413	–	-0.02%	–
ITW	Exit	ILLINOIS TOOL WORKS INC	$0	–	-1,376	–	-0.02%	–
ADP	Exit	AUTOMATIC DATA PROCESS	$0	–	-1,325	–	-0.02%	–
NLY	Exit	ANNALY CAP MGMT INC	$0	–	-25,000	–	-0.02%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-2,677	–	-0.02%	–
BAX	Exit	BAXTER INTL	$0	–	-2,648	–	-0.02%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-938	–	-0.02%	–
LLY	Exit	LILLY ELI & CO	$0	–	-2,212	–	-0.02%	–
HD	Exit	HOME DEPOT INC	$0	–	-1,147	–	-0.03%	–
CTAS	Exit	CINTAS CORP	$0	–	-1,000	–	-0.03%	–
MA	Exit	MASTERCARD INC.	$0	–	-973	–	-0.03%	–
FB	Exit	FACEBOOK INC CL A	$0	–	-1,509	–	-0.03%	–
WMT	Exit	WAL-MART STORES INC	$0	–	-2,334	–	-0.03%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-3,900	–	-0.03%	–
V	Exit	VISA INC COM CLASS A	$0	–	-1,951	–	-0.03%	–
SPY	Exit	SPDR S&P 500 ETF	$0	–	-1,134	–	-0.03%	–
MDLZ	Exit	MONDELEZ INTL CLASS A	$0	–	-6,635	–	-0.04%	–
MRK	Exit	MERCK & CO INC	$0	–	-5,194	–	-0.04%	–
ABT	Exit	ABBOTT LABORATORIES	$0	–	-5,399	–	-0.04%	–
ABBV	Exit	ABBVIE INC	$0	–	-6,167	–	-0.05%	–
PFE	Exit	PFIZER INCORPORATED	$0	–	-13,232	–	-0.05%	–
USB	Exit	US BANCORP DEL	$0	–	-8,886	–	-0.05%	–
INTU	Exit	INTUIT	$0	–	-1,979	–	-0.05%	–
HUM	Exit	HUMANA INC	$0	–	-2,180	–	-0.06%	–
BA	Exit	BOEING CO	$0	–	-1,547	–	-0.06%	–
LVS	Exit	LAS VEGAS SANDS CORP	$0	–	-12,479	–	-0.07%	–
UPS	Exit	UNITED PARCEL SRVC CL B	$0	–	-6,314	–	-0.08%	–
UTX	Exit	UNITED TECHNOLOGIES	$0	–	-5,844	–	-0.08%	–
COST	Exit	COSTCO WHOLESALE CO	$0	–	-3,014	–	-0.09%	–
KKR	Exit	KOHLBERG KRAVIS ROBERTS & CO.	$0	–	-37,225	–	-0.10%	–
PNC	Exit	PNC FINANCIAL SRVCS	$0	–	-8,272	–	-0.11%	–
SBCF	Exit	SEACOAST BK CORP FLA	$0	–	-48,150	–	-0.12%	–
CVX	Exit	CHEVRON CORPORATION	$0	–	-10,409	–	-0.12%	–
WTFC	Exit	WINTRUST FINANCIAL	$0	–	-19,908	–	-0.13%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-9,778	–	-0.13%	–
MCD	Exit	MC DONALDS CORP	$0	–	-7,182	–	-0.15%	–
CHDN	Exit	CHURCHILL DOWNS	$0	–	-14,525	–	-0.18%	–
KO	Exit	COCA COLA COM	$0	–	-37,969	–	-0.20%	–
GBL	Exit	GAMCO INVS INC	$0	–	-109,682	–	-0.21%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-47,841	–	-0.33%	–
PG	Exit	PROCTER & GAMBLE	$0	–	-29,846	–	-0.37%	–
JEF	Exit	JEFFERIES FINANCIAL GROUP INC	$0	–	-208,045	–	-0.38%	–
ESGR	Exit	ENSTAR GROUP LTD	$0	–	-20,938	–	-0.39%	–
DIS	Exit	WALT DISNEY CO	$0	–	-33,698	–	-0.43%	–
AMT	Exit	AMERICAN TOWER CORP	$0	–	-22,568	–	-0.49%	–
ORLY	Exit	O'REILLY AUTOMOTIVE INC	$0	–	-13,283	–	-0.52%	–
LYV	Exit	LIVE NATION ENTMT	$0	–	-98,190	–	-0.64%	–
MGM	Exit	MGM MIRAGE	$0	–	-296,410	–	-0.81%	–
LSXMK	Exit	LIBERTY MEDIA CORP SERIES C LI	$0	–	-243,261	–	-1.01%	–
DHIL	Exit	DIAMOND HILL INVT CL A	$0	–	-75,198	–	-1.03%	–
GLPI	Exit	GAMING & LEISURE INC	$0	–	-277,785	–	-1.05%	–
BRKA	Exit	BERKSHIRE HATHAWAY A	$0	–	-37	–	-1.14%	–
AAPL	Exit	APPLE INC	$0	–	-58,620	–	-1.30%	–
AMG	Exit	AFFILIATED MANAGERS GRP	$0	–	-174,248	–	-1.44%	–
TROW	Exit	T ROWE PRICE GROUP INC	$0	–	-135,402	–	-1.53%	–
PACW	Exit	PACWEST BANCORP	$0	–	-463,497	–	-1.66%	–
TIF	Exit	TIFFANY & CO NEW	$0	–	-195,073	–	-1.78%	–
DEI	Exit	DOUGLAS EMMETT INC	$0	–	-433,659	–	-1.84%	–
GOOGL	Exit	ALPHABET INC SHS CL A	$0	–	-15,581	–	-1.88%	–
VNO	Exit	VORNADO REALTY TRUST	$0	–	-316,596	–	-1.99%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-188,547	–	-2.19%	–
WFC	Exit	WELLS FARGO & CO	$0	–	-456,845	–	-2.28%	–
PEP	Exit	PEPSICO INC	$0	–	-171,488	–	-2.32%	–
NKE	Exit	NIKE INC CL B	$0	–	-254,334	–	-2.36%	–
EL	Exit	ESTEE LAUDER INC	$0	–	-120,078	–	-2.36%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-206,480	–	-2.41%	–
AMZN	Exit	AMAZON.COM INC	$0	–	-14,237	–	-2.44%	–
BKNG	Exit	BOOKING HOLDING INC	$0	–	-12,636	–	-2.45%	–
WYNN	Exit	WYNN RESORTS LTD	$0	–	-228,727	–	-2.46%	–
KMX	Exit	CARMAX INC	$0	–	-316,721	–	-2.75%	–
SCHW	Exit	SCHWAB CHARLES CORP	$0	–	-684,935	–	-2.83%	–
BAM	Exit	BROOKFIELD ASSET MGMT	$0	–	-562,147	–	-3.00%	–
JNJ	Exit	JOHNSON AND JOHNSON	$0	–	-253,690	–	-3.24%	–
MCO	Exit	MOODY'S CORP	$0	–	-179,053	–	-3.62%	–
GOOG	Exit	ALPHABET INC SHS CL C	$0	–	-31,110	–	-3.75%	–
GS	Exit	GOLDMAN SACHS INC	$0	–	-191,227	–	-3.92%	–
BX	Exit	BLACKSTONE GROUP INC	$0	–	-817,191	–	-3.94%	–
HOMB	Exit	HOME BANCSHARES INC	$0	–	-2,399,275	–	-4.46%	–
MKL	Exit	MARKEL CORP COM	$0	–	-73,788	–	-8.62%	–
BRKB	Exit	BERKSHIRE HATHAWAY B	$0	–	-680,333	–	-13.98%	–

Q3 2019

			Value		Shares		↓ Weighting
BRKB	Sell	BERKSHIRE HATHAWAY B	$141,523,000	-3.5%	680,333	-1.2%	13.98%	-3.1%
MKL	Sell	MARKEL CORP COM	$87,210,000	+8.0%	73,788	-0.4%	8.62%	+8.5%
HOMB	Sell	HOME BANCSHARES INC	$45,094,000	-3.5%	2,399,275	-1.1%	4.46%	-3.1%
BX	Sell	BLACKSTONE GROUP INC	$39,912,000	+6.4%	817,191	-3.3%	3.94%	+6.8%
GS	Buy	GOLDMAN SACHS INC	$39,628,000	+3.8%	191,227	+2.5%	3.92%	+4.3%
GOOG	Sell	ALPHABET INC SHS CL C	$37,923,000	+11.9%	31,110	-0.7%	3.75%	+12.4%
MCO	Sell	MOODY'S CORP	$36,675,000	+4.1%	179,053	-0.7%	3.62%	+4.6%
JNJ	Sell	JOHNSON AND JOHNSON	$32,822,000	-8.9%	253,690	-1.9%	3.24%	-8.5%
BAM	Sell	BROOKFIELD ASSET MGMT	$30,328,000	+11.5%	562,147	-1.2%	3.00%	+12.0%
SCHW	Buy	SCHWAB CHARLES CORP	$28,651,000	+12.8%	684,935	+8.4%	2.83%	+13.3%
KMX	Sell	CARMAX INC	$27,871,000	-0.3%	316,721	-1.6%	2.75%	+0.1%
WYNN	Buy	WYNN RESORTS LTD	$24,867,000	-12.3%	228,727	+0.0%	2.46%	-11.9%
BKNG	Sell	BOOKING HOLDING INC	$24,800,000	+4.1%	12,636	-0.5%	2.45%	+4.6%
AMZN	Sell	AMAZON.COM INC	$24,714,000	-9.0%	14,237	-0.7%	2.44%	-8.6%
AXP	Sell	AMERICAN EXPRESS CO	$24,422,000	-5.2%	206,480	-1.1%	2.41%	-4.7%
NKE	Sell	NIKE INC CL B	$23,887,000	+10.8%	254,334	-0.9%	2.36%	+11.4%
EL	Sell	ESTEE LAUDER INC	$23,890,000	+7.9%	120,078	-0.7%	2.36%	+8.4%
PEP	Sell	PEPSICO INC	$23,511,000	-0.1%	171,488	-4.4%	2.32%	+0.4%
WFC	Buy	WELLS FARGO & CO	$23,043,000	+7.4%	456,845	+0.7%	2.28%	+7.8%
JPM	Buy	JPMORGAN CHASE & CO	$22,190,000	+5.4%	188,547	+0.1%	2.19%	+5.8%
VNO	Sell	VORNADO REALTY TRUST	$20,158,000	-0.8%	316,596	-0.1%	1.99%	-0.4%
GOOGL	Sell	ALPHABET INC SHS CL A	$19,027,000	+11.4%	15,581	-1.2%	1.88%	+11.9%
DEI	Sell	DOUGLAS EMMETT INC	$18,574,000	+6.2%	433,659	-1.2%	1.84%	+6.7%
TIF	Sell	TIFFANY & CO NEW	$18,070,000	-1.7%	195,073	-0.6%	1.78%	-1.3%
PACW	Buy	PACWEST BANCORP	$16,843,000	+2.3%	463,497	+9.3%	1.66%	+2.8%
TROW	Sell	T ROWE PRICE GROUP INC	$15,470,000	+4.0%	135,402	-0.2%	1.53%	+4.4%
AMG	Sell	AFFILIATED MANAGERS GRP	$14,524,000	-11.0%	174,248	-1.7%	1.44%	-10.6%
AAPL	Sell	APPLE INC	$13,129,000	+8.3%	58,620	-4.3%	1.30%	+8.8%
GLPI	Sell	GAMING & LEISURE INC	$10,622,000	-5.5%	277,785	-3.7%	1.05%	-5.2%
DHIL	Sell	DIAMOND HILL INVT CL A	$10,387,000	-17.9%	75,198	-15.8%	1.03%	-17.5%
LSXMK	Buy	LIBERTY MEDIA CORP SERIES C LI	$10,207,000	+11.3%	243,261	+0.7%	1.01%	+11.8%
MGM	Sell	MGM MIRAGE	$8,216,000	-5.4%	296,410	-2.5%	0.81%	-4.9%
LYV	Sell	LIVE NATION ENTMT	$6,514,000	-0.7%	98,190	-0.9%	0.64%	-0.2%
ORLY	Sell	O'REILLY AUTOMOTIVE INC	$5,293,000	+7.6%	13,283	-0.3%	0.52%	+8.1%
AMT	Sell	AMERICAN TOWER CORP	$4,990,000	+6.9%	22,568	-1.2%	0.49%	+7.4%
DIS	Buy	WALT DISNEY CO	$4,392,000	-6.6%	33,698	+0.1%	0.43%	-6.1%
ESGR	Sell	ENSTAR GROUP LTD	$3,977,000	-75.6%	20,938	-77.6%	0.39%	-75.5%
JEF	Sell	JEFFERIES FINANCIAL GROUP INC	$3,828,000	-42.4%	208,045	-39.8%	0.38%	-42.2%
PG	Sell	PROCTER & GAMBLE	$3,712,000	+11.7%	29,846	-1.5%	0.37%	+12.2%
XOM	Sell	EXXON MOBIL CORP	$3,378,000	-11.0%	47,841	-3.4%	0.33%	-10.5%
GBL	Sell	GAMCO INVS INC	$2,144,000	-38.8%	109,682	-40.0%	0.21%	-38.6%
KO	Sell	COCA COLA COM	$2,067,000	+5.9%	37,969	-0.9%	0.20%	+6.2%
MCD	Sell	MC DONALDS CORP	$1,542,000	+1.2%	7,182	-2.1%	0.15%	+1.3%
MSFT	Sell	MICROSOFT CORP	$1,359,000	+1.6%	9,778	-2.0%	0.13%	+2.3%
WTFC	Sell	WINTRUST FINANCIAL	$1,287,000	-13.7%	19,908	-2.3%	0.13%	-13.6%
CVX	Sell	CHEVRON CORPORATION	$1,235,000	-8.6%	10,409	-4.1%	0.12%	-8.3%
SBCF	Buy	SEACOAST BK CORP FLA	$1,219,000	+7.3%	48,150	+7.8%	0.12%	+7.1%
COST	Sell	COSTCO WHOLESALE CO	$868,000	+3.8%	3,014	-4.7%	0.09%	+4.9%
UTX	Buy	UNITED TECHNOLOGIES	$798,000	+5.4%	5,844	+0.5%	0.08%	+6.8%
UPS	Sell	UNITED PARCEL SRVC CL B	$757,000	-2.2%	6,314	-15.7%	0.08%	-1.3%
LVS	Sell	LAS VEGAS SANDS CORP	$721,000	-47.8%	12,479	-46.7%	0.07%	-47.8%
HUM	Sell	HUMANA INC	$557,000	-7.9%	2,180	-4.4%	0.06%	-6.8%
USB	Sell	US BANCORP DEL	$492,000	-10.1%	8,886	-14.9%	0.05%	-9.3%
MDLZ	Sell	MONDELEZ INTL CLASS A	$367,000	+1.1%	6,635	-1.6%	0.04%	0.0%
SPY	Sell	SPDR S&P 500 ETF	$337,000	-2.9%	1,134	-4.2%	0.03%	-2.9%
FB	Buy	FACEBOOK INC CL A	$269,000	-6.9%	1,509	+0.6%	0.03%	-3.6%
SBUX	Sell	STARBUCKS CORP	$237,000	0.0%	2,677	-5.3%	0.02%	0.0%
ADP	Sell	AUTOMATIC DATA PROCESS	$214,000	-17.7%	1,325	-15.9%	0.02%	-19.2%
KMB	New	KIMBERLY-CLARK CORP	$201,000	–	1,413	–	0.02%	–
MVIS	Buy	MICROVISION INC WASH	$14,000	+40.0%	24,000	+100.0%	0.00%	0.0%
UNP	Exit	UNION PAC CORP	$0	–	-1,210	–	-0.02%	–
HHC	Exit	HOWARD HUGHES CORP	$0	–	-4,214	–	-0.05%	–

Q2 2019

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY B	$146,726,000	–	688,307	–	14.43%	–
MKL	New	MARKEL CORP COM	$80,734,000	–	74,095	–	7.94%	–
HOMB	New	HOME BANCSHARES INC	$46,732,000	–	2,426,357	–	4.60%	–
GS	New	GOLDMAN SACHS INC	$38,180,000	–	186,607	–	3.76%	–
BX	New	BLACKSTONE GROUP INC	$37,527,000	–	844,831	–	3.69%	–
JNJ	New	JOHNSON AND JOHNSON	$36,017,000	–	258,595	–	3.54%	–
MCO	New	MOODY'S CORP	$35,214,000	–	180,300	–	3.46%	–
GOOG	New	ALPHABET INC SHS CL C	$33,877,000	–	31,341	–	3.33%	–
WYNN	New	WYNN RESORTS LTD	$28,355,000	–	228,691	–	2.79%	–
KMX	New	CARMAX INC	$27,956,000	–	321,959	–	2.75%	–
BAM	New	BROOKFIELD ASSET MGMT	$27,195,000	–	569,176	–	2.67%	–
AMZN	New	AMAZON.COM INC	$27,153,000	–	14,339	–	2.67%	–
AXP	New	AMERICAN EXPRESS CO	$25,761,000	–	208,692	–	2.53%	–
SCHW	New	SCHWAB CHARLES CORP	$25,402,000	–	632,035	–	2.50%	–
BKNG	New	BOOKING HOLDING INC	$23,818,000	–	12,705	–	2.34%	–
PEP	New	PEPSICO INC	$23,528,000	–	179,427	–	2.31%	–
EL	New	ESTEE LAUDER INC	$22,148,000	–	120,953	–	2.18%	–
NKE	New	NIKE INC CL B	$21,551,000	–	256,709	–	2.12%	–
WFC	New	WELLS FARGO & CO	$21,465,000	–	453,616	–	2.11%	–
JPM	New	JPMORGAN CHASE & CO	$21,056,000	–	188,337	–	2.07%	–
VNO	New	VORNADO REALTY TRUST	$20,315,000	–	316,934	–	2.00%	–
TIF	New	TIFFANY & CO NEW	$18,384,000	–	196,331	–	1.81%	–
DEI	New	DOUGLAS EMMETT INC	$17,493,000	–	439,084	–	1.72%	–
GOOGL	New	ALPHABET INC SHS CL A	$17,084,000	–	15,778	–	1.68%	–
PACW	New	PACWEST BANCORP	$16,462,000	–	423,956	–	1.62%	–
AMG	New	AFFILIATED MANAGERS GRP	$16,328,000	–	177,206	–	1.61%	–
ESGR	New	ENSTAR GROUP LTD	$16,291,000	–	93,478	–	1.60%	–
TROW	New	T ROWE PRICE GROUP INC	$14,878,000	–	135,611	–	1.46%	–
DHIL	New	DIAMOND HILL INVT CL A	$12,654,000	–	89,286	–	1.24%	–
AAPL	New	APPLE INC	$12,125,000	–	61,263	–	1.19%	–
BRKA	New	BERKSHIRE HATHAWAY A	$11,779,000	–	37	–	1.16%	–
GLPI	New	GAMING & LEISURE INC	$11,246,000	–	288,514	–	1.11%	–
LSXMK	New	LIBERTY MEDIA CORP SERIES C LI	$9,171,000	–	241,461	–	0.90%	–
MGM	New	MGM MIRAGE	$8,685,000	–	303,985	–	0.85%	–
JEF	New	JEFFERIES FINANCIAL GROUP INC	$6,649,000	–	345,746	–	0.65%	–
LYV	New	LIVE NATION ENTMT	$6,563,000	–	99,058	–	0.64%	–
ORLY	New	O'REILLY AUTOMOTIVE INC	$4,920,000	–	13,323	–	0.48%	–
DIS	New	WALT DISNEY CO	$4,700,000	–	33,661	–	0.46%	–
AMT	New	AMERICAN TOWER CORP	$4,670,000	–	22,843	–	0.46%	–
XOM	New	EXXON MOBIL CORP	$3,795,000	–	49,520	–	0.37%	–
GBL	New	GAMCO INVS INC	$3,506,000	–	182,905	–	0.34%	–
PG	New	PROCTER & GAMBLE	$3,322,000	–	30,299	–	0.33%	–
KO	New	COCA COLA COM	$1,951,000	–	38,319	–	0.19%	–
CHDN	New	CHURCHILL DOWNS	$1,671,000	–	14,525	–	0.16%	–
MCD	New	MC DONALDS CORP	$1,523,000	–	7,333	–	0.15%	–
WTFC	New	WINTRUST FINANCIAL	$1,491,000	–	20,379	–	0.15%	–
LVS	New	LAS VEGAS SANDS CORP	$1,382,000	–	23,392	–	0.14%	–
CVX	New	CHEVRON CORPORATION	$1,351,000	–	10,859	–	0.13%	–
MSFT	New	MICROSOFT CORP	$1,337,000	–	9,978	–	0.13%	–
PNC	New	PNC FINANCIAL SRVCS	$1,136,000	–	8,272	–	0.11%	–
SBCF	New	SEACOAST BK CORP FLA	$1,136,000	–	44,650	–	0.11%	–
KKR	New	KOHLBERG KRAVIS ROBERTS & CO.	$941,000	–	37,225	–	0.09%	–
COST	New	COSTCO WHOLESALE CO	$836,000	–	3,164	–	0.08%	–
UPS	New	UNITED PARCEL SRVC CL B	$774,000	–	7,492	–	0.08%	–
UTX	New	UNITED TECHNOLOGIES	$757,000	–	5,813	–	0.07%	–
HUM	New	HUMANA INC	$605,000	–	2,280	–	0.06%	–
PFE	New	PFIZER INCORPORATED	$573,000	–	13,232	–	0.06%	–
BA	New	BOEING CO	$563,000	–	1,547	–	0.06%	–
USB	New	US BANCORP DEL	$547,000	–	10,436	–	0.05%	–
HHC	New	HOWARD HUGHES CORP	$522,000	–	4,214	–	0.05%	–
INTU	New	INTUIT	$517,000	–	1,979	–	0.05%	–
ABT	New	ABBOTT LABORATORIES	$454,000	–	5,399	–	0.04%	–
ABBV	New	ABBVIE INC	$448,000	–	6,167	–	0.04%	–
MRK	New	MERCK & CO INC	$436,000	–	5,194	–	0.04%	–
MDLZ	New	MONDELEZ INTL CLASS A	$363,000	–	6,740	–	0.04%	–
SPY	New	SPDR S&P 500 ETF	$347,000	–	1,184	–	0.03%	–
V	New	VISA INC COM CLASS A	$339,000	–	1,951	–	0.03%	–
PM	New	PHILIP MORRIS INTL INC	$306,000	–	3,900	–	0.03%	–
FB	New	FACEBOOK INC CL A	$289,000	–	1,500	–	0.03%	–
ADP	New	AUTOMATIC DATA PROCESS	$260,000	–	1,575	–	0.03%	–
MA	New	MASTERCARD INC.	$257,000	–	973	–	0.02%	–
WMT	New	WAL-MART STORES INC	$258,000	–	2,334	–	0.02%	–
HD	New	HOME DEPOT INC	$239,000	–	1,147	–	0.02%	–
LLY	New	LILLY ELI & CO	$245,000	–	2,212	–	0.02%	–
SBUX	New	STARBUCKS CORP	$237,000	–	2,827	–	0.02%	–
BDX	New	BECTON DICKINSON & CO	$236,000	–	938	–	0.02%	–
CTAS	New	CINTAS CORP	$237,000	–	1,000	–	0.02%	–
NLY	New	ANNALY CAP MGMT INC	$228,000	–	25,000	–	0.02%	–
BAX	New	BAXTER INTL	$217,000	–	2,648	–	0.02%	–
UNP	New	UNION PAC CORP	$205,000	–	1,210	–	0.02%	–
ITW	New	ILLINOIS TOOL WORKS INC	$208,000	–	1,376	–	0.02%	–
MVIS	New	MICROVISION INC WASH	$10,000	–	12,000	–	0.00%	–

Q4 2018

			Value		Shares		↓ Weighting
MVIS	Exit	MICROVISION INC WASH	$0	–	-12,000	–	-0.00%	–
SLCT	Exit	SELECT BANCORP INC	$0	–	-14,000	–	-0.02%	–
BAX	Exit	BAXTER INTL	$0	–	-2,648	–	-0.02%	–
UNP	Exit	UNION PAC CORP	$0	–	-1,258	–	-0.02%	–
MA	Exit	MASTERCARD INC.	$0	–	-973	–	-0.02%	–
LLY	Exit	LILLY ELI & CO	$0	–	-2,162	–	-0.02%	–
BAC	Exit	BANK OF AMERICA CORP	$0	–	-8,000	–	-0.02%	–
BDX	Exit	BECTON DICKINSON & CO	$0	–	-938	–	-0.02%	–
FDX	Exit	FEDEX CORPORATION	$0	–	-1,060	–	-0.02%	–
WSBC	Exit	WESBANCO INC	$0	–	-5,896	–	-0.03%	–
AC	Exit	ASSOCIATED CAPITAL GP	$0	–	-6,500	–	-0.03%	–
ITW	Exit	ILLINOIS TOOL WORKS INC	$0	–	-1,926	–	-0.03%	–
MMM	Exit	3M COMPANY	$0	–	-1,327	–	-0.03%	–
MDLZ	Exit	MONDELEZ INTL CLASS A	$0	–	-6,508	–	-0.03%	–
OAK	Exit	OAKTREE CAP GRP CL A	$0	–	-6,900	–	-0.03%	–
V	Exit	VISA INC COM CLASS A	$0	–	-1,885	–	-0.03%	–
NFLX	Exit	NETFLIX COM INC	$0	–	-800	–	-0.03%	–
RRR	Exit	RED ROCK RESORTS INC	$0	–	-11,550	–	-0.03%	–
NLY	Exit	ANNALY CAP MGMT INC	$0	–	-31,000	–	-0.03%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-4,000	–	-0.03%	–
ADP	Exit	AUTOMATIC DATA PROCESS	$0	–	-2,700	–	-0.04%	–
WMT	Exit	WAL-MART STORES INC	$0	–	-4,670	–	-0.04%	–
MRK	Exit	MERCK & CO INC	$0	–	-6,158	–	-0.04%	–
INTU	Exit	INTUIT	$0	–	-1,979	–	-0.04%	–
ABT	Exit	ABBOTT LABORATORIES	$0	–	-6,945	–	-0.05%	–
FB	Exit	FACEBOOK INC CL A	$0	–	-3,094	–	-0.05%	–
ABBV	Exit	ABBVIE INC	$0	–	-5,848	–	-0.05%	–
BA	Exit	BOEING CO	$0	–	-1,572	–	-0.06%	–
SPY	Exit	SPDR S&P 500 ETF	$0	–	-2,136	–	-0.06%	–
PFE	Exit	PFIZER INCORPORATED	$0	–	-14,962	–	-0.06%	–
USB	Exit	US BANCORP DEL	$0	–	-13,072	–	-0.07%	–
COST	Exit	COSTCO WHOLESALE CO	$0	–	-3,096	–	-0.07%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-7,345	–	-0.08%	–
UTX	Exit	UNITED TECHNOLOGIES	$0	–	-6,620	–	-0.09%	–
HUM	Exit	HUMANA INC	$0	–	-2,830	–	-0.09%	–
UPS	Exit	UNITED PARCEL SRVC CL B	$0	–	-8,818	–	-0.10%	–
MCO	Exit	MOODY'S CORP	$0	–	-6,371	–	-0.10%	–
PNC	Exit	PNC FINANCIAL SRVCS	$0	–	-8,427	–	-0.11%	–
MCD	Exit	MC DONALDS CORP	$0	–	-6,901	–	-0.11%	–
OXY	Exit	OCCIDENTAL PETROL CO	$0	–	-15,089	–	-0.12%	–
HHC	Exit	HOWARD HUGHES CORP	$0	–	-10,236	–	-0.12%	–
SBCF	Exit	SEACOAST BK CORP FLA	$0	–	-43,650	–	-0.12%	–
CVX	Exit	CHEVRON CORPORATION	$0	–	-15,154	–	-0.18%	–
WTFC	Exit	WINTRUST FINANCIAL	$0	–	-21,833	–	-0.18%	–
FRFHF	Exit	FAIRFAX FINL HLDGS LTD	$0	–	-3,568	–	-0.19%	–
LVS	Exit	LAS VEGAS SANDS CORP	$0	–	-33,165	–	-0.19%	–
AGN	Exit	ALLERGAN PLC F	$0	–	-13,165	–	-0.25%	–
PG	Exit	PROCTER & GAMBLE	$0	–	-34,545	–	-0.28%	–
CHDN	Exit	CHURCHILL DOWNS	$0	–	-10,918	–	-0.30%	–
AMT	Exit	AMERICAN TOWER CORP	$0	–	-23,943	–	-0.34%	–
SONA	Exit	SOUTHERN NATL BANCORP	$0	–	-242,423	–	-0.39%	–
DIS	Exit	WALT DISNEY CO	$0	–	-34,427	–	-0.40%	–
RLGY	Exit	REALOGY HLDGS CORP	$0	–	-273,925	–	-0.56%	–
LYV	Exit	LIVE NATION ENTMT	$0	–	-105,828	–	-0.57%	–
ORLY	Exit	O'REILLY AUTOMOTIVE INC	$0	–	-18,822	–	-0.64%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-126,932	–	-0.76%	–
MGM	Exit	MGM MIRAGE	$0	–	-277,475	–	-0.76%	–
TROW	Exit	T ROWE PRICE GROUP INC	$0	–	-95,861	–	-1.03%	–
GBL	Exit	GAMCO INVS INC	$0	–	-494,464	–	-1.14%	–
BRKA	Exit	BERKSHIRE HATHAWAY A	$0	–	-38	–	-1.20%	–
AAPL	Exit	APPLE INC	$0	–	-56,499	–	-1.26%	–
PACW	Exit	PACWEST BANCORP	$0	–	-279,429	–	-1.31%	–
DHIL	Exit	DIAMOND HILL INVT CL A	$0	–	-81,272	–	-1.32%	–
KO	Exit	COCA COLA COM	$0	–	-317,310	–	-1.44%	–
JEF	Exit	JEFFERIES FINANCIAL GROUP INC	$0	–	-707,468	–	-1.53%	–
DEI	Exit	DOUGLAS EMMETT INC	$0	–	-446,020	–	-1.66%	–
BAM	Exit	BROOKFIELD ASSET MGMT	$0	–	-384,914	–	-1.69%	–
EL	Exit	ESTEE LAUDER INC	$0	–	-126,197	–	-1.80%	–
GOOGL	Exit	ALPHABET INC SHS CL A	$0	–	-16,198	–	-1.92%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-185,824	–	-2.06%	–
ESGR	Exit	ENSTAR GROUP LTD	$0	–	-107,470	–	-2.20%	–
PEP	Exit	PEPSICO INC	$0	–	-201,753	–	-2.22%	–
TIF	Exit	TIFFANY & CO NEW	$0	–	-175,178	–	-2.22%	–
NKE	Exit	NIKE INC CL B	$0	–	-267,466	–	-2.23%	–
VNO	Exit	VORNADO REALTY TRUST	$0	–	-325,440	–	-2.34%	–
KMX	Exit	CARMAX INC	$0	–	-327,930	–	-2.41%	–
AMG	Exit	AFFILIATED MANAGERS GRP	$0	–	-187,758	–	-2.53%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-241,039	–	-2.53%	–
AMZN	Exit	AMAZON.COM INC	$0	–	-12,923	–	-2.55%	–
GLPI	Exit	GAMING & LEISURE INC	$0	–	-767,464	–	-2.66%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-318,340	–	-2.66%	–
GOOG	Exit	ALPHABET INC SHS CL C	$0	–	-23,918	–	-2.81%	–
WFC	Exit	WELLS FARGO & CO	$0	–	-547,631	–	-2.83%	–
WYNN	Exit	WYNN RESORTS LTD	$0	–	-228,950	–	-2.86%	–
BX	Exit	BLACKSTONE GROUP LP	$0	–	-867,221	–	-3.25%	–
JNJ	Exit	JOHNSON AND JOHNSON	$0	–	-273,526	–	-3.72%	–
HOMB	Exit	HOME BANCSHARES INC	$0	–	-1,878,560	–	-4.05%	–
GS	Exit	GOLDMAN SACHS INC	$0	–	-186,390	–	-4.11%	–
MKL	Exit	MARKEL CORP COM	$0	–	-68,739	–	-8.04%	–
BRKB	Exit	BERKSHIRE HATHAWAY B	$0	–	-674,942	–	-14.22%	–

Q3 2018

			Value		Shares		↓ Weighting
BRKB	Sell	BERKSHIRE HATHAWAY B	$144,512,000	+11.8%	674,942	-2.5%	14.22%	+6.5%
MKL	Sell	MARKEL CORP COM	$81,696,000	+8.6%	68,739	-0.9%	8.04%	+3.4%
GS	Buy	GOLDMAN SACHS INC	$41,796,000	+13.7%	186,390	+11.9%	4.11%	+8.3%
HOMB	Buy	HOME BANCSHARES INC	$41,140,000	+3.3%	1,878,560	+6.4%	4.05%	-1.6%
JNJ	Sell	JOHNSON AND JOHNSON	$37,793,000	+13.6%	273,526	-0.2%	3.72%	+8.3%
BX	Sell	BLACKSTONE GROUP LP	$33,024,000	+17.1%	867,221	-1.1%	3.25%	+11.5%
WYNN	Buy	WYNN RESORTS LTD	$29,090,000	+4.8%	228,950	+38.0%	2.86%	-0.2%
WFC	Sell	WELLS FARGO & CO	$28,783,000	-5.7%	547,631	-0.5%	2.83%	-10.2%
GOOG	Sell	ALPHABET INC SHS CL C	$28,545,000	+6.6%	23,918	-0.4%	2.81%	+1.6%
XOM	Sell	EXXON MOBIL CORP	$27,065,000	-1.8%	318,340	-4.5%	2.66%	-6.5%
GLPI	Buy	GAMING & LEISURE INC	$27,053,000	-0.7%	767,464	+0.9%	2.66%	-5.4%
AMZN	Sell	AMAZON.COM INC	$25,885,000	+16.9%	12,923	-0.8%	2.55%	+11.3%
AXP	Sell	AMERICAN EXPRESS CO	$25,668,000	+5.4%	241,039	-3.0%	2.53%	+0.4%
AMG	Buy	AFFILIATED MANAGERS GRP	$25,670,000	+3.8%	187,758	+12.9%	2.53%	-1.1%
KMX	Sell	CARMAX INC	$24,487,000	+1.2%	327,930	-1.2%	2.41%	-3.6%
VNO	Sell	VORNADO REALTY TRUST	$23,757,000	-2.9%	325,440	-1.6%	2.34%	-7.5%
NKE	Sell	NIKE INC CL B	$22,660,000	+5.3%	267,466	-1.0%	2.23%	+0.3%
TIF	Sell	TIFFANY & CO NEW	$22,593,000	-10.9%	175,178	-9.0%	2.22%	-15.1%
PEP	Sell	PEPSICO INC	$22,556,000	+1.3%	201,753	-1.4%	2.22%	-3.6%
ESGR	Sell	ENSTAR GROUP LTD	$22,407,000	-6.1%	107,470	-6.7%	2.20%	-10.5%
JPM	Sell	JPMORGAN CHASE & CO	$20,968,000	+7.0%	185,824	-1.2%	2.06%	+1.9%
GOOGL	Sell	ALPHABET INC SHS CL A	$19,552,000	+6.8%	16,198	-0.0%	1.92%	+1.8%
EL	Sell	ESTEE LAUDER INC	$18,339,000	+1.4%	126,197	-0.4%	1.80%	-3.4%
BAM	Sell	BROOKFIELD ASSET MGMT	$17,136,000	+11.3%	384,914	-0.0%	1.69%	+6.0%
DEI	Sell	DOUGLAS EMMETT INC	$16,824,000	-9.0%	446,020	-3.1%	1.66%	-13.4%
JEF	Buy	JEFFERIES FINANCIAL GROUP INC	$15,536,000	+7.9%	707,468	+11.7%	1.53%	+2.8%
KO	Sell	COCA COLA COM	$14,657,000	-2.2%	317,310	-7.1%	1.44%	-6.8%
DHIL	Buy	DIAMOND HILL INVT CL A	$13,442,000	+11.3%	81,272	+30.8%	1.32%	+6.0%
PACW	Buy	PACWEST BANCORP	$13,315,000	+88.1%	279,429	+95.1%	1.31%	+79.2%
AAPL	Sell	APPLE INC	$12,754,000	+18.1%	56,499	-3.1%	1.26%	+12.6%
GBL	Sell	GAMCO INVS INC	$11,580,000	-16.5%	494,464	-4.6%	1.14%	-20.5%
TROW	Sell	T ROWE PRICE GROUP INC	$10,466,000	-8.4%	95,861	-2.6%	1.03%	-12.7%
MGM	Buy	MGM MIRAGE	$7,744,000	+80.6%	277,475	+87.9%	0.76%	+72.0%
SLB	Sell	SCHLUMBERGER LTD	$7,733,000	-20.1%	126,932	-12.0%	0.76%	-23.8%
ORLY	Sell	O'REILLY AUTOMOTIVE INC	$6,537,000	+6.2%	18,822	-16.3%	0.64%	+1.1%
LYV	Sell	LIVE NATION ENTMT	$5,764,000	+9.6%	105,828	-2.3%	0.57%	+4.4%
RLGY	Sell	REALOGY HLDGS CORP	$5,654,000	-17.8%	273,925	-9.2%	0.56%	-21.8%
DIS	Sell	WALT DISNEY CO	$4,026,000	+7.4%	34,427	-3.7%	0.40%	+2.3%
SONA	Sell	SOUTHERN NATL BANCORP	$3,927,000	-37.6%	242,423	-31.3%	0.39%	-40.6%
AMT	Sell	AMERICAN TOWER CORP	$3,479,000	-1.2%	23,943	-2.0%	0.34%	-6.0%
PG	Sell	PROCTER & GAMBLE	$2,875,000	+3.7%	34,545	-2.7%	0.28%	-1.0%
AGN	Sell	ALLERGAN PLC F	$2,508,000	+6.0%	13,165	-7.3%	0.25%	+0.8%
LVS	Sell	LAS VEGAS SANDS CORP	$1,968,000	-31.1%	33,165	-11.3%	0.19%	-34.2%
FRFHF	Sell	FAIRFAX FINL HLDGS LTD	$1,938,000	-28.0%	3,568	-25.8%	0.19%	-31.3%
WTFC	Sell	WINTRUST FINANCIAL	$1,854,000	-2.9%	21,833	-0.5%	0.18%	-7.6%
CVX	Sell	CHEVRON CORPORATION	$1,853,000	-14.2%	15,154	-11.3%	0.18%	-18.4%
HHC	Sell	HOWARD HUGHES CORP	$1,272,000	-6.7%	10,236	-0.5%	0.12%	-11.3%
OXY	Sell	OCCIDENTAL PETROL CO	$1,240,000	-18.0%	15,089	-16.5%	0.12%	-21.8%
MCD	Buy	MC DONALDS CORP	$1,154,000	+6.9%	6,901	+0.1%	0.11%	+1.8%
PNC	Sell	PNC FINANCIAL SRVCS	$1,148,000	+0.6%	8,427	-0.3%	0.11%	-4.2%
UPS	Sell	UNITED PARCEL SRVC CL B	$1,030,000	+9.6%	8,818	-0.3%	0.10%	+4.1%
HUM	Sell	HUMANA INC	$958,000	+0.6%	2,830	-11.6%	0.09%	-4.1%
MSFT	Sell	MICROSOFT CORP	$840,000	+12.1%	7,345	-3.3%	0.08%	+7.8%
USB	Sell	US BANCORP DEL	$690,000	+0.6%	13,072	-4.7%	0.07%	-4.2%
PFE	Buy	PFIZER INCORPORATED	$659,000	+21.6%	14,962	+0.2%	0.06%	+16.1%
SPY	Sell	SPDR S&P 500 ETF	$621,000	-4.0%	2,136	-10.5%	0.06%	-9.0%
ABBV	Sell	ABBVIE INC	$553,000	-1.2%	5,848	-3.3%	0.05%	-6.9%
ABT	Sell	ABBOTT LABORATORIES	$509,000	+15.2%	6,945	-4.1%	0.05%	+8.7%
WMT	Sell	WAL-MART STORES INC	$439,000	-1.3%	4,670	-10.2%	0.04%	-6.5%
MRK	Buy	MERCK & CO INC	$437,000	+17.5%	6,158	+0.4%	0.04%	+13.2%
PM	Sell	PHILIP MORRIS INTL INC	$326,000	-28.7%	4,000	-29.4%	0.03%	-31.9%
NLY	Sell	ANNALY CAP MGMT INC	$317,000	-2.8%	31,000	-2.1%	0.03%	-8.8%
RRR	Sell	RED ROCK RESORTS INC	$308,000	-43.3%	11,550	-28.7%	0.03%	-46.4%
NFLX	Sell	NETFLIX COM INC	$299,000	-23.5%	800	-20.0%	0.03%	-27.5%
MDLZ	Buy	MONDELEZ INTL CLASS A	$280,000	+5.3%	6,508	+0.4%	0.03%	+3.7%
MMM	Sell	3M COMPANY	$280,000	+6.9%	1,327	-0.5%	0.03%	+3.7%
V	Buy	VISA INC COM CLASS A	$283,000	+14.1%	1,885	+0.5%	0.03%	+7.7%
OAK	Sell	OAKTREE CAP GRP CL A	$286,000	-53.6%	6,900	-54.5%	0.03%	-56.2%
WSBC	New	WESBANCO INC	$263,000	–	5,896	–	0.03%	–
BAC	Sell	BANK OF AMERICA CORP	$236,000	-6.0%	8,000	-10.1%	0.02%	-11.5%
LLY	New	LILLY ELI & CO	$232,000	–	2,162	–	0.02%	–
MA	New	MASTERCARD INC.	$217,000	–	973	–	0.02%	–
BAX	New	BAXTER INTL	$204,000	–	2,648	–	0.02%	–
UNP	New	UNION PAC CORP	$205,000	–	1,258	–	0.02%	–
SLCT	New	SELECT BANCORP INC	$174,000	–	14,000	–	0.02%	–
FFKT	Exit	FARMERS CAP BK CORP	$0	–	-5,600	–	-0.03%	–
GGP	Exit	GENERAL GROWTH PPTYS INC	$0	–	-23,225	–	-0.05%	–
JBGS	Exit	JBG SMITH PROP	$0	–	-36,761	–	-0.14%	–

Q2 2018

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY B	$129,218,000	–	692,301	–	13.35%	–
MKL	New	MARKEL CORP COM	$75,235,000	–	69,383	–	7.77%	–
HOMB	New	HOME BANCSHARES INC	$39,829,000	–	1,765,471	–	4.12%	–
GS	New	GOLDMAN SACHS INC	$36,754,000	–	166,632	–	3.80%	–
JNJ	New	JOHNSON AND JOHNSON	$33,256,000	–	274,071	–	3.44%	–
WFC	New	WELLS FARGO & CO	$30,527,000	–	550,631	–	3.15%	–
BX	New	BLACKSTONE GROUP LP	$28,205,000	–	876,746	–	2.91%	–
WYNN	New	WYNN RESORTS LTD	$27,759,000	–	165,885	–	2.87%	–
XOM	New	EXXON MOBIL CORP	$27,573,000	–	333,290	–	2.85%	–
GLPI	New	GAMING & LEISURE INC	$27,238,000	–	760,839	–	2.81%	–
GOOG	New	ALPHABET INC SHS CL C	$26,779,000	–	24,003	–	2.77%	–
TIF	New	TIFFANY & CO NEW	$25,344,000	–	192,586	–	2.62%	–
AMG	New	AFFILIATED MANAGERS GRP	$24,721,000	–	166,281	–	2.55%	–
VNO	New	VORNADO REALTY TRUST	$24,459,000	–	330,890	–	2.53%	–
AXP	New	AMERICAN EXPRESS CO	$24,346,000	–	248,425	–	2.52%	–
KMX	New	CARMAX INC	$24,194,000	–	332,020	–	2.50%	–
ESGR	New	ENSTAR GROUP LTD	$23,866,000	–	115,127	–	2.46%	–
PEP	New	PEPSICO INC	$22,274,000	–	204,592	–	2.30%	–
AMZN	New	AMAZON.COM INC	$22,148,000	–	13,030	–	2.29%	–
NKE	New	NIKE INC CL B	$21,528,000	–	270,177	–	2.22%	–
JPM	New	JPMORGAN CHASE & CO	$19,594,000	–	188,043	–	2.02%	–
DEI	New	DOUGLAS EMMETT INC	$18,493,000	–	460,248	–	1.91%	–
GOOGL	New	ALPHABET INC SHS CL A	$18,299,000	–	16,205	–	1.89%	–
EL	New	ESTEE LAUDER INC	$18,082,000	–	126,722	–	1.87%	–
BAM	New	BROOKFIELD ASSET MGMT	$15,403,000	–	385,064	–	1.59%	–
KO	New	COCA COLA COM	$14,988,000	–	341,729	–	1.55%	–
JEF	New	JEFFERIES FINANCIAL GROUP INC	$14,398,000	–	633,175	–	1.49%	–
GBL	New	GAMCO INVS INC	$13,871,000	–	518,330	–	1.43%	–
DHIL	New	DIAMOND HILL INVT CL A	$12,076,000	–	62,112	–	1.25%	–
TROW	New	T ROWE PRICE GROUP INC	$11,425,000	–	98,411	–	1.18%	–
AAPL	New	APPLE INC	$10,795,000	–	58,316	–	1.12%	–
BRKA	New	BERKSHIRE HATHAWAY A	$10,718,000	–	38	–	1.11%	–
SLB	New	SCHLUMBERGER LTD	$9,674,000	–	144,316	–	1.00%	–
PACW	New	PACWEST BANCORP	$7,077,000	–	143,209	–	0.73%	–
RLGY	New	REALOGY HLDGS CORP	$6,878,000	–	301,675	–	0.71%	–
SONA	New	SOUTHERN NATL BANCORP	$6,295,000	–	352,871	–	0.65%	–
ORLY	New	O'REILLY AUTOMOTIVE INC	$6,155,000	–	22,498	–	0.64%	–
LYV	New	LIVE NATION ENTMT	$5,261,000	–	108,328	–	0.54%	–
MGM	New	MGM MIRAGE	$4,288,000	–	147,700	–	0.44%	–
DIS	New	WALT DISNEY CO	$3,748,000	–	35,759	–	0.39%	–
AMT	New	AMERICAN TOWER CORP	$3,523,000	–	24,434	–	0.36%	–
CHDN	New	CHURCHILL DOWNS	$3,237,000	–	10,918	–	0.33%	–
LVS	New	LAS VEGAS SANDS CORP	$2,857,000	–	37,410	–	0.30%	–
PG	New	PROCTER & GAMBLE	$2,773,000	–	35,520	–	0.29%	–
FRFHF	New	FAIRFAX FINL HLDGS LTD	$2,693,000	–	4,807	–	0.28%	–
AGN	New	ALLERGAN PLC F	$2,367,000	–	14,200	–	0.24%	–
CVX	New	CHEVRON CORPORATION	$2,159,000	–	17,076	–	0.22%	–
WTFC	New	WINTRUST FINANCIAL	$1,909,000	–	21,933	–	0.20%	–
OXY	New	OCCIDENTAL PETROL CO	$1,512,000	–	18,072	–	0.16%	–
SBCF	New	SEACOAST BK CORP FLA	$1,378,000	–	43,650	–	0.14%	–
HHC	New	HOWARD HUGHES CORP	$1,363,000	–	10,286	–	0.14%	–
JBGS	New	JBG SMITH PROP	$1,341,000	–	36,761	–	0.14%	–
PNC	New	PNC FINANCIAL SRVCS	$1,141,000	–	8,449	–	0.12%	–
MCO	New	MOODY'S CORP	$1,087,000	–	6,371	–	0.11%	–
MCD	New	MC DONALDS CORP	$1,080,000	–	6,895	–	0.11%	–
HUM	New	HUMANA INC	$952,000	–	3,200	–	0.10%	–
UPS	New	UNITED PARCEL SRVC CL B	$940,000	–	8,846	–	0.10%	–
UTX	New	UNITED TECHNOLOGIES	$828,000	–	6,620	–	0.09%	–
MSFT	New	MICROSOFT CORP	$749,000	–	7,592	–	0.08%	–
USB	New	US BANCORP DEL	$686,000	–	13,722	–	0.07%	–
SPY	New	SPDR S&P 500 ETF	$647,000	–	2,386	–	0.07%	–
COST	New	COSTCO WHOLESALE CO	$647,000	–	3,096	–	0.07%	–
OAK	New	OAKTREE CAP GRP CL A	$616,000	–	15,150	–	0.06%	–
FB	New	FACEBOOK INC CL A	$601,000	–	3,094	–	0.06%	–
ABBV	New	ABBVIE INC	$560,000	–	6,048	–	0.06%	–
PFE	New	PFIZER INCORPORATED	$542,000	–	14,930	–	0.06%	–
RRR	New	RED ROCK RESORTS INC	$543,000	–	16,200	–	0.06%	–
BA	New	BOEING CO	$527,000	–	1,572	–	0.05%	–
GGP	New	GENERAL GROWTH PPTYS INC	$474,000	–	23,225	–	0.05%	–
PM	New	PHILIP MORRIS INTL INC	$457,000	–	5,662	–	0.05%	–
ABT	New	ABBOTT LABORATORIES	$442,000	–	7,245	–	0.05%	–
WMT	New	WAL-MART STORES INC	$445,000	–	5,200	–	0.05%	–
INTU	New	INTUIT	$404,000	–	1,979	–	0.04%	–
NFLX	New	NETFLIX COM INC	$391,000	–	1,000	–	0.04%	–
MRK	New	MERCK & CO INC	$372,000	–	6,133	–	0.04%	–
ADP	New	AUTOMATIC DATA PROCESS	$362,000	–	2,700	–	0.04%	–
NLY	New	ANNALY CAP MGMT INC	$326,000	–	31,650	–	0.03%	–
FFKT	New	FARMERS CAP BK CORP	$292,000	–	5,600	–	0.03%	–
ITW	New	ILLINOIS TOOL WORKS INC	$267,000	–	1,926	–	0.03%	–
MDLZ	New	MONDELEZ INTL CLASS A	$266,000	–	6,481	–	0.03%	–
MMM	New	3M COMPANY	$262,000	–	1,333	–	0.03%	–
AC	New	ASSOCIATED CAPITAL GP	$247,000	–	6,500	–	0.03%	–
V	New	VISA INC COM CLASS A	$248,000	–	1,875	–	0.03%	–
BAC	New	BANK OF AMERICA CORP	$251,000	–	8,900	–	0.03%	–
FDX	New	FEDEX CORPORATION	$241,000	–	1,060	–	0.02%	–
BDX	New	BECTON DICKINSON & CO	$225,000	–	938	–	0.02%	–
MVIS	New	MICROVISION INC WASH	$13,000	–	12,000	–	0.00%	–

Q4 2017

			Value		Shares		↓ Weighting
MVIS	Exit	MICROVISION INC WASH	$0	–	-12,000	–	-0.00%	–
TCO	Exit	TAUBMAN CTRS INC	$0	–	-4,250	–	-0.02%	–
FFKT	Exit	FARMERS CAP BK CORP	$0	–	-5,738	–	-0.03%	–
ADP	Exit	AUTOMATIC DATA PROCESS	$0	–	-2,200	–	-0.03%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-2,000	–	-0.03%	–
BAC	Exit	BANK OF AMERICA CORP	$0	–	-9,696	–	-0.03%	–
MDLZ	Exit	MONDELEZ INTL CLASS A	$0	–	-6,344	–	-0.03%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-3,954	–	-0.03%	–
AC	Exit	ASSOCIATED CAPITAL GP	$0	–	-7,200	–	-0.03%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-10,752	–	-0.03%	–
FDX	Exit	FEDEX CORPORATION	$0	–	-1,200	–	-0.03%	–
INTU	Exit	INTUIT	$0	–	-1,979	–	-0.03%	–
BP	Exit	BP PLC	$0	–	-8,085	–	-0.03%	–
MMM	Exit	3M COMPANY	$0	–	-1,550	–	-0.04%	–
ABT	Exit	ABBOTT LABORATORIES	$0	–	-6,333	–	-0.04%	–
NLY	Exit	ANNALY CAP MGMT INC	$0	–	-31,650	–	-0.04%	–
MRK	Exit	MERCK & CO INC	$0	–	-6,231	–	-0.04%	–
WMT	Exit	WAL-MART STORES INC	$0	–	-5,200	–	-0.04%	–
BA	Exit	BOEING CO	$0	–	-1,599	–	-0.04%	–
SPY	Exit	SPDR S&P 500 ETF	$0	–	-1,734	–	-0.05%	–
MINT	Exit	PIMCO ENHAN SHRT MATURITY	$0	–	-4,500	–	-0.05%	–
FB	Exit	FACEBOOK INC CL A	$0	–	-2,681	–	-0.05%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-6,370	–	-0.05%	–
COST	Exit	COSTCO WHOLESALE CO	$0	–	-3,096	–	-0.05%	–
PFE	Exit	PFIZER INCORPORATED	$0	–	-14,549	–	-0.06%	–
ABBV	Exit	ABBVIE INC	$0	–	-6,109	–	-0.06%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-5,512	–	-0.06%	–
UTX	Exit	UNITED TECHNOLOGIES	$0	–	-6,274	–	-0.08%	–
USB	Exit	US BANCORP DEL	$0	–	-13,820	–	-0.08%	–
MCO	Exit	MOODY'S CORP	$0	–	-6,371	–	-0.09%	–
HUM	Exit	HUMANA INC	$0	–	-4,000	–	-0.10%	–
MCD	Exit	MC DONALDS CORP	$0	–	-6,572	–	-0.11%	–
SBCF	Exit	SEACOAST BK CORP FLA	$0	–	-46,150	–	-0.12%	–
PNC	Exit	PNC FINANCIAL SRVCS	$0	–	-8,346	–	-0.12%	–
GGP	Exit	GENERAL GROWTH PPTYS INC	$0	–	-58,500	–	-0.13%	–
HHC	Exit	HOWARD HUGHES CORP	$0	–	-10,467	–	-0.13%	–
UPS	Exit	UNITED PARCEL SRVC CL B	$0	–	-10,368	–	-0.13%	–
OAK	Exit	OAKTREE CAP GRP CL A	$0	–	-36,850	–	-0.18%	–
WTFC	Exit	WINTRUST FINANCIAL	$0	–	-22,740	–	-0.19%	–
OXY	Exit	OCCIDENTAL PETROL CO	$0	–	-30,526	–	-0.21%	–
CVX	Exit	CHEVRON CORPORATION	$0	–	-17,277	–	-0.22%	–
JBGS	Exit	JBG SMITH PROP	$0	–	-77,964	–	-0.28%	–
LVS	Exit	LAS VEGAS SANDS CORP	$0	–	-46,090	–	-0.32%	–
FRFHF	Exit	FAIRFAX FINL HLDGS LTD	$0	–	-5,722	–	-0.32%	–
AMT	Exit	AMERICAN TOWER CORP	$0	–	-24,309	–	-0.35%	–
PG	Exit	PROCTER & GAMBLE	$0	–	-37,231	–	-0.36%	–
DIS	Exit	WALT DISNEY CO	$0	–	-35,189	–	-0.37%	–
LYV	Exit	LIVE NATION ENTMT	$0	–	-112,230	–	-0.52%	–
ORLY	Exit	O'REILLY AUTOMOTIVE INC	$0	–	-23,788	–	-0.54%	–
PACW	Exit	PACWEST BANCORP	$0	–	-143,960	–	-0.77%	–
CHDN	Exit	CHURCHILL DOWNS	$0	–	-36,593	–	-0.80%	–
DHIL	Exit	DIAMOND HILL INVT CL A	$0	–	-38,373	–	-0.87%	–
AAPL	Exit	APPLE INC	$0	–	-59,272	–	-0.97%	–
TROW	Exit	T ROWE PRICE GROUP INC	$0	–	-106,877	–	-1.03%	–
RLGY	Exit	REALOGY HLDGS CORP	$0	–	-297,108	–	-1.04%	–
SONA	Exit	SOUTHERN NATL BANCORP	$0	–	-576,980	–	-1.04%	–
BRKA	Exit	BERKSHIRE HATHAWAY A	$0	–	-38	–	-1.11%	–
AMZN	Exit	AMAZON.COM INC	$0	–	-13,164	–	-1.35%	–
LUK	Exit	LEUCADIA NATL CORP	$0	–	-512,158	–	-1.38%	–
EL	Exit	ESTEE LAUDER INC	$0	–	-134,632	–	-1.55%	–
NKE	Exit	NIKE INC CL B	$0	–	-282,056	–	-1.56%	–
BAM	Exit	BROOKFIELD ASSET MGMT	$0	–	-357,153	–	-1.57%	–
GBL	Exit	GAMCO INVS INC	$0	–	-528,275	–	-1.67%	–
GOOGL	Exit	ALPHABET INC SHS CL A	$0	–	-16,361	–	-1.70%	–
HOMB	Exit	HOME BANCSHARES INC	$0	–	-678,069	–	-1.82%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-190,449	–	-1.94%	–
KO	Exit	COCA COLA COM	$0	–	-405,050	–	-1.94%	–
DEI	Exit	DOUGLAS EMMETT INC	$0	–	-476,985	–	-2.00%	–
TIF	Exit	TIFFANY & CO NEW	$0	–	-207,441	–	-2.03%	–
VNO	Exit	VORNADO REALTY TRUST	$0	–	-256,117	–	-2.10%	–
KMX	Exit	CARMAX INC	$0	–	-276,511	–	-2.23%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-316,933	–	-2.35%	–
GOOG	Exit	ALPHABET INC SHS CL C	$0	–	-23,962	–	-2.45%	–
PEP	Exit	PEPSICO INC	$0	–	-212,659	–	-2.52%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-266,641	–	-2.57%	–
GLPI	Exit	GAMING & LEISURE INC	$0	–	-680,745	–	-2.67%	–
ESGR	Exit	ENSTAR GROUP LTD	$0	–	-126,081	–	-2.98%	–
BX	Exit	BLACKSTONE GROUP LP	$0	–	-865,092	–	-3.07%	–
AMG	Exit	AFFILIATED MANAGERS GRP	$0	–	-152,370	–	-3.08%	–
WFC	Exit	WELLS FARGO & CO	$0	–	-525,274	–	-3.08%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-358,135	–	-3.12%	–
JNJ	Exit	JOHNSON AND JOHNSON	$0	–	-267,173	–	-3.70%	–
WYNN	Exit	WYNN RESORTS LTD	$0	–	-238,302	–	-3.78%	–
GS	Exit	GOLDMAN SACHS INC	$0	–	-168,279	–	-4.25%	–
MKL	Exit	MARKEL CORP COM	$0	–	-69,719	–	-7.93%	–
BRKB	Exit	BERKSHIRE HATHAWAY B	$0	–	-718,585	–	-14.02%	–

Q3 2017

			Value		Shares		↓ Weighting
BRKB	Sell	BERKSHIRE HATHAWAY B	$131,731,000	+6.7%	718,585	-1.4%	14.02%	+2.1%
MKL	Sell	MARKEL CORP COM	$74,458,000	+8.9%	69,719	-0.5%	7.93%	+4.1%
GS	Sell	GOLDMAN SACHS INC	$39,914,000	+6.9%	168,279	-0.0%	4.25%	+2.2%
WYNN	Sell	WYNN RESORTS LTD	$35,488,000	+8.1%	238,302	-2.6%	3.78%	+3.4%
JNJ	Sell	JOHNSON AND JOHNSON	$34,735,000	-2.6%	267,173	-0.9%	3.70%	-6.9%
XOM	Buy	EXXON MOBIL CORP	$29,360,000	+3.8%	358,135	+2.2%	3.12%	-0.7%
WFC	Sell	WELLS FARGO & CO	$28,969,000	-0.9%	525,274	-0.5%	3.08%	-5.3%
AMG	Sell	AFFILIATED MANAGERS GRP	$28,924,000	+14.1%	152,370	-0.3%	3.08%	+9.1%
BX	Buy	BLACKSTONE GROUP LP	$28,868,000	+0.3%	865,092	+0.2%	3.07%	-4.1%
ESGR	Sell	ENSTAR GROUP LTD	$28,034,000	+1.6%	126,081	-9.2%	2.98%	-2.8%
GLPI	Buy	GAMING & LEISURE INC	$25,113,000	-1.8%	680,745	+0.2%	2.67%	-6.1%
AXP	Sell	AMERICAN EXPRESS CO	$24,120,000	-1.1%	266,641	-7.9%	2.57%	-5.4%
PEP	Sell	PEPSICO INC	$23,697,000	-4.7%	212,659	-1.3%	2.52%	-8.9%
GOOG	Sell	ALPHABET INC SHS CL C	$22,982,000	+5.2%	23,962	-0.3%	2.45%	+0.6%
SLB	Sell	SCHLUMBERGER LTD	$22,109,000	+5.6%	316,933	-0.4%	2.35%	+0.9%
KMX	Sell	CARMAX INC	$20,962,000	+19.8%	276,511	-0.3%	2.23%	+14.6%
VNO	Buy	VORNADO REALTY TRUST	$19,690,000	-17.8%	256,117	+0.4%	2.10%	-21.4%
TIF	Sell	TIFFANY & CO NEW	$19,039,000	-3.1%	207,441	-0.9%	2.03%	-7.3%
DEI	Sell	DOUGLAS EMMETT INC	$18,803,000	+2.3%	476,985	-0.9%	2.00%	-2.2%
KO	Sell	COCA COLA COM	$18,231,000	-6.0%	405,050	-6.3%	1.94%	-10.1%
JPM	Sell	JPMORGAN CHASE & CO	$18,190,000	+3.7%	190,449	-0.8%	1.94%	-0.8%
HOMB	Buy	HOME BANCSHARES INC	$17,101,000	+217.3%	678,069	+213.3%	1.82%	+203.3%
GOOGL	Sell	ALPHABET INC SHS CL A	$15,931,000	+4.7%	16,361	-0.0%	1.70%	+0.1%
GBL	Sell	GAMCO INVS INC	$15,721,000	+0.4%	528,275	-0.2%	1.67%	-4.1%
BAM	Sell	BROOKFIELD ASSET MGMT	$14,750,000	+4.6%	357,153	-0.6%	1.57%	0.0%
NKE	Sell	NIKE INC CL B	$14,625,000	-12.5%	282,056	-0.4%	1.56%	-16.3%
EL	Sell	ESTEE LAUDER INC	$14,519,000	+11.9%	134,632	-0.4%	1.55%	+7.1%
LUK	Sell	LEUCADIA NATL CORP	$12,932,000	-15.2%	512,158	-12.2%	1.38%	-18.9%
AMZN	Sell	AMAZON.COM INC	$12,655,000	-0.9%	13,164	-0.2%	1.35%	-5.3%
SONA	Sell	SOUTHERN NATL BANCORP	$9,803,000	-11.6%	576,980	-8.4%	1.04%	-15.4%
RLGY	Sell	REALOGY HLDGS CORP	$9,790,000	-0.7%	297,108	-2.2%	1.04%	-5.1%
TROW	Sell	T ROWE PRICE GROUP INC	$9,688,000	+21.7%	106,877	-0.4%	1.03%	+16.4%
AAPL	Sell	APPLE INC	$9,135,000	+3.5%	59,272	-3.2%	0.97%	-1.0%
DHIL	Buy	DIAMOND HILL INVT CL A	$8,149,000	+636.1%	38,373	+591.4%	0.87%	+604.9%
PACW	Buy	PACWEST BANCORP	$7,271,000	+15.3%	143,960	+6.6%	0.77%	+10.3%
ORLY	New	O'REILLY AUTOMOTIVE INC	$5,123,000	–	23,788	–	0.54%	–
LYV	Sell	LIVE NATION ENTMT	$4,888,000	+24.0%	112,230	-0.8%	0.52%	+18.5%
DIS	Buy	WALT DISNEY CO	$3,469,000	-6.8%	35,189	+0.4%	0.37%	-10.9%
PG	Sell	PROCTER & GAMBLE	$3,387,000	-3.0%	37,231	-7.1%	0.36%	-7.2%
FRFHF	Sell	FAIRFAX FINL HLDGS LTD	$2,971,000	+13.3%	5,722	-5.5%	0.32%	+8.2%
LVS	Sell	LAS VEGAS SANDS CORP	$2,957,000	-1.6%	46,090	-2.0%	0.32%	-6.0%
JBGS	New	JBG SMITH PROP	$2,667,000	–	77,964	–	0.28%	–
CVX	Buy	CHEVRON CORPORATION	$2,030,000	+14.6%	17,277	+1.8%	0.22%	+9.6%
OXY	Sell	OCCIDENTAL PETROL CO	$1,960,000	+5.7%	30,526	-1.4%	0.21%	+1.5%
WTFC	Sell	WINTRUST FINANCIAL	$1,781,000	-2.1%	22,740	-4.4%	0.19%	-5.9%
OAK	Sell	OAKTREE CAP GRP CL A	$1,734,000	-4.2%	36,850	-5.1%	0.18%	-8.0%
UPS	Sell	UNITED PARCEL SRVC CL B	$1,245,000	+7.6%	10,368	-0.9%	0.13%	+3.1%
HHC	Sell	HOWARD HUGHES CORP	$1,234,000	-4.4%	10,467	-0.4%	0.13%	-9.0%
GGP	Buy	GENERAL GROWTH PPTYS INC	$1,215,000	+49.4%	58,500	+69.6%	0.13%	+43.3%
MCD	Buy	MC DONALDS CORP	$1,030,000	+7.7%	6,572	+5.3%	0.11%	+3.8%
HUM	Sell	HUMANA INC	$975,000	-3.6%	4,000	-4.8%	0.10%	-8.0%
USB	Sell	US BANCORP DEL	$741,000	+1.8%	13,820	-1.4%	0.08%	-2.5%
UTX	Sell	UNITED TECHNOLOGIES	$728,000	-8.4%	6,274	-3.6%	0.08%	-12.5%
PM	Sell	PHILIP MORRIS INTL INC	$612,000	-9.6%	5,512	-4.3%	0.06%	-13.3%
ABBV	Buy	ABBVIE INC	$543,000	+30.5%	6,109	+6.4%	0.06%	+26.1%
PFE	Buy	PFIZER INCORPORATED	$519,000	+8.6%	14,549	+2.3%	0.06%	+3.8%
COST	Buy	COSTCO WHOLESALE CO	$509,000	+5.6%	3,096	+2.7%	0.05%	0.0%
MSFT	Buy	MICROSOFT CORP	$475,000	+40.5%	6,370	+29.9%	0.05%	+34.2%
FB	Buy	FACEBOOK INC CL A	$458,000	+15.9%	2,681	+2.6%	0.05%	+11.4%
MINT	New	PIMCO ENHAN SHRT MATURITY	$458,000	–	4,500	–	0.05%	–
BA	Buy	BOEING CO	$406,000	+46.6%	1,599	+14.3%	0.04%	+38.7%
ABT	Buy	ABBOTT LABORATORIES	$338,000	+26.6%	6,333	+15.1%	0.04%	+20.0%
BP	Sell	BP PLC	$311,000	+4.7%	8,085	-5.8%	0.03%	0.0%
MDLZ	Sell	MONDELEZ INTL CLASS A	$258,000	-7.5%	6,344	-1.8%	0.03%	-12.9%
MO	Buy	ALTRIA GROUP INC	$251,000	-14.6%	3,954	+0.1%	0.03%	-18.2%
TCO	Sell	TAUBMAN CTRS INC	$211,000	-60.4%	4,250	-52.5%	0.02%	-62.7%
ENB	Exit	ENBRIDGE INC	$0	–	-6,610	–	-0.03%	–
ORLY	Exit	O'REILLY AUTOMOTIVE INC	$0	–	-7,126	–	-0.17%	–
SGBK	Exit	STONEGATE BK FT LAUDERDALE FL	$0	–	-225,494	–	-1.16%	–

Q2 2017

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY B	$123,422,000	–	728,712	–	13.74%	–
MKL	New	MARKEL CORP COM	$68,403,000	–	70,095	–	7.61%	–
GS	New	GOLDMAN SACHS INC	$37,353,000	–	168,334	–	4.16%	–
JNJ	New	JOHNSON AND JOHNSON	$35,664,000	–	269,589	–	3.97%	–
WYNN	New	WYNN RESORTS LTD	$32,827,000	–	244,757	–	3.65%	–
WFC	New	WELLS FARGO & CO	$29,245,000	–	527,787	–	3.26%	–
BX	New	BLACKSTONE GROUP LP	$28,786,000	–	863,162	–	3.20%	–
XOM	New	EXXON MOBIL CORP	$28,282,000	–	350,332	–	3.15%	–
ESGR	New	ENSTAR GROUP LTD	$27,584,000	–	138,855	–	3.07%	–
GLPI	New	GAMING & LEISURE INC	$25,583,000	–	679,124	–	2.85%	–
AMG	New	AFFILIATED MANAGERS GRP	$25,356,000	–	152,875	–	2.82%	–
PEP	New	PEPSICO INC	$24,874,000	–	215,376	–	2.77%	–
AXP	New	AMERICAN EXPRESS CO	$24,379,000	–	289,396	–	2.71%	–
VNO	New	VORNADO REALTY TRUST	$23,943,000	–	254,987	–	2.66%	–
GOOG	New	ALPHABET INC SHS CL C	$21,850,000	–	24,044	–	2.43%	–
SLB	New	SCHLUMBERGER LTD	$20,946,000	–	318,128	–	2.33%	–
TIF	New	TIFFANY & CO NEW	$19,640,000	–	209,226	–	2.19%	–
KO	New	COCA COLA COM	$19,388,000	–	432,279	–	2.16%	–
DEI	New	DOUGLAS EMMETT INC	$18,387,000	–	481,205	–	2.05%	–
JPM	New	JPMORGAN CHASE & CO	$17,541,000	–	191,912	–	1.95%	–
KMX	New	CARMAX INC	$17,496,000	–	277,456	–	1.95%	–
NKE	New	NIKE INC CL B	$16,708,000	–	283,184	–	1.86%	–
GBL	New	GAMCO INVS INC	$15,666,000	–	529,250	–	1.74%	–
LUK	New	LEUCADIA NATL CORP	$15,253,000	–	583,064	–	1.70%	–
GOOGL	New	ALPHABET INC SHS CL A	$15,217,000	–	16,368	–	1.69%	–
BAM	New	BROOKFIELD ASSET MGMT	$14,103,000	–	359,318	–	1.57%	–
EL	New	ESTEE LAUDER INC	$12,974,000	–	135,173	–	1.44%	–
AMZN	New	AMAZON.COM INC	$12,772,000	–	13,194	–	1.42%	–
SONA	New	SOUTHERN NATL BANCORP	$11,090,000	–	630,135	–	1.23%	–
SGBK	New	STONEGATE BK FT LAUDERDALE FL	$10,413,000	–	225,494	–	1.16%	–
RLGY	New	REALOGY HLDGS CORP	$9,862,000	–	303,908	–	1.10%	–
BRKA	New	BERKSHIRE HATHAWAY A	$9,679,000	–	38	–	1.08%	–
AAPL	New	APPLE INC	$8,822,000	–	61,258	–	0.98%	–
TROW	New	T ROWE PRICE GROUP INC	$7,963,000	–	107,303	–	0.89%	–
CHDN	New	CHURCHILL DOWNS	$6,707,000	–	36,593	–	0.75%	–
PACW	New	PACWEST BANCORP	$6,306,000	–	135,035	–	0.70%	–
HOMB	New	HOME BANCSHARES INC	$5,389,000	–	216,420	–	0.60%	–
LYV	New	LIVE NATION ENTMT	$3,942,000	–	113,125	–	0.44%	–
DIS	New	WALT DISNEY CO	$3,722,000	–	35,033	–	0.41%	–
PG	New	PROCTER & GAMBLE	$3,492,000	–	40,074	–	0.39%	–
AMT	New	AMERICAN TOWER CORP	$3,217,000	–	24,309	–	0.36%	–
LVS	New	LAS VEGAS SANDS CORP	$3,006,000	–	47,050	–	0.34%	–
FRFHF	New	FAIRFAX FINL HLDGS LTD	$2,623,000	–	6,052	–	0.29%	–
OXY	New	OCCIDENTAL PETROL CO	$1,854,000	–	30,965	–	0.21%	–
WTFC	New	WINTRUST FINANCIAL	$1,819,000	–	23,790	–	0.20%	–
OAK	New	OAKTREE CAP GRP CL A	$1,810,000	–	38,850	–	0.20%	–
CVX	New	CHEVRON CORPORATION	$1,771,000	–	16,971	–	0.20%	–
ORLY	New	O'REILLY AUTOMOTIVE INC	$1,559,000	–	7,126	–	0.17%	–
HHC	New	HOWARD HUGHES CORP	$1,291,000	–	10,511	–	0.14%	–
UPS	New	UNITED PARCEL SRVC CL B	$1,157,000	–	10,459	–	0.13%	–
SBCF	New	SEACOAST BK CORP FLA	$1,112,000	–	46,150	–	0.12%	–
DHIL	New	DIAMOND HILL INVT CL A	$1,107,000	–	5,550	–	0.12%	–
PNC	New	PNC FINANCIAL SRVCS	$1,042,000	–	8,346	–	0.12%	–
HUM	New	HUMANA INC	$1,011,000	–	4,200	–	0.11%	–
MCD	New	MC DONALDS CORP	$956,000	–	6,239	–	0.11%	–
GGP	New	GENERAL GROWTH PPTYS INC	$813,000	–	34,500	–	0.09%	–
UTX	New	UNITED TECHNOLOGIES	$795,000	–	6,507	–	0.09%	–
MCO	New	MOODY'S CORP	$775,000	–	6,371	–	0.09%	–
USB	New	US BANCORP DEL	$728,000	–	14,020	–	0.08%	–
PM	New	PHILIP MORRIS INTL INC	$677,000	–	5,762	–	0.08%	–
TCO	New	TAUBMAN CTRS INC	$533,000	–	8,950	–	0.06%	–
COST	New	COSTCO WHOLESALE CO	$482,000	–	3,015	–	0.05%	–
PFE	New	PFIZER INCORPORATED	$478,000	–	14,218	–	0.05%	–
SPY	New	SPDR S&P 500 ETF	$419,000	–	1,734	–	0.05%	–
ABBV	New	ABBVIE INC	$416,000	–	5,739	–	0.05%	–
FB	New	FACEBOOK INC CL A	$395,000	–	2,614	–	0.04%	–
MRK	New	MERCK & CO INC	$399,000	–	6,231	–	0.04%	–
WMT	New	WAL-MART STORES INC	$394,000	–	5,200	–	0.04%	–
NLY	New	ANNALY CAP MGMT INC	$381,000	–	31,650	–	0.04%	–
MSFT	New	MICROSOFT CORP	$338,000	–	4,902	–	0.04%	–
MMM	New	3M COMPANY	$323,000	–	1,550	–	0.04%	–
MO	New	ALTRIA GROUP INC	$294,000	–	3,951	–	0.03%	–
BP	New	BP PLC	$297,000	–	8,585	–	0.03%	–
GE	New	GENERAL ELECTRIC CO	$290,000	–	10,752	–	0.03%	–
BA	New	BOEING CO	$277,000	–	1,399	–	0.03%	–
MDLZ	New	MONDELEZ INTL CLASS A	$279,000	–	6,457	–	0.03%	–
ABT	New	ABBOTT LABORATORIES	$267,000	–	5,500	–	0.03%	–
ENB	New	ENBRIDGE INC	$263,000	–	6,610	–	0.03%	–
INTU	New	INTUIT	$263,000	–	1,979	–	0.03%	–
FDX	New	FEDEX CORPORATION	$261,000	–	1,200	–	0.03%	–
AC	New	ASSOCIATED CAPITAL GP	$245,000	–	7,200	–	0.03%	–
GLD	New	SPDR GOLD TRUST	$236,000	–	2,000	–	0.03%	–
BAC	New	BANK OF AMERICA CORP	$235,000	–	9,696	–	0.03%	–
FFKT	New	FARMERS CAP BK CORP	$221,000	–	5,738	–	0.02%	–
ADP	New	AUTOMATIC DATA PROCESS	$225,000	–	2,200	–	0.02%	–
MVIS	New	MICROVISION INC WASH	$25,000	–	12,000	–	0.00%	–

Q4 2016

			Value		Shares		↓ Weighting
MVIS	Exit	MICROVISION INC WASH	$0	–	-10,000	–	-0.00%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-3,205	–	-0.02%	–
INTU	Exit	INTUIT	$0	–	-1,950	–	-0.03%	–
DD	Exit	DU PONT E I DE NEMOURS	$0	–	-3,100	–	-0.03%	–
FDX	Exit	FDX CORP	$0	–	-1,250	–	-0.03%	–
ABT	Exit	ABBOTT LABORATORIES	$0	–	-5,355	–	-0.03%	–
ADP	Exit	AUTOMATIC DATA PROCESS	$0	–	-2,600	–	-0.03%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-2,000	–	-0.03%	–
AC	Exit	ASSOCIATED CAPITAL GROUP INC	$0	–	-7,250	–	-0.03%	–
FFKT	Exit	FARMERS CAP BK CORP	$0	–	-9,000	–	-0.03%	–
SPY	Exit	S&P DEPOSITARY RECEIPTS	$0	–	-1,287	–	-0.03%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-4,812	–	-0.03%	–
MMM	Exit	3 M	$0	–	-1,600	–	-0.04%	–
SE	Exit	SPECTRA ENERGY CORP	$0	–	-6,718	–	-0.04%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-6,892	–	-0.04%	–
MDLZ	Exit	MONDELEZ INTL INC	$0	–	-7,003	–	-0.04%	–
FB	Exit	FACEBOOK INC	$0	–	-2,375	–	-0.04%	–
ABBV	Exit	ABBVIE INC	$0	–	-5,111	–	-0.04%	–
NLY	Exit	ANNALY CAP MGMT INC	$0	–	-31,650	–	-0.04%	–
MRK	Exit	MERCK & CO INC	$0	–	-6,033	–	-0.05%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-13,454	–	-0.05%	–
DHIL	Exit	DIAMOND HILL INVESTMENT GROUP	$0	–	-2,500	–	-0.06%	–
BP	Exit	BP PLC ADR F SPONSORED ADR 1 A	$0	–	-13,563	–	-0.06%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-3,450	–	-0.06%	–
PFE	Exit	PFIZER INC	$0	–	-15,595	–	-0.06%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-6,277	–	-0.08%	–
WMT	Exit	WAL-MART STORES INC	$0	–	-8,400	–	-0.08%	–
USB	Exit	US BANCORP DEL	$0	–	-15,870	–	-0.08%	–
MCO	Exit	MOODY'S CORP	$0	–	-6,350	–	-0.08%	–
UTX	Exit	UNITED TECHNOLOGIES CP	$0	–	-7,128	–	-0.09%	–
MCD	Exit	MCDONALDS CORP	$0	–	-6,342	–	-0.09%	–
HUM	Exit	HUMANA INC	$0	–	-4,700	–	-0.10%	–
PNC	Exit	PNC FINL SERVICES GP INC	$0	–	-9,400	–	-0.10%	–
HHC	Exit	HOWARD HUGHES CORP	$0	–	-10,479	–	-0.15%	–
UPS	Exit	UNITED PARCEL SVC	$0	–	-12,510	–	-0.17%	–
WTFC	Exit	WINTRUST FINANCIAL CORP	$0	–	-26,358	–	-0.18%	–
OAK	Exit	OAKTREE CAPITAL GROUP LLC	$0	–	-35,500	–	-0.18%	–
CVX	Exit	CHEVRON CORPORATION	$0	–	-17,557	–	-0.22%	–
CFX	Exit	COLFAX CORP	$0	–	-69,115	–	-0.27%	–
OXY	Exit	OCCIDENTAL PETE CORP	$0	–	-34,521	–	-0.31%	–
SBCF	Exit	SEACOAST BKG CORP FLA	$0	–	-169,016	–	-0.33%	–
AMT	Exit	AMERICAN TOWER CORP	$0	–	-24,309	–	-0.34%	–
LYV	Exit	LIVE NATION ENT INC	$0	–	-116,350	–	-0.39%	–
DIS	Exit	DISNEY WALT CO	$0	–	-35,762	–	-0.41%	–
FRFHF	Exit	FAIRFAX FINL HLDGS LTD	$0	–	-5,952	–	-0.43%	–
LVS	Exit	LAS VEGAS SANDS CORP	$0	–	-70,093	–	-0.50%	–
CHDN	Exit	CHURCHILL DOWNS	$0	–	-32,167	–	-0.58%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-57,442	–	-0.63%	–
PACW	Exit	PAC WEST BANCORP	$0	–	-142,860	–	-0.75%	–
TROW	Exit	T ROWE PRICE ASSOCIATES	$0	–	-96,658	–	-0.79%	–
RLGY	Exit	REALOGY HLDGS CORP	$0	–	-264,235	–	-0.84%	–
AAPL	Exit	APPLE INC	$0	–	-67,376	–	-0.94%	–
BRKA	Exit	BERKSHIRE HATHAWAY A	$0	–	-38	–	-1.01%	–
SONA	Exit	SOUTHERN NATL BANCORP VA	$0	–	-720,694	–	-1.16%	–
AMZN	Exit	AMAZON.COM INC.	$0	–	-13,580	–	-1.40%	–
EL	Exit	ESTEE LAUDER	$0	–	-138,273	–	-1.51%	–
GBL	Exit	GAMCO INVS INC	$0	–	-454,716	–	-1.59%	–
BAM	Exit	BROOKFIELD ASSET MGMT	$0	–	-370,435	–	-1.60%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-199,638	–	-1.64%	–
GOOGL	Exit	ALPHABET INC CL A	$0	–	-16,815	–	-1.66%	–
GLPI	Exit	GAMING & LEISURE PPTYS	$0	–	-424,627	–	-1.75%	–
KMX	Exit	CARMAX INC	$0	–	-267,638	–	-1.76%	–
LUK	Exit	LEUCADIA NATL CORP	$0	–	-766,192	–	-1.79%	–
NKE	Exit	NIKE INC CL B	$0	–	-291,834	–	-1.89%	–
TIF	Exit	TIFFANY & CO NEW	$0	–	-215,089	–	-1.92%	–
WFM	Exit	WHOLE FOODS MARKET, INC.	$0	–	-590,320	–	-2.06%	–
DEI	Exit	DOUGLAS EMMETT INC	$0	–	-519,540	–	-2.34%	–
GOOG	Exit	ALPHABET INC CL C	$0	–	-25,059	–	-2.40%	–
KO	Exit	COCA COLA COM	$0	–	-466,056	–	-2.43%	–
BX	Exit	BLACKSTONE GROUP	$0	–	-816,587	–	-2.56%	–
AMG	Exit	AFFILIATED MANAGERS GRP	$0	–	-151,568	–	-2.70%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-355,761	–	-2.80%	–
VNO	Exit	VORNADO REALTY TRUST	$0	–	-225,435	–	-2.81%	–
WFC	Exit	WELLS FARGO & CO	$0	–	-545,827	–	-2.97%	–
PEP	Exit	PEPSICO INC	$0	–	-224,159	–	-3.00%	–
WYNN	Exit	WYNN RESORTS LTD	$0	–	-258,492	–	-3.10%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-329,892	–	-3.19%	–
ESGR	Exit	ENSTAR GROUP LTD	$0	–	-172,227	–	-3.48%	–
GS	Exit	GOLDMAN SACHS GRP INC	$0	–	-180,908	–	-3.59%	–
XOM	Exit	EXXON MOBIL CORP COM	$0	–	-360,136	–	-3.87%	–
JNJ	Exit	JOHNSON AND JOHNSON	$0	–	-280,751	–	-4.08%	–
MKL	Exit	MARKEL CORP COM	$0	–	-71,037	–	-8.12%	–
BRKB	Exit	BERKSHIRE HATHAWAY B	$0	–	-776,670	–	-13.80%	–

Q3 2016

			Value		Shares		↓ Weighting
BRKB	Sell	BERKSHIRE HATHAWAY B	$112,206,000	-0.7%	776,670	-0.5%	13.80%	+0.9%
MKL	Sell	MARKEL CORP COM	$65,977,000	-5.8%	71,037	-3.3%	8.12%	-4.2%
JNJ	Sell	JOHNSON AND JOHNSON	$33,165,000	-4.7%	280,751	-2.1%	4.08%	-3.1%
XOM	Sell	EXXON MOBIL CORP COM	$31,433,000	-9.6%	360,136	-3.0%	3.87%	-8.2%
GS	Sell	GOLDMAN SACHS GRP INC	$29,175,000	+8.1%	180,908	-0.4%	3.59%	+9.9%
ESGR	Sell	ENSTAR GROUP LTD	$28,326,000	-2.6%	172,227	-4.0%	3.48%	-1.0%
SLB	Sell	SCHLUMBERGER LTD	$25,943,000	-5.0%	329,892	-4.5%	3.19%	-3.4%
WYNN	Sell	WYNN RESORTS LTD	$25,182,000	+5.4%	258,492	-1.9%	3.10%	+7.1%
PEP	Sell	PEPSICO INC	$24,382,000	-0.5%	224,159	-3.0%	3.00%	+1.2%
WFC	Sell	WELLS FARGO & CO	$24,169,000	-7.3%	545,827	-0.9%	2.97%	-5.7%
VNO	Sell	VORNADO REALTY TRUST	$22,816,000	-0.9%	225,435	-2.0%	2.81%	+0.7%
AXP	Sell	AMERICAN EXPRESS CO	$22,783,000	+0.6%	355,761	-4.5%	2.80%	+2.3%
AMG	Buy	AFFILIATED MANAGERS GRP	$21,932,000	+7.2%	151,568	+4.3%	2.70%	+9.0%
BX	Buy	BLACKSTONE GROUP	$20,847,000	+23.7%	816,587	+18.9%	2.56%	+25.7%
KO	Sell	COCA COLA COM	$19,724,000	-9.8%	466,056	-3.4%	2.43%	-8.3%
GOOG	Sell	ALPHABET INC CL C	$19,478,000	+11.7%	25,059	-0.6%	2.40%	+13.5%
DEI	Sell	DOUGLAS EMMETT INC	$19,031,000	-6.2%	519,540	-9.0%	2.34%	-4.6%
WFM	Sell	WHOLE FOODS MARKET, INC.	$16,736,000	-13.4%	590,320	-2.2%	2.06%	-12.0%
TIF	Sell	TIFFANY & CO NEW	$15,622,000	+18.4%	215,089	-1.2%	1.92%	+20.3%
NKE	Sell	NIKE INC CL B	$15,365,000	-5.3%	291,834	-0.7%	1.89%	-3.8%
LUK	Sell	LEUCADIA NATL CORP	$14,588,000	-25.7%	766,192	-32.4%	1.79%	-24.6%
KMX	Sell	CARMAX INC	$14,278,000	+7.2%	267,638	-1.5%	1.76%	+8.9%
GLPI	Buy	GAMING & LEISURE PPTYS	$14,204,000	-2.9%	424,627	+0.1%	1.75%	-1.3%
GOOGL	Sell	ALPHABET INC CL A	$13,520,000	+13.8%	16,815	-0.4%	1.66%	+15.6%
JPM	Sell	JPMORGAN CHASE & CO	$13,294,000	+1.6%	199,638	-5.1%	1.64%	+3.3%
BAM	Sell	BROOKFIELD ASSET MGMT	$13,017,000	+5.2%	370,435	-1.0%	1.60%	+6.9%
GBL	Sell	GAMCO INVS INC	$12,946,000	-15.2%	454,716	-2.4%	1.59%	-13.8%
EL	Sell	ESTEE LAUDER	$12,245,000	-5.3%	138,273	-2.7%	1.51%	-3.8%
AMZN	Sell	AMAZON.COM INC.	$11,371,000	+15.5%	13,580	-1.3%	1.40%	+17.4%
SONA	Sell	SOUTHERN NATL BANCORP VA	$9,405,000	+6.7%	720,694	-0.6%	1.16%	+8.5%
AAPL	Buy	APPLE INC	$7,617,000	+19.1%	67,376	+0.7%	0.94%	+21.1%
RLGY	Sell	REALOGY HLDGS CORP	$6,833,000	-11.9%	264,235	-1.2%	0.84%	-10.5%
TROW	Buy	T ROWE PRICE ASSOCIATES	$6,428,000	-3.8%	96,658	+5.6%	0.79%	-2.1%
PACW	Sell	PAC WEST BANCORP	$6,130,000	+4.4%	142,860	-3.2%	0.75%	+6.0%
PG	Sell	PROCTER & GAMBLE CO	$5,155,000	-4.9%	57,442	-10.2%	0.63%	-3.4%
LVS	Sell	LAS VEGAS SANDS CORP	$4,033,000	+3.0%	70,093	-22.1%	0.50%	+4.6%
FRFHF	Sell	FAIRFAX FINL HLDGS LTD	$3,485,000	+5.7%	5,952	-3.3%	0.43%	+7.5%
DIS	Sell	DISNEY WALT CO	$3,321,000	-7.8%	35,762	-2.9%	0.41%	-6.4%
LYV	Buy	LIVE NATION ENT INC	$3,197,000	+17.5%	116,350	+0.5%	0.39%	+19.5%
SBCF	Sell	SEACOAST BKG CORP FLA	$2,719,000	-6.0%	169,016	-5.1%	0.33%	-4.6%
OXY	Buy	OCCIDENTAL PETE CORP	$2,517,000	-3.3%	34,521	+0.2%	0.31%	-1.6%
CFX	Sell	COLFAX CORP	$2,172,000	-3.7%	69,115	-18.9%	0.27%	-2.2%
CVX	Sell	CHEVRON CORPORATION	$1,807,000	-10.5%	17,557	-8.9%	0.22%	-9.0%
OAK	New	OAKTREE CAPITAL GROUP LLC	$1,505,000	–	35,500	–	0.18%	–
WTFC	Sell	WINTRUST FINANCIAL CORP	$1,465,000	-10.2%	26,358	-17.7%	0.18%	-9.1%
UPS	Buy	UNITED PARCEL SVC	$1,368,000	+2.8%	12,510	+1.2%	0.17%	+4.3%
PNC	Sell	PNC FINL SERVICES GP INC	$847,000	-15.9%	9,400	-24.1%	0.10%	-14.8%
HUM	Sell	HUMANA INC	$831,000	-38.4%	4,700	-37.3%	0.10%	-37.4%
MCD	Sell	MCDONALDS CORP	$732,000	-11.5%	6,342	-7.7%	0.09%	-10.0%
UTX	Sell	UNITED TECHNOLOGIES CP	$724,000	-23.2%	7,128	-22.5%	0.09%	-21.9%
USB	Sell	US BANCORP DEL	$681,000	-2.9%	15,870	-8.6%	0.08%	-1.2%
PM	Sell	PHILIP MORRIS INTL INC	$610,000	-6.7%	6,277	-2.3%	0.08%	-5.1%
WMT	Buy	WAL-MART STORES INC	$606,000	+0.7%	8,400	+1.8%	0.08%	+2.7%
PFE	Sell	PFIZER INC	$528,000	-19.6%	15,595	-16.4%	0.06%	-18.8%
BP	Sell	BP PLC ADR F SPONSORED ADR 1 A	$477,000	-21.0%	13,563	-20.2%	0.06%	-19.2%
GE	Buy	GENERAL ELECTRIC CO	$399,000	-2.2%	13,454	+3.9%	0.05%	0.0%
MRK	Buy	MERCK & CO INC	$377,000	+11.2%	6,033	+2.5%	0.05%	+12.2%
FB	Buy	FACEBOOK INC	$305,000	+21.0%	2,375	+7.7%	0.04%	+26.7%
MDLZ	Sell	MONDELEZ INTL INC	$307,000	-6.4%	7,003	-2.8%	0.04%	-5.0%
COP	Sell	CONOCOPHILLIPS	$300,000	-19.1%	6,892	-19.1%	0.04%	-17.8%
SE	Sell	SPECTRA ENERGY CORP	$287,000	+10.8%	6,718	-5.0%	0.04%	+12.9%
SPY	Buy	S&P DEPOSITARY RECEIPTS	$278,000	+17.8%	1,287	+14.0%	0.03%	+17.2%
MSFT	Buy	MICROSOFT CORP	$277,000	+13.5%	4,812	+0.7%	0.03%	+13.3%
AC	Sell	ASSOCIATED CAPITAL GROUP INC	$257,000	-92.4%	7,250	-93.8%	0.03%	-92.1%
GLD	New	SPDR GOLD TRUST	$251,000	–	2,000	–	0.03%	–
FDX	New	FDX CORP	$218,000	–	1,250	–	0.03%	–
MO	New	ALTRIA GROUP INC	$203,000	–	3,205	–	0.02%	–
MVIS	New	MICROVISION INC WASH	$14,000	–	10,000	–	0.00%	–
BAC	Exit	BANK OF AMERICA CORP	$0	–	-14,130	–	-0.02%	–
NTRS	Exit	NORTHERN TRUST CORP	$0	–	-3,050	–	-0.02%	–
BUSE	Exit	FIRST BUSEY CORP	$0	–	-11,833	–	-0.03%	–
TSS	Exit	TOTAL SYS SERV INC	$0	–	-4,819	–	-0.03%	–
HNI	Exit	HON INDUSTRIES	$0	–	-8,500	–	-0.05%	–

Q2 2016

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY B	$112,996,000	–	780,415	–	13.68%	–
MKL	New	MARKEL CORP COM	$70,016,000	–	73,486	–	8.47%	–
JNJ	New	JOHNSON AND JOHNSON	$34,796,000	–	286,859	–	4.21%	–
XOM	New	EXXON MOBIL CORP COM	$34,790,000	–	371,134	–	4.21%	–
ESGR	New	ENSTAR GROUP LTD	$29,071,000	–	179,460	–	3.52%	–
SLB	New	SCHLUMBERGER LTD	$27,311,000	–	345,354	–	3.30%	–
GS	New	GOLDMAN SACHS GRP INC	$26,981,000	–	181,590	–	3.26%	–
WFC	New	WELLS FARGO & CO	$26,060,000	–	550,608	–	3.15%	–
PEP	New	PEPSICO INC	$24,493,000	–	231,196	–	2.96%	–
WYNN	New	WYNN RESORTS LTD	$23,894,000	–	263,615	–	2.89%	–
VNO	New	VORNADO REALTY TRUST	$23,030,000	–	230,028	–	2.79%	–
AXP	New	AMERICAN EXPRESS CO	$22,641,000	–	372,627	–	2.74%	–
KO	New	COCA COLA COM	$21,873,000	–	482,531	–	2.65%	–
AMG	New	AFFILIATED MANAGERS GRP	$20,451,000	–	145,279	–	2.48%	–
DEI	New	DOUGLAS EMMETT INC	$20,279,000	–	570,909	–	2.45%	–
LUK	New	LEUCADIA NATL CORP	$19,646,000	–	1,133,659	–	2.38%	–
WFM	New	WHOLE FOODS MARKET, INC.	$19,320,000	–	603,361	–	2.34%	–
GOOG	New	ALPHABET INC CL C	$17,440,000	–	25,199	–	2.11%	–
BX	New	BLACKSTONE GROUP	$16,858,000	–	686,940	–	2.04%	–
NKE	New	NIKE INC CL B	$16,225,000	–	293,934	–	1.96%	–
GBL	New	GAMCO INVS INC	$15,264,000	–	465,794	–	1.85%	–
GLPI	New	GAMING & LEISURE PPTYS	$14,628,000	–	424,260	–	1.77%	–
KMX	New	CARMAX INC	$13,323,000	–	271,735	–	1.61%	–
TIF	New	TIFFANY & CO NEW	$13,199,000	–	217,654	–	1.60%	–
JPM	New	JPMORGAN CHASE & CO	$13,079,000	–	210,472	–	1.58%	–
EL	New	ESTEE LAUDER	$12,931,000	–	142,063	–	1.56%	–
BAM	New	BROOKFIELD ASSET MGMT	$12,369,000	–	374,010	–	1.50%	–
GOOGL	New	ALPHABET INC CL A	$11,881,000	–	16,888	–	1.44%	–
AMZN	New	AMAZON.COM INC.	$9,847,000	–	13,760	–	1.19%	–
SONA	New	SOUTHERN NATL BANCORP VA	$8,812,000	–	725,294	–	1.07%	–
BRKA	New	BERKSHIRE HATHAWAY A	$8,245,000	–	38	–	1.00%	–
RLGY	New	REALOGY HLDGS CORP	$7,759,000	–	267,360	–	0.94%	–
TROW	New	T ROWE PRICE ASSOCIATES	$6,679,000	–	91,530	–	0.81%	–
AAPL	New	APPLE INC	$6,395,000	–	66,892	–	0.77%	–
PACW	New	PAC WEST BANCORP	$5,872,000	–	147,610	–	0.71%	–
PG	New	PROCTER & GAMBLE CO	$5,418,000	–	63,994	–	0.66%	–
CHDN	New	CHURCHILL DOWNS	$4,065,000	–	32,167	–	0.49%	–
LVS	New	LAS VEGAS SANDS CORP	$3,915,000	–	90,025	–	0.47%	–
DIS	New	DISNEY WALT CO	$3,601,000	–	36,812	–	0.44%	–
AC	New	ASSOCIATED CAPITAL GROUP INC	$3,362,000	–	117,241	–	0.41%	–
FRFHF	New	FAIRFAX FINL HLDGS LTD	$3,297,000	–	6,152	–	0.40%	–
SBCF	New	SEACOAST BKG CORP FLA	$2,894,000	–	178,185	–	0.35%	–
AMT	New	AMERICAN TOWER CORP	$2,762,000	–	24,309	–	0.33%	–
LYV	New	LIVE NATION ENT INC	$2,720,000	–	115,725	–	0.33%	–
OXY	New	OCCIDENTAL PETE CORP	$2,603,000	–	34,451	–	0.32%	–
CFX	New	COLFAX CORP	$2,256,000	–	85,265	–	0.27%	–
CVX	New	CHEVRON CORPORATION	$2,020,000	–	19,266	–	0.24%	–
WTFC	New	WINTRUST FINANCIAL CORP	$1,632,000	–	32,008	–	0.20%	–
HUM	New	HUMANA INC	$1,349,000	–	7,500	–	0.16%	–
UPS	New	UNITED PARCEL SVC	$1,331,000	–	12,359	–	0.16%	–
HHC	New	HOWARD HUGHES CORP	$1,198,000	–	10,479	–	0.14%	–
PNC	New	PNC FINL SERVICES GP INC	$1,007,000	–	12,377	–	0.12%	–
UTX	New	UNITED TECHNOLOGIES CP	$943,000	–	9,193	–	0.11%	–
MCD	New	MCDONALDS CORP	$827,000	–	6,874	–	0.10%	–
USB	New	US BANCORP DEL	$701,000	–	17,370	–	0.08%	–
PFE	New	PFIZER INC	$657,000	–	18,660	–	0.08%	–
PM	New	PHILIP MORRIS INTL INC	$654,000	–	6,427	–	0.08%	–
BP	New	BP PLC ADR F SPONSORED ADR 1 A	$604,000	–	17,006	–	0.07%	–
WMT	New	WAL-MART STORES INC	$602,000	–	8,250	–	0.07%	–
MCO	New	MOODY'S CORP	$595,000	–	6,350	–	0.07%	–
COST	New	COSTCO WHSL CORP NEW	$542,000	–	3,450	–	0.07%	–
DHIL	New	DIAMOND HILL INVESTMENT GROUP	$471,000	–	2,500	–	0.06%	–
GE	New	GENERAL ELECTRIC CO	$408,000	–	12,952	–	0.05%	–
HNI	New	HON INDUSTRIES	$395,000	–	8,500	–	0.05%	–
COP	New	CONOCOPHILLIPS	$371,000	–	8,517	–	0.04%	–
NLY	New	ANNALY CAP MGMT INC	$350,000	–	31,650	–	0.04%	–
MRK	New	MERCK & CO INC	$339,000	–	5,883	–	0.04%	–
MDLZ	New	MONDELEZ INTL INC	$328,000	–	7,203	–	0.04%	–
ABBV	New	ABBVIE INC	$316,000	–	5,111	–	0.04%	–
MMM	New	3 M	$280,000	–	1,600	–	0.03%	–
SE	New	SPECTRA ENERGY CORP	$259,000	–	7,068	–	0.03%	–
TSS	New	TOTAL SYS SERV INC	$256,000	–	4,819	–	0.03%	–
BUSE	New	FIRST BUSEY CORP	$253,000	–	11,833	–	0.03%	–
FFKT	New	FARMERS CAP BK CORP	$246,000	–	9,000	–	0.03%	–
FB	New	FACEBOOK INC	$252,000	–	2,205	–	0.03%	–
MSFT	New	MICROSOFT CORP	$244,000	–	4,778	–	0.03%	–
SPY	New	S&P DEPOSITARY RECEIPTS	$236,000	–	1,129	–	0.03%	–
ADP	New	AUTOMATIC DATA PROCESS	$239,000	–	2,600	–	0.03%	–
ABT	New	ABBOTT LABORATORIES	$211,000	–	5,355	–	0.03%	–
INTU	New	INTUIT	$218,000	–	1,950	–	0.03%	–
NTRS	New	NORTHERN TRUST CORP	$202,000	–	3,050	–	0.02%	–
DD	New	DU PONT E I DE NEMOURS	$201,000	–	3,100	–	0.02%	–
BAC	New	BANK OF AMERICA CORP	$188,000	–	14,130	–	0.02%	–

Q4 2015

			Value		Shares		↓ Weighting
JOB	Exit	GENERAL EMPLOYMENT ENT INC	$0	–	-14,000	–	-0.00%	–
CRC	Exit	CALIFORNIA RESOURCES CORP	$0	–	-13,344	–	-0.00%	–
GDEN	Exit	GOLDEN ENTERTAINMENT	$0	–	-17,756	–	-0.02%	–
BAC	Exit	BANK OF AMERICA CORP	$0	–	-11,241	–	-0.02%	–
WU	Exit	WESTERN UNION CO	$0	–	-11,000	–	-0.03%	–
ABT	Exit	ABBOTT LABORATORIES	$0	–	-5,255	–	-0.03%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-4,775	–	-0.03%	–
INTU	Exit	INTUIT	$0	–	-2,400	–	-0.03%	–
MMM	Exit	3 M	$0	–	-1,600	–	-0.03%	–
FFKT	Exit	FARMERS CAP BK CORP	$0	–	-9,000	–	-0.03%	–
NTRS	Exit	NORTHERN TRUST CORP	$0	–	-3,550	–	-0.03%	–
LPNT	Exit	LifePoint Hospitals	$0	–	-3,600	–	-0.03%	–
ADP	Exit	AUTOMATIC DATA PROCESS	$0	–	-3,334	–	-0.03%	–
ABBV	Exit	ABBVIE INC	$0	–	-5,011	–	-0.04%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-12,567	–	-0.04%	–
TSS	Exit	TOTAL SYS SERV INC	$0	–	-6,819	–	-0.04%	–
MDLZ	Exit	MONDELEZ INTL INC	$0	–	-7,618	–	-0.04%	–
MRK	Exit	MERCK & CO INC	$0	–	-6,459	–	-0.04%	–
SPY	Exit	S&P DEPOSITARY RECEIPTS	$0	–	-1,787	–	-0.04%	–
APA	Exit	APACHE CORP	$0	–	-8,830	–	-0.04%	–
KMX	Exit	CARMAX INC	$0	–	-6,150	–	-0.05%	–
HNI	Exit	HON INDUSTRIES	$0	–	-8,500	–	-0.05%	–
IBM	Exit	INTERNATIONAL BUS MACH	$0	–	-2,665	–	-0.05%	–
DHIL	Exit	DIAMOND HILL INVESTMENT GROUP	$0	–	-2,500	–	-0.06%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-3,450	–	-0.06%	–
BBBY	Exit	BED BATH & BEYOND	$0	–	-8,790	–	-0.06%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-10,960	–	-0.07%	–
BP	Exit	BP PLC ADR F SPONSORED ADR 1 A	$0	–	-19,329	–	-0.08%	–
PFE	Exit	PFIZER INC	$0	–	-19,342	–	-0.08%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-7,966	–	-0.08%	–
MCD	Exit	MCDONALDS CORP	$0	–	-6,454	–	-0.08%	–
USB	Exit	US BANCORP DEL	$0	–	-18,130	–	-0.10%	–
EXPD	Exit	EXPEDITORS INTL WASH	$0	–	-17,175	–	-0.10%	–
PACW	Exit	PAC WEST BANCORP	$0	–	-19,750	–	-0.11%	–
UTX	Exit	UNITED TECHNOLOGIES CP	$0	–	-9,682	–	-0.11%	–
LYV	Exit	LIVE NATION ENT INC	$0	–	-44,750	–	-0.14%	–
HHC	Exit	HOWARD HUGHES CORP	$0	–	-10,575	–	-0.16%	–
UPS	Exit	UNITED PARCEL SVC	$0	–	-13,534	–	-0.17%	–
PNC	Exit	PNC FINL SERVICES GP INC	$0	–	-15,520	–	-0.18%	–
HUM	Exit	HUMANA INC	$0	–	-8,600	–	-0.20%	–
CVX	Exit	CHEVRON CORPORATION	$0	–	-20,818	–	-0.21%	–
WTFC	Exit	WINTRUST FINANCIAL CORP	$0	–	-32,723	–	-0.22%	–
	Exit	BLACKSTONE GROUP	$0	–	-55,900	–	-0.23%	–
AMT	Exit	AMERICAN TOWER CORP	$0	–	-20,829	–	-0.23%	–
CYN	Exit	CITY NATIONAL CORP	$0	–	-25,943	–	-0.29%	–
OXY	Exit	OCCIDENTAL PETE CORP	$0	–	-36,463	–	-0.31%	–
SBCF	Exit	SEACOAST BKG CORP FLA	$0	–	-180,709	–	-0.34%	–
FRFHF	Exit	FAIRFAX FINL HLDGS LTD	$0	–	-6,427	–	-0.37%	–
NLY	Exit	ANNALY CAP MGMT INC	$0	–	-343,075	–	-0.43%	–
DIS	Exit	DISNEY WALT CO	$0	–	-34,826	–	-0.45%	–
CHDN	Exit	CHURCHILL DOWNS	$0	–	-32,167	–	-0.55%	–
CFX	Exit	COLFAX CORP	$0	–	-156,270	–	-0.60%	–
LVS	Exit	LAS VEGAS SANDS CORP	$0	–	-146,880	–	-0.71%	–
TROW	Exit	T ROWE PRICE ASSOCIATES	$0	–	-93,807	–	-0.83%	–
AAPL	Exit	APPLE INC	$0	–	-61,871	–	-0.87%	–
SONA	Exit	SOUTHERN NATL BANCORP VA	$0	–	-612,880	–	-0.88%	–
BRKA	Exit	BERKSHIRE HATHAWAY A	$0	–	-42	–	-1.05%	–
RLGY	Exit	REALOGY HLDGS CORP	$0	–	-250,360	–	-1.20%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-144,722	–	-1.33%	–
GLPI	Exit	GAMING & LEISURE PPTYS	$0	–	-369,346	–	-1.40%	–
GOOGL	Exit	GOOGLE INC CL A	$0	–	-17,341	–	-1.41%	–
BAM	Exit	BROOKFIELD ASSET MGMT	$0	–	-353,035	–	-1.42%	–
WYNN	Exit	WYNN RESORTS LTD	$0	–	-212,415	–	-1.44%	–
EL	Exit	ESTEE LAUDER	$0	–	-148,113	–	-1.52%	–
TIF	Exit	TIFFANY & CO NEW	$0	–	-179,130	–	-1.76%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-232,385	–	-1.81%	–
GOOG	Exit	GOOGLE INC CL C	$0	–	-25,698	–	-2.00%	–
WMT	Exit	WAL-MART STORES INC	$0	–	-246,413	–	-2.04%	–
DEI	Exit	DOUGLAS EMMETT INC	$0	–	-625,028	–	-2.29%	–
NKE	Exit	NIKE INC CL B	$0	–	-154,093	–	-2.42%	–
WFM	Exit	WHOLE FOODS MARKET, INC.	$0	–	-634,085	–	-2.56%	–
VNO	Exit	VORNADO REALTY TRUST	$0	–	-232,980	–	-2.69%	–
AMG	Exit	AFFILIATED MANAGERS GRP	$0	–	-126,313	–	-2.76%	–
PEP	Exit	PEPSICO INC	$0	–	-245,531	–	-2.96%	–
KO	Exit	COCA COLA COM	$0	–	-584,658	–	-2.99%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-357,890	–	-3.15%	–
GBL	Exit	GAMCO INVS INC	$0	–	-472,348	–	-3.31%	–
WFC	Exit	WELLS FARGO & CO	$0	–	-522,190	–	-3.42%	–
GS	Exit	GOLDMAN SACHS GRP INC	$0	–	-157,690	–	-3.50%	–
LUK	Exit	LEUCADIA NATL CORP	$0	–	-1,366,809	–	-3.53%	–
JNJ	Exit	JOHNSON AND JOHNSON	$0	–	-302,090	–	-3.60%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-388,213	–	-3.67%	–
XOM	Exit	EXXON MOBIL CORP COM	$0	–	-398,543	–	-3.78%	–
ESGR	Exit	ENSTAR GROUP LTD	$0	–	-202,988	–	-3.88%	–
MKL	Exit	MARKEL CORP COM	$0	–	-78,337	–	-8.02%	–
BRKB	Exit	BERKSHIRE HATHAWAY B	$0	–	-781,781	–	-13.01%	–

Q3 2015

			Value		Shares		↓ Weighting
BRKB	Buy	BERKSHIRE HATHAWAY B	$101,944,000	-1.6%	781,781	+2.7%	13.01%	+5.0%
MKL	Sell	MARKEL CORP COM	$62,815,000	-1.3%	78,337	-1.4%	8.02%	+5.4%
ESGR	Sell	ENSTAR GROUP LTD	$30,448,000	-6.1%	202,988	-3.0%	3.88%	+0.3%
XOM	Buy	EXXON MOBIL CORP COM	$29,632,000	-4.1%	398,543	+7.3%	3.78%	+2.3%
AXP	Sell	AMERICAN EXPRESS CO	$28,778,000	-4.9%	388,213	-0.2%	3.67%	+1.5%
JNJ	Buy	JOHNSON AND JOHNSON	$28,200,000	+12.9%	302,090	+17.9%	3.60%	+20.6%
LUK	Sell	LEUCADIA NATL CORP	$27,692,000	-16.8%	1,366,809	-0.2%	3.53%	-11.1%
GS	Buy	GOLDMAN SACHS GRP INC	$27,400,000	-4.3%	157,690	+15.0%	3.50%	+2.2%
WFC	Sell	WELLS FARGO & CO	$26,814,000	-10.2%	522,190	-1.6%	3.42%	-4.1%
GBL	Buy	GAMCO INVS INC	$25,932,000	-11.6%	472,348	+10.6%	3.31%	-5.6%
SLB	Buy	SCHLUMBERGER LTD	$24,684,000	-18.5%	357,890	+1.8%	3.15%	-13.0%
KO	Sell	COCA COLA COM	$23,456,000	-0.3%	584,658	-2.5%	2.99%	+6.4%
PEP	Sell	PEPSICO INC	$23,154,000	+0.1%	245,531	-1.0%	2.96%	+6.8%
AMG	Sell	AFFILIATED MANAGERS GRP	$21,598,000	-23.1%	126,313	-1.7%	2.76%	-17.9%
VNO	Buy	VORNADO REALTY TRUST	$21,066,000	-2.7%	232,980	+2.1%	2.69%	+3.9%
WFM	Buy	WHOLE FOODS MARKET, INC.	$20,069,000	+25.4%	634,085	+56.2%	2.56%	+33.8%
NKE	Sell	NIKE INC CL B	$18,949,000	+11.4%	154,093	-2.2%	2.42%	+18.9%
DEI	Sell	DOUGLAS EMMETT INC	$17,951,000	+5.9%	625,028	-0.6%	2.29%	+13.1%
WMT	Sell	WAL-MART STORES INC	$15,977,000	-24.5%	246,413	-17.4%	2.04%	-19.4%
GOOG	Sell	GOOGLE INC CL C	$15,635,000	+16.2%	25,698	-0.6%	2.00%	+24.0%
JPM	Sell	JPMORGAN CHASE & CO	$14,169,000	-11.5%	232,385	-1.7%	1.81%	-5.5%
TIF	Sell	TIFFANY & CO NEW	$13,832,000	-16.5%	179,130	-0.7%	1.76%	-10.9%
EL	Sell	ESTEE LAUDER	$11,950,000	-8.0%	148,113	-1.2%	1.52%	-1.8%
WYNN	Buy	WYNN RESORTS LTD	$11,283,000	-43.2%	212,415	+5.4%	1.44%	-39.4%
BAM	Sell	BROOKFIELD ASSET MGMT	$11,099,000	-11.1%	353,035	-1.3%	1.42%	-5.2%
GOOGL	Sell	GOOGLE INC CL A	$11,070,000	+16.5%	17,341	-1.4%	1.41%	+24.4%
GLPI	Buy	GAMING & LEISURE PPTYS	$10,970,000	-7.1%	369,346	+14.6%	1.40%	-0.8%
PG	Sell	PROCTER & GAMBLE CO	$10,411,000	-12.5%	144,722	-4.8%	1.33%	-6.5%
RLGY	Buy	REALOGY HLDGS CORP	$9,421,000	-17.1%	250,360	+2.9%	1.20%	-11.5%
SONA	Buy	SOUTHERN NATL BANCORP VA	$6,919,000	+39.7%	612,880	+37.1%	0.88%	+49.2%
AAPL	Buy	APPLE INC	$6,824,000	-11.8%	61,871	+0.3%	0.87%	-5.8%
TROW	Buy	T ROWE PRICE ASSOCIATES	$6,520,000	+10.0%	93,807	+23.0%	0.83%	+17.3%
LVS	Sell	LAS VEGAS SANDS CORP	$5,577,000	-31.4%	146,880	-5.1%	0.71%	-26.7%
CFX	Buy	COLFAX CORP	$4,674,000	-22.1%	156,270	+20.2%	0.60%	-16.9%
CHDN	Buy	CHURCHILL DOWNS	$4,304,000	+67.6%	32,167	+56.7%	0.55%	+78.8%
DIS	Buy	DISNEY WALT CO	$3,559,000	-9.7%	34,826	+0.9%	0.45%	-3.6%
NLY	Sell	ANNALY CAP MGMT INC	$3,386,000	-4.1%	343,075	-10.7%	0.43%	+2.4%
FRFHF	Buy	FAIRFAX FINL HLDGS LTD	$2,914,000	-2.0%	6,427	+6.6%	0.37%	+4.5%
SBCF	Sell	SEACOAST BKG CORP FLA	$2,653,000	-26.3%	180,709	-20.7%	0.34%	-21.3%
CYN	Sell	CITY NATIONAL CORP	$2,285,000	-66.8%	25,943	-66.0%	0.29%	-64.5%
AMT	New	AMERICAN TOWER CORP	$1,833,000	–	20,829	–	0.23%	–
	Buy	BLACKSTONE GROUP	$1,770,000	-20.5%	55,900	+2.6%	0.23%	-15.0%
WTFC	Sell	WINTRUST FINANCIAL CORP	$1,748,000	-1.7%	32,723	-1.8%	0.22%	+4.7%
CVX	Sell	CHEVRON CORPORATION	$1,642,000	-25.0%	20,818	-8.3%	0.21%	-19.8%
HUM	Buy	HUMANA INC	$1,539,000	+0.6%	8,600	+7.5%	0.20%	+7.1%
PNC	Sell	PNC FINL SERVICES GP INC	$1,384,000	-16.0%	15,520	-9.9%	0.18%	-10.2%
UPS	Sell	UNITED PARCEL SVC	$1,336,000	+1.6%	13,534	-0.2%	0.17%	+8.3%
HHC	Sell	HOWARD HUGHES CORP	$1,213,000	-21.9%	10,575	-2.3%	0.16%	-16.7%
LYV	New	LIVE NATION ENT INC	$1,076,000	–	44,750	–	0.14%	–
UTX	Sell	UNITED TECHNOLOGIES CP	$862,000	-20.5%	9,682	-0.9%	0.11%	-15.4%
PACW	New	PAC WEST BANCORP	$845,000	–	19,750	–	0.11%	–
EXPD	Sell	EXPEDITORS INTL WASH	$808,000	-3.5%	17,175	-5.4%	0.10%	+3.0%
USB	Sell	US BANCORP DEL	$744,000	-21.4%	18,130	-16.9%	0.10%	-15.9%
PM	Sell	PHILIP MORRIS INTL INC	$632,000	-2.6%	7,966	-1.6%	0.08%	+3.8%
MCD	Buy	MCDONALDS CORP	$636,000	+5.3%	6,454	+1.6%	0.08%	+12.5%
PFE	Buy	PFIZER INC	$608,000	-2.9%	19,342	+3.6%	0.08%	+4.0%
BP	Buy	BP PLC ADR F SPONSORED ADR 1 A	$591,000	-20.9%	19,329	+3.4%	0.08%	-15.7%
COP	Sell	CONOCOPHILLIPS	$526,000	-27.5%	10,960	-7.3%	0.07%	-23.0%
BBBY	Sell	BED BATH & BEYOND	$501,000	-20.5%	8,790	-3.8%	0.06%	-14.7%
IBM	Sell	INTERNATIONAL BUS MACH	$386,000	-21.5%	2,665	-11.9%	0.05%	-16.9%
KMX	New	CARMAX INC	$365,000	–	6,150	–	0.05%	–
SPY	Sell	S&P DEPOSITARY RECEIPTS	$342,000	-8.1%	1,787	-1.2%	0.04%	0.0%
APA	Sell	APACHE CORP	$346,000	-32.8%	8,830	-1.1%	0.04%	-29.0%
MRK	Buy	MERCK & CO INC	$319,000	-11.6%	6,459	+1.8%	0.04%	-4.7%
GE	Sell	GENERAL ELECTRIC CO	$317,000	-14.6%	12,567	-10.0%	0.04%	-9.1%
ADP	Sell	AUTOMATIC DATA PROCESS	$268,000	-9.2%	3,334	-9.3%	0.03%	-2.9%
NTRS	Sell	NORTHERN TRUST CORP	$242,000	-14.5%	3,550	-4.1%	0.03%	-8.8%
MSFT	Sell	MICROSOFT CORP	$211,000	-11.0%	4,775	-11.2%	0.03%	-3.6%
GDEN	New	GOLDEN ENTERTAINMENT	$161,000	–	17,756	–	0.02%	–
CRC	Buy	CALIFORNIA RESOURCES CORP	$35,000	-55.1%	13,344	+3.0%	0.00%	-55.6%
BUSE	Exit	FIRST BUSEY CORP	$0	–	-15,000	–	-0.01%	–
LACO	Exit	LAKES ENTMT INC	$0	–	-20,675	–	-0.02%	–
FDX	Exit	FDX CORP	$0	–	-1,200	–	-0.02%	–
NSRGY	Exit	NESTLE S.A SPONS	$0	–	-2,873	–	-0.02%	–
OAK	Exit	OAKTREE CAPITAL GROUP LLC	$0	–	-4,150	–	-0.03%	–
QCOM	Exit	QUALCOMM INC	$0	–	-3,675	–	-0.03%	–
BAX	Exit	BAXTER INTL	$0	–	-3,550	–	-0.03%	–
SE	Exit	SPECTRA ENERGY CORP	$0	–	-8,275	–	-0.03%	–
DD	Exit	DU PONT E I DE NEMOURS	$0	–	-4,580	–	-0.04%	–

Q2 2015

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY B	$103,646,000	–	761,488	–	12.39%	–
MKL	New	MARKEL CORP COM	$63,616,000	–	79,452	–	7.60%	–
LUK	New	LEUCADIA NATL CORP	$33,265,000	–	1,370,068	–	3.98%	–
ESGR	New	ENSTAR GROUP LTD	$32,418,000	–	209,213	–	3.88%	–
XOM	New	EXXON MOBIL CORP COM	$30,914,000	–	371,568	–	3.70%	–
SLB	New	SCHLUMBERGER LTD	$30,301,000	–	351,555	–	3.62%	–
AXP	New	AMERICAN EXPRESS CO	$30,247,000	–	389,182	–	3.62%	–
WFC	New	WELLS FARGO & CO	$29,853,000	–	530,808	–	3.57%	–
GBL	New	GAMCO INVS INC	$29,340,000	–	427,007	–	3.51%	–
GS	New	GOLDMAN SACHS GRP INC	$28,625,000	–	137,098	–	3.42%	–
AMG	New	AFFILIATED MANAGERS GRP	$28,082,000	–	128,463	–	3.36%	–
JNJ	New	JOHNSON AND JOHNSON	$24,969,000	–	256,200	–	2.98%	–
KO	New	COCA COLA COM	$23,520,000	–	599,542	–	2.81%	–
PEP	New	PEPSICO INC	$23,142,000	–	247,932	–	2.77%	–
VNO	New	VORNADO REALTY TRUST	$21,652,000	–	228,079	–	2.59%	–
WMT	New	WAL-MART STORES INC	$21,158,000	–	298,298	–	2.53%	–
WYNN	New	WYNN RESORTS LTD	$19,876,000	–	201,440	–	2.38%	–
NKE	New	NIKE INC CL B	$17,013,000	–	157,496	–	2.03%	–
DEI	New	DOUGLAS EMMETT INC	$16,947,000	–	629,078	–	2.03%	–
TIF	New	TIFFANY & CO NEW	$16,563,000	–	180,430	–	1.98%	–
JPM	New	JPMORGAN CHASE & CO	$16,012,000	–	236,298	–	1.91%	–
WFM	New	WHOLE FOODS MARKET, INC.	$16,008,000	–	405,885	–	1.91%	–
GOOG	New	GOOGLE INC CL C	$13,460,000	–	25,859	–	1.61%	–
EL	New	ESTEE LAUDER	$12,994,000	–	149,938	–	1.55%	–
BAM	New	BROOKFIELD ASSET MGMT	$12,490,000	–	357,584	–	1.49%	–
PG	New	PROCTER & GAMBLE CO	$11,893,000	–	152,005	–	1.42%	–
GLPI	New	GAMING & LEISURE PPTYS	$11,813,000	–	322,229	–	1.41%	–
RLGY	New	REALOGY HLDGS CORP	$11,364,000	–	243,235	–	1.36%	–
GOOGL	New	GOOGLE INC CL A	$9,500,000	–	17,591	–	1.14%	–
BRKA	New	BERKSHIRE HATHAWAY A	$8,604,000	–	42	–	1.03%	–
LVS	New	LAS VEGAS SANDS CORP	$8,134,000	–	154,730	–	0.97%	–
AAPL	New	APPLE INC	$7,740,000	–	61,709	–	0.92%	–
CYN	New	CITY NATIONAL CORP	$6,887,000	–	76,193	–	0.82%	–
CFX	New	COLFAX CORP	$5,998,000	–	129,975	–	0.72%	–
TROW	New	T ROWE PRICE ASSOCIATES	$5,929,000	–	76,272	–	0.71%	–
SONA	New	SOUTHERN NATL BANCORP VA	$4,953,000	–	447,054	–	0.59%	–
DIS	New	DISNEY WALT CO	$3,941,000	–	34,528	–	0.47%	–
SBCF	New	SEACOAST BKG CORP FLA	$3,602,000	–	227,976	–	0.43%	–
NLY	New	ANNALY CAP MGMT INC	$3,532,000	–	384,350	–	0.42%	–
FRFHF	New	FAIRFAX FINL HLDGS LTD	$2,974,000	–	6,027	–	0.36%	–
OXY	New	OCCIDENTAL PETE CORP	$2,836,000	–	36,463	–	0.34%	–
CHDN	New	CHURCHILL DOWNS	$2,568,000	–	20,532	–	0.31%	–
	New	BLACKSTONE GROUP	$2,227,000	–	54,500	–	0.27%	–
CVX	New	CHEVRON CORPORATION	$2,190,000	–	22,698	–	0.26%	–
WTFC	New	WINTRUST FINANCIAL CORP	$1,779,000	–	33,323	–	0.21%	–
PNC	New	PNC FINL SERVICES GP INC	$1,647,000	–	17,220	–	0.20%	–
HHC	New	HOWARD HUGHES CORP	$1,554,000	–	10,825	–	0.19%	–
HUM	New	HUMANA INC	$1,530,000	–	8,000	–	0.18%	–
UPS	New	UNITED PARCEL SVC	$1,315,000	–	13,565	–	0.16%	–
UTX	New	UNITED TECHNOLOGIES CP	$1,084,000	–	9,774	–	0.13%	–
USB	New	US BANCORP DEL	$947,000	–	21,830	–	0.11%	–
EXPD	New	EXPEDITORS INTL WASH	$837,000	–	18,150	–	0.10%	–
BP	New	BP PLC ADR F SPONSORED ADR 1 A	$747,000	–	18,695	–	0.09%	–
COP	New	CONOCOPHILLIPS	$726,000	–	11,817	–	0.09%	–
PM	New	PHILIP MORRIS INTL INC	$649,000	–	8,094	–	0.08%	–
BBBY	New	BED BATH & BEYOND	$630,000	–	9,140	–	0.08%	–
PFE	New	PFIZER INC	$626,000	–	18,665	–	0.08%	–
MCD	New	MCDONALDS CORP	$604,000	–	6,350	–	0.07%	–
APA	New	APACHE CORP	$515,000	–	8,930	–	0.06%	–
DHIL	New	DIAMOND HILL INVESTMENT GROUP	$499,000	–	2,500	–	0.06%	–
IBM	New	INTERNATIONAL BUS MACH	$492,000	–	3,025	–	0.06%	–
COST	New	COSTCO WHSL CORP NEW	$466,000	–	3,450	–	0.06%	–
HNI	New	HON INDUSTRIES	$435,000	–	8,500	–	0.05%	–
GE	New	GENERAL ELECTRIC CO	$371,000	–	13,967	–	0.04%	–
SPY	New	S&P DEPOSITARY RECEIPTS	$372,000	–	1,808	–	0.04%	–
MRK	New	MERCK & CO INC	$361,000	–	6,344	–	0.04%	–
ABBV	New	ABBVIE INC	$337,000	–	5,011	–	0.04%	–
MDLZ	New	MONDELEZ INTL INC	$313,000	–	7,618	–	0.04%	–
LPNT	New	LifePoint Hospitals	$313,000	–	3,600	–	0.04%	–
DD	New	DU PONT E I DE NEMOURS	$293,000	–	4,580	–	0.04%	–
ADP	New	AUTOMATIC DATA PROCESS	$295,000	–	3,677	–	0.04%	–
NTRS	New	NORTHERN TRUST CORP	$283,000	–	3,700	–	0.03%	–
TSS	New	TOTAL SYS SERV INC	$285,000	–	6,819	–	0.03%	–
SE	New	SPECTRA ENERGY CORP	$270,000	–	8,275	–	0.03%	–
ABT	New	ABBOTT LABORATORIES	$258,000	–	5,255	–	0.03%	–
FFKT	New	FARMERS CAP BK CORP	$256,000	–	9,000	–	0.03%	–
MMM	New	3 M	$247,000	–	1,600	–	0.03%	–
BAX	New	BAXTER INTL	$248,000	–	3,550	–	0.03%	–
INTU	New	INTUIT	$242,000	–	2,400	–	0.03%	–
MSFT	New	MICROSOFT CORP	$237,000	–	5,377	–	0.03%	–
QCOM	New	QUALCOMM INC	$230,000	–	3,675	–	0.03%	–
WU	New	WESTERN UNION CO	$224,000	–	11,000	–	0.03%	–
OAK	New	OAKTREE CAPITAL GROUP LLC	$221,000	–	4,150	–	0.03%	–
NSRGY	New	NESTLE S.A SPONS	$208,000	–	2,873	–	0.02%	–
FDX	New	FDX CORP	$204,000	–	1,200	–	0.02%	–
BAC	New	BANK OF AMERICA CORP	$191,000	–	11,241	–	0.02%	–
LACO	New	LAKES ENTMT INC	$188,000	–	20,675	–	0.02%	–
BUSE	New	FIRST BUSEY CORP	$99,000	–	15,000	–	0.01%	–
CRC	New	CALIFORNIA RESOURCES CORP	$78,000	–	12,952	–	0.01%	–
JOB	New	GENERAL EMPLOYMENT ENT INC	$14,000	–	14,000	–	0.00%	–

Q4 2014

			Value		Shares		↓ Weighting
BUSE	Exit	FIRST BUSEY CORP	$0	–	-25,000	–	-0.02%	–
AFHIF	Exit	ATLAS FINL HOLDINGS INC	$0	–	-10,500	–	-0.02%	–
TRUP	Exit	TRUPANION INC	$0	–	-18,000	–	-0.02%	–
FFKT	Exit	FARMERS CAP BK CORP	$0	–	-9,000	–	-0.02%	–
UPLMQ	Exit	ULTRA PETROLEUM CORP	$0	–	-9,200	–	-0.03%	–
NSRGY	Exit	NESTLE S.A SPONS	$0	–	-2,922	–	-0.03%	–
TSS	Exit	TOTAL SYS SERV INC	$0	–	-6,819	–	-0.03%	–
NSC	Exit	NORFOLK SOUTHERN CORP	$0	–	-1,990	–	-0.03%	–
ABT	Exit	ABBOTT LABORATORIES	$0	–	-5,455	–	-0.03%	–
INTU	Exit	INTUIT	$0	–	-2,650	–	-0.03%	–
BAC	Exit	BANK OF AMERICA CORP	$0	–	-14,241	–	-0.03%	–
EFA	Exit	ISHARES MSCI EAFE INDEX FUND	$0	–	-3,938	–	-0.03%	–
MDY	Exit	S&P MIDCAP 400	$0	–	-1,044	–	-0.03%	–
MDLZ	Exit	MONDELEZ INTL INC	$0	–	-7,558	–	-0.03%	–
MMM	Exit	3 M	$0	–	-1,914	–	-0.03%	–
HAL	Exit	HALIBURTON CO	$0	–	-4,209	–	-0.03%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-5,928	–	-0.03%	–
LPNT	Exit	LifePoint Hospitals	$0	–	-4,000	–	-0.03%	–
RDSA	Exit	ROYAL DUTCH SHELL A ADRF SPONS	$0	–	-3,801	–	-0.04%	–
ABBV	Exit	ABBVIE INC	$0	–	-5,287	–	-0.04%	–
QCOM	Exit	QUALCOMM INC	$0	–	-4,059	–	-0.04%	–
WU	Exit	WESTERN UNION CO	$0	–	-18,650	–	-0.04%	–
DHIL	Exit	DIAMOND HILL INVESTMENT GROUP	$0	–	-2,500	–	-0.04%	–
SE	Exit	SPECTRA ENERGY CORP	$0	–	-8,275	–	-0.04%	–
FDX	Exit	FDX CORP	$0	–	-2,000	–	-0.04%	–
KRFT	Exit	KRAFT FOODS GROUP INC	$0	–	-5,781	–	-0.04%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-13,868	–	-0.04%	–
DD	Exit	DU PONT E I DE NEMOURS	$0	–	-5,303	–	-0.05%	–
MRK	Exit	MERCK & CO INC	$0	–	-7,063	–	-0.05%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-3,450	–	-0.05%	–
SPY	Exit	S&P DEPOSITARY RECEIPTS	$0	–	-2,303	–	-0.06%	–
NTRS	Exit	NORTHERN TRUST CORP	$0	–	-6,800	–	-0.06%	–
IBM	Exit	INTERNATIONAL BUS MACH	$0	–	-3,025	–	-0.07%	–
BBBY	Exit	BED BATH & BEYOND	$0	–	-9,275	–	-0.08%	–
PFE	Exit	PFIZER INC	$0	–	-22,564	–	-0.08%	–
CFX	Exit	COLFAX CORP	$0	–	-13,325	–	-0.09%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-9,181	–	-0.09%	–
BP	Exit	BP PLC ADR F SPONSORED ADR 1 A	$0	–	-18,695	–	-0.10%	–
EXPD	Exit	EXPEDITORS INTL WASH	$0	–	-20,475	–	-0.10%	–
APA	Exit	APACHE CORP	$0	–	-8,930	–	-0.10%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-11,874	–	-0.11%	–
USB	Exit	US BANCORP DEL	$0	–	-25,263	–	-0.13%	–
UTX	Exit	UNITED TECHNOLOGIES CP	$0	–	-10,237	–	-0.13%	–
MCD	Exit	MCDONALDS CORP	$0	–	-13,597	–	-0.16%	–
PNC	Exit	PNC FINL SERVICES GP INC	$0	–	-16,366	–	-0.17%	–
UPS	Exit	UNITED PARCEL SVC	$0	–	-14,297	–	-0.17%	–
HUM	Exit	HUMANA INC	$0	–	-10,800	–	-0.17%	–
WTFC	Exit	WINTRUST FINANCIAL CORP	$0	–	-36,473	–	-0.20%	–
HHC	Exit	HOWARD HUGHES CORP	$0	–	-11,025	–	-0.20%	–
	Exit	BLACKSTONE GROUP	$0	–	-54,500	–	-0.21%	–
PENN	Exit	PENN NATL GAMING CORP	$0	–	-185,111	–	-0.25%	–
TROW	Exit	T ROWE PRICE ASSOCIATES	$0	–	-28,341	–	-0.27%	–
CHDN	Exit	CHURCHILL DOWNS	$0	–	-24,525	–	-0.29%	–
OXY	Exit	OCCIDENTAL PETE CORP	$0	–	-25,621	–	-0.30%	–
FRFHF	Exit	FAIRFAX FINL HLDGS LTD	$0	–	-6,047	–	-0.33%	–
CVX	Exit	CHEVRON CORPORATION	$0	–	-23,881	–	-0.35%	–
DIS	Exit	DISNEY WALT CO	$0	–	-34,709	–	-0.38%	–
SONA	Exit	SOUTHERN NATL BANCORP VA	$0	–	-408,822	–	-0.58%	–
BH	Exit	BIGLARI HOLDINGS INC	$0	–	-15,342	–	-0.64%	–
SBCF	Exit	SEACOAST BKG CORP FLA	$0	–	-525,041	–	-0.70%	–
AAPL	Exit	APPLE INC	$0	–	-63,844	–	-0.79%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-64,885	–	-0.81%	–
WFM	Exit	WHOLE FOODS MARKET, INC.	$0	–	-174,760	–	-0.82%	–
LVS	Exit	LAS VEGAS SANDS CORP	$0	–	-132,395	–	-1.01%	–
BRKA	Exit	BERKSHIRE HATHAWAY A	$0	–	-42	–	-1.06%	–
RLGY	Exit	REALOGY HLDGS CORP	$0	–	-253,360	–	-1.15%	–
GOOG	Exit	GOOGLE INC CL C	$0	–	-17,424	–	-1.23%	–
GOOGL	Exit	GOOGLE INC CL A	$0	–	-17,708	–	-1.28%	–
BAM	Exit	BROOKFIELD ASSET MGMT	$0	–	-239,407	–	-1.32%	–
EL	Exit	ESTEE LAUDER	$0	–	-150,896	–	-1.38%	–
NLY	Exit	ANNALY CAP MGMT INC	$0	–	-1,120,075	–	-1.46%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-229,524	–	-1.69%	–
GLPI	Exit	GAMING & LEISURE PPTYS	$0	–	-448,011	–	-1.69%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-166,078	–	-1.70%	–
NKE	Exit	NIKE INC CL B	$0	–	-170,593	–	-1.86%	–
DEI	Exit	DOUGLAS EMMETT INC	$0	–	-636,478	–	-2.00%	–
TIF	Exit	TIFFANY & CO NEW	$0	–	-190,022	–	-2.24%	–
VNO	Exit	VORNADO REALTY TRUST	$0	–	-234,714	–	-2.87%	–
LUK	Exit	LEUCADIA NATL CORP	$0	–	-1,016,391	–	-2.96%	–
PEP	Exit	PEPSICO INC	$0	–	-262,777	–	-2.99%	–
GS	Exit	GOLDMAN SACHS GRP INC	$0	–	-139,959	–	-3.14%	–
KO	Exit	COCA COLA COM	$0	–	-605,417	–	-3.16%	–
WMT	Exit	WAL-MART STORES INC	$0	–	-343,162	–	-3.21%	–
WYNN	Exit	WYNN RESORTS LTD	$0	–	-144,123	–	-3.30%	–
JNJ	Exit	JOHNSON AND JOHNSON	$0	–	-253,322	–	-3.30%	–
AMG	Exit	AFFILIATED MANAGERS GRP	$0	–	-135,815	–	-3.33%	–
WFC	Exit	WELLS FARGO & CO	$0	–	-540,342	–	-3.43%	–
GBL	Exit	GAMCO INVS INC	$0	–	-399,494	–	-3.46%	–
ESGR	Exit	ENSTAR GROUP LTD	$0	–	-207,482	–	-3.46%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-324,711	–	-3.48%	–
CYN	Exit	CITY NATIONAL CORP	$0	–	-380,918	–	-3.53%	–
XOM	Exit	EXXON MOBIL CORP COM	$0	–	-369,228	–	-4.25%	–
MKL	Exit	MARKEL CORP COM	$0	–	-80,089	–	-6.23%	–
BRKB	Exit	BERKSHIRE HATHAWAY B	$0	–	-759,684	–	-12.84%	–

Q3 2014

			Value		Shares		↓ Weighting
BRKB	Sell	BERKSHIRE HATHAWAY B	$104,943,000	+7.8%	759,684	-1.3%	12.84%	+8.8%
MKL	Sell	MARKEL CORP COM	$50,949,000	-3.6%	80,089	-0.7%	6.23%	-2.7%
XOM	Sell	EXXON MOBIL CORP COM	$34,726,000	-6.8%	369,228	-0.2%	4.25%	-5.9%
CYN	Sell	CITY NATIONAL CORP	$28,824,000	-0.4%	380,918	-0.2%	3.53%	+0.6%
AXP	Sell	AMERICAN EXPRESS CO	$28,425,000	-9.0%	324,711	-1.4%	3.48%	-8.1%
ESGR	Buy	ENSTAR GROUP LTD	$28,284,000	-9.5%	207,482	+0.0%	3.46%	-8.7%
GBL	Buy	GAMCO INVS INC	$28,260,000	-14.6%	399,494	+0.3%	3.46%	-13.8%
WFC	Sell	WELLS FARGO & CO	$28,028,000	-4.0%	540,342	-2.7%	3.43%	-3.1%
AMG	Sell	AFFILIATED MANAGERS GRP	$27,212,000	-4.6%	135,815	-2.2%	3.33%	-3.7%
JNJ	Sell	JOHNSON AND JOHNSON	$27,002,000	+0.9%	253,322	-1.0%	3.30%	+1.8%
WYNN	Sell	WYNN RESORTS LTD	$26,963,000	-10.4%	144,123	-0.6%	3.30%	-9.6%
WMT	Sell	WAL-MART STORES INC	$26,242,000	+1.3%	343,162	-0.5%	3.21%	+2.3%
KO	Sell	COCA COLA COM	$25,827,000	-0.7%	605,417	-1.4%	3.16%	+0.2%
GS	Sell	GOLDMAN SACHS GRP INC	$25,692,000	+8.7%	139,959	-0.8%	3.14%	+9.8%
PEP	Sell	PEPSICO INC	$24,462,000	+3.4%	262,777	-0.8%	2.99%	+4.3%
LUK	Buy	LEUCADIA NATL CORP	$24,231,000	-7.1%	1,016,391	+2.2%	2.96%	-6.2%
VNO	Sell	VORNADO REALTY TRUST	$23,462,000	-6.6%	234,714	-0.3%	2.87%	-5.7%
TIF	Sell	TIFFANY & CO NEW	$18,301,000	-5.5%	190,022	-1.6%	2.24%	-4.6%
DEI	Sell	DOUGLAS EMMETT INC	$16,338,000	-9.8%	636,478	-0.8%	2.00%	-8.9%
NKE	Sell	NIKE INC CL B	$15,217,000	+10.6%	170,593	-3.9%	1.86%	+11.7%
PG	Sell	PROCTER & GAMBLE CO	$13,907,000	-0.9%	166,078	-7.0%	1.70%	0.0%
GLPI	Buy	GAMING & LEISURE PPTYS	$13,844,000	-8.1%	448,011	+1.1%	1.69%	-7.2%
JPM	Sell	JPMORGAN CHASE & CO	$13,827,000	-2.5%	229,524	-6.7%	1.69%	-1.6%
NLY	Sell	ANNALY CAP MGMT INC	$11,962,000	-14.5%	1,120,075	-8.4%	1.46%	-13.7%
EL	Buy	ESTEE LAUDER	$11,275,000	+0.7%	150,896	+0.0%	1.38%	+1.5%
BAM	Sell	BROOKFIELD ASSET MGMT	$10,764,000	+0.8%	239,407	-1.3%	1.32%	+1.8%
GOOGL	Sell	GOOGLE INC CL A	$10,420,000	+0.2%	17,708	-0.4%	1.28%	+1.2%
GOOG	Sell	GOOGLE INC CL C	$10,060,000	-1.0%	17,424	-1.4%	1.23%	-0.1%
RLGY	Buy	REALOGY HLDGS CORP	$9,425,000	+5.4%	253,360	+6.9%	1.15%	+6.4%
LVS	Buy	LAS VEGAS SANDS CORP	$8,236,000	+726.9%	132,395	+913.0%	1.01%	+733.1%
WFM	Buy	WHOLE FOODS MARKET, INC.	$6,660,000	+895.5%	174,760	+909.6%	0.82%	+906.2%
SLB	Buy	SCHLUMBERGER LTD	$6,598,000	+2.3%	64,885	+18.7%	0.81%	+3.2%
AAPL	Sell	APPLE INC	$6,432,000	+6.3%	63,844	-2.0%	0.79%	+7.4%
SBCF	Buy	SEACOAST BKG CORP FLA	$5,739,000	+4.7%	525,041	+4.1%	0.70%	+5.7%
BH	Buy	BIGLARI HOLDINGS INC	$5,213,000	-3.9%	15,342	+19.6%	0.64%	-3.0%
SONA	Buy	SOUTHERN NATL BANCORP VA	$4,738,000	+3.9%	408,822	+0.0%	0.58%	+4.9%
DIS	Sell	DISNEY WALT CO	$3,090,000	-0.4%	34,709	-4.1%	0.38%	+0.5%
CVX	Sell	CHEVRON CORPORATION	$2,849,000	-9.0%	23,881	-0.4%	0.35%	-7.9%
FRFHF	Buy	FAIRFAX FINL HLDGS LTD	$2,716,000	-5.3%	6,047	+0.2%	0.33%	-4.6%
CHDN	Sell	CHURCHILL DOWNS	$2,391,000	-6.6%	24,525	-13.7%	0.29%	-5.8%
PENN	Sell	PENN NATL GAMING CORP	$2,075,000	-34.4%	185,111	-29.0%	0.25%	-33.7%
HHC	Sell	HOWARD HUGHES CORP	$1,654,000	-19.2%	11,025	-15.0%	0.20%	-18.5%
WTFC	Sell	WINTRUST FINANCIAL CORP	$1,629,000	-15.9%	36,473	-13.4%	0.20%	-15.3%
UPS	Sell	UNITED PARCEL SVC	$1,405,000	-5.6%	14,297	-1.4%	0.17%	-4.4%
HUM	Buy	HUMANA INC	$1,407,000	+11.3%	10,800	+9.1%	0.17%	+12.4%
PNC	Sell	PNC FINL SERVICES GP INC	$1,401,000	-19.2%	16,366	-15.9%	0.17%	-18.6%
MCD	Sell	MCDONALDS CORP	$1,289,000	-34.4%	13,597	-30.2%	0.16%	-33.6%
UTX	Sell	UNITED TECHNOLOGIES CP	$1,081,000	-10.7%	10,237	-2.4%	0.13%	-10.2%
USB	Sell	US BANCORP DEL	$1,057,000	-12.1%	25,263	-9.0%	0.13%	-11.6%
COP	Sell	CONOCOPHILLIPS	$909,000	-12.9%	11,874	-2.5%	0.11%	-12.6%
APA	Sell	APACHE CORP	$838,000	-8.3%	8,930	-1.7%	0.10%	-7.2%
BP	Sell	BP PLC ADR F SPONSORED ADR 1 A	$822,000	-18.9%	18,695	-2.6%	0.10%	-17.9%
PM	Sell	PHILIP MORRIS INTL INC	$766,000	-2.4%	9,181	-1.4%	0.09%	-1.1%
CFX	New	COLFAX CORP	$759,000	–	13,325	–	0.09%	–
PFE	Sell	PFIZER INC	$667,000	-1.5%	22,564	-1.1%	0.08%	0.0%
BBBY	Buy	BED BATH & BEYOND	$611,000	+18.6%	9,275	+3.3%	0.08%	+21.0%
IBM	Buy	INTERNATIONAL BUS MACH	$574,000	+30.5%	3,025	+24.7%	0.07%	+32.1%
NTRS	Sell	NORTHERN TRUST CORP	$463,000	-26.7%	6,800	-31.0%	0.06%	-26.0%
SPY	Buy	S&P DEPOSITARY RECEIPTS	$454,000	+2.5%	2,303	+1.8%	0.06%	+3.7%
MRK	Buy	MERCK & CO INC	$419,000	+5.3%	7,063	+2.7%	0.05%	+6.2%
QCOM	Sell	QUALCOMM INC	$303,000	-11.1%	4,059	-5.8%	0.04%	-9.8%
WU	Sell	WESTERN UNION CO	$299,000	-12.6%	18,650	-5.3%	0.04%	-9.8%
MSFT	Sell	MICROSOFT CORP	$275,000	+9.6%	5,928	-1.7%	0.03%	+13.3%
MDY	Sell	S&P MIDCAP 400	$260,000	-4.8%	1,044	-0.5%	0.03%	-3.0%
EFA	New	ISHARES MSCI EAFE INDEX FUND	$253,000	–	3,938	–	0.03%	–
FFKT	Sell	FARMERS CAP BK CORP	$203,000	-5.6%	9,000	-5.3%	0.02%	-3.8%
TRUP	New	TRUPANION INC	$153,000	–	18,000	–	0.02%	–
AFHIF	Sell	ATLAS FINL HOLDINGS INC	$145,000	-36.1%	10,500	-30.0%	0.02%	-35.7%
BUSE	Sell	FIRST BUSEY CORP	$139,000	-11.5%	25,000	-7.7%	0.02%	-10.5%
VIAB	Exit	VIACOM INC CL B NEW	$0	–	-2,323	–	-0.02%	–
GWR	Exit	GENESEE & WYO INC CL A	$0	–	-2,000	–	-0.02%	–
CBS	Exit	CBS CORPORATION CL B NEW	$0	–	-3,330	–	-0.02%	–
SCHW	Exit	SCHWAB CHARLES CORP	$0	–	-9,800	–	-0.03%	–

Q2 2014

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY B	$97,365,000	–	769,318	–	11.80%	–
MKL	New	MARKEL CORP COM	$52,857,000	–	80,619	–	6.41%	–
XOM	New	EXXON MOBIL CORP COM	$37,250,000	–	369,989	–	4.51%	–
GBL	New	GAMCO INVS INC	$33,092,000	–	398,460	–	4.01%	–
ESGR	New	ENSTAR GROUP LTD	$31,261,000	–	207,397	–	3.79%	–
AXP	New	AMERICAN EXPRESS CO	$31,232,000	–	329,206	–	3.78%	–
WYNN	New	WYNN RESORTS LTD	$30,095,000	–	144,993	–	3.65%	–
WFC	New	WELLS FARGO & CO	$29,193,000	–	555,430	–	3.54%	–
CYN	New	CITY NATIONAL CORP	$28,930,000	–	381,858	–	3.51%	–
AMG	New	AFFILIATED MANAGERS GRP	$28,515,000	–	138,825	–	3.46%	–
JNJ	New	JOHNSON AND JOHNSON	$26,770,000	–	255,879	–	3.24%	–
LUK	New	LEUCADIA NATL CORP	$26,072,000	–	994,361	–	3.16%	–
KO	New	COCA COLA COM	$26,012,000	–	614,069	–	3.15%	–
WMT	New	WAL-MART STORES INC	$25,899,000	–	345,002	–	3.14%	–
VNO	New	VORNADO REALTY TRUST	$25,125,000	–	235,404	–	3.04%	–
PEP	New	PEPSICO INC	$23,668,000	–	264,918	–	2.87%	–
GS	New	GOLDMAN SACHS GRP INC	$23,626,000	–	141,099	–	2.86%	–
TIF	New	TIFFANY & CO NEW	$19,360,000	–	193,122	–	2.35%	–
DEI	New	DOUGLAS EMMETT INC	$18,108,000	–	641,678	–	2.20%	–
GLPI	New	GAMING & LEISURE PPTYS	$15,060,000	–	443,344	–	1.82%	–
JPM	New	JPMORGAN CHASE & CO	$14,181,000	–	246,112	–	1.72%	–
PG	New	PROCTER & GAMBLE CO	$14,038,000	–	178,623	–	1.70%	–
NLY	New	ANNALY CAP MGMT INC	$13,983,000	–	1,223,325	–	1.70%	–
NKE	New	NIKE INC CL B	$13,759,000	–	177,425	–	1.67%	–
EL	New	ESTEE LAUDER	$11,202,000	–	150,846	–	1.36%	–
BAM	New	BROOKFIELD ASSET MGMT	$10,677,000	–	242,557	–	1.29%	–
GOOGL	New	GOOGLE INC CL A	$10,396,000	–	17,781	–	1.26%	–
GOOG	New	GOOGLE INC CL C	$10,166,000	–	17,671	–	1.23%	–
RLGY	New	REALOGY HLDGS CORP	$8,941,000	–	237,110	–	1.08%	–
BRKA	New	BERKSHIRE HATHAWAY A	$7,976,000	–	42	–	0.97%	–
SLB	New	SCHLUMBERGER LTD	$6,449,000	–	54,674	–	0.78%	–
AAPL	New	APPLE INC	$6,052,000	–	65,129	–	0.73%	–
SBCF	New	SEACOAST BKG CORP FLA	$5,481,000	–	504,232	–	0.66%	–
BH	New	BIGLARI HOLDINGS INC	$5,427,000	–	12,830	–	0.66%	–
SONA	New	SOUTHERN NATL BANCORP VA	$4,561,000	–	408,722	–	0.55%	–
PENN	New	PENN NATL GAMING CORP	$3,164,000	–	260,598	–	0.38%	–
CVX	New	CHEVRON CORPORATION	$3,131,000	–	23,981	–	0.38%	–
DIS	New	DISNEY WALT CO	$3,103,000	–	36,189	–	0.38%	–
FRFHF	New	FAIRFAX FINL HLDGS LTD	$2,868,000	–	6,033	–	0.35%	–
OXY	New	OCCIDENTAL PETE CORP	$2,629,000	–	25,621	–	0.32%	–
CHDN	New	CHURCHILL DOWNS	$2,561,000	–	28,425	–	0.31%	–
TROW	New	T ROWE PRICE ASSOCIATES	$2,392,000	–	28,341	–	0.29%	–
HHC	New	HOWARD HUGHES CORP	$2,048,000	–	12,975	–	0.25%	–
MCD	New	MCDONALDS CORP	$1,964,000	–	19,491	–	0.24%	–
WTFC	New	WINTRUST FINANCIAL CORP	$1,937,000	–	42,098	–	0.24%	–
	New	BLACKSTONE GROUP	$1,822,000	–	54,500	–	0.22%	–
PNC	New	PNC FINL SERVICES GP INC	$1,733,000	–	19,466	–	0.21%	–
UPS	New	UNITED PARCEL SVC	$1,488,000	–	14,497	–	0.18%	–
HUM	New	HUMANA INC	$1,264,000	–	9,900	–	0.15%	–
UTX	New	UNITED TECHNOLOGIES CP	$1,211,000	–	10,487	–	0.15%	–
USB	New	US BANCORP DEL	$1,203,000	–	27,769	–	0.15%	–
COP	New	CONOCOPHILLIPS	$1,044,000	–	12,174	–	0.13%	–
BP	New	BP PLC ADR F SPONSORED ADR 1 A	$1,013,000	–	19,195	–	0.12%	–
LVS	New	LAS VEGAS SANDS CORP	$996,000	–	13,070	–	0.12%	–
APA	New	APACHE CORP	$914,000	–	9,080	–	0.11%	–
EXPD	New	EXPEDITORS INTL WASH	$904,000	–	20,475	–	0.11%	–
PM	New	PHILIP MORRIS INTL INC	$785,000	–	9,316	–	0.10%	–
PFE	New	PFIZER INC	$677,000	–	22,807	–	0.08%	–
WFM	New	WHOLE FOODS MARKET, INC.	$669,000	–	17,310	–	0.08%	–
NTRS	New	NORTHERN TRUST CORP	$632,000	–	9,850	–	0.08%	–
BBBY	New	BED BATH & BEYOND	$515,000	–	8,975	–	0.06%	–
SPY	New	S&P DEPOSITARY RECEIPTS	$443,000	–	2,263	–	0.05%	–
IBM	New	INTERNATIONAL BUS MACH	$440,000	–	2,425	–	0.05%	–
COST	New	COSTCO WHSL CORP NEW	$397,000	–	3,450	–	0.05%	–
MRK	New	MERCK & CO INC	$398,000	–	6,877	–	0.05%	–
GE	New	GENERAL ELECTRIC CO	$364,000	–	13,868	–	0.04%	–
SE	New	SPECTRA ENERGY CORP	$352,000	–	8,275	–	0.04%	–
KRFT	New	KRAFT FOODS GROUP INC	$347,000	–	5,781	–	0.04%	–
DD	New	DU PONT E I DE NEMOURS	$347,000	–	5,303	–	0.04%	–
QCOM	New	QUALCOMM INC	$341,000	–	4,309	–	0.04%	–
WU	New	WESTERN UNION CO	$342,000	–	19,700	–	0.04%	–
DHIL	New	DIAMOND HILL INVESTMENT GROUP	$319,000	–	2,500	–	0.04%	–
RDSA	New	ROYAL DUTCH SHELL A ADRF SPONS	$313,000	–	3,801	–	0.04%	–
FDX	New	FDX CORP	$303,000	–	2,000	–	0.04%	–
HAL	New	HALIBURTON CO	$299,000	–	4,209	–	0.04%	–
ABBV	New	ABBVIE INC	$298,000	–	5,287	–	0.04%	–
MDLZ	New	MONDELEZ INTL INC	$284,000	–	7,558	–	0.03%	–
MDY	New	S&P MIDCAP 400	$273,000	–	1,049	–	0.03%	–
MMM	New	3 M	$274,000	–	1,914	–	0.03%	–
UPLMQ	New	ULTRA PETROLEUM CORP	$273,000	–	9,200	–	0.03%	–
SCHW	New	SCHWAB CHARLES CORP	$264,000	–	9,800	–	0.03%	–
MSFT	New	MICROSOFT CORP	$251,000	–	6,028	–	0.03%	–
LPNT	New	LifePoint Hospitals	$248,000	–	4,000	–	0.03%	–
AFHIF	New	ATLAS FINL HOLDINGS INC	$227,000	–	15,000	–	0.03%	–
ABT	New	ABBOTT LABORATORIES	$223,000	–	5,455	–	0.03%	–
BAC	New	BANK OF AMERICA CORP	$219,000	–	14,241	–	0.03%	–
NSRGY	New	NESTLE S.A SPONS	$226,000	–	2,922	–	0.03%	–
TSS	New	TOTAL SYS SERV INC	$214,000	–	6,819	–	0.03%	–
FFKT	New	FARMERS CAP BK CORP	$215,000	–	9,500	–	0.03%	–
INTU	New	INTUIT	$213,000	–	2,650	–	0.03%	–
GWR	New	GENESEE & WYO INC CL A	$210,000	–	2,000	–	0.02%	–
NSC	New	NORFOLK SOUTHERN CORP	$205,000	–	1,990	–	0.02%	–
CBS	New	CBS CORPORATION CL B NEW	$207,000	–	3,330	–	0.02%	–
VIAB	New	VIACOM INC CL B NEW	$201,000	–	2,323	–	0.02%	–
BUSE	New	FIRST BUSEY CORP	$157,000	–	27,100	–	0.02%	–

Q4 2013

			Value		Shares		↓ Weighting
SNV	Exit	SYNOVUS FINANCIAL	$0	–	-17,625	–	-0.01%	–
	Exit	APPLE INC	$0	–	-300	–	-0.02%	–
HAL	Exit	HALIBURTON CO	$0	–	-4,209	–	-0.03%	–
NSRGY	Exit	NESTLE S.A SPONS	$0	–	-2,922	–	-0.03%	–
FFKT	Exit	FARMERS CAP BK CORP	$0	–	-9,500	–	-0.03%	–
TSS	Exit	TOTAL SYS SERV INC	$0	–	-6,984	–	-0.03%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-1,650	–	-0.03%	–
SPY	Exit	S&P DEPOSITARY RECEIPTS	$0	–	-1,240	–	-0.03%	–
FDX	Exit	FDX CORP	$0	–	-2,000	–	-0.03%	–
MDLZ	Exit	MONDELEZ INTL INC	$0	–	-7,361	–	-0.03%	–
BBT	Exit	BB&T CORPORATION	$0	–	-6,950	–	-0.03%	–
CBS	Exit	CBS CORPORATION CL B NEW	$0	–	-4,500	–	-0.03%	–
BAC	Exit	BANK OF AMERICA CORP	$0	–	-17,500	–	-0.03%	–
IGSB	Exit	ISHARES TR 1-3 YR CR BD ETF	$0	–	-2,300	–	-0.03%	–
RLGY	Exit	REALOGY HLDGS CORP	$0	–	-5,650	–	-0.03%	–
QCOM	Exit	QUALCOMM INC	$0	–	-3,767	–	-0.03%	–
MMM	Exit	3 M	$0	–	-2,114	–	-0.03%	–
MDY	Exit	S&P MIDCAP 400	$0	–	-1,143	–	-0.04%	–
VIAB	Exit	VIACOM INC CL B NEW	$0	–	-3,073	–	-0.04%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-11,277	–	-0.04%	–
DD	Exit	DU PONT E I DE NEMOURS	$0	–	-4,852	–	-0.04%	–
RDSA	Exit	ROYAL DUTCH SHELL A ADRF SPONS	$0	–	-4,360	–	-0.04%	–
DHIL	Exit	DIAMOND HILL INVESTMENT GROUP	$0	–	-2,700	–	-0.04%	–
SE	Exit	SPECTRA ENERGY CORP	$0	–	-8,951	–	-0.04%	–
ABBV	Exit	ABBVIE INC	$0	–	-6,785	–	-0.04%	–
KRFT	Exit	KRAFT FOODS GROUP INC	$0	–	-5,858	–	-0.04%	–
MRK	Exit	MERCK & CO INC	$0	–	-6,386	–	-0.04%	–
SCHW	Exit	SCHWAB CHARLES CORP	$0	–	-15,050	–	-0.04%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-3,407	–	-0.05%	–
BUSE	Exit	FIRST BUSEY CORP	$0	–	-76,600	–	-0.05%	–
IBM	Exit	INTERNATIONAL BUS MACH	$0	–	-2,190	–	-0.06%	–
WU	Exit	WESTERN UNION CO	$0	–	-22,500	–	-0.06%	–
EFA	Exit	ISHARES MSCI EAFE INDEX FUND	$0	–	-6,635	–	-0.06%	–
PFE	Exit	PFIZER INC	$0	–	-18,851	–	-0.07%	–
HUM	Exit	HUMANA INC	$0	–	-7,075	–	-0.09%	–
APA	Exit	APACHE CORP	$0	–	-8,500	–	-0.10%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-8,716	–	-0.10%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-11,503	–	-0.11%	–
NTRS	Exit	NORTHERN TRUST CORP	$0	–	-15,625	–	-0.12%	–
BP	Exit	BP PLC ADR F SPONSORED ADR 1 A	$0	–	-21,777	–	-0.12%	–
LVS	Exit	LAS VEGAS SANDS CORP	$0	–	-14,870	–	-0.13%	–
UTX	Exit	UNITED TECHNOLOGIES CP	$0	–	-9,598	–	-0.14%	–
EXPD	Exit	EXPEDITORS INTL WASH	$0	–	-23,475	–	-0.14%	–
USB	Exit	US BANCORP DEL	$0	–	-35,327	–	-0.17%	–
	Exit	BLACKSTONE GROUP	$0	–	-54,500	–	-0.18%	–
UPS	Exit	UNITED PARCEL SVC	$0	–	-15,725	–	-0.19%	–
HHC	Exit	HOWARD HUGHES CORP	$0	–	-15,700	–	-0.24%	–
MCD	Exit	MCDONALDS CORP	$0	–	-20,887	–	-0.27%	–
TROW	Exit	T ROWE PRICE ASSOCIATES	$0	–	-28,341	–	-0.28%	–
WTFC	Exit	WINTRUST FINANCIAL CORP	$0	–	-49,935	–	-0.28%	–
OXY	Exit	OCCIDENTAL PETE CORP	$0	–	-25,858	–	-0.33%	–
DIS	Exit	DISNEY WALT CO	$0	–	-37,665	–	-0.33%	–
SONA	Exit	SOUTHERN NATL BANCORP VA	$0	–	-266,664	–	-0.35%	–
FRFHF	Exit	FAIRFAX FINL HLDGS LTD	$0	–	-6,363	–	-0.35%	–
UPLMQ	Exit	ULTRA PETROLEUM CORP	$0	–	-140,975	–	-0.39%	–
CVX	Exit	CHEVRON CORPORATION	$0	–	-24,672	–	-0.40%	–
PNC	Exit	PNC FINL SERVICES GP INC	$0	–	-47,466	–	-0.46%	–
BH	Exit	BIGLARI HOLDINGS INC	$0	–	-10,668	–	-0.59%	–
SBCF	Exit	SEACOAST BKG CORP FLA	$0	–	-2,049,356	–	-0.60%	–
AAPL	Exit	APPLE INC	$0	–	-9,863	–	-0.64%	–
	Exit	DIAMONDS TRUST SERIES 1	$0	–	-32,000	–	-0.65%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-55,064	–	-0.66%	–
BRKA	Exit	BERKSHIRE HATHAWAY A	$0	–	-45	–	-1.04%	–
BAM	Exit	BROOKFIELD ASSET MGMT	$0	–	-252,532	–	-1.28%	–
EL	Exit	ESTEE LAUDER	$0	–	-155,980	–	-1.47%	–
NKE	Exit	NIKE INC CL B	$0	–	-198,733	–	-1.95%	–
NLY	Exit	ANNALY CAP MGMT INC	$0	–	-1,250,875	–	-1.96%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-197,661	–	-2.02%	–
TIF	Exit	TIFFANY & CO NEW	$0	–	-203,330	–	-2.10%	–
DEI	Exit	DOUGLAS EMMETT INC	$0	–	-667,837	–	-2.12%	–
GOOGL	Exit	GOOGLE INC CL A	$0	–	-18,384	–	-2.17%	–
PENN	Exit	PENN NATL GAMING CORP	$0	–	-317,233	–	-2.37%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-346,067	–	-2.42%	–
VNO	Exit	VORNADO REALTY TRUST	$0	–	-241,576	–	-2.74%	–
PEP	Exit	PEPSICO INC	$0	–	-273,926	–	-2.94%	–
GS	Exit	GOLDMAN SACHS GRP INC	$0	–	-137,773	–	-2.94%	–
KO	Exit	COCA COLA COM	$0	–	-577,596	–	-2.95%	–
JNJ	Exit	JOHNSON AND JOHNSON	$0	–	-265,493	–	-3.11%	–
WFC	Exit	WELLS FARGO & CO	$0	–	-574,977	–	-3.21%	–
WYNN	Exit	WYNN RESORTS LTD	$0	–	-157,739	–	-3.36%	–
CYN	Exit	CITY NATIONAL CORP	$0	–	-387,785	–	-3.49%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-342,469	–	-3.49%	–
ESGR	Exit	ENSTAR GROUP LTD	$0	–	-191,660	–	-3.54%	–
WMT	Exit	WAL-MART STORES INC	$0	–	-358,285	–	-3.58%	–
LUK	Exit	LEUCADIA NATL CORP	$0	–	-991,081	–	-3.64%	–
AMG	Exit	AFFILIATED MANAGERS GRP	$0	–	-157,440	–	-3.88%	–
XOM	Exit	EXXON MOBIL CORP COM	$0	–	-371,169	–	-4.31%	–
GBL	Exit	GAMCO INVS INC	$0	–	-435,196	–	-4.46%	–
MKL	Exit	MARKEL CORP COM	$0	–	-81,267	–	-5.68%	–
BRKB	Exit	BERKSHIRE HATHAWAY B	$0	–	-789,826	–	-12.10%	–

Q3 2013

			Value		Shares		↓ Weighting
BRKB	Sell	BERKSHIRE HATHAWAY B	$89,653,000	-0.2%	789,826	-1.6%	12.10%	-2.8%
MKL	Sell	MARKEL CORP COM	$42,078,000	-2.0%	81,267	-0.2%	5.68%	-4.5%
GBL	Sell	GAMCO INVS INC	$33,044,000	+35.7%	435,196	-0.9%	4.46%	+32.3%
XOM	Sell	EXXON MOBIL CORP COM	$31,935,000	-5.0%	371,169	-0.2%	4.31%	-7.4%
AMG	Sell	AFFILIATED MANAGERS GRP	$28,755,000	+1.3%	157,440	-9.1%	3.88%	-1.3%
LUK	Buy	LEUCADIA NATL CORP	$26,997,000	+4.6%	991,081	+0.7%	3.64%	+2.0%
WMT	Sell	WAL-MART STORES INC	$26,499,000	-1.7%	358,285	-1.0%	3.58%	-4.1%
ESGR	Sell	ENSTAR GROUP LTD	$26,181,000	-0.0%	191,660	-2.7%	3.54%	-2.6%
AXP	Sell	AMERICAN EXPRESS CO	$25,863,000	+0.7%	342,469	-0.3%	3.49%	-1.9%
CYN	Sell	CITY NATIONAL CORP	$25,850,000	+0.0%	387,785	-4.9%	3.49%	-2.5%
WYNN	Sell	WYNN RESORTS LTD	$24,924,000	+23.2%	157,739	-0.2%	3.36%	+20.0%
WFC	Sell	WELLS FARGO & CO	$23,758,000	-0.4%	574,977	-0.6%	3.21%	-2.9%
JNJ	Sell	JOHNSON AND JOHNSON	$23,016,000	-0.8%	265,493	-1.7%	3.11%	-3.3%
KO	Sell	COCA COLA COM	$21,879,000	-5.7%	577,596	-0.1%	2.95%	-8.0%
GS	Sell	GOLDMAN SACHS GRP INC	$21,797,000	+3.3%	137,773	-1.3%	2.94%	+0.6%
PEP	Sell	PEPSICO INC	$21,777,000	-3.8%	273,926	-1.0%	2.94%	-6.2%
VNO	Buy	VORNADO REALTY TRUST	$20,307,000	+2.0%	241,576	+0.5%	2.74%	-0.6%
JPM	Sell	JPMORGAN CHASE & CO	$17,888,000	-2.6%	346,067	-0.5%	2.42%	-5.0%
PENN	Sell	PENN NATL GAMING CORP	$17,562,000	+4.4%	317,233	-0.2%	2.37%	+1.8%
GOOGL	Sell	GOOGLE INC CL A	$16,103,000	-0.5%	18,384	-0.0%	2.17%	-3.1%
DEI	Sell	DOUGLAS EMMETT INC	$15,674,000	-6.2%	667,837	-0.3%	2.12%	-8.6%
TIF	Sell	TIFFANY & CO NEW	$15,579,000	+3.7%	203,330	-1.5%	2.10%	+1.0%
PG	Sell	PROCTER & GAMBLE CO	$14,941,000	-9.6%	197,661	-8.0%	2.02%	-11.9%
NLY	Buy	ANNALY CAP MGMT INC	$14,485,000	+4.4%	1,250,875	+13.3%	1.96%	+1.8%
NKE	Sell	NIKE INC CL B	$14,436,000	+6.9%	198,733	-6.3%	1.95%	+4.2%
EL	Buy	ESTEE LAUDER	$10,903,000	+6.3%	155,980	+0.0%	1.47%	+3.6%
BAM	Sell	BROOKFIELD ASSET MGMT	$9,445,000	+3.2%	252,532	-0.6%	1.28%	+0.6%
BRKA	Sell	BERKSHIRE HATHAWAY A	$7,668,000	-5.3%	45	-6.2%	1.04%	-7.7%
SLB	Buy	SCHLUMBERGER LTD	$4,865,000	+24.3%	55,064	+0.8%	0.66%	+21.2%
	Buy	DIAMONDS TRUST SERIES 1	$4,832,000	+209.7%	32,000	+204.8%	0.65%	+201.9%
AAPL	Sell	APPLE INC	$4,702,000	+17.5%	9,863	-2.3%	0.64%	+14.6%
SBCF	Sell	SEACOAST BKG CORP FLA	$4,447,000	-5.3%	2,049,356	-3.9%	0.60%	-7.7%
PNC	Sell	PNC FINL SERVICES GP INC	$3,439,000	-1.8%	47,466	-1.1%	0.46%	-4.3%
CVX	Buy	CHEVRON CORPORATION	$2,998,000	+5.7%	24,672	+2.9%	0.40%	+3.1%
UPLMQ	Buy	ULTRA PETROLEUM CORP	$2,900,000	+6.5%	140,975	+2.6%	0.39%	+4.0%
FRFHF	Sell	FAIRFAX FINL HLDGS LTD	$2,579,000	+1.5%	6,363	-1.8%	0.35%	-1.1%
SONA	Buy	SOUTHERN NATL BANCORP VA	$2,569,000	+23.9%	266,664	+25.8%	0.35%	+20.9%
DIS	Buy	DISNEY WALT CO	$2,429,000	+3.2%	37,665	+1.0%	0.33%	+0.6%
OXY	Sell	OCCIDENTAL PETE CORP	$2,419,000	+1.5%	25,858	-3.2%	0.33%	-0.9%
WTFC	Sell	WINTRUST FINANCIAL CORP	$2,051,000	-12.4%	49,935	-18.3%	0.28%	-14.5%
TROW	Buy	T ROWE PRICE ASSOCIATES	$2,039,000	-1.4%	28,341	+0.3%	0.28%	-3.8%
MCD	Buy	MCDONALDS CORP	$2,010,000	+2.9%	20,887	+5.8%	0.27%	0.0%
HHC	Sell	HOWARD HUGHES CORP	$1,764,000	-18.6%	15,700	-18.8%	0.24%	-20.7%
UPS	Sell	UNITED PARCEL SVC	$1,437,000	+5.7%	15,725	-0.0%	0.19%	+3.2%
USB	Buy	US BANCORP DEL	$1,292,000	+5.7%	35,327	+4.5%	0.17%	+3.0%
UTX	Buy	UNITED TECHNOLOGIES CP	$1,035,000	+24.1%	9,598	+7.0%	0.14%	+20.7%
EXPD	Sell	EXPEDITORS INTL WASH	$1,034,000	+3.6%	23,475	-10.5%	0.14%	+1.4%
LVS	Sell	LAS VEGAS SANDS CORP	$988,000	+6.8%	14,870	-14.9%	0.13%	+3.9%
NTRS	Sell	NORTHERN TRUST CORP	$850,000	-28.6%	15,625	-24.1%	0.12%	-30.3%
PM	Buy	PHILIP MORRIS INTL INC	$755,000	+6.3%	8,716	+6.4%	0.10%	+4.1%
HUM	Sell	HUMANA INC	$660,000	+8.2%	7,075	-2.2%	0.09%	+6.0%
PFE	Buy	PFIZER INC	$541,000	+2.9%	18,851	+0.3%	0.07%	0.0%
EFA	New	ISHARES MSCI EAFE INDEX FUND	$423,000	–	6,635	–	0.06%	–
WU	Sell	WESTERN UNION CO	$420,000	-3.7%	22,500	-11.8%	0.06%	-5.0%
BUSE	Sell	FIRST BUSEY CORP	$399,000	-28.5%	76,600	-38.3%	0.05%	-29.9%
COST	Buy	COSTCO WHSL CORP NEW	$392,000	+8.9%	3,407	+4.5%	0.05%	+6.0%
SCHW	Sell	SCHWAB CHARLES CORP	$318,000	-3.6%	15,050	-3.2%	0.04%	-6.5%
MRK	Buy	MERCK & CO INC	$304,000	+5.9%	6,386	+3.4%	0.04%	+2.5%
ABBV	Buy	ABBVIE INC	$303,000	+23.2%	6,785	+14.0%	0.04%	+20.6%
SE	Buy	SPECTRA ENERGY CORP	$306,000	+8.9%	8,951	+9.7%	0.04%	+5.1%
KRFT	Buy	KRAFT FOODS GROUP INC	$307,000	+24.8%	5,858	+33.0%	0.04%	+20.6%
DHIL	Sell	DIAMOND HILL INVESTMENT GROUP	$289,000	+20.4%	2,700	-3.6%	0.04%	+18.2%
DD	Sell	DU PONT E I DE NEMOURS	$284,000	+7.6%	4,852	-3.5%	0.04%	+2.7%
GE	New	GENERAL ELECTRIC CO	$269,000	–	11,277	–	0.04%	–
MDY	New	S&P MIDCAP 400	$259,000	–	1,143	–	0.04%	–
VIAB	Sell	VIACOM INC CL B NEW	$257,000	+11.3%	3,073	-9.5%	0.04%	+9.4%
MMM	Buy	3 M	$252,000	+12.5%	2,114	+3.1%	0.03%	+9.7%
QCOM	New	QUALCOMM INC	$254,000	–	3,767	–	0.03%	–
RLGY	New	REALOGY HLDGS CORP	$243,000	–	5,650	–	0.03%	–
IGSB	New	ISHARES TR 1-3 YR CR BD ETF	$242,000	–	2,300	–	0.03%	–
CBS	Sell	CBS CORPORATION CL B NEW	$248,000	-7.8%	4,500	-18.2%	0.03%	-10.8%
BBT	Sell	BB&T CORPORATION	$235,000	-6.7%	6,950	-6.7%	0.03%	-8.6%
MDLZ	New	MONDELEZ INTL INC	$231,000	–	7,361	–	0.03%	–
FDX	New	FDX CORP	$228,000	–	2,000	–	0.03%	–
NSRGY	New	NESTLE S.A SPONS	$204,000	–	2,922	–	0.03%	–
FFKT	Sell	FARMERS CAP BK CORP	$208,000	-60.8%	9,500	-61.2%	0.03%	-62.2%
GLD	New	SPDR GOLD TRUST	$211,000	–	1,650	–	0.03%	–
SPY	New	S&P DEPOSITARY RECEIPTS	$208,000	–	1,240	–	0.03%	–
TSS	New	TOTAL SYS SERV INC	$205,000	–	6,984	–	0.03%	–
HAL	New	HALIBURTON CO	$203,000	–	4,209	–	0.03%	–
	Sell	APPLE INC	$143,000	-27.8%	300	-40.0%	0.02%	-29.6%
SNV	Sell	SYNOVUS FINANCIAL	$58,000	+1.8%	17,625	-10.2%	0.01%	0.0%
	Exit	S&P DEPOSITARY RECEIPTS	$0	–	-2,500	–	-0.06%	–

Q2 2013

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY B	$89,865,000	–	802,936	–	12.45%	–
MKL	New	MARKEL CORP COM	$42,929,000	–	81,467	–	5.95%	–
XOM	New	EXXON MOBIL CORP COM	$33,617,000	–	372,074	–	4.66%	–
AMG	New	AFFILIATED MANAGERS GRP	$28,399,000	–	173,226	–	3.93%	–
WMT	New	WAL-MART STORES INC	$26,947,000	–	361,750	–	3.73%	–
ESGR	New	ENSTAR GROUP LTD	$26,190,000	–	196,948	–	3.63%	–
CYN	New	CITY NATIONAL CORP	$25,847,000	–	407,880	–	3.58%	–
LUK	New	LEUCADIA NATL CORP	$25,805,000	–	984,156	–	3.57%	–
AXP	New	AMERICAN EXPRESS CO	$25,688,000	–	343,601	–	3.56%	–
GBL	New	GAMCO INVS INC	$24,342,000	–	439,305	–	3.37%	–
WFC	New	WELLS FARGO & CO	$23,861,000	–	578,171	–	3.30%	–
JNJ	New	JOHNSON AND JOHNSON	$23,196,000	–	270,162	–	3.21%	–
KO	New	COCA COLA COM	$23,193,000	–	578,247	–	3.21%	–
PEP	New	PEPSICO INC	$22,638,000	–	276,780	–	3.14%	–
GS	New	GOLDMAN SACHS GRP INC	$21,110,000	–	139,568	–	2.92%	–
WYNN	New	WYNN RESORTS LTD	$20,234,000	–	158,114	–	2.80%	–
VNO	New	VORNADO REALTY TRUST	$19,915,000	–	240,377	–	2.76%	–
JPM	New	JPMORGAN CHASE & CO	$18,360,000	–	347,789	–	2.54%	–
PENN	New	PENN NATL GAMING CORP	$16,814,000	–	317,733	–	2.33%	–
DEI	New	DOUGLAS EMMETT INC	$16,718,000	–	670,062	–	2.32%	–
PG	New	PROCTER & GAMBLE CO	$16,534,000	–	214,751	–	2.29%	–
GOOGL	New	GOOGLE INC CL A	$16,192,000	–	18,392	–	2.24%	–
TIF	New	TIFFANY & CO NEW	$15,030,000	–	206,340	–	2.08%	–
NLY	New	ANNALY CAP MGMT INC	$13,876,000	–	1,103,875	–	1.92%	–
NKE	New	NIKE INC CL B	$13,503,000	–	212,037	–	1.87%	–
EL	New	ESTEE LAUDER	$10,256,000	–	155,943	–	1.42%	–
BAM	New	BROOKFIELD ASSET MGMT	$9,156,000	–	254,184	–	1.27%	–
BRKA	New	BERKSHIRE HATHAWAY A	$8,093,000	–	48	–	1.12%	–
SBCF	New	SEACOAST BKG CORP FLA	$4,694,000	–	2,133,581	–	0.65%	–
BH	New	BIGLARI HOLDINGS INC	$4,378,000	–	10,668	–	0.61%	–
AAPL	New	APPLE INC	$4,002,000	–	10,092	–	0.55%	–
SLB	New	SCHLUMBERGER LTD	$3,915,000	–	54,637	–	0.54%	–
PNC	New	PNC FINL SERVICES GP INC	$3,501,000	–	48,016	–	0.48%	–
CVX	New	CHEVRON CORPORATION	$2,837,000	–	23,973	–	0.39%	–
UPLMQ	New	ULTRA PETROLEUM CORP	$2,724,000	–	137,450	–	0.38%	–
FRFHF	New	FAIRFAX FINL HLDGS LTD	$2,540,000	–	6,478	–	0.35%	–
OXY	New	OCCIDENTAL PETE CORP	$2,383,000	–	26,701	–	0.33%	–
DIS	New	DISNEY WALT CO	$2,354,000	–	37,277	–	0.33%	–
WTFC	New	WINTRUST FINANCIAL CORP	$2,340,000	–	61,135	–	0.32%	–
HHC	New	HOWARD HUGHES CORP	$2,167,000	–	19,333	–	0.30%	–
SONA	New	SOUTHERN NATL BANCORP VA	$2,073,000	–	211,936	–	0.29%	–
TROW	New	T ROWE PRICE ASSOCIATES	$2,068,000	–	28,250	–	0.29%	–
MCD	New	MCDONALDS CORP	$1,954,000	–	19,740	–	0.27%	–
	New	DIAMONDS TRUST SERIES 1	$1,560,000	–	10,500	–	0.22%	–
UPS	New	UNITED PARCEL SVC	$1,360,000	–	15,726	–	0.19%	–
USB	New	US BANCORP DEL	$1,222,000	–	33,813	–	0.17%	–
NTRS	New	NORTHERN TRUST CORP	$1,191,000	–	20,575	–	0.16%	–
	New	BLACKSTONE GROUP	$1,148,000	–	54,500	–	0.16%	–
EXPD	New	EXPEDITORS INTL WASH	$998,000	–	26,225	–	0.14%	–
LVS	New	LAS VEGAS SANDS CORP	$925,000	–	17,470	–	0.13%	–
BP	New	BP PLC ADR F SPONSORED ADR 1 A	$909,000	–	21,777	–	0.13%	–
UTX	New	UNITED TECHNOLOGIES CP	$834,000	–	8,972	–	0.12%	–
APA	New	APACHE CORP	$713,000	–	8,500	–	0.10%	–
PM	New	PHILIP MORRIS INTERNATIONAL IN	$710,000	–	8,193	–	0.10%	–
COP	New	CONOCOPHILLIPS	$696,000	–	11,503	–	0.10%	–
HUM	New	HUMANA INC	$610,000	–	7,232	–	0.08%	–
BUSE	New	FIRST BUSEY CORP	$558,000	–	124,065	–	0.08%	–
FFKT	New	FARMERS CAP BK CORP	$531,000	–	24,500	–	0.07%	–
PFE	New	PFIZER INC	$526,000	–	18,789	–	0.07%	–
WU	New	WESTERN UNION CO	$436,000	–	25,500	–	0.06%	–
IBM	New	INTERNATIONAL BUS MACH	$419,000	–	2,190	–	0.06%	–
	New	S&P DEPOSITARY RECEIPTS	$401,000	–	2,500	–	0.06%	–
COST	New	COSTCO WHSL CORP NEW	$360,000	–	3,260	–	0.05%	–
SCHW	New	SCHWAB CHARLES CORP NEW	$330,000	–	15,550	–	0.05%	–
MRK	New	MERCK & CO INC	$287,000	–	6,175	–	0.04%	–
RDSA	New	ROYAL DUTCH SHELL A ADRF SPONS	$278,000	–	4,360	–	0.04%	–
SE	New	SPECTRA ENERGY CORP	$281,000	–	8,163	–	0.04%	–
DD	New	DU PONT E I DE NEMOURS	$264,000	–	5,028	–	0.04%	–
CBS	New	CBS CORPORATION CL B NEW	$269,000	–	5,500	–	0.04%	–
BBT	New	BB&T CORPORATION	$252,000	–	7,450	–	0.04%	–
ABBV	New	ABBVIE INC	$246,000	–	5,951	–	0.03%	–
KRFT	New	KRAFT FOODS GROUP INC	$246,000	–	4,405	–	0.03%	–
DHIL	New	DIAMOND HILL INVESTMENT GROUP	$240,000	–	2,800	–	0.03%	–
VIAB	New	VIACOM INC CL B NEW	$231,000	–	3,395	–	0.03%	–
BAC	New	BANK OF AMERICA CORP	$225,000	–	17,500	–	0.03%	–
MMM	New	3 M	$224,000	–	2,050	–	0.03%	–
	New	APPLE INC	$198,000	–	500	–	0.03%	–
SNV	New	SYNOVUS FINANCIAL	$57,000	–	19,625	–	0.01%	–

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