HORAN CAPITAL MANAGEMENT Activity Q4 2003-Q4 2020

Q4 2020

			Value		Shares		↓ Weighting
AMZN	Sell	AMZN	$67,358,000	+2.7%	20,681	-0.7%	8.48%	-12.2%
AAPL	Sell	AAPL	$55,207,000	+13.2%	416,063	-1.2%	6.95%	-3.2%
GOOG	Sell	GOOG	$53,821,000	+18.8%	30,722	-0.3%	6.78%	+1.7%
MSFT	Buy	MSFT	$52,799,000	+5.8%	237,382	+0.0%	6.65%	-9.6%
V	Buy	V	$49,825,000	+11.9%	227,794	+2.3%	6.27%	-4.3%
FB	Sell	FB	$48,578,000	+3.6%	177,838	-0.7%	6.12%	-11.4%
BKNG	Buy	BKNG	$47,004,000	+31.0%	21,104	+0.6%	5.92%	+12.0%
SBUX	Sell	SBUX	$42,779,000	+22.0%	399,876	-2.0%	5.39%	+4.4%
BRKB	Sell	BRKB	$36,972,000	+0.4%	159,452	-7.8%	4.66%	-14.1%
TJX	Sell	TJX	$34,903,000	+22.4%	511,097	-0.2%	4.39%	+4.7%
ADSK	Sell	ADSK	$32,249,000	+31.2%	105,616	-0.8%	4.06%	+12.2%
MTN	Sell	MTN	$29,413,000	+26.2%	105,439	-3.2%	3.70%	+8.0%
SPGI	Buy	SPGI	$24,624,000	+167.4%	74,905	+193.4%	3.10%	+128.8%
ATVI	Buy	ATVI	$22,448,000	+15.5%	241,770	+0.7%	2.83%	-1.2%
MA	New	MA	$21,101,000	–	59,115	–	2.66%	–
ROP	Buy	ROP	$21,030,000	+11.8%	48,782	+2.4%	2.65%	-4.4%
ISTB	Buy	ISTB	$18,828,000	+2.8%	364,609	+2.6%	2.37%	-12.1%
SCHZ	Sell	SCHZ	$17,955,000	-1.5%	320,460	-1.4%	2.26%	-15.7%
DPZ	Buy	DPZ	$16,376,000	-5.3%	42,706	+5.0%	2.06%	-19.0%
BR	Sell	BR	$15,557,000	+15.3%	101,545	-0.7%	1.96%	-1.4%
FICO	Buy	FICO	$10,886,000	+34.5%	21,301	+11.9%	1.37%	+15.0%
ACN	Buy	ACN	$10,762,000	+15.8%	41,200	+0.2%	1.36%	-1.0%
SCHP	Sell	SCHP	$10,412,000	-2.0%	167,719	-2.7%	1.31%	-16.2%
TTWO	New	TTWO	$9,942,000	–	47,846	–	1.25%	–
DISCK	Sell	DISCK	$9,699,000	-20.7%	370,325	-40.6%	1.22%	-32.2%
HLT	Sell	HLT	$9,363,000	+26.4%	84,153	-3.1%	1.18%	+8.2%
VRSN	Buy	VRSN	$8,314,000	+8.3%	38,421	+2.5%	1.05%	-7.3%
NKE	Sell	NKE	$4,850,000	+12.5%	34,285	-0.2%	0.61%	-3.8%
SPAB	Sell	SPAB	$3,309,000	-1.3%	107,484	-1.2%	0.42%	-15.4%
VRSK	Buy	VRSK	$3,162,000	+16.7%	15,233	+4.2%	0.40%	-0.3%
UNP	Buy	UNP	$1,213,000	+9.7%	5,827	+3.7%	0.15%	-6.1%
IVV	Buy	IVV	$1,049,000	+16.2%	2,794	+3.9%	0.13%	-0.8%
GOOGL	Sell	GOOGL	$936,000	-41.7%	534	-51.3%	0.12%	-50.0%
YUM	Buy	YUM	$358,000	+26.5%	3,300	+6.5%	0.04%	+7.1%
HD	Exit	HD	$0	–	-2,208	–	-0.09%	–
SCHW	Exit	SCHW	$0	–	-222,927	–	-1.19%	–

Q3 2020

			Value		Shares		↓ Weighting
AMZN	Sell	AMZN	$65,589,000	+4.9%	20,830	-8.1%	9.65%	-0.5%
MSFT	Sell	MSFT	$49,926,000	-6.7%	237,368	-9.7%	7.35%	-11.4%
AAPL	Buy	AAPL	$48,767,000	-0.8%	421,094	+212.6%	7.18%	-5.8%
FB	Sell	FB	$46,905,000	+15.2%	179,096	-0.1%	6.90%	+9.4%
GOOG	Buy	GOOG	$45,287,000	+5.5%	30,816	+1.5%	6.67%	+0.1%
V	Buy	V	$44,531,000	+4.3%	222,688	+0.7%	6.56%	-1.0%
BRKB	Sell	BRKB	$36,828,000	+17.2%	172,952	-1.8%	5.42%	+11.2%
BKNG	Buy	BKNG	$35,893,000	+8.6%	20,982	+1.1%	5.28%	+3.1%
SBUX	Buy	SBUX	$35,054,000	+17.3%	407,979	+0.4%	5.16%	+11.3%
TJX	Buy	TJX	$28,512,000	+11.2%	512,337	+1.0%	4.20%	+5.6%
ADSK	Buy	ADSK	$24,583,000	-2.9%	106,417	+0.6%	3.62%	-7.8%
MTN	Buy	MTN	$23,300,000	+19.0%	108,893	+1.3%	3.43%	+13.0%
ATVI	Buy	ATVI	$19,437,000	+9.0%	240,115	+2.2%	2.86%	+3.5%
ROP	Buy	ROP	$18,817,000	+6.0%	47,625	+4.2%	2.77%	+0.6%
ISTB	Buy	ISTB	$18,316,000	+21.5%	355,306	+21.3%	2.70%	+15.4%
SCHZ	Buy	SCHZ	$18,220,000	+12.6%	324,892	+12.9%	2.68%	+6.9%
DPZ	Buy	DPZ	$17,290,000	+18.4%	40,655	+2.9%	2.54%	+12.4%
BR	Buy	BR	$13,498,000	+7.7%	102,257	+2.9%	1.99%	+2.2%
DISCK	Sell	DISCK	$12,227,000	-12.8%	623,827	-14.3%	1.80%	-17.2%
SCHP	Buy	SCHP	$10,627,000	+11.3%	172,425	+8.4%	1.56%	+5.7%
ACN	Sell	ACN	$9,292,000	+4.8%	41,116	-0.4%	1.37%	-0.5%
SPGI	New	SPGI	$9,207,000	–	25,532	–	1.36%	–
FICO	Buy	FICO	$8,096,000	+2.2%	19,033	+0.5%	1.19%	-2.9%
SCHW	Sell	SCHW	$8,077,000	-33.2%	222,927	-37.8%	1.19%	-36.6%
VRSN	Buy	VRSN	$7,676,000	+30.9%	37,469	+32.2%	1.13%	+24.3%
HLT	Buy	HLT	$7,407,000	+18.0%	86,819	+1.6%	1.09%	+11.9%
NKE	Sell	NKE	$4,311,000	+25.1%	34,343	-2.3%	0.64%	+18.9%
SPAB	Sell	SPAB	$3,351,000	-0.9%	108,773	-0.8%	0.49%	-6.1%
VRSK	New	VRSK	$2,710,000	–	14,625	–	0.40%	–
GOOGL	Buy	GOOGL	$1,606,000	+6.9%	1,096	+3.4%	0.24%	+1.3%
COST	Sell	COST	$1,139,000	+15.9%	3,208	-1.1%	0.17%	+10.5%
UNP	Sell	UNP	$1,106,000	-76.8%	5,620	-80.1%	0.16%	-78.0%
IVV	Buy	IVV	$903,000	+12.3%	2,688	+3.6%	0.13%	+6.4%
HD	Buy	HD	$613,000	+11.3%	2,208	+0.4%	0.09%	+5.9%
YUM	Sell	YUM	$283,000	-3.1%	3,100	-7.6%	0.04%	-6.7%
TCEHY	Exit	TCEHY	$0	–	-3,340	–	-0.03%	–
BDX	Exit	BDX	$0	–	-1,566	–	-0.06%	–
DIS	Exit	DIS	$0	–	-4,096	–	-0.07%	–
THO	Exit	THO	$0	–	-15,848	–	-0.26%	–
AXP	Exit	AXP	$0	–	-19,569	–	-0.29%	–
WFC	Exit	WFC	$0	–	-372,400	–	-1.48%	–

Q2 2020

			Value		Shares		↓ Weighting
AMZN	New	AMZN	$62,549,000	–	22,672	–	9.70%	–
MSFT	New	MSFT	$53,517,000	–	262,969	–	8.30%	–
AAPL	New	AAPL	$49,147,000	–	134,722	–	7.62%	–
GOOG	New	GOOG	$42,925,000	–	30,366	–	6.66%	–
V	New	V	$42,702,000	–	221,061	–	6.62%	–
FB	New	FB	$40,702,000	–	179,250	–	6.31%	–
BKNG	New	BKNG	$33,046,000	–	20,753	–	5.12%	–
BRKB	New	BRKB	$31,433,000	–	176,088	–	4.87%	–
SBUX	New	SBUX	$29,896,000	–	406,252	–	4.64%	–
TJX	New	TJX	$25,635,000	–	507,027	–	3.98%	–
ADSK	New	ADSK	$25,307,000	–	105,801	–	3.92%	–
MTN	New	MTN	$19,576,000	–	107,474	–	3.04%	–
ATVI	New	ATVI	$17,833,000	–	234,948	–	2.76%	–
ROP	New	ROP	$17,750,000	–	45,717	–	2.75%	–
SCHZ	New	SCHZ	$16,182,000	–	287,722	–	2.51%	–
ISTB	New	ISTB	$15,072,000	–	292,836	–	2.34%	–
DPZ	New	DPZ	$14,602,000	–	39,524	–	2.26%	–
DISCK	New	DISCK	$14,019,000	–	727,884	–	2.17%	–
BR	New	BR	$12,537,000	–	99,349	–	1.94%	–
SCHW	New	SCHW	$12,090,000	–	358,324	–	1.88%	–
SCHP	New	SCHP	$9,544,000	–	159,012	–	1.48%	–
WFC	New	WFC	$9,533,000	–	372,400	–	1.48%	–
ACN	New	ACN	$8,868,000	–	41,298	–	1.38%	–
FICO	New	FICO	$7,919,000	–	18,944	–	1.23%	–
HLT	New	HLT	$6,278,000	–	85,473	–	0.97%	–
VRSN	New	VRSN	$5,864,000	–	28,353	–	0.91%	–
UNP	New	UNP	$4,773,000	–	28,232	–	0.74%	–
NKE	New	NKE	$3,446,000	–	35,144	–	0.53%	–
SPAB	New	SPAB	$3,383,000	–	109,633	–	0.52%	–
AXP	New	AXP	$1,863,000	–	19,569	–	0.29%	–
THO	New	THO	$1,688,000	–	15,848	–	0.26%	–
GOOGL	New	GOOGL	$1,503,000	–	1,060	–	0.23%	–
COST	New	COST	$983,000	–	3,243	–	0.15%	–
IVV	New	IVV	$804,000	–	2,595	–	0.12%	–
HD	New	HD	$551,000	–	2,200	–	0.08%	–
DIS	New	DIS	$457,000	–	4,096	–	0.07%	–
BDX	New	BDX	$375,000	–	1,566	–	0.06%	–
YUM	New	YUM	$292,000	–	3,355	–	0.04%	–
TCEHY	New	TCEHY	$214,000	–	3,340	–	0.03%	–

Q4 2019

			Value		Shares		↓ Weighting
SCHM	Exit	SCHM	$0	–	-1,827	–	-0.02%	–
SCHD	Exit	SCHD	$0	–	-2,284	–	-0.02%	–
JNJ	Exit	JNJ	$0	–	-986	–	-0.02%	–
MCD	Exit	MCD	$0	–	-624	–	-0.02%	–
SCHG	Exit	SCHG	$0	–	-1,585	–	-0.02%	–
SCHF	Exit	SCHF	$0	–	-4,488	–	-0.02%	–
DG	Exit	DG	$0	–	-1,337	–	-0.04%	–
ISTB	Exit	ISTB	$0	–	-7,167	–	-0.06%	–
BABA	Exit	BABA	$0	–	-2,246	–	-0.07%	–
BDX	Exit	BDX	$0	–	-1,566	–	-0.07%	–
IVV	Exit	IVV	$0	–	-1,450	–	-0.08%	–
YUM	Exit	YUM	$0	–	-3,900	–	-0.08%	–
VB	Exit	VB	$0	–	-3,831	–	-0.10%	–
HD	Exit	HD	$0	–	-2,640	–	-0.11%	–
DIS	Exit	DIS	$0	–	-5,084	–	-0.12%	–
ADP	Exit	ADP	$0	–	-4,686	–	-0.14%	–
VEU	Exit	VEU	$0	–	-18,126	–	-0.16%	–
COST	Exit	COST	$0	–	-3,361	–	-0.17%	–
UTX	Exit	UTX	$0	–	-7,380	–	-0.18%	–
AGG	Exit	AGG	$0	–	-9,191	–	-0.19%	–
GOOGL	Exit	GOOGL	$0	–	-1,132	–	-0.25%	–
CMG	Exit	CMG	$0	–	-3,420	–	-0.51%	–
NKE	Exit	NKE	$0	–	-36,251	–	-0.61%	–
CHRW	Exit	CHRW	$0	–	-41,601	–	-0.63%	–
PEP	Exit	PEP	$0	–	-29,288	–	-0.72%	–
HLT	Exit	HLT	$0	–	-43,839	–	-0.73%	–
AXP	Exit	AXP	$0	–	-36,048	–	-0.76%	–
MTN	Exit	MTN	$0	–	-19,331	–	-0.79%	–
CSCO	Exit	CSCO	$0	–	-94,019	–	-0.83%	–
SPSB	Exit	SPSB	$0	–	-154,033	–	-0.85%	–
PII	Exit	PII	$0	–	-56,375	–	-0.89%	–
SCHZ	Exit	SCHZ	$0	–	-98,414	–	-0.95%	–
C	Exit	C	$0	–	-93,458	–	-1.15%	–
ROP	Exit	ROP	$0	–	-22,236	–	-1.42%	–
CVS	Exit	CVS	$0	–	-126,080	–	-1.42%	–
ADSK	Exit	ADSK	$0	–	-54,683	–	-1.44%	–
THO	Exit	THO	$0	–	-147,756	–	-1.50%	–
WMT	Exit	WMT	$0	–	-76,312	–	-1.62%	–
DPZ	Exit	DPZ	$0	–	-38,157	–	-1.67%	–
UNP	Exit	UNP	$0	–	-63,046	–	-1.82%	–
SCHP	Exit	SCHP	$0	–	-208,092	–	-2.11%	–
ATVI	Exit	ATVI	$0	–	-230,302	–	-2.18%	–
SPAB	Exit	SPAB	$0	–	-535,780	–	-2.84%	–
TCEHY	Exit	TCEHY	$0	–	-498,419	–	-3.71%	–
SCHW	Exit	SCHW	$0	–	-509,762	–	-3.81%	–
WFC	Exit	WFC	$0	–	-448,651	–	-4.04%	–
BKNG	Exit	BKNG	$0	–	-12,446	–	-4.36%	–
TJX	Exit	TJX	$0	–	-500,174	–	-4.98%	–
FB	Exit	FB	$0	–	-168,353	–	-5.36%	–
SBUX	Exit	SBUX	$0	–	-339,937	–	-5.37%	–
AAPL	Exit	AAPL	$0	–	-146,045	–	-5.84%	–
V	Exit	V	$0	–	-206,668	–	-6.35%	–
BRKB	Exit	BRKB	$0	–	-174,239	–	-6.48%	–
GOOG	Exit	GOOG	$0	–	-30,223	–	-6.58%	–
MSFT	Exit	MSFT	$0	–	-267,387	–	-6.64%	–
AMZN	Exit	AMZN	$0	–	-22,935	–	-7.11%	–

Q3 2019

			Value		Shares		↓ Weighting
AMZN	Sell	AMZN	$39,813,000	-9.0%	22,935	-0.8%	7.11%	-9.2%
MSFT	Sell	MSFT	$37,174,000	+2.1%	267,387	-1.6%	6.64%	+1.9%
GOOG	Buy	GOOG	$36,842,000	+13.9%	30,223	+1.0%	6.58%	+13.6%
BRKB	Buy	BRKB	$36,245,000	+2.8%	174,239	+5.3%	6.48%	+2.5%
V	Sell	V	$35,549,000	-3.0%	206,668	-2.2%	6.35%	-3.2%
AAPL	Sell	AAPL	$32,709,000	+11.2%	146,045	-1.7%	5.84%	+11.0%
SBUX	Sell	SBUX	$30,057,000	+3.9%	339,937	-1.5%	5.37%	+3.6%
FB	Sell	FB	$29,980,000	-7.9%	168,353	-0.2%	5.36%	-8.1%
TJX	Sell	TJX	$27,879,000	+3.8%	500,174	-1.6%	4.98%	+3.6%
BKNG	Buy	BKNG	$24,426,000	+5.3%	12,446	+0.6%	4.36%	+5.1%
WFC	Buy	WFC	$22,629,000	+16.7%	448,651	+9.5%	4.04%	+16.4%
SCHW	Buy	SCHW	$21,323,000	+53.8%	509,762	+47.8%	3.81%	+53.5%
TCEHY	Sell	TCEHY	$20,749,000	-8.4%	498,419	-0.7%	3.71%	-8.6%
SPAB	Buy	SPAB	$15,880,000	+6.8%	535,780	+5.2%	2.84%	+6.6%
ATVI	Buy	ATVI	$12,187,000	+61.0%	230,302	+43.6%	2.18%	+60.5%
SCHP	Buy	SCHP	$11,811,000	+3.4%	208,092	+2.6%	2.11%	+3.2%
UNP	Sell	UNP	$10,212,000	-5.8%	63,046	-1.7%	1.82%	-6.1%
DPZ	Buy	DPZ	$9,332,000	+447.7%	38,157	+523.0%	1.67%	+446.6%
WMT	Sell	WMT	$9,056,000	-44.5%	76,312	-48.3%	1.62%	-44.6%
THO	Buy	THO	$8,368,000	+47.9%	147,756	+52.6%	1.50%	+47.6%
ADSK	New	ADSK	$8,076,000	–	54,683	–	1.44%	–
CVS	Sell	CVS	$7,951,000	-5.6%	126,080	-18.4%	1.42%	-5.8%
ROP	New	ROP	$7,929,000	–	22,236	–	1.42%	–
C	Sell	C	$6,456,000	-60.9%	93,458	-60.4%	1.15%	-61.0%
SCHZ	Buy	SCHZ	$5,299,000	+6.3%	98,414	+4.6%	0.95%	+6.0%
PII	Sell	PII	$4,961,000	-14.6%	56,375	-11.4%	0.89%	-14.8%
SPSB	Buy	SPSB	$4,751,000	+4.6%	154,033	+4.4%	0.85%	+4.4%
CSCO	Sell	CSCO	$4,645,000	-20.2%	94,019	-11.7%	0.83%	-20.4%
MTN	Buy	MTN	$4,399,000	+245.8%	19,331	+239.1%	0.79%	+244.7%
AXP	Sell	AXP	$4,263,000	-4.3%	36,048	-0.2%	0.76%	-4.5%
HLT	Buy	HLT	$4,081,000	+21.2%	43,839	+27.3%	0.73%	+20.9%
PEP	Sell	PEP	$4,015,000	-2.6%	29,288	-6.8%	0.72%	-2.8%
CHRW	Sell	CHRW	$3,526,000	-4.6%	41,601	-5.1%	0.63%	-4.8%
NKE	Buy	NKE	$3,404,000	+12.2%	36,251	+0.2%	0.61%	+12.0%
CMG	Sell	CMG	$2,874,000	-28.0%	3,420	-37.3%	0.51%	-28.3%
GOOGL	Buy	GOOGL	$1,382,000	+17.2%	1,132	+3.9%	0.25%	+17.1%
AGG	Sell	AGG	$1,040,000	-2.5%	9,191	-4.2%	0.19%	-2.6%
UTX	Sell	UTX	$1,007,000	+3.0%	7,380	-1.8%	0.18%	+2.9%
COST	Sell	COST	$968,000	+8.9%	3,361	-0.1%	0.17%	+8.8%
VEU	Sell	VEU	$904,000	-3.8%	18,126	-1.7%	0.16%	-3.6%
ADP	Sell	ADP	$756,000	-5.4%	4,686	-3.1%	0.14%	-5.6%
DIS	Buy	DIS	$662,000	+0.2%	5,084	+7.4%	0.12%	0.0%
HD	Buy	HD	$612,000	+38.5%	2,640	+24.2%	0.11%	+38.0%
VB	Sell	VB	$589,000	-2.8%	3,831	-1.0%	0.10%	-2.8%
YUM	Sell	YUM	$442,000	+0.9%	3,900	-1.6%	0.08%	+1.3%
IVV	Sell	IVV	$432,000	-23.0%	1,450	-23.9%	0.08%	-23.0%
BDX	Sell	BDX	$396,000	-3.9%	1,566	-4.4%	0.07%	-4.1%
BABA	Sell	BABA	$375,000	-3.8%	2,246	-2.4%	0.07%	-4.3%
ISTB	Buy	ISTB	$361,000	+18.0%	7,167	+18.0%	0.06%	+16.4%
SCHF	Sell	SCHF	$142,000	-10.7%	4,488	-9.7%	0.02%	-10.7%
MCD	Buy	MCD	$133,000	+29.1%	624	+25.1%	0.02%	+33.3%
SCHG	Sell	SCHG	$133,000	-4.3%	1,585	-5.7%	0.02%	-4.0%
JNJ	Sell	JNJ	$127,000	-98.3%	986	-98.2%	0.02%	-98.3%
SCHD	Sell	SCHD	$125,000	+0.8%	2,284	-2.7%	0.02%	0.0%
SCHM	Sell	SCHM	$103,000	-6.4%	1,827	-5.4%	0.02%	-10.0%
SCHA	Exit	SCHA	$0	–	-1,199	–	-0.02%	–
BSV	Exit	BSV	$0	–	-1,597	–	-0.02%	–
CMI	Exit	CMI	$0	–	-7,563	–	-0.23%	–
CERN	Exit	CERN	$0	–	-47,723	–	-0.63%	–
EMR	Exit	EMR	$0	–	-114,958	–	-1.37%	–
PG	Exit	PG	$0	–	-72,661	–	-1.43%	–

Q2 2019

			Value		Shares		↓ Weighting
AMZN	New	AMZN	$43,760,000	–	23,109	–	7.84%	–
V	New	V	$36,661,000	–	211,242	–	6.56%	–
MSFT	New	MSFT	$36,399,000	–	271,719	–	6.52%	–
BRKB	New	BRKB	$35,269,000	–	165,450	–	6.32%	–
FB	New	FB	$32,568,000	–	168,749	–	5.83%	–
GOOG	New	GOOG	$32,349,000	–	29,927	–	5.79%	–
AAPL	New	AAPL	$29,407,000	–	148,581	–	5.26%	–
SBUX	New	SBUX	$28,941,000	–	345,245	–	5.18%	–
TJX	New	TJX	$26,866,000	–	508,073	–	4.81%	–
BKNG	New	BKNG	$23,192,000	–	12,371	–	4.15%	–
TCEHY	New	TCEHY	$22,649,000	–	501,842	–	4.06%	–
WFC	New	WFC	$19,393,000	–	409,840	–	3.47%	–
C	New	C	$16,524,000	–	235,959	–	2.96%	–
WMT	New	WMT	$16,316,000	–	147,677	–	2.92%	–
SPAB	New	SPAB	$14,862,000	–	509,514	–	2.66%	–
SCHW	New	SCHW	$13,865,000	–	344,996	–	2.48%	–
SCHP	New	SCHP	$11,423,000	–	202,866	–	2.04%	–
UNP	New	UNP	$10,846,000	–	64,138	–	1.94%	–
CVS	New	CVS	$8,420,000	–	154,537	–	1.51%	–
PG	New	PG	$7,967,000	–	72,661	–	1.43%	–
EMR	New	EMR	$7,670,000	–	114,958	–	1.37%	–
JNJ	New	JNJ	$7,658,000	–	54,988	–	1.37%	–
ATVI	New	ATVI	$7,571,000	–	160,402	–	1.36%	–
CSCO	New	CSCO	$5,824,000	–	106,421	–	1.04%	–
PII	New	PII	$5,807,000	–	63,660	–	1.04%	–
THO	New	THO	$5,659,000	–	96,822	–	1.01%	–
SCHZ	New	SCHZ	$4,987,000	–	94,098	–	0.89%	–
SPSB	New	SPSB	$4,542,000	–	147,571	–	0.81%	–
AXP	New	AXP	$4,456,000	–	36,105	–	0.80%	–
PEP	New	PEP	$4,121,000	–	31,427	–	0.74%	–
CMG	New	CMG	$3,994,000	–	5,451	–	0.72%	–
CHRW	New	CHRW	$3,697,000	–	43,832	–	0.66%	–
CERN	New	CERN	$3,498,000	–	47,723	–	0.63%	–
HLT	New	HLT	$3,366,000	–	34,447	–	0.60%	–
NKE	New	NKE	$3,035,000	–	36,163	–	0.54%	–
DPZ	New	DPZ	$1,704,000	–	6,125	–	0.30%	–
CMI	New	CMI	$1,295,000	–	7,563	–	0.23%	–
MTN	New	MTN	$1,272,000	–	5,700	–	0.23%	–
GOOGL	New	GOOGL	$1,179,000	–	1,089	–	0.21%	–
AGG	New	AGG	$1,067,000	–	9,591	–	0.19%	–
UTX	New	UTX	$978,000	–	7,514	–	0.18%	–
VEU	New	VEU	$940,000	–	18,441	–	0.17%	–
COST	New	COST	$889,000	–	3,365	–	0.16%	–
ADP	New	ADP	$799,000	–	4,837	–	0.14%	–
DIS	New	DIS	$661,000	–	4,734	–	0.12%	–
VB	New	VB	$606,000	–	3,871	–	0.11%	–
IVV	New	IVV	$561,000	–	1,905	–	0.10%	–
HD	New	HD	$442,000	–	2,126	–	0.08%	–
YUM	New	YUM	$438,000	–	3,965	–	0.08%	–
BDX	New	BDX	$412,000	–	1,638	–	0.07%	–
BABA	New	BABA	$390,000	–	2,302	–	0.07%	–
ISTB	New	ISTB	$306,000	–	6,072	–	0.06%	–
DG	New	DG	$180,000	–	1,337	–	0.03%	–
SCHF	New	SCHF	$159,000	–	4,968	–	0.03%	–
SCHG	New	SCHG	$139,000	–	1,680	–	0.02%	–
BSV	New	BSV	$128,000	–	1,597	–	0.02%	–
SCHD	New	SCHD	$124,000	–	2,347	–	0.02%	–
SCHM	New	SCHM	$110,000	–	1,932	–	0.02%	–
MCD	New	MCD	$103,000	–	499	–	0.02%	–
SCHA	New	SCHA	$85,000	–	1,199	–	0.02%	–

Q4 2018

			Value		Shares		↓ Weighting
ROST	Exit	Ross Stores	$0	–	-1,076	–	-0.02%	–
SCHG	Exit	Schwab US Large-Cap Growth ETF	$0	–	-1,481	–	-0.02%	–
MCD	Exit	McDonald's Corp	$0	–	-799	–	-0.02%	–
SCHD	Exit	Schwab US Dividend Equity ETF	$0	–	-2,462	–	-0.02%	–
MMM	Exit	3M Co	$0	–	-610	–	-0.02%	–
DG	Exit	Dollar General	$0	–	-1,337	–	-0.03%	–
SCHF	Exit	Schwab International Equity ETF	$0	–	-4,903	–	-0.03%	–
BOH	Exit	Bank of Hawaii Corp	$0	–	-2,126	–	-0.03%	–
BIIB	Exit	Biogen	$0	–	-497	–	-0.03%	–
VTIP	Exit	Vanguard Short-Term Infl-Prot Secs ETF	$0	–	-5,795	–	-0.05%	–
ISTB	Exit	iShares Core 1-5 Year USD Bond ETF	$0	–	-6,699	–	-0.06%	–
YUM	Exit	Yum Brands Inc	$0	–	-4,025	–	-0.07%	–
BABA	Exit	Alibaba Group Holding Ltd	$0	–	-2,282	–	-0.07%	–
BSV	Exit	Vanguard Short-Term Bond ETF	$0	–	-5,016	–	-0.07%	–
BAC	Exit	Bank of America Corporation	$0	–	-14,007	–	-0.08%	–
BDX	Exit	Becton Dickinson & Co	$0	–	-1,668	–	-0.08%	–
HD	Exit	Home Depot	$0	–	-2,206	–	-0.08%	–
BMY	Exit	Bristol-Myers Squibb Co.	$0	–	-7,939	–	-0.09%	–
IVV	Exit	iShares Core S&P 500 ETF	$0	–	-1,693	–	-0.09%	–
DIS	Exit	Walt Disney Co	$0	–	-4,774	–	-0.10%	–
ADP	Exit	Automatic Data Processing	$0	–	-4,928	–	-0.14%	–
COST	Exit	Costco	$0	–	-3,418	–	-0.15%	–
VB	Exit	Vanguard Small-Cap ETF	$0	–	-5,662	–	-0.17%	–
UTX	Exit	United Technologies Corp	$0	–	-7,469	–	-0.19%	–
VEU	Exit	Vanguard FTSE All-World ex-US ETF	$0	–	-21,027	–	-0.20%	–
SQ	Exit	Square Inc	$0	–	-11,400	–	-0.21%	–
GOOGL	Exit	Alphabet Inc Class A	$0	–	-1,076	–	-0.24%	–
AGG	Exit	iShares Core US Aggregate Bond ETF	$0	–	-12,298	–	-0.24%	–
CMI	Exit	Cummins, Inc.	$0	–	-12,043	–	-0.32%	–
NKE	Exit	Nike Class B	$0	–	-37,031	–	-0.58%	–
CERN	Exit	Cerner Corp	$0	–	-49,618	–	-0.59%	–
SCHZ	Exit	Schwab US Aggregate Bond ETF	$0	–	-78,641	–	-0.73%	–
AXP	Exit	American Express Co	$0	–	-38,333	–	-0.75%	–
PEP	Exit	PepsiCo Inc	$0	–	-36,749	–	-0.76%	–
CHRW	Exit	CH Robinson Worldwide Inc	$0	–	-44,929	–	-0.81%	–
SPSB	Exit	SPDR Portfolio Short Term Corporate Bond ETF	$0	–	-147,387	–	-0.82%	–
CMG	Exit	Chipotle Mexican Grill Inc CL A	$0	–	-11,063	–	-0.93%	–
CSCO	Exit	Cisco Systems Inc	$0	–	-136,420	–	-1.22%	–
PII	Exit	Polaris Industries	$0	–	-69,520	–	-1.29%	–
JNJ	Exit	Johnson & Johnson	$0	–	-57,179	–	-1.45%	–
MCK	Exit	McKesson Corp.	$0	–	-64,659	–	-1.58%	–
SCHW	Exit	Charles Schwab	$0	–	-176,592	–	-1.60%	–
GE	Exit	General Electric Co	$0	–	-798,400	–	-1.66%	–
EMR	Exit	Emerson Electric	$0	–	-120,352	–	-1.70%	–
BKNG	Exit	Booking Hldgs Inc Com	$0	–	-5,081	–	-1.86%	–
SCHP	Exit	Schwab US TIPS ETF	$0	–	-194,247	–	-1.93%	–
UNP	Exit	Union Pacific Corp	$0	–	-75,581	–	-2.27%	–
SPAB	Exit	SPDR Portfolio Aggregate Bond ETF	$0	–	-449,018	–	-2.29%	–
CVS	Exit	CVS Health Corp	$0	–	-167,689	–	-2.43%	–
AGN	Exit	Allergan	$0	–	-76,594	–	-2.69%	–
PG	Exit	Procter & Gamble Co	$0	–	-175,299	–	-2.69%	–
WMT	Exit	Wal-Mart Stores Inc	$0	–	-160,101	–	-2.77%	–
TCEHY	Exit	Tencent Holdings Ltd ADR	$0	–	-421,997	–	-3.17%	–
WFC	Exit	Wells Fargo & Co	$0	–	-334,428	–	-3.24%	–
C	Exit	Citigroup Inc	$0	–	-254,679	–	-3.36%	–
SBUX	Exit	Starbucks	$0	–	-355,543	–	-3.72%	–
FB	Exit	Facebook Inc	$0	–	-157,315	–	-4.76%	–
AAPL	Exit	Apple Inc	$0	–	-122,077	–	-5.07%	–
TJX	Exit	The TJX Companies	$0	–	-254,084	–	-5.24%	–
MSFT	Exit	Microsoft Corp	$0	–	-273,565	–	-5.76%	–
GOOG	Exit	Alphabet Inc Class C	$0	–	-27,456	–	-6.03%	–
V	Exit	Visa Inc	$0	–	-221,221	–	-6.11%	–
BRKB	Exit	Berkshire Hathaway Inc. Cl B	$0	–	-167,684	–	-6.61%	–
AMZN	Exit	Amazon.com Inc	$0	–	-23,346	–	-8.61%	–

Q3 2018

			Value		Shares		↓ Weighting
AMZN	Sell	Amazon.com Inc	$46,762,000	+15.0%	23,346	-2.4%	8.61%	+8.2%
BRKB	Buy	Berkshire Hathaway Inc. Cl B	$35,902,000	+14.8%	167,684	+0.1%	6.61%	+8.0%
V	Sell	Visa Inc	$33,203,000	+12.0%	221,221	-1.2%	6.11%	+5.3%
GOOG	Buy	Alphabet Inc Class C	$32,768,000	+8.1%	27,456	+1.0%	6.03%	+1.7%
MSFT	Sell	Microsoft Corp	$31,287,000	+14.6%	273,565	-1.2%	5.76%	+7.8%
TJX	Sell	The TJX Companies	$28,462,000	+15.8%	254,084	-1.6%	5.24%	+8.9%
AAPL	Sell	Apple Inc	$27,557,000	+19.1%	122,077	-2.4%	5.07%	+12.0%
FB	Buy	Facebook Inc	$25,872,000	-8.6%	157,315	+8.0%	4.76%	-14.0%
SBUX	Buy	Starbucks	$20,209,000	+577.5%	355,543	+482.1%	3.72%	+537.2%
C	Sell	Citigroup Inc	$18,270,000	+6.0%	254,679	-1.1%	3.36%	-0.3%
WFC	Buy	Wells Fargo & Co	$17,577,000	-5.0%	334,428	+0.2%	3.24%	-10.7%
TCEHY	Buy	Tencent Holdings Ltd ADR	$17,234,000	+13470.1%	421,997	+16579.7%	3.17%	+12592.0%
WMT	Sell	Wal-Mart Stores Inc	$15,035,000	+8.1%	160,101	-1.4%	2.77%	+1.7%
PG	Sell	Procter & Gamble Co	$14,590,000	+5.0%	175,299	-1.5%	2.69%	-1.2%
AGN	Sell	Allergan	$14,589,000	+11.6%	76,594	-2.3%	2.69%	+5.0%
CVS	Sell	CVS Health Corp	$13,200,000	+18.8%	167,689	-2.9%	2.43%	+11.8%
SPAB	Buy	SPDR Portfolio Aggregate Bond ETF	$12,442,000	+0.7%	449,018	+1.4%	2.29%	-5.3%
UNP	Sell	Union Pacific Corp	$12,306,000	-11.0%	75,581	-22.5%	2.27%	-16.2%
SCHP	Buy	Schwab US TIPS ETF	$10,481,000	-1.0%	194,247	+0.7%	1.93%	-6.9%
BKNG	Buy	Booking Hldgs Inc Com	$10,080,000	+925.4%	5,081	+947.6%	1.86%	+866.7%
EMR	Sell	Emerson Electric	$9,216,000	+5.1%	120,352	-5.1%	1.70%	-1.2%
GE	Sell	General Electric Co	$9,013,000	-40.4%	798,400	-28.2%	1.66%	-44.0%
SCHW	New	Charles Schwab	$8,679,000	–	176,592	–	1.60%	–
MCK	Sell	McKesson Corp.	$8,577,000	-3.4%	64,659	-2.8%	1.58%	-9.1%
JNJ	Sell	Johnson & Johnson	$7,900,000	+12.7%	57,179	-1.1%	1.45%	+6.0%
PII	Sell	Polaris Industries	$7,018,000	-19.5%	69,520	-2.5%	1.29%	-24.3%
CSCO	Sell	Cisco Systems Inc	$6,636,000	+9.1%	136,420	-3.5%	1.22%	+2.7%
CMG	Sell	Chipotle Mexican Grill Inc CL A	$5,028,000	-22.7%	11,063	-26.6%	0.93%	-27.3%
SPSB	Buy	SPDR Portfolio Short Term Corporate Bond ETF	$4,448,000	+1.7%	147,387	+1.6%	0.82%	-4.3%
CHRW	Sell	CH Robinson Worldwide Inc	$4,399,000	+16.5%	44,929	-0.4%	0.81%	+9.6%
PEP	Sell	PepsiCo Inc	$4,108,000	-4.9%	36,749	-7.4%	0.76%	-10.6%
AXP	Buy	American Express Co	$4,082,000	+8.9%	38,333	+0.2%	0.75%	+2.5%
SCHZ	Buy	Schwab US Aggregate Bond ETF	$3,951,000	+8.3%	78,641	+9.1%	0.73%	+1.8%
CERN	Sell	Cerner Corp	$3,195,000	+6.9%	49,618	-0.8%	0.59%	+0.5%
NKE	Sell	Nike Class B	$3,137,000	-15.0%	37,031	-20.1%	0.58%	-20.1%
CMI	Sell	Cummins, Inc.	$1,759,000	+8.6%	12,043	-1.2%	0.32%	+2.2%
GOOGL	Buy	Alphabet Inc Class A	$1,298,000	+7.7%	1,076	+0.7%	0.24%	+1.3%
AGG	Sell	iShares Core US Aggregate Bond ETF	$1,297,000	-3.0%	12,298	-2.2%	0.24%	-8.8%
SQ	Sell	Square Inc	$1,128,000	+22.9%	11,400	-23.5%	0.21%	+15.6%
VEU	Sell	Vanguard FTSE All-World ex-US ETF	$1,094,000	-2.9%	21,027	-3.3%	0.20%	-9.0%
UTX	Sell	United Technologies Corp	$1,044,000	+7.7%	7,469	-3.7%	0.19%	+1.1%
COST	Sell	Costco	$802,000	+10.0%	3,418	-2.1%	0.15%	+3.5%
ADP	Buy	Automatic Data Processing	$742,000	+14.3%	4,928	+1.7%	0.14%	+7.9%
DIS	Sell	Walt Disney Co	$558,000	+10.3%	4,774	-1.1%	0.10%	+4.0%
IVV	Sell	iShares Core S&P 500 ETF	$495,000	+6.7%	1,693	-0.5%	0.09%	0.0%
BMY	Sell	Bristol-Myers Squibb Co.	$492,000	-96.3%	7,939	-96.7%	0.09%	-96.5%
HD	Buy	Home Depot	$456,000	+13.7%	2,206	+7.1%	0.08%	+7.7%
BDX	Sell	Becton Dickinson & Co	$435,000	+8.8%	1,668	-0.2%	0.08%	+2.6%
BAC	Sell	Bank of America Corporation	$412,000	-41.7%	14,007	-44.2%	0.08%	-44.9%
ISTB	Sell	iShares Core 1-5 Year USD Bond ETF	$328,000	-6.3%	6,699	-6.2%	0.06%	-13.0%
VTIP	Sell	Vanguard Short-Term Infl-Prot Secs ETF	$280,000	-4.8%	5,795	-4.0%	0.05%	-10.3%
BIIB	Sell	Biogen	$175,000	-95.6%	497	-96.4%	0.03%	-95.9%
BOH	Sell	Bank of Hawaii Corp	$167,000	-62.7%	2,126	-60.5%	0.03%	-64.8%
DG	Sell	Dollar General	$146,000	-43.0%	1,337	-48.6%	0.03%	-46.0%
MCD	Buy	McDonald's Corp	$133,000	+9.9%	799	+3.2%	0.02%	0.0%
ROST	Sell	Ross Stores	$106,000	-62.9%	1,076	-68.1%	0.02%	-64.3%
USB	Exit	U.S. Bancorp	$0	–	-2,198	–	-0.02%	–
STPZ	Exit	PIMCO 1-5 Year US TIPS Index ETF	$0	–	-2,361	–	-0.02%	–
QCOM	Exit	Qualcomm Inc	$0	–	-141,611	–	-1.56%	–
GILD	Exit	Gilead Sciences Inc	$0	–	-265,477	–	-3.68%	–

Q2 2018

			Value		Shares		↓ Weighting
AMZN	New	Amazon.com Inc	$40,651,000	–	23,915	–	7.96%	–
BRKB	New	Berkshire Hathaway Inc. Cl B	$31,276,000	–	167,568	–	6.12%	–
GOOG	New	Alphabet Inc Class C	$30,324,000	–	27,181	–	5.94%	–
V	New	Visa Inc	$29,655,000	–	223,895	–	5.80%	–
FB	New	Facebook Inc	$28,302,000	–	145,648	–	5.54%	–
MSFT	New	Microsoft Corp	$27,293,000	–	276,778	–	5.34%	–
TJX	New	The TJX Companies	$24,573,000	–	258,183	–	4.81%	–
AAPL	New	Apple Inc	$23,143,000	–	125,026	–	4.53%	–
GILD	New	Gilead Sciences Inc	$18,806,000	–	265,477	–	3.68%	–
WFC	New	Wells Fargo & Co	$18,509,000	–	333,869	–	3.62%	–
C	New	Citigroup Inc	$17,234,000	–	257,539	–	3.37%	–
GE	New	General Electric Co	$15,124,000	–	1,111,249	–	2.96%	–
WMT	New	Wal-Mart Stores Inc	$13,907,000	–	162,374	–	2.72%	–
PG	New	Procter & Gamble Co	$13,889,000	–	177,937	–	2.72%	–
UNP	New	Union Pacific Corp	$13,820,000	–	97,544	–	2.70%	–
BMY	New	Bristol-Myers Squibb Co.	$13,165,000	–	237,904	–	2.58%	–
AGN	New	Allergan	$13,075,000	–	78,429	–	2.56%	–
SPAB	New	SPDR Portfolio Aggregate Bond ETF	$12,355,000	–	443,009	–	2.42%	–
CVS	New	CVS Health Corp	$11,109,000	–	172,645	–	2.17%	–
SCHP	New	Schwab US TIPS ETF	$10,588,000	–	192,831	–	2.07%	–
MCK	New	McKesson Corp.	$8,877,000	–	66,550	–	1.74%	–
EMR	New	Emerson Electric	$8,772,000	–	126,875	–	1.72%	–
PII	New	Polaris Industries	$8,714,000	–	71,327	–	1.71%	–
QCOM	New	Qualcomm Inc	$7,947,000	–	141,611	–	1.56%	–
JNJ	New	Johnson & Johnson	$7,012,000	–	57,794	–	1.37%	–
CMG	New	Chipotle Mexican Grill Inc CL A	$6,505,000	–	15,081	–	1.27%	–
CSCO	New	Cisco Systems Inc	$6,081,000	–	141,335	–	1.19%	–
SPSB	New	SPDR Portfolio Short Term Corporate Bond ETF	$4,373,000	–	145,002	–	0.86%	–
PEP	New	PepsiCo Inc	$4,321,000	–	39,697	–	0.85%	–
BIIB	New	Biogen	$4,018,000	–	13,846	–	0.79%	–
CHRW	New	CH Robinson Worldwide Inc	$3,775,000	–	45,130	–	0.74%	–
AXP	New	American Express Co	$3,749,000	–	38,255	–	0.73%	–
NKE	New	Nike Class B	$3,692,000	–	46,345	–	0.72%	–
SCHZ	New	Schwab US Aggregate Bond ETF	$3,649,000	–	72,060	–	0.71%	–
CERN	New	Cerner Corp	$2,990,000	–	50,011	–	0.58%	–
SBUX	New	Starbucks	$2,983,000	–	61,075	–	0.58%	–
CMI	New	Cummins, Inc.	$1,620,000	–	12,186	–	0.32%	–
AGG	New	iShares Core U.S. Aggregate Bond ETF	$1,337,000	–	12,578	–	0.26%	–
GOOGL	New	Alphabet Inc Class A	$1,205,000	–	1,068	–	0.24%	–
VEU	New	Vanguard FTSE All-World ex-US ETF	$1,127,000	–	21,750	–	0.22%	–
BKNG	New	Booking Hldgs Inc Com	$983,000	–	485	–	0.19%	–
UTX	New	United Technologies Corp	$969,000	–	7,753	–	0.19%	–
SQ	New	Square Inc	$918,000	–	14,900	–	0.18%	–
VB	New	Vanguard Small-Cap ETF	$881,000	–	5,662	–	0.17%	–
COST	New	Costco	$729,000	–	3,491	–	0.14%	–
BAC	New	Bank of America Corporation	$707,000	–	25,083	–	0.14%	–
ADP	New	Automatic Data Processing	$649,000	–	4,844	–	0.13%	–
DIS	New	Walt Disney Co	$506,000	–	4,829	–	0.10%	–
IVV	New	iShares Core S&P 500 ETF	$464,000	–	1,702	–	0.09%	–
BOH	New	Bank of Hawaii Corp	$448,000	–	5,380	–	0.09%	–
BABA	New	Alibaba Group Holding Ltd	$423,000	–	2,282	–	0.08%	–
HD	New	Home Depot	$401,000	–	2,059	–	0.08%	–
BDX	New	Becton Dickinson & Co	$400,000	–	1,671	–	0.08%	–
BSV	New	Vanguard Short Term Bond ETF	$392,000	–	5,016	–	0.08%	–
ISTB	New	iShares Core 1-5 Year USD Bond ETF	$350,000	–	7,139	–	0.07%	–
YUM	New	Yum Brands Inc	$314,000	–	4,025	–	0.06%	–
VTIP	New	Vanguard Short-Term Infl-Prot Secs ETF	$294,000	–	6,035	–	0.06%	–
ROST	New	Ross Stores	$286,000	–	3,375	–	0.06%	–
DG	New	Dollar General	$256,000	–	2,601	–	0.05%	–
SCHF	New	Schwab International Equity ETF	$162,000	–	4,903	–	0.03%	–
TCEHY	New	Tencent Holdings Ltd ADR	$127,000	–	2,530	–	0.02%	–
STPZ	New	PIMCO 1-5 Year US TIPS Index ETF	$122,000	–	2,361	–	0.02%	–
MCD	New	McDonald's Corp	$121,000	–	774	–	0.02%	–
SCHD	New	Schwab US Dividend Equity ETF	$121,000	–	2,462	–	0.02%	–
MMM	New	3M Co	$120,000	–	610	–	0.02%	–
SCHG	New	Schwab US Large-Cap Growth ETF	$112,000	–	1,481	–	0.02%	–
USB	New	U.S. Bancorp	$109,000	–	2,198	–	0.02%	–

Q4 2017

			Value		Shares		↓ Weighting
SCHG	Exit	Schwab US Large-Cap Growth ETF	$0	–	-1,596	–	-0.02%	–
UA	Exit	Under Armour Inc. - Class C	$0	–	-7,030	–	-0.02%	–
SCHD	Exit	Schwab US Dividend Equity ETF	$0	–	-2,467	–	-0.02%	–
SCHF	Exit	Schwab International Equity ETF	$0	–	-5,263	–	-0.04%	–
DG	Exit	Dollar General	$0	–	-3,754	–	-0.06%	–
YUM	Exit	Yum Brands Inc	$0	–	-4,220	–	-0.06%	–
	Exit	Becton Dickinson & Co	$0	–	-1,891	–	-0.08%	–
IVV	Exit	iShares Core S&P 500 ETF	$0	–	-1,808	–	-0.10%	–
BABA	Exit	Alibaba Group Holding Ltd	$0	–	-3,211	–	-0.12%	–
ROST	Exit	Ross Stores	$0	–	-9,005	–	-0.12%	–
	Exit	Bank of Hawaii Corp	$0	–	-7,120	–	-0.12%	–
DIS	Exit	Walt Disney Co	$0	–	-6,083	–	-0.12%	–
	Exit	Automatic Data Processing	$0	–	-5,480	–	-0.12%	–
VTIP	Exit	Vanguard Short-Term Infl-Prot Secs ETF	$0	–	-13,453	–	-0.14%	–
HD	Exit	Home Depot	$0	–	-4,482	–	-0.15%	–
COST	Exit	Costco	$0	–	-4,878	–	-0.17%	–
SBUX	Exit	Starbucks	$0	–	-18,470	–	-0.21%	–
VB	Exit	Vanguard Small-Cap ETF	$0	–	-7,109	–	-0.21%	–
GOOGL	Exit	Alphabet Inc Class A	$0	–	-1,124	–	-0.23%	–
UTX	Exit	United Technologies Corp	$0	–	-9,766	–	-0.24%	–
CL	Exit	Colgate-Palmolive Co	$0	–	-16,210	–	-0.24%	–
TIF	Exit	Tiffany & Company	$0	–	-13,847	–	-0.26%	–
VEU	Exit	Vanguard FTSE All-World ex-US ETF	$0	–	-26,846	–	-0.29%	–
FB	Exit	Facebook Inc	$0	–	-9,731	–	-0.34%	–
	Exit	Borg Warner Automotive	$0	–	-32,975	–	-0.35%	–
SCHP	Exit	Schwab US TIPS ETF	$0	–	-32,291	–	-0.37%	–
NKE	Exit	Nike Class B	$0	–	-42,532	–	-0.46%	–
CMI	Exit	Cummins, Inc.	$0	–	-13,416	–	-0.47%	–
CERN	Exit	Cerner Corp	$0	–	-36,991	–	-0.55%	–
SCHZ	Exit	Schwab US Aggregate Bond ETF	$0	–	-57,863	–	-0.63%	–
CHRW	Exit	CH Robinson Worldwide Inc	$0	–	-48,068	–	-0.76%	–
CMG	Exit	Chipotle Mexican Grill Inc CL A	$0	–	-12,571	–	-0.80%	–
BSV	Exit	Vanguard Short Term Bond ETF	$0	–	-51,094	–	-0.85%	–
	Exit	American Express Co	$0	–	-49,537	–	-0.93%	–
PEP	Exit	PepsiCo Inc	$0	–	-43,382	–	-1.00%	–
TJX	Exit	The TJX Companies	$0	–	-80,735	–	-1.24%	–
STPZ	Exit	PIMCO 1-5 Year US TIPS Index ETF	$0	–	-132,122	–	-1.43%	–
MON	Exit	Monsanto Co	$0	–	-60,088	–	-1.50%	–
BIIB	Exit	Biogen	$0	–	-23,477	–	-1.53%	–
QCOM	Exit	Qualcomm Inc	$0	–	-148,475	–	-1.60%	–
JNJ	Exit	Johnson & Johnson	$0	–	-62,063	–	-1.68%	–
ORCL	Exit	Oracle Corporation	$0	–	-177,097	–	-1.78%	–
AGN	Exit	Allergan	$0	–	-43,375	–	-1.85%	–
CVS	Exit	CVS Health Corp	$0	–	-117,113	–	-1.98%	–
PII	Exit	Polaris Industries	$0	–	-92,926	–	-2.02%	–
PFE	Exit	Pfizer Inc	$0	–	-275,903	–	-2.05%	–
AGG	Exit	iShares Core U.S. Aggregate Bond ETF	$0	–	-90,583	–	-2.06%	–
CSCO	Exit	Cisco Systems Inc	$0	–	-314,548	–	-2.20%	–
USB	Exit	U.S. Bancorp	$0	–	-198,995	–	-2.22%	–
UNP	Exit	Union Pacific Corp	$0	–	-104,987	–	-2.53%	–
GE	Exit	General Electric Co	$0	–	-511,500	–	-2.57%	–
	Exit	Bank of America Corporation	$0	–	-541,697	–	-2.85%	–
EMR	Exit	Emerson Electric	$0	–	-227,286	–	-2.97%	–
BMY	Exit	Bristol-Myers Squibb Co.	$0	–	-247,956	–	-3.28%	–
PG	Exit	Procter & Gamble Co	$0	–	-187,162	–	-3.54%	–
WMT	Exit	Wal-Mart Stores Inc	$0	–	-226,245	–	-3.67%	–
WFC	Exit	Wells Fargo & Co	$0	–	-327,097	–	-3.75%	–
	Exit	Apple Inc	$0	–	-126,334	–	-4.05%	–
C	Exit	Citigroup Inc	$0	–	-273,493	–	-4.13%	–
MSFT	Exit	Microsoft Corp	$0	–	-286,032	–	-4.43%	–
GILD	Exit	Gilead Sciences Inc	$0	–	-278,265	–	-4.68%	–
	Exit	Amazon.com Inc	$0	–	-24,434	–	-4.88%	–
V	Exit	Visa Inc	$0	–	-230,130	–	-5.03%	–
GOOG	Exit	Alphabet Inc Class C	$0	–	-27,191	–	-5.42%	–
	Exit	Berkshire Hathaway Inc. Cl B	$0	–	-168,623	–	-6.42%	–

Q3 2017

			Value		Shares		↓ Weighting
	New	Berkshire Hathaway Inc. Cl B	$30,912,000	–	168,623	–	6.42%	–
GOOG	Buy	Alphabet Inc Class C	$26,079,000	+7.7%	27,191	+2.0%	5.42%	+2.3%
V	Buy	Visa Inc	$24,218,000	+12.4%	230,130	+0.1%	5.03%	+6.8%
	New	Amazon.com Inc	$23,489,000	–	24,434	–	4.88%	–
GILD	Sell	Gilead Sciences Inc	$22,545,000	+13.9%	278,265	-0.5%	4.68%	+8.2%
MSFT	Sell	Microsoft Corp	$21,306,000	+6.8%	286,032	-1.2%	4.43%	+1.5%
C	Sell	Citigroup Inc	$19,893,000	+8.0%	273,493	-0.7%	4.13%	+2.6%
	New	Apple Inc	$19,470,000	–	126,334	–	4.05%	–
WFC	Buy	Wells Fargo & Co	$18,039,000	+4.9%	327,097	+5.4%	3.75%	-0.3%
WMT	Sell	Wal-Mart Stores Inc	$17,678,000	+1.8%	226,245	-1.4%	3.67%	-3.3%
PG	Sell	Procter & Gamble Co	$17,028,000	+2.8%	187,162	-1.5%	3.54%	-2.4%
BMY	Buy	Bristol-Myers Squibb Co.	$15,804,000	+16.8%	247,956	+2.1%	3.28%	+10.9%
EMR	Sell	Emerson Electric	$14,282,000	+4.1%	227,286	-1.2%	2.97%	-1.1%
	New	Bank of America Corporation	$13,726,000	–	541,697	–	2.85%	–
GE	Sell	General Electric Co	$12,368,000	-12.8%	511,500	-2.6%	2.57%	-17.1%
UNP	Sell	Union Pacific Corp	$12,175,000	+6.2%	104,987	-0.3%	2.53%	+0.9%
USB	Sell	U.S. Bancorp	$10,664,000	-0.2%	198,995	-3.3%	2.22%	-5.1%
CSCO	Sell	Cisco Systems Inc	$10,578,000	+6.2%	314,548	-1.2%	2.20%	+0.9%
AGG	Sell	iShares Core U.S. Aggregate Bond ETF	$9,926,000	-0.1%	90,583	-0.1%	2.06%	-5.0%
PFE	Sell	Pfizer Inc	$9,849,000	+4.9%	275,903	-1.3%	2.05%	-0.3%
PII	Sell	Polaris Industries	$9,722,000	+11.9%	92,926	-1.4%	2.02%	+6.3%
CVS	Buy	CVS Health Corp	$9,523,000	+11.7%	117,113	+10.5%	1.98%	+6.1%
AGN	Buy	Allergan	$8,889,000	-5.3%	43,375	+12.3%	1.85%	-10.1%
ORCL	Sell	Oracle Corporation	$8,562,000	-5.5%	177,097	-2.0%	1.78%	-10.2%
JNJ	Sell	Johnson & Johnson	$8,068,000	-2.9%	62,063	-1.2%	1.68%	-7.8%
QCOM	Sell	Qualcomm Inc	$7,696,000	-7.3%	148,475	-1.2%	1.60%	-11.9%
BIIB	Buy	Biogen	$7,351,000	+32.4%	23,477	+14.7%	1.53%	+25.8%
MON	Sell	Monsanto Co	$7,199,000	-2.2%	60,088	-3.4%	1.50%	-7.1%
STPZ	Sell	PIMCO 1-5 Year US TIPS Index ETF	$6,896,000	-0.3%	132,122	-0.4%	1.43%	-5.3%
TJX	New	The TJX Companies	$5,952,000	–	80,735	–	1.24%	–
PEP	Sell	PepsiCo Inc	$4,834,000	-5.4%	43,382	-2.0%	1.00%	-10.1%
	New	American Express Co	$4,481,000	–	49,537	–	0.93%	–
BSV	Sell	Vanguard Short Term Bond ETF	$4,078,000	-3.2%	51,094	-3.1%	0.85%	-8.0%
CMG	New	Chipotle Mexican Grill Inc CL A	$3,869,000	–	12,571	–	0.80%	–
CHRW	Sell	CH Robinson Worldwide Inc	$3,658,000	+9.6%	48,068	-1.1%	0.76%	+4.1%
SCHZ	Buy	Schwab US Aggregate Bond ETF	$3,029,000	+13.9%	57,863	+13.6%	0.63%	+8.1%
CERN	Sell	Cerner Corp	$2,638,000	+4.5%	36,991	-2.6%	0.55%	-0.7%
CMI	Sell	Cummins, Inc.	$2,254,000	-0.7%	13,416	-4.1%	0.47%	-5.6%
NKE	Buy	Nike Class B	$2,205,000	+331.5%	42,532	+390.4%	0.46%	+308.9%
SCHP	Buy	Schwab US TIPS ETF	$1,784,000	+6.3%	32,291	+5.9%	0.37%	+1.1%
	New	Borg Warner Automotive	$1,689,000	–	32,975	–	0.35%	–
FB	Sell	Facebook Inc	$1,662,000	+10.0%	9,731	-2.8%	0.34%	+4.2%
VEU	Sell	Vanguard FTSE All-World ex-US ETF	$1,415,000	+4.2%	26,846	-1.1%	0.29%	-1.0%
TIF	Sell	Tiffany & Company	$1,270,000	-6.2%	13,847	-4.0%	0.26%	-10.8%
CL	Sell	Colgate-Palmolive Co	$1,180,000	-6.4%	16,210	-4.8%	0.24%	-11.2%
UTX	Sell	United Technologies Corp	$1,133,000	-5.8%	9,766	-0.9%	0.24%	-10.6%
GOOGL	Sell	Alphabet Inc Class A	$1,094,000	+1.8%	1,124	-2.9%	0.23%	-3.4%
VB	Sell	Vanguard Small-Cap ETF	$1,004,000	+3.3%	7,109	-0.9%	0.21%	-1.9%
SBUX	Buy	Starbucks	$992,000	-6.1%	18,470	+2.0%	0.21%	-10.8%
COST	Sell	Costco	$801,000	-4.3%	4,878	-6.9%	0.17%	-9.3%
HD	Sell	Home Depot	$733,000	-5.5%	4,482	-11.5%	0.15%	-10.6%
VTIP	Sell	Vanguard Short-Term Infl-Prot Secs ETF	$665,000	-5.3%	13,453	-5.7%	0.14%	-10.4%
DIS	Sell	Walt Disney Co	$599,000	-21.5%	6,083	-15.3%	0.12%	-25.7%
	New	Automatic Data Processing	$599,000	–	5,480	–	0.12%	–
	New	Bank of Hawaii Corp	$593,000	–	7,120	–	0.12%	–
ROST	Buy	Ross Stores	$581,000	+13.3%	9,005	+1.2%	0.12%	+8.0%
BABA	Sell	Alibaba Group Holding Ltd	$554,000	-39.1%	3,211	-50.3%	0.12%	-42.2%
IVV	Sell	iShares Core S&P 500 ETF	$457,000	-6.5%	1,808	-10.0%	0.10%	-11.2%
	New	Becton Dickinson & Co	$370,000	–	1,891	–	0.08%	–
YUM	Sell	Yum Brands Inc	$310,000	-81.4%	4,220	-81.3%	0.06%	-82.4%
DG	Sell	Dollar General	$304,000	-11.6%	3,754	-21.5%	0.06%	-16.0%
SCHF	Buy	Schwab International Equity ETF	$176,000	+11.4%	5,263	+5.8%	0.04%	+5.7%
SCHD	New	Schwab US Dividend Equity ETF	$115,000	–	2,467	–	0.02%	–
SCHG	New	Schwab US Large-Cap Growth ETF	$105,000	–	1,596	–	0.02%	–
UA	Sell	Under Armour Inc. - Class C	$105,000	-40.3%	7,030	-19.5%	0.02%	-42.1%
VTV	Exit	Vanguard Value ETF	$0	–	-1,117	–	-0.02%	–
SAM	Exit	Boston Beer Company	$0	–	-784	–	-0.02%	–
	Exit	Vanguard Tax-Managed Small Cap	$0	–	-2,014	–	-0.02%	–
UAA	Exit	Under Armour Inc. - Class A	$0	–	-6,933	–	-0.03%	–
YUMC	Exit	Yum China Hldgs Inc Com	$0	–	-10,056	–	-0.09%	–
T	Exit	AT&T Inc	$0	–	-15,165	–	-0.12%	–
BOH	Exit	Bank of Hawaii Corp	$0	–	-8,675	–	-0.16%	–
MCD	Exit	McDonald's Corp	$0	–	-8,124	–	-0.27%	–
BWA	Exit	Borg Warner Automotive	$0	–	-33,846	–	-0.31%	–
BDX	Exit	Becton Dickinson & Co	$0	–	-9,922	–	-0.42%	–
ADP	Exit	Automatic Data Processing	$0	–	-23,309	–	-0.52%	–
AXP	Exit	American Express Co	$0	–	-50,293	–	-0.93%	–
BAC	Exit	Bank of America Corporation	$0	–	-550,044	–	-2.92%	–
AAPL	Exit	Apple Inc	$0	–	-128,027	–	-4.03%	–
AMZN	Exit	Amazon.com Inc	$0	–	-24,420	–	-5.17%	–
BRKB	Exit	Berkshire Hathaway Inc. Cl B	$0	–	-170,737	–	-6.32%	–

Q2 2017

			Value		Shares		↓ Weighting
BRKB	New	Berkshire Hathaway Inc. Cl B	$28,917,000	–	170,737	–	6.32%	–
GOOG	New	Alphabet Inc Class C	$24,221,000	–	26,653	–	5.30%	–
AMZN	New	Amazon.com Inc	$23,638,000	–	24,420	–	5.17%	–
V	New	Visa Inc	$21,549,000	–	229,789	–	4.71%	–
MSFT	New	Microsoft Corp	$19,949,000	–	289,415	–	4.36%	–
GILD	New	Gilead Sciences Inc	$19,799,000	–	279,734	–	4.33%	–
AAPL	New	Apple Inc	$18,438,000	–	128,027	–	4.03%	–
C	New	Citigroup Inc	$18,414,000	–	275,329	–	4.03%	–
WMT	New	Wal-Mart Stores Inc	$17,362,000	–	229,424	–	3.80%	–
WFC	New	Wells Fargo & Co	$17,199,000	–	310,402	–	3.76%	–
PG	New	Procter & Gamble Co	$16,567,000	–	190,103	–	3.62%	–
GE	New	General Electric Co	$14,177,000	–	524,898	–	3.10%	–
EMR	New	Emerson Electric	$13,720,000	–	230,125	–	3.00%	–
BMY	New	Bristol-Myers Squibb Co.	$13,533,000	–	242,881	–	2.96%	–
BAC	New	Bank of America Corporation	$13,344,000	–	550,044	–	2.92%	–
UNP	New	Union Pacific Corp	$11,465,000	–	105,278	–	2.51%	–
USB	New	U.S. Bancorp	$10,681,000	–	205,736	–	2.34%	–
CSCO	New	Cisco Systems Inc	$9,961,000	–	318,268	–	2.18%	–
AGG	New	iShares Core U.S. Aggregate Bond ETF	$9,931,000	–	90,689	–	2.17%	–
AGN	New	Allergan	$9,389,000	–	38,627	–	2.05%	–
PFE	New	Pfizer Inc	$9,388,000	–	279,511	–	2.05%	–
ORCL	New	Oracle Corporation	$9,062,000	–	180,753	–	1.98%	–
PII	New	Polaris Industries	$8,691,000	–	94,232	–	1.90%	–
CVS	New	CVS Health Corp	$8,526,000	–	105,976	–	1.86%	–
JNJ	New	Johnson & Johnson	$8,310,000	–	62,818	–	1.82%	–
QCOM	New	Qualcomm Inc	$8,302,000	–	150,354	–	1.82%	–
MON	New	Monsanto Co	$7,359,000	–	62,175	–	1.61%	–
STPZ	New	PIMCO 1-5 Year US TIPS Index ETF	$6,918,000	–	132,622	–	1.51%	–
BIIB	New	Biogen	$5,554,000	–	20,468	–	1.22%	–
PEP	New	PepsiCo Inc	$5,110,000	–	44,251	–	1.12%	–
AXP	New	American Express Co	$4,236,000	–	50,293	–	0.93%	–
BSV	New	Vanguard Short Term Bond ETF	$4,211,000	–	52,745	–	0.92%	–
CHRW	New	CH Robinson Worldwide Inc	$3,337,000	–	48,591	–	0.73%	–
SCHZ	New	Schwab US Aggregate Bond ETF	$2,660,000	–	50,915	–	0.58%	–
CERN	New	Cerner Corp	$2,524,000	–	37,975	–	0.55%	–
ADP	New	Automatic Data Processing	$2,388,000	–	23,309	–	0.52%	–
CMI	New	Cummins, Inc.	$2,269,000	–	13,989	–	0.50%	–
BDX	New	Becton Dickinson & Co	$1,935,000	–	9,922	–	0.42%	–
SCHP	New	Schwab US TIPS ETF	$1,679,000	–	30,499	–	0.37%	–
YUM	New	Yum Brands Inc	$1,663,000	–	22,551	–	0.36%	–
FB	New	Facebook Inc	$1,511,000	–	10,008	–	0.33%	–
BWA	New	Borg Warner Automotive	$1,433,000	–	33,846	–	0.31%	–
VEU	New	Vanguard FTSE All-World ex-US ETF	$1,358,000	–	27,156	–	0.30%	–
TIF	New	Tiffany & Company	$1,354,000	–	14,429	–	0.30%	–
CL	New	Colgate-Palmolive Co	$1,261,000	–	17,021	–	0.28%	–
MCD	New	McDonald's Corp	$1,244,000	–	8,124	–	0.27%	–
UTX	New	United Technologies Corp	$1,203,000	–	9,858	–	0.26%	–
GOOGL	New	Alphabet Inc Class A	$1,075,000	–	1,157	–	0.24%	–
SBUX	New	Starbucks	$1,056,000	–	18,112	–	0.23%	–
VB	New	Vanguard Small-Cap ETF	$972,000	–	7,175	–	0.21%	–
BABA	New	Alibaba Group Holding Ltd	$910,000	–	6,463	–	0.20%	–
COST	New	Costco	$837,000	–	5,239	–	0.18%	–
HD	New	Home Depot	$776,000	–	5,064	–	0.17%	–
DIS	New	Walt Disney Co	$763,000	–	7,185	–	0.17%	–
BOH	New	Bank of Hawaii Corp	$719,000	–	8,675	–	0.16%	–
VTIP	New	Vanguard Short-Term Infl-Prot Secs ETF	$702,000	–	14,273	–	0.15%	–
T	New	AT&T Inc	$572,000	–	15,165	–	0.12%	–
NKE	New	Nike Class B	$511,000	–	8,673	–	0.11%	–
ROST	New	Ross Stores	$513,000	–	8,896	–	0.11%	–
IVV	New	iShares Core S&P 500 ETF	$489,000	–	2,009	–	0.11%	–
YUMC	New	Yum China Hldgs Inc Com	$396,000	–	10,056	–	0.09%	–
DG	New	Dollar General	$344,000	–	4,784	–	0.08%	–
UA	New	Under Armour Inc. - Class C	$176,000	–	8,737	–	0.04%	–
SCHF	New	Schwab International Equity ETF	$158,000	–	4,973	–	0.04%	–
UAA	New	Under Armour Inc. - Class A	$150,000	–	6,933	–	0.03%	–
	New	Vanguard Tax-Managed Small Cap	$113,000	–	2,014	–	0.02%	–
SAM	New	Boston Beer Company	$103,000	–	784	–	0.02%	–
VTV	New	Vanguard Value ETF	$107,000	–	1,117	–	0.02%	–

Q4 2016

			Value		Shares		↓ Weighting
STIP	Exit	Ishares 0-5 Year Tips Bond Etf	$0	–	-2,417	–	-0.06%	–
UAA	Exit	Under Armour Class A	$0	–	-6,394	–	-0.07%	–
IVV	Exit	iShares S&P 500 ETF	$0	–	-2,160	–	-0.12%	–
PAYX	Exit	Paychex, Inc.	$0	–	-9,203	–	-0.14%	–
CVS	Exit	CVS Caremark Corp.	$0	–	-6,649	–	-0.16%	–
WBA	Exit	Walgreens	$0	–	-8,076	–	-0.17%	–
TROW	Exit	T. Rowe Price Group, Inc.	$0	–	-12,232	–	-0.22%	–
VB	Exit	Vanguard Small Cap	$0	–	-7,339	–	-0.24%	–
UTX	Exit	United Technologies Corp.	$0	–	-10,486	–	-0.28%	–
	Exit	Borg Warner Automotive	$0	–	-32,704	–	-0.30%	–
VTIP	Exit	Vanguard Short-Term Infl-Prot Secs ETF	$0	–	-25,273	–	-0.33%	–
BSV	Exit	Vanguard Short Term Bond ETF	$0	–	-16,266	–	-0.35%	–
TIF	Exit	Tiffany & Company	$0	–	-19,355	–	-0.37%	–
XOM	Exit	Exxon Mobil Corp.	$0	–	-16,495	–	-0.38%	–
YUM	Exit	Yum! Brands, Inc.	$0	–	-17,139	–	-0.41%	–
	Exit	Becton, Dickinson & Co.	$0	–	-10,848	–	-0.52%	–
CL	Exit	Colgate-Palmolive Co.	$0	–	-26,439	–	-0.52%	–
BIIB	Exit	Biogen	$0	–	-6,674	–	-0.55%	–
MCD	Exit	McDonald's Corp.	$0	–	-19,829	–	-0.61%	–
STPZ	Exit	PIMCO 1-5 Year US TIPS Index ETF	$0	–	-46,684	–	-0.65%	–
CMI	Exit	Cummins	$0	–	-23,021	–	-0.78%	–
MRK	Exit	Merck	$0	–	-47,380	–	-0.78%	–
	Exit	American Express Co.	$0	–	-49,707	–	-0.84%	–
PII	Exit	Polaris Industries	$0	–	-46,505	–	-0.96%	–
	Exit	Automatic Data Processing, Inc.	$0	–	-43,989	–	-1.03%	–
AGG	Exit	iShares Lehman AGG Bond Fund	$0	–	-40,571	–	-1.21%	–
IBM	Exit	International Business Machines Corp.	$0	–	-30,146	–	-1.27%	–
PEP	Exit	PepsiCo, Inc.	$0	–	-46,966	–	-1.36%	–
FAST	Exit	Fastenal	$0	–	-137,762	–	-1.53%	–
ESRX	Exit	Express Scripts	$0	–	-84,165	–	-1.58%	–
CHRW	Exit	C.H. Robinson Worldwide, Inc.	$0	–	-90,118	–	-1.68%	–
FOSL	Exit	Fossil	$0	–	-251,535	–	-1.85%	–
MON	Exit	Monsanto	$0	–	-69,124	–	-1.88%	–
ORCL	Exit	Oracle Corp.	$0	–	-187,028	–	-1.95%	–
QCOM	Exit	Qualcomm	$0	–	-107,987	–	-1.96%	–
COH	Exit	Coach, Inc.	$0	–	-208,468	–	-2.02%	–
GILD	Exit	Gilead Sciences	$0	–	-109,289	–	-2.30%	–
PFE	Exit	Pfizer, Inc.	$0	–	-278,926	–	-2.51%	–
JNJ	Exit	Johnson & Johnson	$0	–	-87,953	–	-2.76%	–
CSCO	Exit	Cisco Systems, Inc.	$0	–	-334,229	–	-2.81%	–
UNP	Exit	Union Pacific Corp.	$0	–	-109,652	–	-2.84%	–
USB	Exit	U.S. Bancorp	$0	–	-259,144	–	-2.95%	–
	Exit	Bank of America Corp.	$0	–	-763,872	–	-3.17%	–
C	Exit	Citigroup, Inc.	$0	–	-258,969	–	-3.25%	–
	Exit	Apple Inc.	$0	–	-111,943	–	-3.36%	–
EMR	Exit	Emerson Electric	$0	–	-236,083	–	-3.42%	–
WFC	Exit	Wells Fargo & Co.	$0	–	-297,363	–	-3.50%	–
WMT	Exit	Wal-Mart Stores, Inc.	$0	–	-214,034	–	-4.10%	–
GE	Exit	General Electric Co.	$0	–	-540,800	–	-4.25%	–
MSFT	Exit	Microsoft Corp.	$0	–	-297,711	–	-4.55%	–
V	Exit	Visa, Inc. Cl A	$0	–	-217,597	–	-4.78%	–
PG	Exit	Procter & Gamble Co.	$0	–	-201,379	–	-4.80%	–
	Exit	Amazon.com, Inc.	$0	–	-22,883	–	-5.08%	–
	Exit	Alphabet Inc Class C	$0	–	-24,667	–	-5.09%	–
	Exit	Berkshire Hathaway Inc. Cl B	$0	–	-139,459	–	-5.35%	–

Q3 2016

			Value		Shares		↓ Weighting
	New	Berkshire Hathaway Inc. Cl B	$20,147,000	–	139,459	–	5.35%	–
	New	Alphabet Inc Class C	$19,173,000	–	24,667	–	5.09%	–
	Sell	Amazon.com, Inc.	$19,160,000	+15.4%	22,883	-1.4%	5.08%	+10.5%
PG	Sell	Procter & Gamble Co.	$18,073,000	+5.6%	201,379	-0.3%	4.80%	+1.2%
V	Sell	Visa, Inc. Cl A	$17,995,000	+7.7%	217,597	-3.4%	4.78%	+3.2%
MSFT	Sell	Microsoft Corp.	$17,148,000	+11.1%	297,711	-1.3%	4.55%	+6.5%
GE	Sell	General Electric Co.	$16,018,000	-8.0%	540,800	-2.2%	4.25%	-11.8%
WMT	Sell	Wal-Mart Stores, Inc.	$15,436,000	-3.5%	214,034	-2.3%	4.10%	-7.5%
WFC	Buy	Wells Fargo & Co.	$13,167,000	-5.5%	297,363	+1.0%	3.50%	-9.4%
EMR	Buy	Emerson Electric	$12,868,000	+6.6%	236,083	+2.0%	3.42%	+2.1%
	Buy	Apple Inc.	$12,655,000	+22.5%	111,943	+3.6%	3.36%	+17.4%
C	New	Citigroup, Inc.	$12,231,000	–	258,969	–	3.25%	–
	Sell	Bank of America Corp.	$11,954,000	+14.0%	763,872	-3.3%	3.17%	+9.3%
USB	Sell	U.S. Bancorp	$11,114,000	+3.8%	259,144	-2.4%	2.95%	-0.5%
UNP	Sell	Union Pacific Corp.	$10,694,000	+10.6%	109,652	-1.0%	2.84%	+6.0%
CSCO	Sell	Cisco Systems, Inc.	$10,601,000	+10.5%	334,229	-0.1%	2.81%	+5.9%
JNJ	Buy	Johnson & Johnson	$10,389,000	+29.9%	87,953	+33.4%	2.76%	+24.5%
PFE	Sell	Pfizer, Inc.	$9,447,000	-5.4%	278,926	-1.6%	2.51%	-9.3%
GILD	Buy	Gilead Sciences	$8,646,000	+59.8%	109,289	+68.5%	2.30%	+53.2%
COH	Sell	Coach, Inc.	$7,621,000	-12.7%	208,468	-2.7%	2.02%	-16.3%
QCOM	Sell	Qualcomm	$7,397,000	+25.8%	107,987	-1.7%	1.96%	+20.5%
ORCL	Sell	Oracle Corp.	$7,346,000	-4.9%	187,028	-1.0%	1.95%	-8.9%
MON	Sell	Monsanto	$7,064,000	-4.0%	69,124	-2.8%	1.88%	-8.0%
FOSL	Buy	Fossil	$6,985,000	+36.1%	251,535	+39.8%	1.85%	+30.5%
CHRW	Sell	C.H. Robinson Worldwide, Inc.	$6,349,000	-8.0%	90,118	-3.0%	1.68%	-11.8%
ESRX	New	Express Scripts	$5,936,000	–	84,165	–	1.58%	–
FAST	Sell	Fastenal	$5,755,000	-10.1%	137,762	-4.5%	1.53%	-13.9%
PEP	Sell	PepsiCo, Inc.	$5,108,000	-12.8%	46,966	-15.1%	1.36%	-16.4%
IBM	Sell	International Business Machines Corp.	$4,788,000	+0.2%	30,146	-4.3%	1.27%	-4.0%
AGG	Buy	iShares Lehman AGG Bond Fund	$4,560,000	+6.6%	40,571	+6.8%	1.21%	+2.1%
	Sell	Automatic Data Processing, Inc.	$3,879,000	-4.2%	43,989	-0.2%	1.03%	-8.2%
PII	Buy	Polaris Industries	$3,601,000	+41.9%	46,505	+49.8%	0.96%	+36.0%
	Buy	American Express Co.	$3,183,000	+20.2%	49,707	+14.0%	0.84%	+15.3%
MRK	Sell	Merck	$2,957,000	+3.9%	47,380	-4.1%	0.78%	-0.4%
CMI	Sell	Cummins	$2,950,000	+11.0%	23,021	-2.6%	0.78%	+6.4%
STPZ	Buy	PIMCO 1-5 Year US TIPS Index ETF	$2,459,000	+41.4%	46,684	+41.8%	0.65%	+35.5%
MCD	Sell	McDonald's Corp.	$2,287,000	-6.3%	19,829	-2.2%	0.61%	-10.2%
BIIB	Buy	Biogen	$2,089,000	+101.3%	6,674	+55.4%	0.55%	+92.4%
CL	Buy	Colgate-Palmolive Co.	$1,960,000	+3.8%	26,439	+2.5%	0.52%	-0.6%
	Sell	Becton, Dickinson & Co.	$1,949,000	-24.8%	10,848	-29.1%	0.52%	-28.0%
YUM	Sell	Yum! Brands, Inc.	$1,556,000	+2.1%	17,139	-6.8%	0.41%	-2.1%
XOM	Sell	Exxon Mobil Corp.	$1,439,000	-62.1%	16,495	-59.3%	0.38%	-63.7%
TIF	New	Tiffany & Company	$1,405,000	–	19,355	–	0.37%	–
BSV	Buy	Vanguard Short Term Bond ETF	$1,314,000	+3.2%	16,266	+3.6%	0.35%	-1.1%
VTIP	Sell	Vanguard Short-Term Infl-Prot Secs ETF	$1,254,000	-8.3%	25,273	-8.6%	0.33%	-12.1%
	Buy	Borg Warner Automotive	$1,150,000	+116.6%	32,704	+81.6%	0.30%	+107.5%
UTX	Buy	United Technologies Corp.	$1,065,000	+0.3%	10,486	+1.3%	0.28%	-3.7%
VB	Sell	Vanguard Small Cap	$896,000	+4.4%	7,339	-1.2%	0.24%	0.0%
TROW	Buy	T. Rowe Price Group, Inc.	$813,000	-2.5%	12,232	+7.0%	0.22%	-6.5%
WBA	Buy	Walgreens	$651,000	+15.4%	8,076	+19.1%	0.17%	+10.9%
CVS	Sell	CVS Caremark Corp.	$591,000	-10.2%	6,649	-3.3%	0.16%	-13.7%
PAYX	Sell	Paychex, Inc.	$532,000	-45.5%	9,203	-44.0%	0.14%	-48.0%
IVV	Sell	iShares S&P 500 ETF	$469,000	-11.3%	2,160	-14.1%	0.12%	-15.6%
UAA	Buy	Under Armour Class A	$247,000	+3.8%	6,394	+7.6%	0.07%	0.0%
STIP	New	Ishares 0-5 Year Tips Bond Etf	$244,000	–	2,417	–	0.06%	–
BX	Exit	Blackstone Group LP	$0	–	-4,219	–	-0.03%	–
AET	Exit	Aetna	$0	–	-1,265	–	-0.04%	–
MDT	Exit	Medtronic PLC	$0	–	-1,912	–	-0.05%	–
VEU	Exit	Vanguard FTSE All-World ex-US ETF	$0	–	-26,352	–	-0.31%	–
LVS	Exit	Las Vegas Sands Corp	$0	–	-53,594	–	-0.64%	–
ESRX	Exit	Express Scripts Holding Co.	$0	–	-88,590	–	-1.86%	–
C	Exit	Citigroup Inc	$0	–	-258,691	–	-3.04%	–
GOOG	Exit	Alphabet Inc Class C	$0	–	-25,424	–	-4.87%	–
	Exit	Berkshire Hathaway Inc. Cl B	$0	–	-143,489	–	-5.75%	–

Q2 2016

			Value		Shares		↓ Weighting
	New	Berkshire Hathaway Inc. Cl B	$20,775,000	–	143,489	–	5.75%	–
GOOG	New	Alphabet Inc Class C	$17,596,000	–	25,424	–	4.87%	–
GE	New	General Electric Co	$17,402,000	–	552,818	–	4.82%	–
PG	New	Procter & Gamble Co	$17,109,000	–	202,068	–	4.74%	–
V	New	Visa Inc	$16,701,000	–	225,179	–	4.63%	–
	New	Amazon.com Inc	$16,607,000	–	23,207	–	4.60%	–
WMT	New	Wal-Mart Stores Inc	$15,991,000	–	219,001	–	4.43%	–
MSFT	New	Microsoft Corp	$15,433,000	–	301,621	–	4.28%	–
WFC	New	Wells Fargo & Co	$13,931,000	–	294,352	–	3.86%	–
EMR	New	Emerson Electric	$12,074,000	–	231,488	–	3.34%	–
C	New	Citigroup Inc	$10,965,000	–	258,691	–	3.04%	–
USB	New	U.S. Bancorp	$10,703,000	–	265,385	–	2.96%	–
	New	Bank of America Corporation	$10,486,000	–	790,206	–	2.90%	–
	New	Apple Inc	$10,329,000	–	108,050	–	2.86%	–
PFE	New	Pfizer Inc	$9,982,000	–	283,515	–	2.76%	–
UNP	New	Union Pacific Corp	$9,665,000	–	110,782	–	2.68%	–
CSCO	New	Cisco Systems Inc	$9,597,000	–	334,530	–	2.66%	–
COH	New	Coach Inc	$8,725,000	–	214,184	–	2.42%	–
JNJ	New	Johnson & Johnson	$7,995,000	–	65,913	–	2.21%	–
ORCL	New	Oracle Corporation	$7,728,000	–	188,825	–	2.14%	–
MON	New	Monsanto Co	$7,356,000	–	71,137	–	2.04%	–
CHRW	New	CH Robinson Worldwide Inc	$6,900,000	–	92,941	–	1.91%	–
ESRX	New	Express Scripts Holding Co.	$6,715,000	–	88,590	–	1.86%	–
FAST	New	Fastenal Co	$6,404,000	–	144,273	–	1.77%	–
QCOM	New	Qualcomm Inc	$5,882,000	–	109,816	–	1.63%	–
PEP	New	PepsiCo Inc	$5,857,000	–	55,293	–	1.62%	–
GILD	New	Gilead Sciences Inc	$5,410,000	–	64,857	–	1.50%	–
FOSL	New	Fossil	$5,132,000	–	179,902	–	1.42%	–
IBM	New	International Business Machines Corp	$4,779,000	–	31,487	–	1.32%	–
AGG	New	iShares Core U.S. Aggregate Bond ETF	$4,277,000	–	37,983	–	1.18%	–
	New	Automatic Data Processing	$4,050,000	–	44,084	–	1.12%	–
XOM	New	Exxon Mobil Corporation	$3,796,000	–	40,499	–	1.05%	–
MRK	New	Merck & Co Inc	$2,846,000	–	49,411	–	0.79%	–
CMI	New	Cummins, Inc.	$2,658,000	–	23,644	–	0.74%	–
	New	American Express Co	$2,648,000	–	43,595	–	0.73%	–
	New	Becton Dickinson & Co	$2,593,000	–	15,290	–	0.72%	–
PII	New	Polaris Industries	$2,538,000	–	31,052	–	0.70%	–
MCD	New	McDonald's Corp	$2,440,000	–	20,283	–	0.68%	–
LVS	New	Las Vegas Sands Corp	$2,330,000	–	53,594	–	0.64%	–
CL	New	Colgate-Palmolive Co	$1,888,000	–	25,797	–	0.52%	–
STPZ	New	PIMCO 1-5 Year US TIPS Index ETF	$1,739,000	–	32,924	–	0.48%	–
YUM	New	Yum Brands Inc	$1,524,000	–	18,384	–	0.42%	–
VTIP	New	Vanguard Short-Term Infl-Prot Secs ETF	$1,368,000	–	27,655	–	0.38%	–
BSV	New	Vanguard Short Term Bond ETF	$1,273,000	–	15,705	–	0.35%	–
VEU	New	Vanguard FTSE All-World ex-US ETF	$1,129,000	–	26,352	–	0.31%	–
UTX	New	United Technologies Corp	$1,062,000	–	10,356	–	0.29%	–
BIIB	New	Biogen	$1,038,000	–	4,295	–	0.29%	–
PAYX	New	Paychex Inc	$977,000	–	16,423	–	0.27%	–
VB	New	Vanguard Small-Cap ETF	$858,000	–	7,425	–	0.24%	–
TROW	New	T. Rowe Price Group Inc	$834,000	–	11,432	–	0.23%	–
CVS	New	CVS Health Corp	$658,000	–	6,877	–	0.18%	–
WBA	New	Walgreen Boots Alliance Inc Com	$564,000	–	6,782	–	0.16%	–
IVV	New	iShares Core S&P 500 ETF	$529,000	–	2,516	–	0.15%	–
	New	Borg Warner Automotive	$531,000	–	18,007	–	0.15%	–
UAA	New	Under Armour Inc. - Class A	$238,000	–	5,944	–	0.07%	–
MDT	New	Medtronic PLC	$165,000	–	1,912	–	0.05%	–
AET	New	Aetna	$154,000	–	1,265	–	0.04%	–
BX	New	Blackstone Group LP	$103,000	–	4,219	–	0.03%	–

Q4 2015

			Value		Shares		↓ Weighting
ZBH	Exit	Zimmer Biomet Holdings Inc	$0	–	-1,095	–	-0.03%	–
VYM	Exit	Vanguard High Dividend Yield ETF	$0	–	-1,663	–	-0.03%	–
T	Exit	AT&T Inc	$0	–	-3,544	–	-0.03%	–
NQP	Exit	Nuveen PA Invstmt Quality Muni	$0	–	-9,407	–	-0.04%	–
MDT	Exit	Medtronic PLC	$0	–	-1,961	–	-0.04%	–
SWGAY	Exit	Swatch Group AG	$0	–	-8,893	–	-0.05%	–
DUK	Exit	Duke Energy Corporation	$0	–	-2,610	–	-0.06%	–
IVV	Exit	iShares Core S&P 500	$0	–	-1,639	–	-0.09%	–
BX	Exit	Blackstone Group LP	$0	–	-10,182	–	-0.09%	–
HOG	Exit	Harley-Davidson Inc	$0	–	-6,813	–	-0.11%	–
LOW	Exit	Lowe's Companies Inc	$0	–	-5,825	–	-0.12%	–
VB	Exit	Vanguard Small-Cap ETF	$0	–	-4,473	–	-0.14%	–
SHY	Exit	iShares 1-3 Year Treasury Bond	$0	–	-5,771	–	-0.14%	–
PX	Exit	Praxair Inc	$0	–	-7,169	–	-0.21%	–
CVS	Exit	CVS Health Corp	$0	–	-7,806	–	-0.22%	–
VEU	Exit	Vanguard FTSE All-World ex-US ETF	$0	–	-18,245	–	-0.23%	–
PAYX	Exit	Paychex Inc	$0	–	-17,585	–	-0.24%	–
	Exit	American Express Co	$0	–	-11,472	–	-0.25%	–
UTX	Exit	United Technologies Corp	$0	–	-10,297	–	-0.27%	–
TROW	Exit	T. Rowe Price Group Inc	$0	–	-13,491	–	-0.28%	–
WBA	Exit	Walgreen Boots Alliance Inc Com	$0	–	-12,385	–	-0.30%	–
MRK	Exit	Merck & Co Inc	$0	–	-22,551	–	-0.33%	–
NOV	Exit	National Oilwell Varco Inc	$0	–	-31,127	–	-0.34%	–
	Exit	Apple Inc	$0	–	-12,757	–	-0.41%	–
TIP	Exit	iShares TIPS Bond	$0	–	-13,203	–	-0.43%	–
YUM	Exit	Yum Brands Inc	$0	–	-18,875	–	-0.44%	–
CL	Exit	Colgate-Palmolive Co	$0	–	-28,266	–	-0.53%	–
AGG	Exit	iShares Core US Aggregate Bond	$0	–	-17,359	–	-0.56%	–
CLX	Exit	Clorox Co	$0	–	-19,563	–	-0.66%	–
	Exit	Becton Dickinson & Co	$0	–	-19,977	–	-0.78%	–
DD	Exit	E I du Pont de Nemours & Company	$0	–	-59,797	–	-0.84%	–
UPS	Exit	United Parcel Service Inc (UPS)	$0	–	-31,990	–	-0.92%	–
XOM	Exit	Exxon Mobil Corporation	$0	–	-52,265	–	-1.14%	–
GOOGL	Exit	Google Inc Cl A	$0	–	-6,208	–	-1.16%	–
FOSL	Exit	Fossil	$0	–	-72,752	–	-1.19%	–
	Exit	Automatic Data Processing	$0	–	-51,526	–	-1.21%	–
LVS	Exit	Las Vegas Sands Corp	$0	–	-120,760	–	-1.34%	–
VIAB	Exit	Viacom Inc	$0	–	-109,858	–	-1.39%	–
IBM	Exit	International Business Machines Corp	$0	–	-36,697	–	-1.56%	–
UNP	Exit	Union Pacific Corp	$0	–	-60,864	–	-1.58%	–
FAST	Exit	Fastenal Co	$0	–	-149,077	–	-1.60%	–
CHRW	Exit	CH Robinson Worldwide Inc	$0	–	-94,995	–	-1.89%	–
JNJ	Exit	Johnson & Johnson	$0	–	-69,886	–	-1.91%	–
MCD	Exit	McDonald's Corp	$0	–	-67,971	–	-1.96%	–
ORCL	Exit	Oracle Corporation	$0	–	-207,019	–	-2.19%	–
COH	Exit	Coach Inc	$0	–	-259,538	–	-2.20%	–
PFE	Exit	Pfizer Inc	$0	–	-273,264	–	-2.52%	–
EMR	Exit	Emerson Electric	$0	–	-210,416	–	-2.72%	–
CSCO	Exit	Cisco Systems Inc	$0	–	-372,443	–	-2.87%	–
USB	Exit	U.S. Bancorp	$0	–	-251,558	–	-3.02%	–
QCOM	Exit	Qualcomm Inc	$0	–	-197,969	–	-3.12%	–
PEP	Exit	PepsiCo Inc	$0	–	-117,276	–	-3.24%	–
	Exit	Amazon.com Inc	$0	–	-24,491	–	-3.68%	–
C	Exit	Citigroup Inc	$0	–	-261,210	–	-3.80%	–
	Exit	Bank of America Corporation	$0	–	-839,884	–	-3.84%	–
WFC	Exit	Wells Fargo & Co	$0	–	-274,896	–	-4.14%	–
WMT	Exit	Wal-Mart Stores Inc	$0	–	-225,430	–	-4.28%	–
PG	Exit	Procter & Gamble Co	$0	–	-222,807	–	-4.70%	–
GOOG	Exit	Google Inc Cl C	$0	–	-27,540	–	-4.91%	–
V	Exit	Visa Inc	$0	–	-250,743	–	-5.12%	–
MSFT	Exit	Microsoft Corp	$0	–	-399,549	–	-5.18%	–
GE	Exit	General Electric Co	$0	–	-749,164	–	-5.54%	–
BRKB	Exit	Berkshire Hathaway Inc. Cl B	$0	–	-151,213	–	-5.78%	–

Q3 2015

			Value		Shares		↓ Weighting
BRKB	Sell	Berkshire Hathaway Inc. Cl B	$19,718,000	-4.5%	151,213	-0.3%	5.78%	-0.6%
GE	Sell	General Electric Co	$18,893,000	-5.3%	749,164	-0.3%	5.54%	-1.5%
MSFT	Sell	Microsoft Corp	$17,684,000	-1.1%	399,549	-1.3%	5.18%	+2.9%
V	Sell	Visa Inc	$17,466,000	+1.9%	250,743	-1.8%	5.12%	+6.0%
GOOG	New	Google Inc Cl C	$16,756,000	–	27,540	–	4.91%	–
PG	Buy	Procter & Gamble Co	$16,028,000	+45.7%	222,807	+58.5%	4.70%	+51.6%
WMT	Buy	Wal-Mart Stores Inc	$14,616,000	+16.0%	225,430	+26.9%	4.28%	+20.7%
WFC	Sell	Wells Fargo & Co	$14,115,000	-10.8%	274,896	-2.4%	4.14%	-7.2%
	New	Bank of America Corporation	$13,085,000	–	839,884	–	3.84%	–
C	Sell	Citigroup Inc	$12,958,000	-11.0%	261,210	-0.9%	3.80%	-7.4%
	New	Amazon.com Inc	$12,536,000	–	24,491	–	3.68%	–
PEP	Sell	PepsiCo Inc	$11,059,000	-10.0%	117,276	-10.9%	3.24%	-6.3%
QCOM	Sell	Qualcomm Inc	$10,636,000	-16.0%	197,969	-2.1%	3.12%	-12.6%
USB	Sell	U.S. Bancorp	$10,316,000	-7.7%	251,558	-2.4%	3.02%	-4.0%
CSCO	Sell	Cisco Systems Inc	$9,776,000	-6.2%	372,443	-1.9%	2.87%	-2.4%
EMR	New	Emerson Electric	$9,294,000	–	210,416	–	2.72%	–
PFE	Sell	Pfizer Inc	$8,583,000	-7.2%	273,264	-0.9%	2.52%	-3.4%
COH	Sell	Coach Inc	$7,508,000	-21.4%	259,538	-6.0%	2.20%	-18.2%
ORCL	Sell	Oracle Corporation	$7,477,000	-12.1%	207,019	-1.9%	2.19%	-8.6%
MCD	Sell	McDonald's Corp	$6,697,000	-0.4%	67,971	-3.9%	1.96%	+3.6%
JNJ	Buy	Johnson & Johnson	$6,523,000	-2.8%	69,886	+1.5%	1.91%	+1.1%
CHRW	Sell	CH Robinson Worldwide Inc	$6,438,000	-10.7%	94,995	-17.8%	1.89%	-7.1%
FAST	Buy	Fastenal Co	$5,457,000	-1.4%	149,077	+13.7%	1.60%	+2.6%
UNP	Buy	Union Pacific Corp	$5,380,000	+58.6%	60,864	+71.1%	1.58%	+65.0%
IBM	Sell	International Business Machines Corp	$5,319,000	-57.5%	36,697	-52.3%	1.56%	-55.8%
VIAB	Sell	Viacom Inc	$4,740,000	-36.2%	109,858	-4.5%	1.39%	-33.7%
LVS	Sell	Las Vegas Sands Corp	$4,585,000	-33.6%	120,760	-8.1%	1.34%	-30.9%
	New	Automatic Data Processing	$4,140,000	–	51,526	–	1.21%	–
FOSL	New	Fossil	$4,065,000	–	72,752	–	1.19%	–
GOOGL	New	Google Inc Cl A	$3,963,000	–	6,208	–	1.16%	–
XOM	Buy	Exxon Mobil Corporation	$3,885,000	+8.7%	52,265	+21.6%	1.14%	+13.1%
UPS	Sell	United Parcel Service Inc (UPS)	$3,157,000	-0.2%	31,990	-2.0%	0.92%	+3.8%
DD	Sell	E I du Pont de Nemours & Company	$2,882,000	-27.3%	59,797	-3.6%	0.84%	-24.4%
	New	Becton Dickinson & Co	$2,650,000	–	19,977	–	0.78%	–
CLX	Sell	Clorox Co	$2,260,000	-10.5%	19,563	-19.5%	0.66%	-7.0%
AGG	New	iShares Core US Aggregate Bond	$1,902,000	–	17,359	–	0.56%	–
CL	Sell	Colgate-Palmolive Co	$1,793,000	-6.7%	28,266	-3.8%	0.53%	-3.0%
YUM	Sell	Yum Brands Inc	$1,509,000	-11.7%	18,875	-0.6%	0.44%	-8.3%
TIP	New	iShares TIPS Bond	$1,461,000	–	13,203	–	0.43%	–
	New	Apple Inc	$1,407,000	–	12,757	–	0.41%	–
NOV	Sell	National Oilwell Varco Inc	$1,171,000	-31.2%	31,127	-11.7%	0.34%	-28.5%
MRK	New	Merck & Co Inc	$1,113,000	–	22,551	–	0.33%	–
WBA	Sell	Walgreen Boots Alliance Inc Com	$1,028,000	-19.1%	12,385	-17.8%	0.30%	-15.9%
TROW	Sell	T. Rowe Price Group Inc	$937,000	-14.6%	13,491	-4.5%	0.28%	-11.0%
UTX	Sell	United Technologies Corp	$916,000	-24.5%	10,297	-5.9%	0.27%	-21.3%
	New	American Express Co	$850,000	–	11,472	–	0.25%	–
PAYX	Sell	Paychex Inc	$837,000	-0.7%	17,585	-2.3%	0.24%	+2.9%
VEU	Buy	Vanguard FTSE All-World ex-US ETF	$777,000	-11.4%	18,245	+1.0%	0.23%	-7.7%
CVS	Sell	CVS Health Corp	$753,000	-12.0%	7,806	-4.4%	0.22%	-8.3%
PX	Sell	Praxair Inc	$730,000	-18.0%	7,169	-3.8%	0.21%	-14.7%
SHY	New	iShares 1-3 Year Treasury Bond	$490,000	–	5,771	–	0.14%	–
VB	Buy	Vanguard Small-Cap ETF	$482,000	-8.0%	4,473	+3.5%	0.14%	-4.7%
LOW	Sell	Lowe's Companies Inc	$401,000	-2.4%	5,825	-5.2%	0.12%	+1.7%
IVV	Sell	iShares Core S&P 500	$315,000	-7.4%	1,639	-0.3%	0.09%	-4.2%
SWGAY	Sell	Swatch Group AG	$164,000	-56.0%	8,893	-53.8%	0.05%	-54.3%
MDT	Buy	Medtronic PLC	$131,000	-9.0%	1,961	+0.4%	0.04%	-7.3%
NQP	New	Nuveen PA Invstmt Quality Muni	$123,000	–	9,407	–	0.04%	–
T	New	AT&T Inc	$115,000	–	3,544	–	0.03%	–
ZBH	New	Zimmer Biomet Holdings Inc	$102,000	–	1,095	–	0.03%	–
OPK	Exit	Opko Health Inc	$0	–	-7,142	–	-0.03%	–
MMM	Exit	3M Co	$0	–	-727	–	-0.03%	–
HPQ	Exit	Hewlett-Packard Co	$0	–	-8,742	–	-0.07%	–
HON	Exit	Honeywell International Inc	$0	–	-2,748	–	-0.08%	–
AXP	Exit	American Express Co	$0	–	-9,048	–	-0.20%	–
AAPL	Exit	Apple Inc	$0	–	-10,424	–	-0.37%	–
BDX	Exit	Becton Dickinson & Co	$0	–	-20,736	–	-0.83%	–
GOOGL	Exit	Google Inc Cl A	$0	–	-6,465	–	-0.98%	–
ADP	Exit	Automatic Data Processing	$0	–	-52,776	–	-1.19%	–
SYY	Exit	Sysco Corp	$0	–	-265,545	–	-2.70%	–
BAC	Exit	Bank of America Corporation	$0	–	-847,338	–	-4.06%	–
GOOG	Exit	Google Inc Cl C	$0	–	-27,823	–	-4.08%	–
AMZN	Exit	Amazon.com Inc	$0	–	-33,665	–	-4.12%	–

Q2 2015

			Value		Shares		↓ Weighting
BRKB	New	Berkshire Hathaway Inc. Cl B	$20,647,000	–	151,693	–	5.82%	–
GE	New	General Electric Co	$19,960,000	–	751,248	–	5.62%	–
MSFT	New	Microsoft Corp	$17,879,000	–	404,978	–	5.04%	–
V	New	Visa Inc	$17,143,000	–	255,303	–	4.83%	–
WFC	New	Wells Fargo & Co	$15,832,000	–	281,520	–	4.46%	–
AMZN	New	Amazon.com Inc	$14,613,000	–	33,665	–	4.12%	–
C	New	Citigroup Inc	$14,556,000	–	263,516	–	4.10%	–
GOOG	New	Google Inc Cl C	$14,482,000	–	27,823	–	4.08%	–
BAC	New	Bank of America Corporation	$14,421,000	–	847,338	–	4.06%	–
QCOM	New	Qualcomm Inc	$12,661,000	–	202,161	–	3.57%	–
WMT	New	Wal-Mart Stores Inc	$12,601,000	–	177,655	–	3.55%	–
IBM	New	International Business Machines Corp	$12,510,000	–	76,911	–	3.52%	–
PEP	New	PepsiCo Inc	$12,281,000	–	131,588	–	3.46%	–
USB	New	U.S. Bancorp	$11,180,000	–	257,619	–	3.15%	–
PG	New	Procter & Gamble Co	$10,997,000	–	140,564	–	3.10%	–
CSCO	New	Cisco Systems Inc	$10,420,000	–	379,477	–	2.94%	–
SYY	New	Sysco Corp	$9,586,000	–	265,545	–	2.70%	–
COH	New	Coach Inc	$9,553,000	–	276,029	–	2.69%	–
PFE	New	Pfizer Inc	$9,244,000	–	275,716	–	2.60%	–
ORCL	New	Oracle Corporation	$8,506,000	–	211,070	–	2.40%	–
VIAB	New	Viacom Inc	$7,433,000	–	115,001	–	2.09%	–
CHRW	New	CH Robinson Worldwide Inc	$7,207,000	–	115,525	–	2.03%	–
LVS	New	Las Vegas Sands Corp	$6,905,000	–	131,361	–	1.95%	–
MCD	New	McDonald's Corp	$6,726,000	–	70,758	–	1.90%	–
JNJ	New	Johnson & Johnson	$6,711,000	–	68,866	–	1.89%	–
FAST	New	Fastenal Co	$5,532,000	–	131,166	–	1.56%	–
ADP	New	Automatic Data Processing	$4,234,000	–	52,776	–	1.19%	–
DD	New	E I du Pont de Nemours & Company	$3,966,000	–	62,032	–	1.12%	–
XOM	New	Exxon Mobil Corporation	$3,575,000	–	42,978	–	1.01%	–
GOOGL	New	Google Inc Cl A	$3,491,000	–	6,465	–	0.98%	–
UNP	New	Union Pacific Corp	$3,392,000	–	35,581	–	0.96%	–
UPS	New	United Parcel Service Inc (UPS)	$3,162,000	–	32,637	–	0.89%	–
BDX	New	Becton Dickinson & Co	$2,937,000	–	20,736	–	0.83%	–
CLX	New	Clorox Co	$2,526,000	–	24,292	–	0.71%	–
CL	New	Colgate-Palmolive Co	$1,922,000	–	29,395	–	0.54%	–
YUM	New	Yum Brands Inc	$1,709,000	–	18,980	–	0.48%	–
NOV	New	National Oilwell Varco Inc	$1,702,000	–	35,258	–	0.48%	–
AAPL	New	Apple Inc	$1,307,000	–	10,424	–	0.37%	–
WBA	New	Walgreen Boots Alliance Inc Com	$1,271,000	–	15,069	–	0.36%	–
UTX	New	United Technologies Corp	$1,214,000	–	10,947	–	0.34%	–
TROW	New	T. Rowe Price Group Inc	$1,097,000	–	14,121	–	0.31%	–
PX	New	Praxair Inc	$890,000	–	7,452	–	0.25%	–
VEU	New	Vanguard FTSE All-World ex-US ETF	$877,000	–	18,067	–	0.25%	–
CVS	New	CVS Health Corp	$856,000	–	8,166	–	0.24%	–
PAYX	New	Paychex Inc	$843,000	–	17,992	–	0.24%	–
AXP	New	American Express Co	$703,000	–	9,048	–	0.20%	–
VB	New	Vanguard Small-Cap ETF	$524,000	–	4,321	–	0.15%	–
BX	New	Blackstone Group LP	$416,000	–	10,182	–	0.12%	–
LOW	New	Lowe's Companies Inc	$411,000	–	6,145	–	0.12%	–
HOG	New	Harley-Davidson Inc	$383,000	–	6,813	–	0.11%	–
SWGAY	New	Swatch Group AG	$373,000	–	19,233	–	0.10%	–
IVV	New	iShares Core S&P 500	$340,000	–	1,644	–	0.10%	–
HON	New	Honeywell International Inc	$280,000	–	2,748	–	0.08%	–
HPQ	New	Hewlett-Packard Co	$262,000	–	8,742	–	0.07%	–
DUK	New	Duke Energy Corporation	$184,000	–	2,610	–	0.05%	–
MDT	New	Medtronic PLC	$144,000	–	1,954	–	0.04%	–
OPK	New	Opko Health Inc	$114,000	–	7,142	–	0.03%	–
MMM	New	3M Co	$112,000	–	727	–	0.03%	–
VYM	New	Vanguard High Dividend Yield ETF	$111,000	–	1,663	–	0.03%	–

Q4 2014

			Value		Shares		↓ Weighting
TAP	Exit	Molson Coors Brewing Co.	$0	–	-1,851	–	-0.05%	–
	Exit	Apple Inc.	$0	–	-4,279	–	-0.15%	–
EFA	Exit	iShares MSCI EAFE ETF	$0	–	-8,318	–	-0.18%	–
PAYX	Exit	Paychex, Inc.	$0	–	-18,108	–	-0.27%	–
DNOW	Exit	NOW, Inc.	$0	–	-33,511	–	-0.34%	–
RSG	Exit	Republic Services, Inc.	$0	–	-38,602	–	-0.51%	–
MCD	Exit	McDonald's Corp.	$0	–	-19,506	–	-0.62%	–
COV	Exit	Covidien PLC	$0	–	-23,584	–	-0.69%	–
CLX	Exit	Clorox Co.	$0	–	-24,056	–	-0.78%	–
	Exit	Becton, Dickinson & Co.	$0	–	-22,199	–	-0.85%	–
	Exit	Automatic Data Processing, Inc.	$0	–	-38,476	–	-1.08%	–
UPS	Exit	United Parcel Service, Inc.	$0	–	-32,782	–	-1.09%	–
GOOGL	Exit	Google, Inc. Cl A	$0	–	-6,834	–	-1.36%	–
DD	Exit	E.I. du Pont de Nemours and Co.	$0	–	-58,427	–	-1.42%	–
JNJ	Exit	Johnson & Johnson	$0	–	-56,139	–	-2.02%	–
COH	Exit	Coach, Inc.	$0	–	-178,010	–	-2.14%	–
CHRW	Exit	C.H. Robinson Worldwide, Inc.	$0	–	-107,995	–	-2.42%	–
ORCL	Exit	Oracle Corp.	$0	–	-223,374	–	-2.89%	–
PFE	Exit	Pfizer, Inc.	$0	–	-298,556	–	-2.98%	–
	Exit	Applied Materials, Inc.	$0	–	-432,699	–	-3.16%	–
C	Exit	Citigroup, Inc.	$0	–	-181,219	–	-3.17%	–
PG	Exit	Procter & Gamble Co.	$0	–	-112,642	–	-3.19%	–
IBM	Exit	International Business Machines Corp.	$0	–	-52,036	–	-3.34%	–
USB	Exit	U.S. Bancorp	$0	–	-244,552	–	-3.46%	–
CSCO	Exit	Cisco Systems, Inc.	$0	–	-430,503	–	-3.66%	–
PEP	Exit	PepsiCo, Inc.	$0	–	-119,962	–	-3.77%	–
NOV	Exit	National Oilwell Varco, Inc.	$0	–	-147,740	–	-3.80%	–
WMT	Exit	Wal-Mart Stores, Inc.	$0	–	-147,649	–	-3.82%	–
SYY	Exit	Sysco Corp.	$0	–	-297,703	–	-3.82%	–
	Exit	Amazon.com, Inc.	$0	–	-35,433	–	-3.86%	–
GOOG	Exit	Google, Inc. Cl C	$0	–	-19,914	–	-3.88%	–
	Exit	Bank of America Corp.	$0	–	-684,630	–	-3.94%	–
GE	Exit	General Electric Co.	$0	–	-461,596	–	-4.00%	–
V	Exit	Visa, Inc. Cl A	$0	–	-59,374	–	-4.28%	–
WFC	Exit	Wells Fargo & Co.	$0	–	-275,538	–	-4.83%	–
CNQ	Exit	Canadian Natural Resources Ltd	$0	–	-374,640	–	-4.92%	–
MSFT	Exit	Microsoft Corp.	$0	–	-360,145	–	-5.64%	–
	Exit	Berkshire Hathaway Inc. Cl B	$0	–	-163,367	–	-7.62%	–

Q3 2014

			Value		Shares		↓ Weighting
	Sell	Berkshire Hathaway Inc. Cl B	$22,567,000	+7.0%	163,367	-2.0%	7.62%	+6.8%
MSFT	Sell	Microsoft Corp.	$16,696,000	+8.2%	360,145	-2.7%	5.64%	+8.0%
CNQ	Sell	Canadian Natural Resources Ltd	$14,551,000	-16.8%	374,640	-1.7%	4.92%	-17.0%
WFC	Sell	Wells Fargo & Co.	$14,292,000	-3.9%	275,538	-2.6%	4.83%	-4.1%
V	Buy	Visa, Inc. Cl A	$12,668,000	+7.5%	59,374	+6.2%	4.28%	+7.4%
GE	Sell	General Electric Co.	$11,826,000	-2.6%	461,596	-0.1%	4.00%	-2.7%
	Sell	Bank of America Corp.	$11,672,000	+8.7%	684,630	-2.0%	3.94%	+8.6%
GOOG	Sell	Google, Inc. Cl C	$11,497,000	-2.2%	19,914	-2.6%	3.88%	-2.4%
	Buy	Amazon.com, Inc.	$11,425,000	+21.5%	35,433	+22.3%	3.86%	+21.3%
SYY	Sell	Sysco Corp.	$11,297,000	-0.1%	297,703	-1.4%	3.82%	-0.2%
WMT	Buy	Wal-Mart Stores, Inc.	$11,290,000	+2.4%	147,649	+0.5%	3.82%	+2.2%
NOV	Sell	National Oilwell Varco, Inc.	$11,243,000	-8.2%	147,740	-0.7%	3.80%	-8.4%
PEP	Sell	PepsiCo, Inc.	$11,167,000	+1.8%	119,962	-2.3%	3.77%	+1.6%
CSCO	Sell	Cisco Systems, Inc.	$10,835,000	-2.1%	430,503	-3.3%	3.66%	-2.2%
USB	Sell	U.S. Bancorp	$10,229,000	-6.4%	244,552	-3.0%	3.46%	-6.5%
IBM	Buy	International Business Machines Corp.	$9,878,000	+11.5%	52,036	+6.4%	3.34%	+11.3%
PG	Buy	Procter & Gamble Co.	$9,432,000	+8.0%	112,642	+1.3%	3.19%	+7.8%
C	Buy	Citigroup, Inc.	$9,390,000	+12.5%	181,219	+2.3%	3.17%	+12.4%
	Sell	Applied Materials, Inc.	$9,350,000	-7.3%	432,699	-3.3%	3.16%	-7.4%
PFE	Sell	Pfizer, Inc.	$8,828,000	-3.5%	298,556	-3.1%	2.98%	-3.6%
ORCL	Sell	Oracle Corp.	$8,550,000	-8.3%	223,374	-2.9%	2.89%	-8.5%
CHRW	Sell	C.H. Robinson Worldwide, Inc.	$7,162,000	+0.9%	107,995	-2.9%	2.42%	+0.7%
COH	Buy	Coach, Inc.	$6,338,000	+79.4%	178,010	+72.3%	2.14%	+79.1%
JNJ	Sell	Johnson & Johnson	$5,983,000	-1.1%	56,139	-2.9%	2.02%	-1.2%
DD	Sell	E.I. du Pont de Nemours and Co.	$4,192,000	+6.7%	58,427	-2.7%	1.42%	+6.5%
GOOGL	Sell	Google, Inc. Cl A	$4,021,000	-2.2%	6,834	-2.9%	1.36%	-2.4%
UPS	Sell	United Parcel Service, Inc.	$3,222,000	-8.7%	32,782	-4.6%	1.09%	-8.8%
	Sell	Automatic Data Processing, Inc.	$3,196,000	+1.9%	38,476	-2.8%	1.08%	+1.7%
	Sell	Becton, Dickinson & Co.	$2,526,000	-4.7%	22,199	-0.9%	0.85%	-4.8%
CLX	Sell	Clorox Co.	$2,310,000	+3.9%	24,056	-1.1%	0.78%	+3.7%
COV	Sell	Covidien PLC	$2,040,000	-5.3%	23,584	-1.3%	0.69%	-5.5%
MCD	Buy	McDonald's Corp.	$1,849,000	+4.7%	19,506	+11.3%	0.62%	+4.5%
RSG	Sell	Republic Services, Inc.	$1,506,000	+2.7%	38,602	-0.2%	0.51%	+2.6%
DNOW	Sell	NOW, Inc.	$1,019,000	-20.6%	33,511	-5.5%	0.34%	-20.7%
PAYX	Sell	Paychex, Inc.	$800,000	+6.1%	18,108	-0.3%	0.27%	+5.9%
EFA	New	iShares MSCI EAFE ETF	$533,000	–	8,318	–	0.18%	–
TAP	Sell	Molson Coors Brewing Co.	$137,000	-97.0%	1,851	-97.0%	0.05%	-97.1%

Q2 2014

			Value		Shares		↓ Weighting
	New	Berkshire Hathaway Inc. Cl B	$21,096,000	–	166,692	–	7.14%	–
CNQ	New	Canadian Natural Resources Ltd	$17,496,000	–	381,115	–	5.92%	–
MSFT	New	Microsoft Corp.	$15,431,000	–	370,071	–	5.22%	–
WFC	New	Wells Fargo & Company	$14,876,000	–	283,030	–	5.04%	–
NOV	New	National Oilwell Varco, Inc.	$12,252,000	–	148,781	–	4.15%	–
GE	New	General Electric Co.	$12,139,000	–	461,947	–	4.11%	–
V	New	Visa, Inc. Cl A	$11,779,000	–	55,903	–	3.99%	–
GOOG	New	Google, Inc. Cl C	$11,760,000	–	20,443	–	3.98%	–
SYY	New	Sysco Corp.	$11,304,000	–	301,861	–	3.83%	–
CSCO	New	Cisco Systems, Inc.	$11,066,000	–	445,329	–	3.74%	–
WMT	New	Wal-Mart Stores, Inc.	$11,028,000	–	146,913	–	3.73%	–
PEP	New	PepsiCo, Inc.	$10,971,000	–	122,806	–	3.71%	–
USB	New	U.S. Bancorp	$10,923,000	–	252,152	–	3.70%	–
	New	Bank of America Corp.	$10,735,000	–	698,442	–	3.63%	–
	New	Applied Materials, Inc.	$10,086,000	–	447,288	–	3.41%	–
	New	Amazon.com, Inc.	$9,406,000	–	28,962	–	3.18%	–
ORCL	New	Oracle Corporation	$9,326,000	–	230,114	–	3.16%	–
PFE	New	Pfizer, Inc.	$9,145,000	–	308,142	–	3.10%	–
IBM	New	International Business Machines	$8,863,000	–	48,896	–	3.00%	–
PG	New	Procter & Gamble Company	$8,737,000	–	111,174	–	2.96%	–
C	New	Citigroup, Inc.	$8,345,000	–	177,195	–	2.82%	–
CHRW	New	C.H. Robinson Worldwide, Inc.	$7,096,000	–	111,243	–	2.40%	–
JNJ	New	Johnson & Johnson	$6,049,000	–	57,820	–	2.05%	–
TAP	New	Molson Coors Brewing Co.	$4,636,000	–	62,525	–	1.57%	–
GOOGL	New	Google, Inc. Cl A	$4,113,000	–	7,035	–	1.39%	–
DD	New	E.I. du Pont de Nemours and Co.	$3,928,000	–	60,039	–	1.33%	–
COH	New	Coach, Inc.	$3,533,000	–	103,335	–	1.20%	–
UPS	New	United Parcel Service, Inc.	$3,528,000	–	34,367	–	1.19%	–
	New	Automatic Data Processing, Inc.	$3,137,000	–	39,579	–	1.06%	–
	New	Becton, Dickinson & Co.	$2,650,000	–	22,409	–	0.90%	–
CLX	New	Clorox Company	$2,224,000	–	24,335	–	0.75%	–
COV	New	Covidien PLC	$2,154,000	–	23,889	–	0.73%	–
MCD	New	McDonald's Corp.	$1,766,000	–	17,531	–	0.60%	–
RSG	New	Republic Services, Inc.	$1,467,000	–	38,660	–	0.50%	–
DNOW	New	NOW, Inc.	$1,283,000	–	35,446	–	0.43%	–
PAYX	New	Paychex, Inc.	$754,000	–	18,157	–	0.26%	–
	New	Apple	$397,000	–	4,279	–	0.13%	–

Q4 2013

			Value		Shares		↓ Weighting
BFOR	Exit	Alps Etf TRUST Barrons 400 Etf	$0	–	-6,000	–	-0.06%	–
MOAT	Exit	Market Vectors Etf TRUST Mkt Vect Mornin	$0	–	-6,500	–	-0.07%	–
	Exit	Apple	$0	–	-555	–	-0.10%	–
PAYX	Exit	Paychex	$0	–	-22,505	–	-0.35%	–
RSG	Exit	Republic Services	$0	–	-40,792	–	-0.52%	–
COV	Exit	Covidien	$0	–	-31,914	–	-0.74%	–
	Exit	Becton Dickinson	$0	–	-25,492	–	-0.97%	–
	Exit	Automatic Data Processing	$0	–	-42,650	–	-1.17%	–
DD	Exit	Du Pont E I De Nemours	$0	–	-66,214	–	-1.47%	–
	Exit	American Express	$0	–	-68,587	–	-1.97%	–
ORCL	Exit	Oracle	$0	–	-201,027	–	-2.53%	–
WMT	Exit	Wal-Mart Stores	$0	–	-91,410	–	-2.57%	–
PG	Exit	Procter & Gamble	$0	–	-104,907	–	-3.01%	–
GOOGL	Exit	Google	$0	–	-9,366	–	-3.12%	–
SYY	Exit	Sysco	$0	–	-273,545	–	-3.31%	–
C	Exit	Citigroup	$0	–	-183,194	–	-3.38%	–
	Exit	Bank of America	$0	–	-659,350	–	-3.46%	–
TAP	Exit	Molson Coors Brewing B	$0	–	-182,121	–	-3.47%	–
FRFHF	Exit	Fairfax Financial	$0	–	-23,185	–	-3.59%	–
GE	Exit	General Electric	$0	–	-404,729	–	-3.67%	–
UPS	Exit	United Parcel Service - Class B	$0	–	-106,876	–	-3.71%	–
PFE	Exit	Pfizer	$0	–	-349,916	–	-3.82%	–
JNJ	Exit	Johnson & Johnson	$0	–	-116,801	–	-3.85%	–
USB	Exit	U S Bancorp	$0	–	-278,826	–	-3.88%	–
V	Exit	Visa	$0	–	-53,705	–	-3.90%	–
NOV	Exit	National Oilwell Varco	$0	–	-142,635	–	-4.23%	–
PEP	Exit	Pepsico	$0	–	-141,382	–	-4.27%	–
CSCO	Exit	Cisco Systems	$0	–	-490,080	–	-4.36%	–
WFC	Exit	Wells Fargo	$0	–	-296,406	–	-4.65%	–
MSFT	Exit	Microsoft	$0	–	-385,287	–	-4.87%	–
	Exit	Applied Materials	$0	–	-802,669	–	-5.35%	–
CNQ	Exit	Canadian Natural Resources	$0	–	-500,528	–	-5.98%	–
	Exit	Berkshire Hathaway - Class B	$0	–	-175,976	–	-7.59%	–

Q3 2013

			Value		Shares		↓ Weighting
	Sell	Berkshire Hathaway - Class B	$19,975,000	-0.4%	175,976	-1.8%	7.59%	-3.7%
CNQ	Sell	Canadian Natural Resources	$15,736,000	+10.1%	500,528	-1.1%	5.98%	+6.4%
	Sell	Applied Materials	$14,071,000	+17.3%	802,669	-0.2%	5.35%	+13.3%
MSFT	Buy	Microsoft	$12,822,000	+8.5%	385,287	+12.7%	4.87%	+4.9%
WFC	Sell	Wells Fargo	$12,247,000	-2.0%	296,406	-2.1%	4.65%	-5.3%
CSCO	Sell	Cisco Systems	$11,483,000	-4.2%	490,080	-0.5%	4.36%	-7.4%
PEP	Sell	Pepsico	$11,239,000	-5.0%	141,382	-2.3%	4.27%	-8.2%
NOV	Buy	National Oilwell Varco	$11,141,000	+13.7%	142,635	+0.3%	4.23%	+9.8%
V	Sell	Visa	$10,263,000	+2.4%	53,705	-2.1%	3.90%	-1.1%
USB	Sell	U S Bancorp	$10,199,000	+0.6%	278,826	-0.6%	3.88%	-2.8%
JNJ	Sell	Johnson & Johnson	$10,125,000	-12.6%	116,801	-13.4%	3.85%	-15.5%
PFE	Sell	Pfizer	$10,051,000	+0.4%	349,916	-2.1%	3.82%	-2.9%
UPS	Sell	United Parcel Service - Class B	$9,765,000	+2.2%	106,876	-3.3%	3.71%	-1.3%
GE	Buy	General Electric	$9,668,000	+8.1%	404,729	+5.0%	3.67%	+4.5%
FRFHF	Sell	Fairfax Financial	$9,449,000	-7.0%	23,185	-11.0%	3.59%	-10.2%
TAP	Buy	Molson Coors Brewing B	$9,129,000	+84.5%	182,121	+76.1%	3.47%	+78.3%
	Sell	Bank of America	$9,099,000	+3.9%	659,350	-3.2%	3.46%	+0.4%
C	Sell	Citigroup	$8,886,000	+0.5%	183,194	-0.6%	3.38%	-2.9%
SYY	Buy	Sysco	$8,706,000	+8.9%	273,545	+16.9%	3.31%	+5.2%
GOOGL	Sell	Google	$8,204,000	-4.6%	9,366	-4.1%	3.12%	-7.8%
PG	Sell	Procter & Gamble	$7,929,000	-3.6%	104,907	-1.8%	3.01%	-6.9%
WMT	Sell	Wal-Mart Stores	$6,760,000	-2.5%	91,410	-1.8%	2.57%	-5.8%
ORCL	Sell	Oracle	$6,668,000	+5.5%	201,027	-2.4%	2.53%	+1.9%
	Sell	American Express	$5,179,000	-1.9%	68,587	-2.8%	1.97%	-5.2%
DD	Sell	Du Pont E I De Nemours	$3,877,000	+9.6%	66,214	-1.8%	1.47%	+5.8%
	Sell	Automatic Data Processing	$3,087,000	+2.2%	42,650	-2.8%	1.17%	-1.3%
	Sell	Becton Dickinson	$2,549,000	-3.2%	25,492	-4.3%	0.97%	-6.5%
COV	Sell	Covidien	$1,944,000	-5.4%	31,914	-2.4%	0.74%	-8.5%
PAYX	Sell	Paychex	$914,000	+9.6%	22,505	-1.5%	0.35%	+5.8%
	Buy	Apple	$264,000	+20.5%	555	+0.4%	0.10%	+16.3%
MOAT	New	Market Vectors Etf TRUST Mkt Vect Mornin	$176,000	–	6,500	–	0.07%	–
BFOR	New	Alps Etf TRUST Barrons 400 Etf	$163,000	–	6,000	–	0.06%	–

Q2 2013

			Value		Shares		↓ Weighting
	New	Berkshire Hathaway - Class B	$20,051,000	–	179,159	–	7.89%	–
CNQ	New	Canadian Natural Resources	$14,296,000	–	505,884	–	5.62%	–
WFC	New	Wells Fargo	$12,496,000	–	302,791	–	4.91%	–
	New	Applied Materials	$12,000,000	–	804,277	–	4.72%	–
CSCO	New	Cisco Systems	$11,983,000	–	492,405	–	4.71%	–
PEP	New	Pepsico	$11,830,000	–	144,643	–	4.65%	–
MSFT	New	Microsoft	$11,813,000	–	341,949	–	4.65%	–
JNJ	New	Johnson & Johnson	$11,581,000	–	134,878	–	4.56%	–
FRFHF	New	Fairfax Financial	$10,164,000	–	26,056	–	4.00%	–
USB	New	U S Bancorp	$10,136,000	–	280,384	–	3.99%	–
V	New	Visa	$10,025,000	–	54,858	–	3.94%	–
PFE	New	Pfizer	$10,007,000	–	357,279	–	3.94%	–
NOV	New	National Oilwell Varco	$9,802,000	–	142,267	–	3.86%	–
UPS	New	United Parcel Service - Class B	$9,555,000	–	110,493	–	3.76%	–
GE	New	General Electric	$8,943,000	–	385,635	–	3.52%	–
C	New	Citigroup	$8,841,000	–	184,307	–	3.48%	–
	New	Bank of America	$8,760,000	–	681,201	–	3.44%	–
GOOGL	New	Google	$8,599,000	–	9,768	–	3.38%	–
PG	New	Procter & Gamble	$8,227,000	–	106,863	–	3.24%	–
SYY	New	Sysco	$7,994,000	–	234,003	–	3.14%	–
WMT	New	Wal-Mart Stores	$6,935,000	–	93,102	–	2.73%	–
ORCL	New	Oracle	$6,322,000	–	205,872	–	2.49%	–
	New	American Express	$5,277,000	–	70,581	–	2.08%	–
TAP	New	Molson Coors Brewing B	$4,949,000	–	103,412	–	1.95%	–
DD	New	Du Pont E I De Nemours	$3,539,000	–	67,411	–	1.39%	–
	New	Automatic Data Processing	$3,021,000	–	43,869	–	1.19%	–
	New	Becton Dickinson	$2,633,000	–	26,640	–	1.04%	–
COV	New	Covidien	$2,055,000	–	32,705	–	0.81%	–
RSG	New	Republic Services	$1,384,000	–	40,792	–	0.54%	–
PAYX	New	Paychex	$834,000	–	22,839	–	0.33%	–
	New	Apple	$219,000	–	553	–	0.09%	–

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