Lafayette Investments Activity Q4 2004-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$45,414,994	+2.3%	129,646	-0.4%	12.38%	+6.1%
MKL	Sell	MARKEL GROUP INC	$29,516,063	+6.2%	20,045	-0.3%	8.04%	+10.1%
PGR	Sell	PROGRESSIVE CORP	$13,896,237	+4.8%	99,758	-0.4%	3.79%	+8.7%
MSFT	Buy	MICROSOFT CORP	$11,069,013	-6.2%	35,056	+1.1%	3.02%	-2.8%
PAYX	Buy	PAYCHEX INC	$10,003,649	+4.0%	86,739	+0.8%	2.73%	+7.8%
AAPL	Sell	APPLE INC	$9,854,556	-12.4%	57,558	-0.8%	2.68%	-9.2%
TROW	Sell	PRICE T ROWE GROUP INC	$9,256,483	-6.4%	88,266	-0.1%	2.52%	-3.0%
GOOG	Sell	ALPHABET INCcap stk cl c	$9,147,358	+8.3%	69,377	-0.7%	2.49%	+12.3%
LOW	Buy	LOWES COS INC	$8,988,164	-7.0%	43,246	+1.0%	2.45%	-3.6%
KLAC	Buy	KLA CORP	$8,822,510	-5.2%	19,235	+0.2%	2.40%	-1.7%
FB	Sell	META PLATFORMS INCcl a	$8,568,294	+3.9%	28,541	-0.7%	2.34%	+7.8%
LII	Sell	LENNOX INTL INC	$8,464,788	+11.6%	22,607	-2.8%	2.31%	+15.8%
AZO	Buy	AUTOZONE INC	$8,211,788	+3.1%	3,233	+1.2%	2.24%	+7.0%
JNJ	Sell	JOHNSON & JOHNSON	$7,672,635	-16.4%	49,262	-11.1%	2.09%	-13.2%
LMT	Buy	LOCKHEED MARTIN CORP	$6,977,103	-10.3%	17,061	+1.0%	1.90%	-7.0%
NSC	Sell	NORFOLK SOUTHN CORP	$6,956,831	-13.2%	35,326	-0.0%	1.90%	-9.9%
GPC	Buy	GENUINE PARTS CO	$6,914,037	-14.2%	47,888	+0.6%	1.88%	-11.0%
JEF	Sell	JEFFERIES FINL GROUP INC	$6,872,747	+9.1%	187,626	-1.2%	1.87%	+13.2%
DEO	Buy	DIAGEO PLCspon adr new	$6,867,414	-12.5%	46,034	+1.7%	1.87%	-9.3%
PEP	Buy	PEPSICO INC	$6,050,836	-8.2%	35,711	+0.3%	1.65%	-4.8%
SBUX	Buy	STARBUCKS CORP	$5,644,422	-6.5%	61,843	+1.4%	1.54%	-3.1%
SCHW	Sell	SCHWAB CHARLES CORP	$5,159,243	-10.7%	93,975	-7.8%	1.41%	-7.4%
L	Sell	LOEWS CORP	$4,933,749	+3.0%	77,930	-3.4%	1.34%	+6.8%
GOLD	Buy	BARRICK GOLD CORP	$4,713,458	-13.2%	323,949	+1.0%	1.28%	-10.0%
PH	Buy	PARKER-HANNIFIN CORP	$4,291,221	-0.1%	11,017	+0.1%	1.17%	+3.6%
MMC	Buy	MARSH & MCLENNAN COS INC	$4,224,280	+1.2%	22,198	+0.1%	1.15%	+5.0%
XOM	Buy	EXXON MOBIL CORP	$4,165,108	+9.9%	35,424	+0.2%	1.14%	+14.0%
GLW	Sell	CORNING INC	$4,040,960	-13.5%	132,621	-0.5%	1.10%	-10.3%
ACN	Buy	ACCENTURE PLC IRELAND	$3,935,001	-0.1%	12,813	+0.4%	1.07%	+3.6%
KO	Sell	COCA COLA CO	$3,834,878	-7.5%	68,504	-0.5%	1.04%	-4.0%
MSGS	Sell	MADISON SQUARE GRDN SPRT CORcl a	$3,534,680	-7.2%	20,049	-1.0%	0.96%	-3.8%
	Sell	ESAB CORPORATION	$3,434,248	-1.7%	48,907	-6.8%	0.94%	+2.0%
CHKP	Sell	CHECK POINT SOFTWARE TECH LTord	$3,366,653	+4.3%	25,260	-1.7%	0.92%	+8.1%
DIS	Sell	DISNEY WALT CO	$3,093,112	-33.8%	38,163	-27.1%	0.84%	-31.4%
ALLE	Buy	ALLEGION PLC	$2,807,253	-9.4%	26,941	+4.3%	0.76%	-6.0%
GHC	Buy	GRAHAM HLDGS CO	$2,672,061	+2.1%	4,583	+0.0%	0.73%	+5.8%
AOS	Buy	SMITH A O CORP	$2,560,752	-8.5%	38,723	+0.7%	0.70%	-5.2%
PYPL	Buy	PAYPAL HLDGS INC	$2,388,150	-7.9%	40,851	+5.1%	0.65%	-4.4%
CVX	Sell	CHEVRON CORP NEW	$2,276,033	+7.0%	13,498	-0.1%	0.62%	+10.9%
WAT	Buy	WATERS CORP	$2,247,151	+632.5%	8,195	+612.0%	0.61%	+655.6%
MHK	Sell	MOHAWK INDS INC	$2,155,977	-18.6%	25,125	-2.1%	0.59%	-15.5%
AON	Sell	AON PLC	$2,028,321	-8.1%	6,256	-2.1%	0.55%	-4.7%
INTC	Sell	INTEL CORP	$2,025,156	+5.2%	56,966	-1.0%	0.55%	+9.1%
JPM	Sell	JPMORGAN CHASE & CO	$2,020,830	-2.1%	13,935	-1.8%	0.55%	+1.7%
HAS	Sell	HASBRO INC	$1,997,296	-1.4%	30,198	-3.5%	0.54%	+2.3%
SPOT	Sell	SPOTIFY TECHNOLOGY S A	$1,913,670	-6.3%	12,375	-2.8%	0.52%	-3.0%
NKE	Buy	NIKE INCcl b	$1,853,473	-4.1%	19,384	+10.7%	0.50%	-0.6%
WBA	Sell	WALGREENS BOOTS ALLIANCE INC	$1,766,412	-23.7%	79,425	-2.2%	0.48%	-20.9%
	Sell	ENOVIS CORPORATION	$1,762,606	-23.3%	33,427	-6.7%	0.48%	-20.4%
ULTA	Buy	ULTA BEAUTY INC	$1,745,597	-13.8%	4,370	+1.6%	0.48%	-10.5%
AMZN	Sell	AMAZON COM INC	$1,741,036	-6.9%	13,696	-4.5%	0.47%	-3.5%
BAC	Sell	BANK AMERICA CORP	$1,579,473	-7.0%	57,687	-2.5%	0.43%	-3.6%
ANET	Buy	ARISTA NETWORKS INC	$1,562,486	+15.1%	8,495	+1.4%	0.43%	+19.3%
TXN	Buy	TEXAS INSTRS INC	$1,504,324	-7.1%	9,461	+5.2%	0.41%	-3.5%
V	Buy	VISA INC	$1,448,143	+3.6%	6,296	+7.0%	0.40%	+7.6%
CTSH	Sell	COGNIZANT TECHNOLOGY SOLUTIOcl a	$1,210,311	+3.3%	17,867	-0.4%	0.33%	+7.1%
WHR	Sell	WHIRLPOOL CORP	$1,182,784	-16.5%	8,847	-7.1%	0.32%	-13.4%
HSY	Buy	HERSHEY CO	$1,165,797	-19.3%	5,827	+0.7%	0.32%	-16.3%
SASR	Sell	SANDY SPRING BANCORP INC	$1,135,244	-7.9%	52,975	-2.6%	0.31%	-4.6%
SEIC	Sell	SEI INVTS CO	$1,111,041	+0.5%	18,447	-0.5%	0.30%	+4.1%
	Sell	GSK PLCsponsored adr	$894,650	+0.0%	24,680	-1.7%	0.24%	+3.8%
MCD	Buy	MCDONALDS CORP	$824,831	-9.6%	3,131	+2.4%	0.22%	-6.2%
VZ	Sell	VERIZON COMMUNICATIONS INC	$793,805	-19.4%	24,493	-7.5%	0.22%	-16.6%
ADP	Buy	AUTOMATIC DATA PROCESSING IN	$759,993	+12.6%	3,159	+2.9%	0.21%	+16.9%
MRK	Buy	MERCK & CO INC	$748,653	+11.2%	7,272	+24.6%	0.20%	+15.3%
WFC	Sell	WELLS FARGO CO NEW	$725,061	-8.9%	17,745	-4.8%	0.20%	-5.3%
OTIS	Buy	OTIS WORLDWIDE CORP	$655,973	+13.4%	8,168	+25.7%	0.18%	+17.8%
SPY	Sell	SPDR S&P 500 ETF TRtr unit	$648,488	-4.2%	1,517	-0.7%	0.18%	-0.6%
HON	Buy	HONEYWELL INTL INC	$635,506	-4.0%	3,440	+7.8%	0.17%	-0.6%
MTD	New	METTLER TOLEDO INTERNATIONAL	$636,033	–	574	–	0.17%	–
PFE	Buy	PFIZER INC	$579,480	-7.6%	17,470	+2.2%	0.16%	-4.2%
IBM	Sell	INTERNATIONAL BUSINESS MACHS	$559,797	+3.2%	3,990	-1.6%	0.15%	+7.0%
SLB	Sell	SCHLUMBERGER LTD	$539,275	+9.8%	9,250	-7.5%	0.15%	+14.0%
CVS	Sell	CVS HEALTH CORP	$523,650	-2.3%	7,500	-3.2%	0.14%	+1.4%
	Sell	VITESSE ENERGY INC	$492,751	-1.7%	21,527	-3.8%	0.13%	+1.5%
EGBN	Sell	EAGLE BANCORP INC MD	$477,263	-1.6%	22,250	-2.9%	0.13%	+2.4%
CAT	Sell	CATERPILLAR INC	$464,100	+4.8%	1,700	-5.6%	0.13%	+8.6%
NVO	Buy	NOVO-NORDISK A Sadr	$454,700	+12.4%	5,000	+100.0%	0.12%	+17.0%
GM	Sell	GENERAL MTRS CO	$445,326	-23.0%	13,507	-10.0%	0.12%	-20.4%
ATVI	Sell	ACTIVISION BLIZZARD INC	$397,928	-92.9%	4,250	-93.6%	0.11%	-92.7%
ARCC	Buy	ARES CAPITAL CORP	$390,958	+6.3%	20,080	+2.6%	0.11%	+10.3%
TT	Buy	TRANE TECHNOLOGIES PLC	$374,775	+7.5%	1,847	+1.4%	0.10%	+10.9%
RTX	Buy	RTX CORPORATION	$361,578	-21.4%	5,024	+6.9%	0.10%	-18.2%
	Buy	ANNALY CAPITAL MANAGEMENT IN	$363,033	-3.5%	19,300	+2.7%	0.10%	0.0%
ABBV	Buy	ABBVIE INC	$344,329	+18.3%	2,310	+6.9%	0.09%	+23.7%
GLD	Sell	SPDR GOLD TR	$330,556	-4.8%	1,928	-1.0%	0.09%	-1.1%
	Buy	SHELL PLCspon ads	$320,098	+9.4%	4,972	+2.6%	0.09%	+13.0%
PG	Buy	PROCTER AND GAMBLE CO	$316,577	-1.5%	2,170	+2.4%	0.09%	+2.4%
T	Buy	AT&T INC	$309,901	-4.9%	20,633	+1.0%	0.08%	-2.3%
GOOGL	Buy	ALPHABET INCcap stk cl a	$265,777	+27.2%	2,031	+16.4%	0.07%	+30.9%
ADBE	Buy	ADOBE INC	$260,559	+8.3%	511	+3.9%	0.07%	+12.7%
AXP	Buy	AMERICAN EXPRESS CO	$255,563	-7.7%	1,713	+7.8%	0.07%	-4.1%
NVDA	Sell	NVIDIA CORPORATION	$243,595	-5.6%	560	-8.2%	0.07%	-2.9%
	Buy	HALEON PLCspon ads	$243,270	-0.3%	29,204	+0.3%	0.07%	+3.1%
EMR	Sell	EMERSON ELEC CO	$243,357	+1.8%	2,520	-4.7%	0.07%	+4.8%
AVGO	New	BROADCOM INC	$239,208	–	288	–	0.06%	–
UL	Buy	UNILEVER PLCspon adr new	$225,758	-4.2%	4,570	+1.1%	0.06%	0.0%
MDLZ	Buy	MONDELEZ INTL INCcl a	$226,383	-4.1%	3,262	+0.8%	0.06%	0.0%
HD	Buy	HOME DEPOT INC	$224,372	-2.7%	743	+0.1%	0.06%	0.0%
DOW	Sell	DOW INC	$219,955	-17.4%	4,266	-14.7%	0.06%	-14.3%
ASML	New	ASML HOLDING N V	$219,571	–	373	–	0.06%	–
FDS	New	FACTSET RESH SYS INC	$214,258	–	490	–	0.06%	–
DPZ	New	DOMINOS PIZZA INC	$211,365	–	558	–	0.06%	–
QCOM	Sell	QUALCOMM INC	$205,461	-17.8%	1,850	-11.9%	0.06%	-15.2%
TFC	Sell	TRUIST FINL CORP	$201,558	-7.1%	7,045	-1.4%	0.06%	-3.5%
F	Sell	FORD MTR CO DEL	$148,419	-22.8%	11,950	-5.9%	0.04%	-20.0%
FAST	Exit	FASTENAL CO	$0	–	-3,452	–	-0.05%	–
	Exit	FEDERAL RLTY INVT TR NEWsh ben int new	$0	–	-2,150	–	-0.06%	–
DUK	Exit	DUKE ENERGY CORP NEW	$0	–	-3,400	–	-0.08%	–

Q2 2023

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$44,399,905	–	130,205	–	11.67%	–
MKL	New	MARKEL GROUP INC	$27,803,302	–	20,101	–	7.30%	–
PGR	New	PROGRESSIVE CORP	$13,260,512	–	100,178	–	3.48%	–
MSFT	New	MICROSOFT CORP	$11,804,871	–	34,665	–	3.10%	–
AAPL	New	APPLE INC	$11,249,777	–	57,998	–	2.96%	–
TROW	New	PRICE T ROWE GROUP INC	$9,892,753	–	88,312	–	2.60%	–
LOW	New	LOWES COS INC	$9,668,197	–	42,836	–	2.54%	–
PAYX	New	PAYCHEX INC	$9,621,933	–	86,010	–	2.53%	–
KLAC	New	KLA CORP	$9,306,516	–	19,188	–	2.44%	–
JNJ	New	JOHNSON & JOHNSON	$9,174,103	–	55,426	–	2.41%	–
GOOG	New	ALPHABET INCcap stk cl c	$8,447,819	–	69,834	–	2.22%	–
FB	New	META PLATFORMS INCcl a	$8,245,223	–	28,731	–	2.17%	–
GPC	New	GENUINE PARTS CO	$8,059,410	–	47,624	–	2.12%	–
NSC	New	NORFOLK SOUTHN CORP	$8,010,724	–	35,327	–	2.10%	–
AZO	New	AUTOZONE INC	$7,963,792	–	3,194	–	2.09%	–
DEO	New	DIAGEO PLCspon adr new	$7,851,083	–	45,256	–	2.06%	–
LMT	New	LOCKHEED MARTIN CORP	$7,778,862	–	16,897	–	2.04%	–
LII	New	LENNOX INTL INC	$7,587,331	–	23,269	–	1.99%	–
PEP	New	PEPSICO INC	$6,594,060	–	35,601	–	1.73%	–
JEF	New	JEFFERIES FINL GROUP INC	$6,298,041	–	189,872	–	1.66%	–
SBUX	New	STARBUCKS CORP	$6,039,809	–	60,971	–	1.59%	–
SCHW	New	SCHWAB CHARLES CORP	$5,776,552	–	101,915	–	1.52%	–
ATVI	New	ACTIVISION BLIZZARD INC	$5,597,737	–	66,403	–	1.47%	–
GOLD	New	BARRICK GOLD CORP	$5,428,199	–	320,626	–	1.43%	–
L	New	LOEWS CORP	$4,790,943	–	80,683	–	1.26%	–
DIS	New	DISNEY WALT CO	$4,673,987	–	52,352	–	1.23%	–
GLW	New	CORNING INC	$4,668,961	–	133,247	–	1.23%	–
PH	New	PARKER-HANNIFIN CORP	$4,294,104	–	11,009	–	1.13%	–
MMC	New	MARSH & MCLENNAN COS INC	$4,172,367	–	22,184	–	1.10%	–
KO	New	COCA COLA CO	$4,146,159	–	68,850	–	1.09%	–
ACN	New	ACCENTURE PLC IRELAND	$3,937,481	–	12,760	–	1.04%	–
MSGS	New	MADISON SQUARE GRDN SPRT CORcl a	$3,809,749	–	20,259	–	1.00%	–
XOM	New	EXXON MOBIL CORP	$3,789,864	–	35,337	–	1.00%	–
	New	ESAB CORPORATION	$3,493,451	–	52,502	–	0.92%	–
COST	New	COSTCO WHSL CORP NEW	$3,398,255	–	6,312	–	0.89%	–
CHKP	New	CHECK POINT SOFTWARE TECH LTord	$3,228,560	–	25,701	–	0.85%	–
ALLE	New	ALLEGION PLC	$3,099,877	–	25,828	–	0.81%	–
AOS	New	SMITH A O CORP	$2,799,410	–	38,464	–	0.74%	–
MHK	New	MOHAWK INDS INC	$2,647,602	–	25,665	–	0.70%	–
GHC	New	GRAHAM HLDGS CO	$2,618,102	–	4,581	–	0.69%	–
PYPL	New	PAYPAL HLDGS INC	$2,593,796	–	38,870	–	0.68%	–
WBA	New	WALGREENS BOOTS ALLIANCE INC	$2,313,816	–	81,215	–	0.61%	–
	New	ENOVIS CORPORATION	$2,296,715	–	35,819	–	0.60%	–
AON	New	AON PLC	$2,206,864	–	6,393	–	0.58%	–
CVX	New	CHEVRON CORP NEW	$2,126,900	–	13,517	–	0.56%	–
JPM	New	JPMORGAN CHASE & CO	$2,064,468	–	14,195	–	0.54%	–
SPOT	New	SPOTIFY TECHNOLOGY S A	$2,043,320	–	12,727	–	0.54%	–
HAS	New	HASBRO INC	$2,026,265	–	31,284	–	0.53%	–
ULTA	New	ULTA BEAUTY INC	$2,024,030	–	4,301	–	0.53%	–
NKE	New	NIKE INCcl b	$1,931,881	–	17,504	–	0.51%	–
INTC	New	INTEL CORP	$1,924,411	–	57,548	–	0.51%	–
AMZN	New	AMAZON COM INC	$1,870,145	–	14,346	–	0.49%	–
DHR	New	DANAHER CORPORATION	$1,807,680	–	7,532	–	0.48%	–
BAC	New	BANK AMERICA CORP	$1,698,029	–	59,185	–	0.45%	–
TXN	New	TEXAS INSTRS INC	$1,619,334	–	8,995	–	0.42%	–
HSY	New	HERSHEY CO	$1,445,352	–	5,788	–	0.38%	–
WHR	New	WHIRLPOOL CORP	$1,416,982	–	9,523	–	0.37%	–
V	New	VISA INC	$1,397,333	–	5,884	–	0.37%	–
ANET	New	ARISTA NETWORKS INC	$1,357,577	–	8,377	–	0.36%	–
CABO	New	CABLE ONE INC	$1,268,165	–	1,930	–	0.33%	–
SASR	New	SANDY SPRING BANCORP INC	$1,233,043	–	54,367	–	0.32%	–
CTSH	New	COGNIZANT TECHNOLOGY SOLUTIOcl a	$1,171,320	–	17,943	–	0.31%	–
SEIC	New	SEI INVTS CO	$1,105,750	–	18,547	–	0.29%	–
VZ	New	VERIZON COMMUNICATIONS INC	$984,755	–	26,479	–	0.26%	–
MCD	New	MCDONALDS CORP	$912,240	–	3,057	–	0.24%	–
	New	GSK PLCsponsored adr	$894,564	–	25,100	–	0.24%	–
WFC	New	WELLS FARGO CO NEW	$795,769	–	18,645	–	0.21%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$676,889	–	1,527	–	0.18%	–
MRK	New	MERCK & CO INC	$673,532	–	5,837	–	0.18%	–
ADP	New	AUTOMATIC DATA PROCESSING IN	$674,756	–	3,070	–	0.18%	–
HON	New	HONEYWELL INTL INC	$661,925	–	3,190	–	0.17%	–
PFE	New	PFIZER INC	$627,302	–	17,102	–	0.16%	–
OTIS	New	OTIS WORLDWIDE CORP	$578,476	–	6,499	–	0.15%	–
GM	New	GENERAL MTRS CO	$578,670	–	15,007	–	0.15%	–
MO	New	ALTRIA GROUP INC	$574,676	–	12,686	–	0.15%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$542,600	–	4,055	–	0.14%	–
CVS	New	CVS HEALTH CORP	$535,758	–	7,750	–	0.14%	–
UNH	New	UNITEDHEALTH GROUP INC	$526,301	–	1,095	–	0.14%	–
FISV	New	FISERV INC	$513,936	–	4,074	–	0.14%	–
	New	VITESSE ENERGY INC	$501,141	–	22,372	–	0.13%	–
SLB	New	SCHLUMBERGER LTD	$491,200	–	10,000	–	0.13%	–
EGBN	New	EAGLE BANCORP INC MD	$484,967	–	22,919	–	0.13%	–
GD	New	GENERAL DYNAMICS CORP	$475,482	–	2,210	–	0.12%	–
RTX	New	RAYTHEON TECHNOLOGIES CORP	$460,315	–	4,699	–	0.12%	–
CAT	New	CATERPILLAR INC	$442,890	–	1,800	–	0.12%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$430,444	–	825	–	0.11%	–
NVO	New	NOVO-NORDISK A Sadr	$404,575	–	2,500	–	0.11%	–
	New	ANNALY CAPITAL MANAGEMENT IN	$376,188	–	18,800	–	0.10%	–
ARCC	New	ARES CAPITAL CORP	$367,909	–	19,580	–	0.10%	–
ALRS	New	ALERUS FINL CORP	$361,398	–	20,100	–	0.10%	–
TT	New	TRANE TECHNOLOGIES PLC	$348,476	–	1,822	–	0.09%	–
GLD	New	SPDR GOLD TR	$347,270	–	1,948	–	0.09%	–
FDX	New	FEDEX CORP	$329,707	–	1,330	–	0.09%	–
FNDX	New	SCHWAB STRATEGIC TRschwab fdt us lg	$329,416	–	5,722	–	0.09%	–
T	New	AT&T INC	$325,900	–	20,433	–	0.09%	–
PG	New	PROCTER AND GAMBLE CO	$321,484	–	2,119	–	0.08%	–
WAT	New	WATERS CORP	$306,788	–	1,151	–	0.08%	–
DUK	New	DUKE ENERGY CORP NEW	$305,116	–	3,400	–	0.08%	–
	New	SHELL PLCspon ads	$292,662	–	4,847	–	0.08%	–
ABBV	New	ABBVIE INC	$291,017	–	2,160	–	0.08%	–
PM	New	PHILIP MORRIS INTL INC	$280,463	–	2,873	–	0.07%	–
SPG	New	SIMON PPTY GROUP INC NEW	$280,039	–	2,425	–	0.07%	–
AXP	New	AMERICAN EXPRESS CO	$276,804	–	1,589	–	0.07%	–
DOW	New	DOW INC	$266,300	–	5,000	–	0.07%	–
NVDA	New	NVIDIA CORPORATION	$258,043	–	610	–	0.07%	–
AVB	New	AVALONBAY CMNTYS INC	$255,515	–	1,350	–	0.07%	–
QCOM	New	QUALCOMM INC	$249,984	–	2,100	–	0.07%	–
VOO	New	VANGUARD INDEX FDS	$242,332	–	595	–	0.06%	–
	New	HALEON PLCspon ads	$243,892	–	29,104	–	0.06%	–
EMR	New	EMERSON ELEC CO	$239,082	–	2,645	–	0.06%	–
ADBE	New	ADOBE SYSTEMS INCORPORATED	$240,584	–	492	–	0.06%	–
MDLZ	New	MONDELEZ INTL INCcl a	$236,107	–	3,237	–	0.06%	–
UL	New	UNILEVER PLCspon adr new	$235,628	–	4,520	–	0.06%	–
SCHX	New	SCHWAB STRATEGIC TRus lrg cap etf	$233,466	–	4,458	–	0.06%	–
HD	New	HOME DEPOT INC	$230,483	–	742	–	0.06%	–
TFC	New	TRUIST FINL CORP	$216,851	–	7,145	–	0.06%	–
FNDA	New	SCHWAB STRATEGIC TRschwab fdt us sc	$213,908	–	4,240	–	0.06%	–
	New	FEDERAL RLTY INVT TR NEWsh ben int new	$208,056	–	2,150	–	0.06%	–
GOOGL	New	ALPHABET INCcap stk cl a	$208,877	–	1,745	–	0.06%	–
GILD	New	GILEAD SCIENCES INC	$206,933	–	2,685	–	0.05%	–
FAST	New	FASTENAL CO	$203,634	–	3,452	–	0.05%	–
F	New	FORD MTR CO DEL	$192,151	–	12,700	–	0.05%	–
FVCB	New	FVCBANKCORP INC	$131,459	–	12,206	–	0.04%	–
	New	RANI THERAPEUTICS HLDGS INC	$81,960	–	19,893	–	0.02%	–
IAIC	New	WAVEDANCER INC	$38,064	–	124,797	–	0.01%	–
LCTX	New	LINEAGE CELL THERAPEUTICS IN	$18,330	–	13,000	–	0.01%	–

Q4 2022

			Value		Shares		↓ Weighting
LCTX	Exit	LINEAGE CELL THERAPEUTICS IN	$0	–	-13,000	–	-0.01%	–
HBI	Exit	HANESBRANDS INC	$0	–	-13,500	–	-0.03%	–
VTRS	Exit	VIATRIS INC	$0	–	-12,126	–	-0.03%	–
IAIC	Exit	WAVEDANCER INC	$0	–	-124,797	–	-0.04%	–
F	Exit	FORD MTR CO DEL	$0	–	-11,700	–	-0.04%	–
	Exit	HALEON PLCspon ads	$0	–	-29,104	–	-0.06%	–
	Exit	RANI THERAPEUTICS HLDGS INC	$0	–	-19,893	–	-0.06%	–
WMT	Exit	WALMART INC	$0	–	-1,539	–	-0.06%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-1,524	–	-0.06%	–
ALL	Exit	ALLSTATE CORP	$0	–	-1,685	–	-0.06%	–
HD	Exit	HOME DEPOT INC	$0	–	-760	–	-0.06%	–
DOW	Exit	DOW INC	$0	–	-5,166	–	-0.07%	–
OGN	Exit	ORGANON & CO	$0	–	-9,656	–	-0.07%	–
CAT	Exit	CATERPILLAR INC	$0	–	-1,500	–	-0.08%	–
NVO	Exit	NOVO-NORDISK A Sadr	$0	–	-2,500	–	-0.08%	–
AVB	Exit	AVALONBAY CMNTYS INC	$0	–	-1,350	–	-0.08%	–
VOO	Exit	VANGUARD INDEX FDS	$0	–	-767	–	-0.08%	–
V	Exit	VISA INC	$0	–	-1,429	–	-0.08%	–
QCOM	Exit	QUALCOMM INC	$0	–	-2,250	–	-0.08%	–
TT	Exit	TRANE TECHNOLOGIES PLC	$0	–	-1,822	–	-0.08%	–
SO	Exit	SOUTHERN CO	$0	–	-4,000	–	-0.08%	–
	Exit	SHELL PLCspon ads	$0	–	-5,582	–	-0.09%	–
FNDX	Exit	SCHWAB STRATEGIC TRschwab fdt us lg	$0	–	-5,852	–	-0.09%	–
ABBV	Exit	ABBVIE INC	$0	–	-2,160	–	-0.09%	–
CSCO	Exit	CISCO SYS INC	$0	–	-7,419	–	-0.09%	–
GLD	Exit	SPDR GOLD TR	$0	–	-1,950	–	-0.09%	–
TFC	Exit	TRUIST FINL CORP	$0	–	-7,145	–	-0.10%	–
SPG	Exit	SIMON PPTY GROUP INC NEW	$0	–	-3,600	–	-0.10%	–
OTIS	Exit	OTIS WORLDWIDE CORP	$0	–	-5,177	–	-0.10%	–
PG	Exit	PROCTER AND GAMBLE CO	$0	–	-2,663	–	-0.10%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-4,187	–	-0.11%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-4,026	–	-0.11%	–
T	Exit	AT&T INC	$0	–	-22,730	–	-0.11%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-10,000	–	-0.11%	–
FISV	Exit	FISERV INC	$0	–	-4,074	–	-0.12%	–
RTX	Exit	RAYTHEON TECHNOLOGIES CORP	$0	–	-4,699	–	-0.12%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-825	–	-0.13%	–
ALRS	Exit	ALERUS FINL CORP	$0	–	-20,100	–	-0.14%	–
GD	Exit	GENERAL DYNAMICS CORP	$0	–	-2,210	–	-0.14%	–
DUK	Exit	DUKE ENERGY CORP NEW	$0	–	-5,045	–	-0.14%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-1,347	–	-0.15%	–
GM	Exit	GENERAL MTRS CO	$0	–	-15,007	–	-0.15%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-4,055	–	-0.15%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-995	–	-0.16%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-5,300	–	-0.16%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-3,190	–	-0.16%	–
ADP	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-2,511	–	-0.18%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-15,293	–	-0.19%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-4,165	–	-0.20%	–
	Exit	GSK PLCsponsored adr	$0	–	-23,283	–	-0.21%	–
PFE	Exit	PFIZER INC	$0	–	-17,102	–	-0.23%	–
MCD	Exit	MCDONALDS CORP	$0	–	-3,257	–	-0.23%	–
MRK	Exit	MERCK & CO INC	$0	–	-8,737	–	-0.23%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-20,445	–	-0.25%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-24,455	–	-0.29%	–
SEIC	Exit	SEI INVTS CO	$0	–	-20,075	–	-0.30%	–
CTSH	Exit	COGNIZANT TECHNOLOGY SOLUTIOcl a	$0	–	-17,526	–	-0.31%	–
ANET	Exit	ARISTA NETWORKS INC	$0	–	-10,435	–	-0.36%	–
NKE	Exit	NIKE INCcl b	$0	–	-14,478	–	-0.37%	–
AOS	Exit	SMITH A O CORP	$0	–	-25,978	–	-0.39%	–
WHR	Exit	WHIRLPOOL CORP	$0	–	-9,419	–	-0.39%	–
HSY	Exit	HERSHEY CO	$0	–	-5,884	–	-0.40%	–
SPOT	Exit	SPOTIFY TECHNOLOGY S A	$0	–	-15,302	–	-0.41%	–
EGBN	Exit	EAGLE BANCORP INC MD	$0	–	-30,435	–	-0.42%	–
INTC	Exit	INTEL CORP	$0	–	-57,777	–	-0.46%	–
AMZN	Exit	AMAZON COM INC	$0	–	-14,340	–	-0.50%	–
CABO	Exit	CABLE ONE INC	$0	–	-1,935	–	-0.51%	–
ULTA	Exit	ULTA BEAUTY INC	$0	–	-4,207	–	-0.52%	–
AON	Exit	AON PLC	$0	–	-6,460	–	-0.53%	–
	Exit	ESAB CORPORATION	$0	–	-52,834	–	-0.54%	–
BAC	Exit	BK OF AMERICA CORP	$0	–	-61,381	–	-0.57%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-13,747	–	-0.61%	–
DHR	Exit	DANAHER CORPORATION	$0	–	-7,797	–	-0.62%	–
ALLE	Exit	ALLEGION PLC	$0	–	-22,722	–	-0.63%	–
HAS	Exit	HASBRO INC	$0	–	-31,288	–	-0.65%	–
	Exit	ENOVIS CORPORATION	$0	–	-53,043	–	-0.75%	–
GHC	Exit	GRAHAM HLDGS CO	$0	–	-4,696	–	-0.78%	–
WBA	Exit	WALGREENS BOOTS ALLIANCE INC	$0	–	-81,695	–	-0.79%	–
PH	Exit	PARKER-HANNIFIN CORP	$0	–	-11,187	–	-0.84%	–
SASR	Exit	SANDY SPRING BANCORP INC	$0	–	-80,241	–	-0.87%	–
MSGS	Exit	MADISON SQUARE GRDN SPRT CORcl a	$0	–	-20,946	–	-0.88%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-6,117	–	-0.89%	–
MHK	Exit	MOHAWK INDS INC	$0	–	-34,957	–	-0.98%	–
ACN	Exit	ACCENTURE PLC IRELAND	$0	–	-12,552	–	-1.00%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-37,354	–	-1.01%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-31,478	–	-1.02%	–
MMC	Exit	MARSH & MCLENNAN COS INC	$0	–	-22,760	–	-1.05%	–
CHKP	Exit	CHECK POINT SOFTWARE TECH LTord	$0	–	-31,440	–	-1.09%	–
GLW	Exit	CORNING INC	$0	–	-137,622	–	-1.23%	–
FB	Exit	META PLATFORMS INCcl a	$0	–	-29,436	–	-1.23%	–
KO	Exit	COCA COLA CO	$0	–	-71,986	–	-1.24%	–
L	Exit	LOEWS CORP	$0	–	-83,997	–	-1.29%	–
GOLD	Exit	BARRICK GOLD CORP	$0	–	-301,101	–	-1.44%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-48,569	–	-1.44%	–
ATVI	Exit	ACTIVISION BLIZZARD INC	$0	–	-65,322	–	-1.50%	–
DIS	Exit	DISNEY WALT CO	$0	–	-53,466	–	-1.56%	–
LII	Exit	LENNOX INTL INC	$0	–	-22,652	–	-1.56%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-62,162	–	-1.62%	–
JEF	Exit	JEFFERIES FINL GROUP INC	$0	–	-191,663	–	-1.74%	–
KLAC	Exit	KLA CORP	$0	–	-18,873	–	-1.76%	–
PEP	Exit	PEPSICO INC	$0	–	-37,314	–	-1.88%	–
LMT	Exit	LOCKHEED MARTIN CORP	$0	–	-17,498	–	-2.09%	–
AZO	Exit	AUTOZONE INC	$0	–	-3,213	–	-2.12%	–
SCHW	Exit	SCHWAB CHARLES CORP	$0	–	-98,910	–	-2.19%	–
GPC	Exit	GENUINE PARTS CO	$0	–	-49,078	–	-2.26%	–
Y	Exit	ALLEGHANY CORP MD	$0	–	-8,779	–	-2.27%	–
DEO	Exit	DIAGEO PLCspon adr new	$0	–	-43,934	–	-2.30%	–
NSC	Exit	NORFOLK SOUTHN CORP	$0	–	-35,712	–	-2.31%	–
LOW	Exit	LOWES COS INC	$0	–	-41,702	–	-2.42%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-34,533	–	-2.48%	–
AAPL	Exit	APPLE INC	$0	–	-59,943	–	-2.56%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-55,093	–	-2.78%	–
TROW	Exit	PRICE T ROWE GROUP INC	$0	–	-86,580	–	-2.81%	–
PAYX	Exit	PAYCHEX INC	$0	–	-84,831	–	-2.94%	–
PGR	Exit	PROGRESSIVE CORP	$0	–	-102,212	–	-3.67%	–
MKL	Exit	MARKEL CORP	$0	–	-20,133	–	-6.74%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-131,378	–	-10.83%	–

Q3 2022

			Value		Shares		↓ Weighting
BRKB	Buy	BERKSHIRE HATHAWAY INC DELcl b new	$35,081,000	-1.6%	131,378	+0.6%	10.83%	+5.2%
MKL	Sell	MARKEL CORP	$21,829,000	-16.6%	20,133	-0.6%	6.74%	-10.9%
PGR	Sell	PROGRESSIVE CORP	$11,878,000	-3.8%	102,212	-3.7%	3.67%	+2.8%
PAYX	Sell	PAYCHEX INC	$9,519,000	-1.6%	84,831	-0.2%	2.94%	+5.2%
TROW	Buy	PRICE T ROWE GROUP INC	$9,092,000	-5.9%	86,580	+1.8%	2.81%	+0.6%
JNJ	Buy	JOHNSON & JOHNSON	$9,000,000	-7.4%	55,093	+0.6%	2.78%	-1.0%
AAPL	Sell	APPLE INC	$8,284,000	-0.3%	59,943	-1.4%	2.56%	+6.5%
MSFT	Buy	MICROSOFT CORP	$8,043,000	-6.5%	34,533	+3.1%	2.48%	-0.1%
LOW	Sell	LOWES COS INC	$7,832,000	+5.8%	41,702	-1.6%	2.42%	+13.0%
NSC	Buy	NORFOLK SOUTHN CORP	$7,487,000	-7.6%	35,712	+0.2%	2.31%	-1.2%
DEO	Buy	DIAGEO PLCspon adr new	$7,460,000	-0.9%	43,934	+1.6%	2.30%	+5.9%
Y	Sell	ALLEGHANY CORP MD	$7,369,000	-3.5%	8,779	-4.2%	2.27%	+3.1%
GPC	Sell	GENUINE PARTS CO	$7,328,000	+11.2%	49,078	-0.9%	2.26%	+18.8%
SCHW	Buy	SCHWAB CHARLES CORP	$7,109,000	+15.3%	98,910	+1.3%	2.19%	+23.2%
LMT	Buy	LOCKHEED MARTIN CORP	$6,759,000	-7.0%	17,498	+3.5%	2.09%	-0.6%
PEP	Sell	PEPSICO INC	$6,092,000	-14.9%	37,314	-13.1%	1.88%	-9.0%
KLAC	Buy	KLA CORP	$5,712,000	-3.8%	18,873	+1.4%	1.76%	+2.8%
JEF	Sell	JEFFERIES FINL GROUP INC	$5,654,000	+5.4%	191,663	-1.3%	1.74%	+12.7%
SBUX	Buy	STARBUCKS CORP	$5,238,000	+11.0%	62,162	+0.7%	1.62%	+18.6%
LII	Buy	LENNOX INTL INC	$5,044,000	+9.3%	22,652	+1.4%	1.56%	+16.8%
DIS	Sell	DISNEY WALT CO	$5,043,000	-2.6%	53,466	-2.5%	1.56%	+4.1%
ATVI	Buy	ACTIVISION BLIZZARD INC	$4,856,000	-4.2%	65,322	+0.4%	1.50%	+2.5%
GOOG	Buy	ALPHABET INCcap stk cl c	$4,670,000	-7.2%	48,569	+2011.7%	1.44%	-0.8%
GOLD	Buy	BARRICK GOLD CORP	$4,667,000	-10.6%	301,101	+2.1%	1.44%	-4.4%
L	Sell	LOEWS CORP	$4,186,000	-19.1%	83,997	-3.9%	1.29%	-13.6%
KO	Sell	COCA COLA CO	$4,033,000	-11.9%	71,986	-1.0%	1.24%	-5.8%
GLW	Sell	CORNING INC	$3,994,000	-8.8%	137,622	-1.0%	1.23%	-2.5%
FB	Buy	META PLATFORMS INCcl a	$3,994,000	-14.5%	29,436	+1.7%	1.23%	-8.5%
CHKP	Sell	CHECK POINT SOFTWARE TECH LTord	$3,522,000	-11.6%	31,440	-3.9%	1.09%	-5.5%
JPM	Sell	JPMORGAN CHASE & CO	$3,289,000	-11.4%	31,478	-4.5%	1.02%	-5.3%
XOM	Sell	EXXON MOBIL CORP	$3,261,000	-0.2%	37,354	-2.1%	1.01%	+6.7%
ACN	Buy	ACCENTURE PLC IRELAND	$3,230,000	-7.2%	12,552	+0.1%	1.00%	-0.9%
MHK	Sell	MOHAWK INDS INC	$3,188,000	-26.7%	34,957	-0.2%	0.98%	-21.6%
COST	Sell	COSTCO WHSL CORP NEW	$2,889,000	-7.1%	6,117	-5.8%	0.89%	-0.7%
MSGS	Sell	MADISON SQUARE GRDN SPRT CORcl a	$2,862,000	-10.3%	20,946	-0.8%	0.88%	-4.1%
SASR	Sell	SANDY SPRING BANCORP INC	$2,829,000	-11.5%	80,241	-1.9%	0.87%	-5.4%
PH	Sell	PARKER-HANNIFIN CORP	$2,711,000	-2.9%	11,187	-1.4%	0.84%	+3.8%
WBA	Buy	WALGREENS BOOTS ALLIANCE INC	$2,565,000	-16.0%	81,695	+1.4%	0.79%	-10.2%
GHC	Buy	GRAHAM HLDGS CO	$2,526,000	-2.4%	4,696	+2.8%	0.78%	+4.4%
	Sell	ENOVIS CORPORATION	$2,444,000	-20.1%	53,043	-4.6%	0.75%	-14.6%
ALLE	Buy	ALLEGION PLC	$2,038,000	-7.4%	22,722	+1.0%	0.63%	-1.1%
DHR	Sell	DANAHER CORPORATION	$2,014,000	-4.9%	7,797	-6.6%	0.62%	+1.8%
CVX	Sell	CHEVRON CORP NEW	$1,975,000	-1.4%	13,747	-0.7%	0.61%	+5.5%
	Sell	ESAB CORPORATION	$1,763,000	-27.5%	52,834	-5.0%	0.54%	-22.6%
AON	Buy	AON PLC	$1,730,000	-0.6%	6,460	+0.1%	0.53%	+6.4%
ULTA	Buy	ULTA BEAUTY INC	$1,688,000	+4.1%	4,207	+0.0%	0.52%	+11.3%
CABO	Sell	CABLE ONE INC	$1,651,000	-37.5%	1,935	-5.6%	0.51%	-33.2%
INTC	Sell	INTEL CORP	$1,489,000	-51.6%	57,777	-29.7%	0.46%	-48.2%
SPOT	Buy	SPOTIFY TECHNOLOGY S A	$1,321,000	+8.0%	15,302	+17.4%	0.41%	+15.6%
HSY	Sell	HERSHEY CO	$1,297,000	+2.1%	5,884	-0.3%	0.40%	+9.0%
WHR	Sell	WHIRLPOOL CORP	$1,270,000	-14.2%	9,419	-1.5%	0.39%	-8.4%
AOS	New	SMITH A O CORP	$1,262,000	–	25,978	–	0.39%	–
NKE	Buy	NIKE INCcl b	$1,203,000	+7.4%	14,478	+32.1%	0.37%	+14.9%
ANET	Sell	ARISTA NETWORKS INC	$1,178,000	-6.7%	10,435	-22.5%	0.36%	0.0%
CTSH	Buy	COGNIZANT TECHNOLOGY SOLUTIOcl a	$1,007,000	-11.7%	17,526	+3.7%	0.31%	-5.5%
SEIC	Sell	SEI INVTS CO	$985,000	-18.5%	20,075	-10.2%	0.30%	-12.9%
VZ	Sell	VERIZON COMMUNICATIONS INC	$929,000	-32.7%	24,455	-10.1%	0.29%	-28.1%
MCD	Sell	MCDONALDS CORP	$752,000	-11.8%	3,257	-5.8%	0.23%	-5.7%
MRK	Sell	MERCK & CO INC	$752,000	-26.6%	8,737	-22.2%	0.23%	-21.6%
	New	GSK PLCsponsored adr	$685,000	–	23,283	–	0.21%	–
TXN	New	TEXAS INSTRS INC	$645,000	–	4,165	–	0.20%	–
MO	Buy	ALTRIA GROUP INC	$618,000	+8.8%	15,293	+12.5%	0.19%	+16.5%
ADP	Sell	AUTOMATIC DATA PROCESSING IN	$568,000	-20.7%	2,511	-26.4%	0.18%	-15.5%
HON	Sell	HONEYWELL INTL INC	$533,000	-13.3%	3,190	-9.9%	0.16%	-7.9%
CVS	Sell	CVS HEALTH CORP	$505,000	-6.0%	5,300	-8.6%	0.16%	+0.6%
GD	Sell	GENERAL DYNAMICS CORP	$469,000	-8.2%	2,210	-4.3%	0.14%	-2.0%
RTX	Buy	RAYTHEON TECHNOLOGIES CORP	$385,000	-4.7%	4,699	+11.9%	0.12%	+1.7%
FISV	Sell	FISERV INC	$381,000	-16.4%	4,074	-20.5%	0.12%	-10.6%
SLB	New	SCHLUMBERGER LTD	$359,000	–	10,000	–	0.11%	–
T	Sell	AT&T INC	$349,000	-35.0%	22,730	-11.4%	0.11%	-30.3%
PYPL	Sell	PAYPAL HLDGS INC	$347,000	+18.0%	4,026	-4.5%	0.11%	+25.9%
PG	Sell	PROCTER AND GAMBLE CO	$336,000	-18.2%	2,663	-6.9%	0.10%	-12.6%
OTIS	Buy	OTIS WORLDWIDE CORP	$330,000	-9.1%	5,177	+0.8%	0.10%	-2.9%
CSCO	Sell	CISCO SYS INC	$297,000	-12.1%	7,419	-6.3%	0.09%	-6.1%
ABBV	Sell	ABBVIE INC	$290,000	-19.7%	2,160	-8.5%	0.09%	-14.4%
FNDX	New	SCHWAB STRATEGIC TRschwab fdt us lg	$279,000	–	5,852	–	0.09%	–
VOO	Sell	VANGUARD INDEX FDS	$252,000	-15.2%	767	-10.5%	0.08%	-9.3%
V	Buy	VISA INC	$254,000	-7.0%	1,429	+3.0%	0.08%	-1.3%
DOW	Buy	DOW INC	$227,000	-5.8%	5,166	+10.7%	0.07%	0.0%
HD	Buy	HOME DEPOT INC	$210,000	+1.0%	760	+0.1%	0.06%	+8.3%
WMT	New	WALMART INC	$200,000	–	1,539	–	0.06%	–
	New	RANI THERAPEUTICS HLDGS INC	$191,000	–	19,893	–	0.06%	–
	New	HALEON PLCspon ads	$177,000	–	29,104	–	0.06%	–
	Exit	WARNER BROS DISCOVERY INC	$0	–	-10,094	–	-0.04%	–
ABT	Exit	ABBOTT LABS	$0	–	-1,844	–	-0.06%	–
MDLZ	Exit	MONDELEZ INTL INCcl a	$0	–	-3,237	–	-0.06%	–
	Exit	FEDERAL RLTY INVT TR NEWsh ben int new	$0	–	-2,150	–	-0.06%	–
HPQ	Exit	HP INC	$0	–	-6,692	–	-0.06%	–
UL	Exit	UNILEVER PLCspon adr new	$0	–	-5,020	–	-0.07%	–
KHC	Exit	KRAFT HEINZ CO	$0	–	-6,546	–	-0.07%	–
CLX	Exit	CLOROX CO DEL	$0	–	-1,902	–	-0.08%	–
FDX	Exit	FEDEX CORP	$0	–	-1,330	–	-0.09%	–
CAG	Exit	CONAGRA BRANDS INC	$0	–	-18,000	–	-0.18%	–
GSK	Exit	GSK PLCsponsored adr	$0	–	-29,104	–	-0.37%	–

Q2 2022

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$35,639,000	–	130,538	–	10.29%	–
MKL	New	MARKEL CORP	$26,188,000	–	20,250	–	7.56%	–
PGR	New	PROGRESSIVE CORP	$12,347,000	–	106,191	–	3.56%	–
JNJ	New	JOHNSON & JOHNSON	$9,717,000	–	54,739	–	2.81%	–
PAYX	New	PAYCHEX INC	$9,675,000	–	84,968	–	2.79%	–
TROW	New	PRICE T ROWE GROUP INC	$9,660,000	–	85,031	–	2.79%	–
MSFT	New	MICROSOFT CORP	$8,603,000	–	33,497	–	2.48%	–
AAPL	New	APPLE INC	$8,311,000	–	60,790	–	2.40%	–
NSC	New	NORFOLK SOUTHN CORP	$8,101,000	–	35,641	–	2.34%	–
Y	New	ALLEGHANY CORP MD	$7,637,000	–	9,167	–	2.20%	–
DEO	New	DIAGEO PLCspon adr new	$7,529,000	–	43,238	–	2.17%	–
LOW	New	LOWES COS INC	$7,405,000	–	42,392	–	2.14%	–
LMT	New	LOCKHEED MARTIN CORP	$7,266,000	–	16,899	–	2.10%	–
PEP	New	PEPSICO INC	$7,159,000	–	42,954	–	2.07%	–
AZO	New	AUTOZONE INC	$6,905,000	–	3,213	–	1.99%	–
GPC	New	GENUINE PARTS CO	$6,589,000	–	49,538	–	1.90%	–
SCHW	New	SCHWAB CHARLES CORP	$6,168,000	–	97,622	–	1.78%	–
KLAC	New	KLA CORP	$5,939,000	–	18,613	–	1.72%	–
JEF	New	JEFFERIES FINL GROUP INC	$5,363,000	–	194,183	–	1.55%	–
GOLD	New	BARRICK GOLD CORP	$5,218,000	–	294,987	–	1.51%	–
DIS	New	DISNEY WALT CO	$5,176,000	–	54,827	–	1.50%	–
L	New	LOEWS CORP	$5,177,000	–	87,363	–	1.50%	–
ATVI	New	ACTIVISION BLIZZARD INC	$5,067,000	–	65,078	–	1.46%	–
GOOG	New	ALPHABET INCcap stk cl c	$5,031,000	–	2,300	–	1.45%	–
SBUX	New	STARBUCKS CORP	$4,717,000	–	61,748	–	1.36%	–
FB	New	META PLATFORMS INCcl a	$4,669,000	–	28,955	–	1.35%	–
LII	New	LENNOX INTL INC	$4,615,000	–	22,339	–	1.33%	–
KO	New	COCA COLA CO	$4,576,000	–	72,732	–	1.32%	–
GLW	New	CORNING INC	$4,379,000	–	138,978	–	1.26%	–
MHK	New	MOHAWK INDS INC	$4,347,000	–	35,032	–	1.26%	–
CHKP	New	CHECK POINT SOFTWARE TECH LTord	$3,983,000	–	32,705	–	1.15%	–
JPM	New	JPMORGAN CHASE & CO	$3,711,000	–	32,955	–	1.07%	–
MMC	New	MARSH & MCLENNAN COS INC	$3,533,000	–	22,760	–	1.02%	–
ACN	New	ACCENTURE PLC IRELAND	$3,482,000	–	12,541	–	1.01%	–
XOM	New	EXXON MOBIL CORP	$3,266,000	–	38,137	–	0.94%	–
SASR	New	SANDY SPRING BANCORP INC	$3,195,000	–	81,784	–	0.92%	–
MSGS	New	MADISON SQUARE GRDN SPRT CORcl a	$3,189,000	–	21,122	–	0.92%	–
COST	New	COSTCO WHSL CORP NEW	$3,111,000	–	6,492	–	0.90%	–
INTC	New	INTEL CORP	$3,074,000	–	82,180	–	0.89%	–
	New	ENOVIS CORPORATION	$3,057,000	–	55,583	–	0.88%	–
WBA	New	WALGREENS BOOTS ALLIANCE INC	$3,053,000	–	80,545	–	0.88%	–
PH	New	PARKER-HANNIFIN CORP	$2,791,000	–	11,345	–	0.81%	–
CABO	New	CABLE ONE INC	$2,643,000	–	2,050	–	0.76%	–
GHC	New	GRAHAM HLDGS CO	$2,588,000	–	4,566	–	0.75%	–
HAS	New	HASBRO INC	$2,562,000	–	31,288	–	0.74%	–
	New	ESAB CORPORATION	$2,433,000	–	55,608	–	0.70%	–
ALLE	New	ALLEGION PLC	$2,202,000	–	22,488	–	0.64%	–
DHR	New	DANAHER CORPORATION	$2,117,000	–	8,352	–	0.61%	–
CVX	New	CHEVRON CORP NEW	$2,003,000	–	13,837	–	0.58%	–
BAC	New	BK OF AMERICA CORP	$1,911,000	–	61,381	–	0.55%	–
AON	New	AON PLC	$1,740,000	–	6,453	–	0.50%	–
ULTA	New	ULTA BEAUTY INC	$1,621,000	–	4,206	–	0.47%	–
AMZN	New	AMAZON COM INC	$1,523,000	–	14,340	–	0.44%	–
WHR	New	WHIRLPOOL CORP	$1,481,000	–	9,561	–	0.43%	–
EGBN	New	EAGLE BANCORP INC MD	$1,443,000	–	30,435	–	0.42%	–
VZ	New	VERIZON COMMUNICATIONS INC	$1,381,000	–	27,213	–	0.40%	–
HSY	New	HERSHEY CO	$1,270,000	–	5,900	–	0.37%	–
GSK	New	GSK PLCsponsored adr	$1,267,000	–	29,104	–	0.37%	–
ANET	New	ARISTA NETWORKS INC	$1,262,000	–	13,468	–	0.36%	–
SPOT	New	SPOTIFY TECHNOLOGY S A	$1,223,000	–	13,029	–	0.35%	–
SEIC	New	SEI INVTS CO	$1,208,000	–	22,361	–	0.35%	–
CTSH	New	COGNIZANT TECHNOLOGY SOLUTIOcl a	$1,141,000	–	16,906	–	0.33%	–
NKE	New	NIKE INCcl b	$1,120,000	–	10,963	–	0.32%	–
MRK	New	MERCK & CO INC	$1,024,000	–	11,237	–	0.30%	–
PFE	New	PFIZER INC	$897,000	–	17,102	–	0.26%	–
MCD	New	MCDONALDS CORP	$853,000	–	3,457	–	0.25%	–
WFC	New	WELLS FARGO CO NEW	$801,000	–	20,445	–	0.23%	–
ADP	New	AUTOMATIC DATA PROCESSING IN	$716,000	–	3,411	–	0.21%	–
CAG	New	CONAGRA BRANDS INC	$616,000	–	18,000	–	0.18%	–
HON	New	HONEYWELL INTL INC	$615,000	–	3,540	–	0.18%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$573,000	–	4,055	–	0.16%	–
MO	New	ALTRIA GROUP INC	$568,000	–	13,593	–	0.16%	–
DUK	New	DUKE ENERGY CORP NEW	$541,000	–	5,045	–	0.16%	–
T	New	AT&T INC	$537,000	–	25,644	–	0.16%	–
CVS	New	CVS HEALTH CORP	$537,000	–	5,800	–	0.16%	–
GD	New	GENERAL DYNAMICS CORP	$511,000	–	2,310	–	0.15%	–
UNH	New	UNITEDHEALTH GROUP INC	$511,000	–	995	–	0.15%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$508,000	–	1,347	–	0.15%	–
ALRS	New	ALERUS FINL CORP	$479,000	–	20,100	–	0.14%	–
GM	New	GENERAL MTRS CO	$477,000	–	15,007	–	0.14%	–
FISV	New	FISERV INC	$456,000	–	5,124	–	0.13%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$448,000	–	825	–	0.13%	–
PG	New	PROCTER AND GAMBLE CO	$411,000	–	2,861	–	0.12%	–
PM	New	PHILIP MORRIS INTL INC	$413,000	–	4,187	–	0.12%	–
RTX	New	RAYTHEON TECHNOLOGIES CORP	$404,000	–	4,199	–	0.12%	–
OTIS	New	OTIS WORLDWIDE CORP	$363,000	–	5,136	–	0.10%	–
ABBV	New	ABBVIE INC	$361,000	–	2,360	–	0.10%	–
SPG	New	SIMON PPTY GROUP INC NEW	$342,000	–	3,600	–	0.10%	–
CSCO	New	CISCO SYS INC	$338,000	–	7,919	–	0.10%	–
TFC	New	TRUIST FINL CORP	$339,000	–	7,145	–	0.10%	–
GLD	New	SPDR GOLD TR	$328,000	–	1,950	–	0.10%	–
OGN	New	ORGANON & CO	$326,000	–	9,656	–	0.09%	–
FDX	New	FEDEX CORP	$302,000	–	1,330	–	0.09%	–
VOO	New	VANGUARD INDEX FDS	$297,000	–	857	–	0.09%	–
PYPL	New	PAYPAL HLDGS INC	$294,000	–	4,216	–	0.08%	–
	New	SHELL PLCspon ads	$292,000	–	5,582	–	0.08%	–
QCOM	New	QUALCOMM INC	$287,000	–	2,250	–	0.08%	–
SO	New	SOUTHERN CO	$285,000	–	4,000	–	0.08%	–
NVO	New	NOVO-NORDISK A Sadr	$279,000	–	2,500	–	0.08%	–
V	New	VISA INC	$273,000	–	1,388	–	0.08%	–
CLX	New	CLOROX CO DEL	$268,000	–	1,902	–	0.08%	–
CAT	New	CATERPILLAR INC	$268,000	–	1,500	–	0.08%	–
AVB	New	AVALONBAY CMNTYS INC	$262,000	–	1,350	–	0.08%	–
KHC	New	KRAFT HEINZ CO	$250,000	–	6,546	–	0.07%	–
DOW	New	DOW INC	$241,000	–	4,666	–	0.07%	–
TT	New	TRANE TECHNOLOGIES PLC	$237,000	–	1,822	–	0.07%	–
UL	New	UNILEVER PLCspon adr new	$230,000	–	5,020	–	0.07%	–
HPQ	New	HP INC	$219,000	–	6,692	–	0.06%	–
ALL	New	ALLSTATE CORP	$214,000	–	1,685	–	0.06%	–
AXP	New	AMERICAN EXPRESS CO	$211,000	–	1,524	–	0.06%	–
HD	New	HOME DEPOT INC	$208,000	–	759	–	0.06%	–
	New	FEDERAL RLTY INVT TR NEWsh ben int new	$206,000	–	2,150	–	0.06%	–
ABT	New	ABBOTT LABS	$200,000	–	1,844	–	0.06%	–
MDLZ	New	MONDELEZ INTL INCcl a	$201,000	–	3,237	–	0.06%	–
IAIC	New	WAVEDANCER INC	$167,000	–	124,797	–	0.05%	–
HBI	New	HANESBRANDS INC	$139,000	–	13,500	–	0.04%	–
	New	WARNER BROS DISCOVERY INC	$135,000	–	10,094	–	0.04%	–
F	New	FORD MTR CO DEL	$130,000	–	11,700	–	0.04%	–
VTRS	New	VIATRIS INC	$127,000	–	12,126	–	0.04%	–
LCTX	New	LINEAGE CELL THERAPEUTICS IN	$21,000	–	13,000	–	0.01%	–

Q4 2021

			Value		Shares		↓ Weighting
LCTX	Exit	LINEAGE CELL THERAPEUTICS IN	$0	–	-13,000	–	-0.01%	–
DOW	Exit	DOW INC	$0	–	-3,666	–	-0.06%	–
GM	Exit	GENERAL MTRS CO	$0	–	-4,007	–	-0.06%	–
KMI	Exit	KINDER MORGAN INC DEL	$0	–	-12,550	–	-0.06%	–
SPOT	Exit	SPOTIFY TECHNOLOGY S A	$0	–	-948	–	-0.06%	–
V	Exit	VISA INC	$0	–	-954	–	-0.06%	–
ALL	Exit	ALLSTATE CORP	$0	–	-1,685	–	-0.06%	–
KHC	Exit	KRAFT HEINZ CO	$0	–	-5,846	–	-0.06%	–
KSU	Exit	KANSAS CITY SOUTHERN	$0	–	-800	–	-0.06%	–
AEP	Exit	AMERICAN ELEC PWR CO INC	$0	–	-2,694	–	-0.06%	–
WRE	Exit	WASHINGTON REAL ESTATE INVTsh ben int	$0	–	-8,711	–	-0.06%	–
DLR	Exit	DIGITAL RLTY TR INC	$0	–	-1,528	–	-0.06%	–
RDSA	Exit	ROYAL DUTCH SHELL PLCspons adr a	$0	–	-5,130	–	-0.06%	–
HSIC	Exit	HENRY SCHEIN INC	$0	–	-3,000	–	-0.06%	–
EMR	Exit	EMERSON ELEC CO	$0	–	-2,495	–	-0.06%	–
DVA	Exit	DAVITA INC	$0	–	-2,019	–	-0.06%	–
NVO	Exit	NOVO-NORDISK A Sadr	$0	–	-2,500	–	-0.06%	–
SO	Exit	SOUTHERN CO	$0	–	-4,000	–	-0.07%	–
FRT	Exit	FEDERAL RLTY INVT TRsh ben int new	$0	–	-2,150	–	-0.07%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-1,524	–	-0.07%	–
C	Exit	CITIGROUP INC	$0	–	-3,761	–	-0.07%	–
OGN	Exit	ORGANON & CO	$0	–	-8,193	–	-0.07%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-101	–	-0.07%	–
UL	Exit	UNILEVER PLCspon adr new	$0	–	-5,020	–	-0.07%	–
FBHS	Exit	FORTUNE BRANDS HOME & SEC IN	$0	–	-3,096	–	-0.08%	–
NVDA	Exit	NVIDIA CORPORATION	$0	–	-1,328	–	-0.08%	–
AVB	Exit	AVALONBAY CMNTYS INC	$0	–	-1,350	–	-0.08%	–
ABBV	Exit	ABBVIE INC	$0	–	-2,810	–	-0.08%	–
TT	Exit	TRANE TECHNOLOGIES PLC	$0	–	-1,822	–	-0.08%	–
QCOM	Exit	QUALCOMM INC	$0	–	-2,500	–	-0.09%	–
CAT	Exit	CATERPILLAR INC	$0	–	-1,700	–	-0.09%	–
VOO	Exit	VANGUARD INDEX FDS	$0	–	-854	–	-0.09%	–
GLD	Exit	SPDR GOLD TR	$0	–	-2,050	–	-0.09%	–
OTIS	Exit	OTIS WORLDWIDE CORP	$0	–	-4,226	–	-0.09%	–
WMT	Exit	WALMART INC	$0	–	-2,534	–	-0.10%	–
SPG	Exit	SIMON PPTY GROUP INC NEW	$0	–	-2,750	–	-0.10%	–
CLX	Exit	CLOROX CO DEL	$0	–	-2,221	–	-0.10%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-995	–	-0.11%	–
RTX	Exit	RAYTHEON TECHNOLOGIES CORP	$0	–	-4,528	–	-0.11%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-4,187	–	-0.11%	–
TFC	Exit	TRUIST FINL CORP	$0	–	-7,155	–	-0.11%	–
CSCO	Exit	CISCO SYS INC	$0	–	-7,969	–	-0.12%	–
CAG	Exit	CONAGRA BRANDS INC	$0	–	-13,500	–	-0.12%	–
PG	Exit	PROCTER AND GAMBLE CO	$0	–	-3,597	–	-0.14%	–
MAR	Exit	MARRIOTT INTL INC NEWcl a	$0	–	-3,442	–	-0.14%	–
ABT	Exit	ABBOTT LABS	$0	–	-4,344	–	-0.14%	–
GD	Exit	GENERAL DYNAMICS CORP	$0	–	-2,800	–	-0.15%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-2,193	–	-0.16%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-12,593	–	-0.16%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-1,347	–	-0.16%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-6,900	–	-0.16%	–
T	Exit	AT&T INC	$0	–	-21,703	–	-0.16%	–
ALRS	Exit	ALERUS FINL CORP	$0	–	-20,100	–	-0.16%	–
FDX	Exit	FEDEX CORP	$0	–	-2,880	–	-0.17%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-1,125	–	-0.18%	–
DUK	Exit	DUKE ENERGY CORP NEW	$0	–	-6,795	–	-0.18%	–
FISV	Exit	FISERV INC	$0	–	-6,374	–	-0.19%	–
ADP	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-3,611	–	-0.20%	–
PFE	Exit	PFIZER INC	$0	–	-17,222	–	-0.20%	–
MRK	Exit	MERCK & CO INC	$0	–	-11,487	–	-0.23%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-4,190	–	-0.24%	–
MCD	Exit	MCDONALDS CORP	$0	–	-4,457	–	-0.29%	–
GSK	Exit	GLAXOSMITHKLINE PLCsponsored adr	$0	–	-29,104	–	-0.30%	–
SEIC	Exit	SEI INVTS CO	$0	–	-19,449	–	-0.31%	–
ANET	Exit	ARISTA NETWORKS INC	$0	–	-3,437	–	-0.32%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-23,022	–	-0.34%	–
HSY	Exit	HERSHEY CO	$0	–	-7,460	–	-0.34%	–
CTSH	Exit	COGNIZANT TECHNOLOGY SOLUTIOcl a	$0	–	-17,206	–	-0.35%	–
NKE	Exit	NIKE INCcl b	$0	–	-9,132	–	-0.36%	–
ULTA	Exit	ULTA BEAUTY INC	$0	–	-4,266	–	-0.42%	–
WHR	Exit	WHIRLPOOL CORP	$0	–	-7,610	–	-0.42%	–
PH	Exit	PARKER-HANNIFIN CORP	$0	–	-5,618	–	-0.43%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-15,962	–	-0.44%	–
AON	Exit	AON PLC	$0	–	-6,334	–	-0.49%	–
DHR	Exit	DANAHER CORPORATION	$0	–	-6,372	–	-0.53%	–
EGBN	Exit	EAGLE BANCORP INC MD	$0	–	-33,835	–	-0.53%	–
AMZN	Exit	AMAZON COM INC	$0	–	-637	–	-0.57%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-4,742	–	-0.58%	–
GHC	Exit	GRAHAM HLDGS CO	$0	–	-4,080	–	-0.65%	–
ALLE	Exit	ALLEGION PLC	$0	–	-18,754	–	-0.67%	–
BAC	Exit	BK OF AMERICA CORP	$0	–	-62,207	–	-0.72%	–
HAS	Exit	HASBRO INC	$0	–	-31,305	–	-0.76%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-50,994	–	-0.81%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-67,585	–	-0.85%	–
MMC	Exit	MARSH & MCLENNAN COS INC	$0	–	-23,360	–	-0.96%	–
ATVI	Exit	ACTIVISION BLIZZARD INC	$0	–	-47,597	–	-1.00%	–
CABO	Exit	CABLE ONE INC	$0	–	-2,065	–	-1.02%	–
SASR	Exit	SANDY SPRING BANCORP INC	$0	–	-82,264	–	-1.02%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-27,953	–	-1.05%	–
WBA	Exit	WALGREENS BOOTS ALLIANCE INC	$0	–	-85,258	–	-1.09%	–
ACN	Exit	ACCENTURE PLC IRELAND	$0	–	-12,672	–	-1.10%	–
KO	Exit	COCA COLA CO	$0	–	-77,588	–	-1.10%	–
INTC	Exit	INTEL CORP	$0	–	-76,570	–	-1.11%	–
MSGS	Exit	MADISON SQUARE GRDN SPRT CORcl a	$0	–	-21,997	–	-1.11%	–
CTXS	Exit	CITRIX SYS INC	$0	–	-39,389	–	-1.15%	–
LMT	Exit	LOCKHEED MARTIN CORP	$0	–	-13,503	–	-1.26%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-28,967	–	-1.29%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-43,656	–	-1.31%	–
GOLD	Exit	BARRICK GOLD CORP	$0	–	-275,042	–	-1.35%	–
CHKP	Exit	CHECK POINT SOFTWARE TECH LTord	$0	–	-45,902	–	-1.41%	–
GLW	Exit	CORNING INC	$0	–	-143,766	–	-1.42%	–
AZO	Exit	AUTOZONE INC	$0	–	-3,205	–	-1.48%	–
KLAC	Exit	KLA CORP	$0	–	-16,340	–	-1.48%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-2,064	–	-1.49%	–
GPC	Exit	GENUINE PARTS CO	$0	–	-48,762	–	-1.60%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-17,527	–	-1.61%	–
MHK	Exit	MOHAWK INDS INC	$0	–	-34,282	–	-1.65%	–
L	Exit	LOEWS CORP	$0	–	-114,586	–	-1.68%	–
PEP	Exit	PEPSICO INC	$0	–	-42,980	–	-1.76%	–
Y	Exit	ALLEGHANY CORP MD	$0	–	-10,861	–	-1.84%	–
JEF	Exit	JEFFERIES FINL GROUP INC	$0	–	-188,943	–	-1.90%	–
SCHW	Exit	SCHWAB CHARLES CORP	$0	–	-96,918	–	-1.92%	–
CFX	Exit	COLFAX CORP	$0	–	-163,810	–	-2.04%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-47,896	–	-2.10%	–
DIS	Exit	DISNEY WALT CO	$0	–	-47,333	–	-2.17%	–
DEO	Exit	DIAGEO PLCspon adr new	$0	–	-41,815	–	-2.19%	–
AAPL	Exit	APPLE INC	$0	–	-61,577	–	-2.36%	–
NSC	Exit	NORFOLK SOUTHN CORP	$0	–	-36,694	–	-2.38%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-33,616	–	-2.57%	–
PAYX	Exit	PAYCHEX INC	$0	–	-84,643	–	-2.58%	–
PGR	Exit	PROGRESSIVE CORP	$0	–	-105,625	–	-2.59%	–
LOW	Exit	LOWES COS INC	$0	–	-50,030	–	-2.75%	–
TROW	Exit	PRICE T ROWE GROUP INC	$0	–	-73,871	–	-3.94%	–
MKL	Exit	MARKEL CORP	$0	–	-20,107	–	-6.52%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-131,850	–	-9.77%	–

Q3 2021

			Value		Shares		↓ Weighting
BRKB	Buy	BERKSHIRE HATHAWAY INC DELcl b new	$35,987,000	-1.6%	131,850	+0.2%	9.77%	-2.0%
MKL	Buy	MARKEL CORP	$24,030,000	+7.4%	20,107	+6.7%	6.52%	+7.0%
TROW	Sell	PRICE T ROWE GROUP INC	$14,530,000	-0.8%	73,871	-0.1%	3.94%	-1.2%
LOW	Buy	LOWES COS INC	$10,149,000	+4.7%	50,030	+0.1%	2.75%	+4.3%
PGR	Buy	PROGRESSIVE CORP	$9,547,000	-7.1%	105,625	+0.9%	2.59%	-7.5%
PAYX	Buy	PAYCHEX INC	$9,518,000	+5.4%	84,643	+0.6%	2.58%	+5.0%
MSFT	Sell	MICROSOFT CORP	$9,477,000	+3.8%	33,616	-0.2%	2.57%	+3.5%
NSC	Sell	NORFOLK SOUTHN CORP	$8,779,000	-10.0%	36,694	-0.2%	2.38%	-10.4%
AAPL	Sell	APPLE INC	$8,713,000	+1.8%	61,577	-1.5%	2.36%	+1.4%
DEO	Buy	DIAGEO PLCspon adr new	$8,070,000	+2.3%	41,815	+1.6%	2.19%	+1.9%
DIS	Buy	DISNEY WALT CO	$8,007,000	-3.5%	47,333	+0.2%	2.17%	-3.9%
JNJ	Buy	JOHNSON & JOHNSON	$7,735,000	+0.8%	47,896	+2.8%	2.10%	+0.4%
CFX	Sell	COLFAX CORP	$7,519,000	-0.0%	163,810	-0.2%	2.04%	-0.4%
SCHW	Buy	SCHWAB CHARLES CORP	$7,060,000	+0.7%	96,918	+0.6%	1.92%	+0.3%
JEF	Sell	JEFFERIES FINL GROUP INC	$7,015,000	+8.5%	188,943	-0.1%	1.90%	+8.1%
Y	Sell	ALLEGHANY CORP MD	$6,782,000	-6.4%	10,861	-0.1%	1.84%	-6.8%
PEP	Buy	PEPSICO INC	$6,465,000	+3.4%	42,980	+1.8%	1.76%	+3.0%
L	Buy	LOEWS CORP	$6,180,000	-1.3%	114,586	+0.0%	1.68%	-1.7%
MHK	Sell	MOHAWK INDS INC	$6,082,000	-8.7%	34,282	-1.1%	1.65%	-9.0%
FB	Buy	FACEBOOK INCcl a	$5,948,000	-1.5%	17,527	+0.9%	1.61%	-1.9%
GPC	Buy	GENUINE PARTS CO	$5,911,000	-3.8%	48,762	+0.4%	1.60%	-4.2%
GOOG	Buy	ALPHABET INCcap stk cl c	$5,501,000	+11.8%	2,064	+5.1%	1.49%	+11.4%
KLAC	Buy	KLA CORP	$5,466,000	+7.4%	16,340	+4.0%	1.48%	+6.9%
AZO	Buy	AUTOZONE INC	$5,442,000	+14.2%	3,205	+0.4%	1.48%	+13.8%
GLW	Buy	CORNING INC	$5,246,000	-10.7%	143,766	+0.1%	1.42%	-11.1%
CHKP	Buy	CHECK POINT SOFTWARE TECH LTord	$5,189,000	-2.1%	45,902	+0.6%	1.41%	-2.5%
GOLD	Buy	BARRICK GOLD CORP	$4,965,000	-10.9%	275,042	+2.0%	1.35%	-11.3%
SBUX	Buy	STARBUCKS CORP	$4,816,000	-1.0%	43,656	+0.3%	1.31%	-1.4%
JPM	Buy	JPMORGAN CHASE & CO	$4,742,000	+6.1%	28,967	+0.8%	1.29%	+5.8%
LMT	Buy	LOCKHEED MARTIN CORP	$4,660,000	+2.0%	13,503	+11.9%	1.26%	+1.7%
CTXS	Buy	CITRIX SYS INC	$4,229,000	-6.7%	39,389	+1.9%	1.15%	-7.0%
MSGS	Sell	MADISON SQUARE GRDN SPRT CORcl a	$4,091,000	+6.3%	21,997	-1.4%	1.11%	+5.9%
INTC	Buy	INTEL CORP	$4,080,000	-2.8%	76,570	+2.5%	1.11%	-3.1%
ACN	Buy	ACCENTURE PLC IRELAND	$4,054,000	+8.6%	12,672	+0.0%	1.10%	+8.2%
WBA	Sell	WALGREENS BOOTS ALLIANCE INC	$4,011,000	-10.7%	85,258	-0.1%	1.09%	-11.0%
IBM	Sell	INTERNATIONAL BUSINESS MACHS	$3,884,000	-5.2%	27,953	-0.0%	1.05%	-5.6%
SASR	Sell	SANDY SPRING BANCORP INC	$3,769,000	+3.3%	82,264	-0.5%	1.02%	+2.9%
CABO	Sell	CABLE ONE INC	$3,744,000	-6.4%	2,065	-1.2%	1.02%	-6.7%
ATVI	Buy	ACTIVISION BLIZZARD INC	$3,684,000	+31.4%	47,597	+62.1%	1.00%	+30.9%
MMC	Sell	MARSH & MCLENNAN COS INC	$3,537,000	+7.2%	23,360	-0.4%	0.96%	+6.8%
XOM	Buy	EXXON MOBIL CORP	$2,999,000	-6.0%	50,994	+0.9%	0.81%	-6.3%
HAS	Buy	HASBRO INC	$2,793,000	-5.4%	31,305	+0.3%	0.76%	-5.7%
BAC	Sell	BK OF AMERICA CORP	$2,641,000	+2.6%	62,207	-0.3%	0.72%	+2.3%
ALLE	Buy	ALLEGION PLC	$2,479,000	-5.0%	18,754	+0.1%	0.67%	-5.3%
GHC	Buy	GRAHAM HLDGS CO	$2,404,000	-5.2%	4,080	+2.0%	0.65%	-5.6%
EGBN	Sell	EAGLE BANCORP INC MD	$1,946,000	+1.0%	33,835	-1.5%	0.53%	+0.6%
AON	Buy	AON PLC	$1,810,000	+20.0%	6,334	+0.3%	0.49%	+19.5%
CVX	Buy	CHEVRON CORP NEW	$1,619,000	+4.7%	15,962	+8.1%	0.44%	+4.3%
PH	Buy	PARKER-HANNIFIN CORP	$1,571,000	-8.2%	5,618	+0.8%	0.43%	-8.6%
WHR	Buy	WHIRLPOOL CORP	$1,551,000	-6.1%	7,610	+0.4%	0.42%	-6.4%
ULTA	Buy	ULTA BEAUTY INC	$1,540,000	+4.5%	4,266	+0.1%	0.42%	+4.2%
NKE	Buy	NIKE INCcl b	$1,326,000	+0.2%	9,132	+6.6%	0.36%	0.0%
HSY	Buy	HERSHEY CO	$1,263,000	-0.7%	7,460	+2.1%	0.34%	-1.2%
VZ	Buy	VERIZON COMMUNICATIONS INC	$1,243,000	+0.9%	23,022	+4.7%	0.34%	+0.3%
ANET	Buy	ARISTA NETWORKS INC	$1,181,000	-5.0%	3,437	+0.1%	0.32%	-5.3%
SEIC	Buy	SEI INVTS CO	$1,153,000	+4.8%	19,449	+9.6%	0.31%	+4.3%
HON	Sell	HONEYWELL INTL INC	$889,000	-25.5%	4,190	-23.0%	0.24%	-25.8%
MRK	Buy	MERCK & CO INC	$863,000	+29.2%	11,487	+33.8%	0.23%	+28.6%
FDX	Buy	FEDEX CORP	$632,000	-12.8%	2,880	+18.5%	0.17%	-13.1%
T	Buy	AT&T INC	$586,000	-6.2%	21,703	+0.0%	0.16%	-6.5%
PYPL	Buy	PAYPAL HLDGS INC	$571,000	-4.0%	2,193	+7.3%	0.16%	-4.3%
GD	Sell	GENERAL DYNAMICS CORP	$549,000	+2.2%	2,800	-1.8%	0.15%	+2.1%
ABT	Buy	ABBOTT LABS	$513,000	+2.8%	4,344	+1.0%	0.14%	+2.2%
CAG	Buy	CONAGRA BRANDS INC	$457,000	+0.4%	13,500	+8.0%	0.12%	0.0%
UNH	Sell	UNITEDHEALTH GROUP INC	$389,000	-3.7%	995	-1.5%	0.11%	-3.6%
CLX	Buy	CLOROX CO DEL	$368,000	+9.9%	2,221	+19.4%	0.10%	+9.9%
OTIS	Buy	OTIS WORLDWIDE CORP	$348,000	+60.4%	4,226	+59.5%	0.09%	+59.3%
GLD	Buy	SPDR GOLD TR	$337,000	+4.3%	2,050	+5.1%	0.09%	+3.4%
VOO	Buy	VANGUARD INDEX FDS	$337,000	+0.6%	854	+0.1%	0.09%	0.0%
CAT	Buy	CATERPILLAR INC	$326,000	-6.3%	1,700	+6.2%	0.09%	-7.4%
NVDA	Buy	NVIDIA CORPORATION	$275,000	+3.4%	1,328	+300.0%	0.08%	+4.2%
OGN	New	ORGANON & CO	$269,000	–	8,193	–	0.07%	–
GOOGL	New	ALPHABET INCcap stk cl a	$270,000	–	101	–	0.07%	–
AXP	Sell	AMERICAN EXPRESS CO	$255,000	-13.0%	1,524	-14.1%	0.07%	-13.8%
V	Buy	VISA INC	$213,000	+6.5%	954	+11.4%	0.06%	+7.4%
SPOT	Buy	SPOTIFY TECHNOLOGY S A	$214,000	-14.7%	948	+4.1%	0.06%	-14.7%
GM	New	GENERAL MTRS CO	$211,000	–	4,007	–	0.06%	–
KMI	Buy	KINDER MORGAN INC DEL	$210,000	-6.2%	12,550	+2.0%	0.06%	-6.6%
HPQ	Exit	HP INC	$0	–	-6,692	–	-0.06%	–
MDLZ	Exit	MONDELEZ INTL INCcl a	$0	–	-3,237	–	-0.06%	–

Q2 2021

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$36,581,000	–	131,626	–	9.97%	–
MKL	New	MARKEL CORP	$22,365,000	–	18,846	–	6.09%	–
TROW	New	PRICE T ROWE GROUP INC	$14,642,000	–	73,959	–	3.99%	–
PGR	New	PROGRESSIVE CORP	$10,279,000	–	104,665	–	2.80%	–
NSC	New	NORFOLK SOUTHN CORP	$9,755,000	–	36,753	–	2.66%	–
LOW	New	LOWES COS INC	$9,695,000	–	49,980	–	2.64%	–
MSFT	New	MICROSOFT CORP	$9,126,000	–	33,686	–	2.49%	–
PAYX	New	PAYCHEX INC	$9,030,000	–	84,153	–	2.46%	–
AAPL	New	APPLE INC	$8,561,000	–	62,506	–	2.33%	–
DIS	New	DISNEY WALT CO	$8,299,000	–	47,218	–	2.26%	–
DEO	New	DIAGEO PLCspon adr new	$7,891,000	–	41,166	–	2.15%	–
JNJ	New	JOHNSON & JOHNSON	$7,673,000	–	46,576	–	2.09%	–
CFX	New	COLFAX CORP	$7,520,000	–	164,160	–	2.05%	–
Y	New	ALLEGHANY CORP MD	$7,249,000	–	10,867	–	1.98%	–
SCHW	New	SCHWAB CHARLES CORP	$7,013,000	–	96,317	–	1.91%	–
MHK	New	MOHAWK INDS INC	$6,660,000	–	34,652	–	1.81%	–
JEF	New	JEFFERIES FINL GROUP INC	$6,466,000	–	189,064	–	1.76%	–
L	New	LOEWS CORP	$6,262,000	–	114,585	–	1.71%	–
PEP	New	PEPSICO INC	$6,255,000	–	42,216	–	1.70%	–
GPC	New	GENUINE PARTS CO	$6,143,000	–	48,575	–	1.67%	–
FB	New	FACEBOOK INCcl a	$6,041,000	–	17,374	–	1.65%	–
GLW	New	CORNING INC	$5,876,000	–	143,675	–	1.60%	–
GOLD	New	BARRICK GOLD CORP	$5,575,000	–	269,594	–	1.52%	–
CHKP	New	CHECK POINT SOFTWARE TECH LTord	$5,300,000	–	45,639	–	1.44%	–
KLAC	New	KLA CORP	$5,091,000	–	15,704	–	1.39%	–
GOOG	New	ALPHABET INCcap stk cl c	$4,920,000	–	1,963	–	1.34%	–
SBUX	New	STARBUCKS CORP	$4,866,000	–	43,523	–	1.33%	–
AZO	New	AUTOZONE INC	$4,765,000	–	3,193	–	1.30%	–
LMT	New	LOCKHEED MARTIN CORP	$4,567,000	–	12,071	–	1.24%	–
CTXS	New	CITRIX SYS INC	$4,535,000	–	38,669	–	1.24%	–
WBA	New	WALGREENS BOOTS ALLIANCE INC	$4,490,000	–	85,337	–	1.22%	–
JPM	New	JPMORGAN CHASE & CO	$4,468,000	–	28,724	–	1.22%	–
KO	New	COCA COLA CO	$4,198,000	–	77,588	–	1.14%	–
INTC	New	INTEL CORP	$4,196,000	–	74,733	–	1.14%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$4,099,000	–	27,959	–	1.12%	–
CABO	New	CABLE ONE INC	$3,998,000	–	2,090	–	1.09%	–
MSGS	New	MADISON SQUARE GRDN SPRT CORcl a	$3,848,000	–	22,299	–	1.05%	–
ACN	New	ACCENTURE PLC IRELAND	$3,734,000	–	12,666	–	1.02%	–
SASR	New	SANDY SPRING BANCORP INC	$3,648,000	–	82,658	–	0.99%	–
MMC	New	MARSH & MCLENNAN COS INC	$3,300,000	–	23,460	–	0.90%	–
XOM	New	EXXON MOBIL CORP	$3,189,000	–	50,558	–	0.87%	–
WFC	New	WELLS FARGO CO NEW	$3,061,000	–	67,585	–	0.83%	–
HAS	New	HASBRO INC	$2,951,000	–	31,225	–	0.80%	–
ATVI	New	ACTIVISION BLIZZARD INC	$2,803,000	–	29,371	–	0.76%	–
ALLE	New	ALLEGION PLC	$2,609,000	–	18,727	–	0.71%	–
BAC	New	BK OF AMERICA CORP	$2,574,000	–	62,421	–	0.70%	–
GHC	New	GRAHAM HLDGS CO	$2,536,000	–	4,000	–	0.69%	–
AMZN	New	AMAZON COM INC	$2,191,000	–	637	–	0.60%	–
EGBN	New	EAGLE BANCORP INC MD	$1,926,000	–	34,335	–	0.52%	–
COST	New	COSTCO WHSL CORP NEW	$1,876,000	–	4,742	–	0.51%	–
PH	New	PARKER-HANNIFIN CORP	$1,712,000	–	5,573	–	0.47%	–
DHR	New	DANAHER CORPORATION	$1,710,000	–	6,372	–	0.47%	–
WHR	New	WHIRLPOOL CORP	$1,652,000	–	7,576	–	0.45%	–
CVX	New	CHEVRON CORP NEW	$1,546,000	–	14,762	–	0.42%	–
AON	New	AON PLC	$1,508,000	–	6,317	–	0.41%	–
ULTA	New	ULTA BEAUTY INC	$1,473,000	–	4,261	–	0.40%	–
NKE	New	NIKE INCcl b	$1,323,000	–	8,564	–	0.36%	–
HSY	New	HERSHEY CO	$1,272,000	–	7,303	–	0.35%	–
ANET	New	ARISTA NETWORKS INC	$1,243,000	–	3,432	–	0.34%	–
VZ	New	VERIZON COMMUNICATIONS INC	$1,232,000	–	21,982	–	0.34%	–
CTSH	New	COGNIZANT TECHNOLOGY SOLUTIOcl a	$1,192,000	–	17,206	–	0.32%	–
HON	New	HONEYWELL INTL INC	$1,193,000	–	5,440	–	0.32%	–
GSK	New	GLAXOSMITHKLINE PLCsponsored adr	$1,159,000	–	29,104	–	0.32%	–
SEIC	New	SEI INVTS CO	$1,100,000	–	17,750	–	0.30%	–
MCD	New	MCDONALDS CORP	$1,030,000	–	4,457	–	0.28%	–
FDX	New	FEDEX CORP	$725,000	–	2,430	–	0.20%	–
ADP	New	AUTOMATIC DATA PROCESSING IN	$717,000	–	3,611	–	0.20%	–
FISV	New	FISERV INC	$681,000	–	6,374	–	0.19%	–
PFE	New	PFIZER INC	$674,000	–	17,222	–	0.18%	–
DUK	New	DUKE ENERGY CORP NEW	$671,000	–	6,795	–	0.18%	–
MRK	New	MERCK & CO INC	$668,000	–	8,587	–	0.18%	–
T	New	AT&T INC	$625,000	–	21,702	–	0.17%	–
MO	New	ALTRIA GROUP INC	$600,000	–	12,593	–	0.16%	–
PYPL	New	PAYPAL HLDGS INC	$595,000	–	2,043	–	0.16%	–
ALRS	New	ALERUS FINL CORP	$583,000	–	20,100	–	0.16%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$577,000	–	1,347	–	0.16%	–
CVS	New	CVS HEALTH CORP	$576,000	–	6,900	–	0.16%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$568,000	–	1,125	–	0.16%	–
GD	New	GENERAL DYNAMICS CORP	$537,000	–	2,850	–	0.15%	–
ABT	New	ABBOTT LABS	$499,000	–	4,300	–	0.14%	–
PG	New	PROCTER AND GAMBLE CO	$485,000	–	3,597	–	0.13%	–
MAR	New	MARRIOTT INTL INC NEWcl a	$470,000	–	3,442	–	0.13%	–
CAG	New	CONAGRA BRANDS INC	$455,000	–	12,500	–	0.12%	–
CSCO	New	CISCO SYS INC	$422,000	–	7,969	–	0.12%	–
PM	New	PHILIP MORRIS INTL INC	$415,000	–	4,187	–	0.11%	–
UNH	New	UNITEDHEALTH GROUP INC	$404,000	–	1,010	–	0.11%	–
TFC	New	TRUIST FINL CORP	$397,000	–	7,155	–	0.11%	–
RTX	New	RAYTHEON TECHNOLOGIES CORP	$386,000	–	4,528	–	0.10%	–
SPG	New	SIMON PPTY GROUP INC NEW	$359,000	–	2,750	–	0.10%	–
QCOM	New	QUALCOMM INC	$357,000	–	2,500	–	0.10%	–
WMT	New	WALMART INC	$357,000	–	2,534	–	0.10%	–
CAT	New	CATERPILLAR INC	$348,000	–	1,600	–	0.10%	–
TT	New	TRANE TECHNOLOGIES PLC	$336,000	–	1,822	–	0.09%	–
VOO	New	VANGUARD INDEX FDS	$335,000	–	853	–	0.09%	–
CLX	New	CLOROX CO DEL	$335,000	–	1,860	–	0.09%	–
GLD	New	SPDR GOLD TR	$323,000	–	1,950	–	0.09%	–
ABBV	New	ABBVIE INC	$317,000	–	2,810	–	0.09%	–
FBHS	New	FORTUNE BRANDS HOME & SEC IN	$308,000	–	3,096	–	0.08%	–
AXP	New	AMERICAN EXPRESS CO	$293,000	–	1,774	–	0.08%	–
UL	New	UNILEVER PLCspon adr new	$294,000	–	5,020	–	0.08%	–
AVB	New	AVALONBAY CMNTYS INC	$282,000	–	1,350	–	0.08%	–
NVDA	New	NVIDIA CORPORATION	$266,000	–	332	–	0.07%	–
C	New	CITIGROUP INC	$266,000	–	3,761	–	0.07%	–
FRT	New	FEDERAL RLTY INVT TRsh ben int new	$252,000	–	2,150	–	0.07%	–
SPOT	New	SPOTIFY TECHNOLOGY S A	$251,000	–	911	–	0.07%	–
DVA	New	DAVITA INC	$243,000	–	2,019	–	0.07%	–
SO	New	SOUTHERN CO	$242,000	–	4,000	–	0.07%	–
EMR	New	EMERSON ELEC CO	$240,000	–	2,495	–	0.06%	–
KHC	New	KRAFT HEINZ CO	$238,000	–	5,846	–	0.06%	–
DOW	New	DOW INC	$232,000	–	3,666	–	0.06%	–
DLR	New	DIGITAL RLTY TR INC	$230,000	–	1,528	–	0.06%	–
KSU	New	KANSAS CITY SOUTHERN	$227,000	–	800	–	0.06%	–
AEP	New	AMERICAN ELEC PWR CO INC	$228,000	–	2,694	–	0.06%	–
HSIC	New	HENRY SCHEIN INC	$223,000	–	3,000	–	0.06%	–
KMI	New	KINDER MORGAN INC DEL	$224,000	–	12,300	–	0.06%	–
ALL	New	ALLSTATE CORP	$220,000	–	1,685	–	0.06%	–
OTIS	New	OTIS WORLDWIDE CORP	$217,000	–	2,649	–	0.06%	–
NVO	New	NOVO-NORDISK A Sadr	$209,000	–	2,500	–	0.06%	–
RDSA	New	ROYAL DUTCH SHELL PLCspons adr a	$207,000	–	5,130	–	0.06%	–
MDLZ	New	MONDELEZ INTL INCcl a	$202,000	–	3,237	–	0.06%	–
HPQ	New	HP INC	$202,000	–	6,692	–	0.06%	–
WRE	New	WASHINGTON REAL ESTATE INVTsh ben int	$200,000	–	8,711	–	0.05%	–
V	New	VISA INC	$200,000	–	856	–	0.05%	–
LCTX	New	LINEAGE CELL THERAPEUTICS IN	$37,000	–	13,000	–	0.01%	–

Q4 2020

			Value		Shares		↓ Weighting
DVD	Exit	DOVER MOTORSPORTS INC	$0	–	-114,876	–	-0.06%	–
AVB	Exit	AVALONBAY CMNTYS INC	$0	–	-1,350	–	-0.08%	–
TFC	Exit	TRUIST FINL CORP	$0	–	-5,306	–	-0.08%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-2,024	–	-0.08%	–
TT	Exit	TRANE TECHNOLOGIES PLC	$0	–	-1,822	–	-0.08%	–
IVV	Exit	ISHARES TRcore s&p500 etf	$0	–	-656	–	-0.08%	–
UL	Exit	UNILEVER PLCspon adr new	$0	–	-4,090	–	-0.10%	–
DHR	Exit	DANAHER CORPORATION	$0	–	-1,222	–	-0.10%	–
FBHS	Exit	FORTUNE BRANDS HOME & SEC IN	$0	–	-3,096	–	-0.10%	–
GLD	Exit	SPDR GOLD TR	$0	–	-1,540	–	-0.10%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-4,813	–	-0.11%	–
SCHW	Exit	SCHWAB CHARLES CORP	$0	–	-8,250	–	-0.11%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-4,187	–	-0.12%	–
MAR	Exit	MARRIOTT INTL INC NEWcl a	$0	–	-3,442	–	-0.12%	–
MCD	Exit	MCDONALDS CORP	$0	–	-1,487	–	-0.12%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-8,638	–	-0.13%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-2,190	–	-0.14%	–
PNR	Exit	PENTAIR PLC	$0	–	-8,145	–	-0.14%	–
ALRS	Exit	ALERUS FINL CORP	$0	–	-20,100	–	-0.15%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-1,366	–	-0.18%	–
FDX	Exit	FEDEX CORP	$0	–	-1,830	–	-0.18%	–
T	Exit	AT&T INC	$0	–	-16,613	–	-0.18%	–
RYAAY	Exit	RYANAIR HOLDINGS PLCsponsored ads	$0	–	-6,710	–	-0.21%	–
HSY	Exit	HERSHEY CO	$0	–	-3,846	–	-0.21%	–
PFE	Exit	PFIZER INC	$0	–	-16,869	–	-0.24%	–
CTXS	Exit	CITRIX SYS INC	$0	–	-4,784	–	-0.25%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-1,992	–	-0.27%	–
ANET	Exit	ARISTA NETWORKS INC	$0	–	-3,493	–	-0.28%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-10,631	–	-0.29%	–
SEIC	Exit	SEI INVTS CO	$0	–	-18,498	–	-0.36%	–
GHC	Exit	GRAHAM HLDGS CO	$0	–	-2,389	–	-0.37%	–
AMZN	Exit	AMAZON COM INC	$0	–	-322	–	-0.39%	–
GSK	Exit	GLAXOSMITHKLINE PLCsponsored adr	$0	–	-28,250	–	-0.41%	–
NKE	Exit	NIKE INCcl b	$0	–	-9,385	–	-0.45%	–
ULTA	Exit	ULTA BEAUTY INC	$0	–	-5,423	–	-0.46%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-41,242	–	-0.48%	–
PH	Exit	PARKER-HANNIFIN CORP	$0	–	-6,388	–	-0.49%	–
CTSH	Exit	COGNIZANT TECHNOLOGY SOLUTIOcl a	$0	–	-20,446	–	-0.54%	–
ALLE	Exit	ALLEGION PLC	$0	–	-15,351	–	-0.58%	–
BAC	Exit	BK OF AMERICA CORP	$0	–	-63,918	–	-0.59%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-66,735	–	-0.60%	–
WHR	Exit	WHIRLPOOL CORP	$0	–	-8,585	–	-0.60%	–
MSGE	Exit	MADISON SQUARE GRDN ENTERTNMcl a	$0	–	-23,951	–	-0.63%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-51,782	–	-0.68%	–
KLAC	Exit	KLA CORP	$0	–	-10,383	–	-0.77%	–
SASR	Exit	SANDY SPRING BANCORP INC	$0	–	-101,318	–	-0.89%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-1,710	–	-0.96%	–
ATVI	Exit	ACTIVISION BLIZZARD INC	$0	–	-31,172	–	-0.96%	–
MMC	Exit	MARSH & MCLENNAN COS INC	$0	–	-24,485	–	-1.07%	–
HAS	Exit	HASBRO INC	$0	–	-33,953	–	-1.07%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-29,219	–	-1.08%	–
ACN	Exit	ACCENTURE PLC IRELAND	$0	–	-13,593	–	-1.18%	–
INTC	Exit	INTEL CORP	$0	–	-60,240	–	-1.19%	–
AMTD	Exit	TD AMERITRADE HLDG CORP	$0	–	-84,024	–	-1.26%	–
WBA	Exit	WALGREENS BOOTS ALLIANCE INC	$0	–	-94,777	–	-1.30%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-28,355	–	-1.32%	–
AZO	Exit	AUTOZONE INC	$0	–	-2,984	–	-1.34%	–
LMT	Exit	LOCKHEED MARTIN CORP	$0	–	-9,237	–	-1.35%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-42,415	–	-1.39%	–
KO	Exit	COCA COLA CO	$0	–	-74,876	–	-1.41%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-14,281	–	-1.43%	–
MHK	Exit	MOHAWK INDS INC	$0	–	-40,312	–	-1.50%	–
CABO	Exit	CABLE ONE INC	$0	–	-2,142	–	-1.54%	–
MSGS	Exit	MADISON SQUARE GRDN SPRT CORcl a	$0	–	-26,874	–	-1.55%	–
JCI	Exit	JOHNSON CTLS INTL PLC	$0	–	-103,405	–	-1.62%	–
L	Exit	LOEWS CORP	$0	–	-126,373	–	-1.68%	–
DISCA	Exit	DISCOVERY INC	$0	–	-211,741	–	-1.76%	–
CHKP	Exit	CHECK POINT SOFTWARE TECH LTord	$0	–	-38,962	–	-1.79%	–
GPC	Exit	GENUINE PARTS CO	$0	–	-49,825	–	-1.81%	–
GLW	Exit	CORNING INC	$0	–	-154,845	–	-1.92%	–
JEF	Exit	JEFFERIES FINL GROUP INC	$0	–	-280,869	–	-1.93%	–
CFX	Exit	COLFAX CORP	$0	–	-166,335	–	-1.99%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-35,110	–	-2.00%	–
DIS	Exit	DISNEY WALT CO	$0	–	-45,122	–	-2.14%	–
DEO	Exit	DIAGEO PLCspon adr new	$0	–	-40,744	–	-2.14%	–
AAPL	Exit	APPLE INC	$0	–	-49,649	–	-2.20%	–
PEP	Exit	PEPSICO INC	$0	–	-41,917	–	-2.22%	–
Y	Exit	ALLEGHANY CORP DEL	$0	–	-11,259	–	-2.24%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-29,445	–	-2.37%	–
PAYX	Exit	PAYCHEX INC	$0	–	-84,732	–	-2.58%	–
NSC	Exit	NORFOLK SOUTHN CORP	$0	–	-34,389	–	-2.81%	–
LOW	Exit	LOWES COS INC	$0	–	-54,362	–	-3.45%	–
PGR	Exit	PROGRESSIVE CORP	$0	–	-102,779	–	-3.72%	–
TROW	Exit	PRICE T ROWE GROUP INC	$0	–	-77,516	–	-3.80%	–
MKL	Exit	MARKEL CORP	$0	–	-18,395	–	-6.85%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-128,328	–	-10.45%	–

Q3 2020

			Value		Shares		↓ Weighting
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$27,326,000	+15.5%	128,328	-3.1%	10.45%	+5.9%
MKL	Sell	MARKEL CORP	$17,911,000	+1.8%	18,395	-3.5%	6.85%	-6.7%
TROW	Buy	PRICE T ROWE GROUP INC	$9,939,000	+5.8%	77,516	+1.9%	3.80%	-3.0%
PGR	Sell	PROGRESSIVE CORP	$9,730,000	+13.5%	102,779	-3.9%	3.72%	+4.1%
LOW	Buy	LOWES COS INC	$9,016,000	+225.6%	54,362	+165.3%	3.45%	+198.4%
NSC	Sell	NORFOLK SOUTHN CORP	$7,359,000	+18.8%	34,389	-2.5%	2.81%	+9.0%
PAYX	Sell	PAYCHEX INC	$6,759,000	+4.8%	84,732	-0.5%	2.58%	-3.9%
MSFT	Sell	MICROSOFT CORP	$6,193,000	-5.3%	29,445	-8.4%	2.37%	-13.2%
Y	Sell	ALLEGHANY CORP DEL	$5,860,000	+5.0%	11,259	-1.4%	2.24%	-3.7%
PEP	Sell	PEPSICO INC	$5,810,000	+1.9%	41,917	-2.7%	2.22%	-6.6%
AAPL	Buy	APPLE INC	$5,750,000	+6.1%	49,649	+234.3%	2.20%	-2.7%
DEO	Buy	DIAGEO PLCspon adr new	$5,609,000	+8.3%	40,744	+5.7%	2.14%	-0.7%
DIS	Sell	DISNEY WALT CO	$5,599,000	+7.3%	45,122	-3.6%	2.14%	-1.6%
JNJ	Sell	JOHNSON & JOHNSON	$5,227,000	+1.4%	35,110	-4.2%	2.00%	-7.0%
CFX	Sell	COLFAX CORP	$5,216,000	+10.8%	166,335	-1.4%	1.99%	+1.6%
JEF	Sell	JEFFERIES FINL GROUP INC	$5,056,000	+9.1%	280,869	-5.8%	1.93%	+0.1%
GLW	Sell	CORNING INC	$5,019,000	+12.7%	154,845	-9.9%	1.92%	+3.4%
GPC	Sell	GENUINE PARTS CO	$4,742,000	+6.8%	49,825	-2.4%	1.81%	-2.1%
CHKP	Buy	CHECK POINT SOFTWARE TECH LTord	$4,689,000	+17.1%	38,962	+4.6%	1.79%	+7.4%
DISCA	Sell	DISCOVERY INC	$4,610,000	-0.6%	211,741	-3.6%	1.76%	-8.8%
L	Sell	LOEWS CORP	$4,391,000	-5.0%	126,373	-6.2%	1.68%	-12.8%
JCI	Sell	JOHNSON CTLS INTL PLC	$4,224,000	+15.0%	103,405	-3.9%	1.62%	+5.4%
MSGS	Sell	MADISON SQUARE GRDN SPRT CORcl a	$4,044,000	-4.1%	26,874	-6.4%	1.55%	-12.1%
CABO	Sell	CABLE ONE INC	$4,039,000	-8.7%	2,142	-14.1%	1.54%	-16.3%
MHK	Sell	MOHAWK INDS INC	$3,934,000	-9.7%	40,312	-5.9%	1.50%	-17.2%
FB	Buy	FACEBOOK INCcl a	$3,740,000	+15.6%	14,281	+0.2%	1.43%	+6.0%
KO	Sell	COCA COLA CO	$3,697,000	+7.2%	74,876	-3.0%	1.41%	-1.7%
SBUX	Buy	STARBUCKS CORP	$3,644,000	+21.6%	42,415	+4.2%	1.39%	+11.5%
LMT	Buy	LOCKHEED MARTIN CORP	$3,540,000	+7.3%	9,237	+2.1%	1.35%	-1.6%
AZO	Buy	AUTOZONE INC	$3,514,000	+145.7%	2,984	+135.3%	1.34%	+125.5%
IBM	Sell	INTERNATIONAL BUSINESS MACHS	$3,450,000	-0.6%	28,355	-1.3%	1.32%	-8.8%
WBA	Sell	WALGREENS BOOTS ALLIANCE INC	$3,404,000	-20.5%	94,777	-6.2%	1.30%	-27.1%
AMTD	Buy	TD AMERITRADE HLDG CORP	$3,290,000	+8.6%	84,024	+0.9%	1.26%	-0.4%
INTC	Sell	INTEL CORP	$3,119,000	-20.1%	60,240	-7.7%	1.19%	-26.7%
ACN	Sell	ACCENTURE PLC IRELAND	$3,072,000	+3.7%	13,593	-1.4%	1.18%	-4.9%
JPM	Sell	JPMORGAN CHASE & CO	$2,813,000	-1.3%	29,219	-3.6%	1.08%	-9.5%
MMC	Sell	MARSH & MCLENNAN COS INC	$2,808,000	+3.8%	24,485	-2.8%	1.07%	-4.8%
HAS	Sell	HASBRO INC	$2,809,000	+6.2%	33,953	-3.8%	1.07%	-2.6%
ATVI	Sell	ACTIVISION BLIZZARD INC	$2,523,000	+6.5%	31,172	-0.1%	0.96%	-2.2%
SASR	Sell	SANDY SPRING BANCORP INC	$2,338,000	-8.9%	101,318	-2.1%	0.89%	-16.4%
KLAC	Buy	KLA CORP	$2,012,000	+147.8%	10,383	+148.8%	0.77%	+126.8%
XOM	Sell	EXXON MOBIL CORP	$1,778,000	-23.5%	51,782	-0.3%	0.68%	-29.8%
MSGE	Sell	MADISON SQUARE GRDN ENTERTNMcl a	$1,640,000	-15.9%	23,951	-7.9%	0.63%	-22.9%
WHR	Sell	WHIRLPOOL CORP	$1,579,000	-7.4%	8,585	-34.8%	0.60%	-15.0%
WFC	Sell	WELLS FARGO CO NEW	$1,569,000	-21.4%	66,735	-14.5%	0.60%	-28.0%
BAC	Sell	BK OF AMERICA CORP	$1,540,000	+0.1%	63,918	-1.3%	0.59%	-8.1%
ALLE	New	ALLEGION PLC	$1,518,000	–	15,351	–	0.58%	–
PH	Sell	PARKER-HANNIFIN CORP	$1,293,000	+9.1%	6,388	-1.2%	0.49%	0.0%
DAL	Sell	DELTA AIR LINES INC DEL	$1,261,000	-8.3%	41,242	-15.9%	0.48%	-15.9%
ULTA	Buy	ULTA BEAUTY INC	$1,215,000	+10.4%	5,423	+0.2%	0.46%	+1.3%
NKE	Sell	NIKE INCcl b	$1,178,000	+19.4%	9,385	-6.8%	0.45%	+9.2%
GSK	Sell	GLAXOSMITHKLINE PLCsponsored adr	$1,063,000	-9.1%	28,250	-1.4%	0.41%	-16.6%
GHC	Sell	GRAHAM HLDGS CO	$965,000	+12.6%	2,389	-4.4%	0.37%	+3.4%
SEIC	Buy	SEI INVTS CO	$938,000	-4.5%	18,498	+3.5%	0.36%	-12.2%
CVX	Buy	CHEVRON CORP NEW	$765,000	-16.9%	10,631	+3.0%	0.29%	-24.0%
ANET	Buy	ARISTA NETWORKS INC	$723,000	+25.5%	3,493	+27.3%	0.28%	+15.0%
CTXS	New	CITRIX SYS INC	$659,000	–	4,784	–	0.25%	–
PFE	Buy	PFIZER INC	$619,000	+15.1%	16,869	+2.5%	0.24%	+5.8%
HSY	New	HERSHEY CO	$551,000	–	3,846	–	0.21%	–
RYAAY	Sell	RYANAIR HOLDINGS PLCsponsored ads	$549,000	-1.6%	6,710	-20.2%	0.21%	-9.9%
FDX	Sell	FEDEX CORP	$460,000	-13.2%	1,830	-51.6%	0.18%	-20.4%
PNR	Sell	PENTAIR PLC	$373,000	+14.1%	8,145	-5.3%	0.14%	+5.1%
MCD	Sell	MCDONALDS CORP	$326,000	+11.3%	1,487	-6.3%	0.12%	+2.5%
SCHW	New	SCHWAB CHARLES CORP	$299,000	–	8,250	–	0.11%	–
VZ	New	VERIZON COMMUNICATIONS INC	$286,000	–	4,813	–	0.11%	–
GLD	Buy	SPDR GOLD TR	$273,000	+14.2%	1,540	+7.7%	0.10%	+4.0%
FBHS	New	FORTUNE BRANDS HOME & SEC IN	$268,000	–	3,096	–	0.10%	–
DHR	Sell	DANAHER CORPORATION	$263,000	+12.4%	1,222	-7.6%	0.10%	+3.1%
TT	New	TRANE TECHNOLOGIES PLC	$221,000	–	1,822	–	0.08%	–
AXP	New	AMERICAN EXPRESS CO	$203,000	–	2,024	–	0.08%	–
TFC	New	TRUIST FINL CORP	$202,000	–	5,306	–	0.08%	–
DVD	Sell	DOVER MOTORSPORTS INC	$162,000	-11.0%	114,876	-2.2%	0.06%	-18.4%
BXP	Exit	BOSTON PPTYS LTD PARTNERSHIP	$0	–	-2,225	–	-0.08%	–
WRE	Exit	WASHINGTON REAL ESTATE INVTsh ben int	$0	–	-9,911	–	-0.09%	–
BKNG	Exit	BOOKING HOLDINGS INC	$0	–	-1,228	–	-0.82%	–

Q2 2020

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$23,652,000	–	132,495	–	9.86%	–
MKL	New	MARKEL CORP	$17,597,000	–	19,062	–	7.34%	–
TROW	New	PRICE T ROWE GROUP INC	$9,394,000	–	76,068	–	3.92%	–
PGR	New	PROGRESSIVE CORP OHIO	$8,571,000	–	106,992	–	3.57%	–
MSFT	New	MICROSOFT CORP	$6,542,000	–	32,147	–	2.73%	–
PAYX	New	PAYCHEX INC	$6,452,000	–	85,179	–	2.69%	–
NSC	New	NORFOLK SOUTHERN CORP	$6,193,000	–	35,272	–	2.58%	–
PEP	New	PEPSICO INC	$5,700,000	–	43,100	–	2.38%	–
Y	New	ALLEGHANY CORP DEL	$5,583,000	–	11,414	–	2.33%	–
AAPL	New	APPLE INC	$5,418,000	–	14,853	–	2.26%	–
DIS	New	DISNEY WALT CO	$5,217,000	–	46,788	–	2.18%	–
DEO	New	DIAGEO P L Cspon adr new	$5,179,000	–	38,535	–	2.16%	–
JNJ	New	JOHNSON & JOHNSON	$5,155,000	–	36,657	–	2.15%	–
CFX	New	COLFAX CORP	$4,708,000	–	168,760	–	1.96%	–
DISCA	New	DISCOVERY INC	$4,637,000	–	219,756	–	1.93%	–
JEF	New	JEFFERIES FINL GROUP INC	$4,634,000	–	298,019	–	1.93%	–
L	New	LOEWS CORP	$4,620,000	–	134,723	–	1.93%	–
GLW	New	CORNING INC	$4,452,000	–	171,876	–	1.86%	–
GPC	New	GENUINE PARTS CO	$4,439,000	–	51,044	–	1.85%	–
CABO	New	CABLE ONE INC	$4,425,000	–	2,493	–	1.84%	–
MHK	New	MOHAWK INDS INC	$4,358,000	–	42,825	–	1.82%	–
WBA	New	WALGREENS BOOTS ALLIANCE INC	$4,284,000	–	101,062	–	1.79%	–
MSGS	New	MADISON SQUARE GRDN SPRT CORcl a	$4,219,000	–	28,721	–	1.76%	–
CHKP	New	CHECK POINT SOFTWARE TECH LTord	$4,003,000	–	37,257	–	1.67%	–
INTC	New	INTEL CORP	$3,905,000	–	65,276	–	1.63%	–
JCI	New	JOHNSON CTLS INTL PLC	$3,674,000	–	107,613	–	1.53%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$3,470,000	–	28,735	–	1.45%	–
KO	New	COCA COLA CO	$3,450,000	–	77,214	–	1.44%	–
LMT	New	LOCKHEED MARTIN CORP	$3,300,000	–	9,044	–	1.38%	–
FB	New	FACEBOOK INCcl a	$3,236,000	–	14,251	–	1.35%	–
AMTD	New	TD AMERITRADE HLDG CORP	$3,030,000	–	83,281	–	1.26%	–
SBUX	New	STARBUCKS CORP	$2,996,000	–	40,710	–	1.25%	–
ACN	New	ACCENTURE PLC IRELAND	$2,961,000	–	13,789	–	1.24%	–
JPM	New	JPMORGAN CHASE & CO	$2,851,000	–	30,309	–	1.19%	–
LOW	New	LOWES COS INC	$2,769,000	–	20,494	–	1.16%	–
MMC	New	MARSH & MCLENNAN COS INC	$2,705,000	–	25,193	–	1.13%	–
HAS	New	HASBRO INC	$2,646,000	–	35,305	–	1.10%	–
SASR	New	SANDY SPRING BANCORP INC	$2,566,000	–	103,532	–	1.07%	–
GOOG	New	ALPHABET INCcap stk cl c	$2,417,000	–	1,710	–	1.01%	–
ATVI	New	ACTIVISION BLIZZARD INC	$2,368,000	–	31,199	–	0.99%	–
XOM	New	EXXON MOBIL CORP	$2,323,000	–	51,944	–	0.97%	–
WFC	New	WELLS FARGO CO NEW	$1,997,000	–	78,020	–	0.83%	–
BKNG	New	BOOKING HOLDINGS INC	$1,955,000	–	1,228	–	0.82%	–
MSGE	New	MADISON SQUARE GRDN ENTERTNMcl a	$1,950,000	–	26,003	–	0.81%	–
WHR	New	WHIRLPOOL CORP	$1,706,000	–	13,172	–	0.71%	–
BAC	New	BK OF AMERICA CORP	$1,538,000	–	64,778	–	0.64%	–
AZO	New	AUTOZONE INC	$1,430,000	–	1,268	–	0.60%	–
DAL	New	DELTA AIR LINES INC DEL	$1,375,000	–	49,034	–	0.57%	–
PH	New	PARKER HANNIFIN CORP	$1,185,000	–	6,468	–	0.49%	–
GSK	New	GLAXOSMITHKLINE PLCsponsored adr	$1,169,000	–	28,650	–	0.49%	–
CTSH	New	COGNIZANT TECHNOLOGY SOLUTIOcl a	$1,162,000	–	20,446	–	0.48%	–
ULTA	New	ULTA BEAUTY INC	$1,101,000	–	5,414	–	0.46%	–
NKE	New	NIKE INCcl b	$987,000	–	10,067	–	0.41%	–
SEIC	New	SEI INVTS CO	$982,000	–	17,869	–	0.41%	–
CVX	New	CHEVRON CORP NEW	$921,000	–	10,321	–	0.38%	–
AMZN	New	AMAZON COM INC	$888,000	–	322	–	0.37%	–
GHC	New	GRAHAM HLDGS CO	$857,000	–	2,500	–	0.36%	–
KLAC	New	KLA CORP	$812,000	–	4,174	–	0.34%	–
COST	New	COSTCO WHSL CORP NEW	$604,000	–	1,992	–	0.25%	–
ANET	New	ARISTA NETWORKS INC	$576,000	–	2,743	–	0.24%	–
RYAAY	New	RYANAIR HOLDINGS PLCsponsored ads	$558,000	–	8,410	–	0.23%	–
PFE	New	PFIZER INC	$538,000	–	16,464	–	0.22%	–
FDX	New	FEDEX CORP	$530,000	–	3,780	–	0.22%	–
T	New	AT&T INC	$502,000	–	16,613	–	0.21%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$421,000	–	1,366	–	0.18%	–
ALRS	New	ALERUS FINL CORP	$397,000	–	20,100	–	0.17%	–
MO	New	ALTRIA GROUP INC	$339,000	–	8,638	–	0.14%	–
PNR	New	PENTAIR PLC	$327,000	–	8,603	–	0.14%	–
HON	New	HONEYWELL INTL INC	$317,000	–	2,190	–	0.13%	–
MAR	New	MARRIOTT INTL INC NEWcl a	$295,000	–	3,442	–	0.12%	–
PM	New	PHILIP MORRIS INTL INC	$293,000	–	4,187	–	0.12%	–
MCD	New	MCDONALDS CORP	$293,000	–	1,587	–	0.12%	–
GLD	New	SPDR GOLD TR	$239,000	–	1,430	–	0.10%	–
DHR	New	DANAHER CORPORATION	$234,000	–	1,322	–	0.10%	–
UL	New	UNILEVER PLCspon adr new	$224,000	–	4,090	–	0.09%	–
WRE	New	WASHINGTON REAL ESTATE INVTsh ben int	$220,000	–	9,911	–	0.09%	–
AVB	New	AVALONBAY CMNTYS INC	$209,000	–	1,350	–	0.09%	–
IVV	New	ISHARES TRcore s&p500 etf	$203,000	–	656	–	0.08%	–
BXP	New	BOSTON PPTYS LTD PARTNERSHIP	$201,000	–	2,225	–	0.08%	–
DVD	New	DOVER MOTORSPORTS INC	$182,000	–	117,476	–	0.08%	–

Q4 2019

			Value		Shares		↓ Weighting
GE	Exit	GENERAL ELECTRIC CO	$0	–	-10,868	–	-0.04%	–
DOFSQ	Exit	DIAMOND OFFSHORE DRILLING IN	$0	–	-32,288	–	-0.06%	–
ADP	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-1,260	–	-0.07%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-4,647	–	-0.08%	–
EFA	Exit	ISHARES TRmsci eafe etf	$0	–	-3,372	–	-0.08%	–
IR	Exit	INGERSOLL-RAND PLC	$0	–	-1,822	–	-0.08%	–
DVD	Exit	DOVER MOTORSPORTS INC	$0	–	-116,855	–	-0.08%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-2,000	–	-0.09%	–
ALL	Exit	ALLSTATE CORP	$0	–	-2,259	–	-0.09%	–
UL	Exit	UNILEVER PLCspon adr new	$0	–	-4,090	–	-0.09%	–
LOW	Exit	LOWES COS INC	$0	–	-2,530	–	-0.10%	–
BXP	Exit	BOSTON PROPERTIES INC	$0	–	-2,225	–	-0.10%	–
AVB	Exit	AVALONBAY CMNTYS INC	$0	–	-1,350	–	-0.10%	–
AMZN	Exit	AMAZON COM INC	$0	–	-177	–	-0.11%	–
BBT	Exit	BB&T CORP	$0	–	-5,996	–	-0.12%	–
FRT	Exit	FEDERAL REALTY INVT TRsh ben int new	$0	–	-2,500	–	-0.12%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-4,519	–	-0.12%	–
FWONK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-8,440	–	-0.13%	–
WRE	Exit	WASHINGTON REAL ESTATE INVTsh ben int	$0	–	-12,902	–	-0.13%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-1,194	–	-0.13%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-2,172	–	-0.13%	–
MO	Exit	ALTRIA GROUP INC	$0	–	-8,967	–	-0.13%	–
CTSH	Exit	COGNIZANT TECHNOLOGY SOLUTIOcl a	$0	–	-6,334	–	-0.14%	–
MAR	Exit	MARRIOTT INTL INC NEWcl a	$0	–	-3,442	–	-0.16%	–
ALRS	Exit	ALERUS FINL CORP	$0	–	-20,100	–	-0.16%	–
RDSA	Exit	ROYAL DUTCH SHELL PLCspons adr a	$0	–	-7,530	–	-0.16%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-7,492	–	-0.16%	–
MCD	Exit	MCDONALDS CORP	$0	–	-2,217	–	-0.17%	–
FDX	Exit	FEDEX CORP	$0	–	-3,780	–	-0.20%	–
PNR	Exit	PENTAIR PLC	$0	–	-14,878	–	-0.20%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-4,793	–	-0.20%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-1,976	–	-0.21%	–
PFE	Exit	PFIZER INC	$0	–	-16,594	–	-0.22%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-2	–	-0.22%	–
ULTA	Exit	ULTA BEAUTY INC	$0	–	-2,734	–	-0.25%	–
T	Exit	AT&T INC	$0	–	-19,763	–	-0.27%	–
PH	Exit	PARKER HANNIFIN CORP	$0	–	-4,395	–	-0.29%	–
BKNG	Exit	BOOKING HLDGS INC	$0	–	-501	–	-0.36%	–
SEIC	Exit	SEI INVESTMENTS CO	$0	–	-17,784	–	-0.38%	–
TRIP	Exit	TRIPADVISOR INC	$0	–	-28,930	–	-0.40%	–
GSK	Exit	GLAXOSMITHKLINE PLCsponsored adr	$0	–	-28,650	–	-0.44%	–
ATVI	Exit	ACTIVISION BLIZZARD INC	$0	–	-27,136	–	-0.52%	–
GHC	Exit	GRAHAM HLDGS CO	$0	–	-2,545	–	-0.61%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-19,403	–	-0.62%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-1,421	–	-0.63%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-10,056	–	-0.65%	–
LMT	Exit	LOCKHEED MARTIN CORP	$0	–	-4,712	–	-0.66%	–
BAC	Exit	BANK AMER CORP	$0	–	-66,405	–	-0.70%	–
AMTD	Exit	TD AMERITRADE HLDG CORP	$0	–	-46,116	–	-0.78%	–
WHR	Exit	WHIRLPOOL CORP	$0	–	-14,550	–	-0.83%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-20,470	–	-0.87%	–
MMC	Exit	MARSH & MCLENNAN COS INC	$0	–	-27,779	–	-1.00%	–
DEO	Exit	DIAGEO P L Cspon adr new	$0	–	-17,443	–	-1.03%	–
INTC	Exit	INTEL CORP	$0	–	-66,865	–	-1.24%	–
SASR	Exit	SANDY SPRING BANCORP INC	$0	–	-107,652	–	-1.31%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-66,405	–	-1.38%	–
CABO	Exit	CABLE ONE INC	$0	–	-3,101	–	-1.41%	–
HAS	Exit	HASBRO INC	$0	–	-35,097	–	-1.50%	–
AAPL	Exit	APPLE INC	$0	–	-18,721	–	-1.52%	–
MHK	Exit	MOHAWK INDS INC	$0	–	-34,285	–	-1.54%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-31,419	–	-1.65%	–
KO	Exit	COCA COLA CO	$0	–	-84,178	–	-1.66%	–
GPC	Exit	GENUINE PARTS CO	$0	–	-47,796	–	-1.72%	–
RYAAY	Exit	RYANAIR HLDGS PLCsponsored ads	$0	–	-73,829	–	-1.77%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-38,666	–	-1.81%	–
GLW	Exit	CORNING INC	$0	–	-179,306	–	-1.85%	–
CFX	Exit	COLFAX CORP	$0	–	-176,210	–	-1.85%	–
JCI	Exit	JOHNSON CTLS INTL PLC	$0	–	-119,117	–	-1.89%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-75,846	–	-1.94%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-106,226	–	-1.94%	–
WBA	Exit	WALGREENS BOOTS ALLIANCE INC	$0	–	-106,677	–	-2.13%	–
DIS	Exit	DISNEY WALT CO	$0	–	-46,432	–	-2.19%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-44,037	–	-2.21%	–
DISCA	Exit	DISCOVERY INC	$0	–	-231,837	–	-2.23%	–
PEP	Exit	PEPSICO INC	$0	–	-47,785	–	-2.37%	–
NSC	Exit	NORFOLK SOUTHERN CORP	$0	–	-37,591	–	-2.44%	–
JEF	Exit	JEFFERIES FINL GROUP INC	$0	–	-370,930	–	-2.47%	–
PAYX	Exit	PAYCHEX INC	$0	–	-86,583	–	-2.59%	–
MSGS	Exit	MADISON SQUARE GARDEN CO NEWcl a	$0	–	-28,253	–	-2.69%	–
L	Exit	LOEWS CORP	$0	–	-149,445	–	-2.78%	–
NCLH	Exit	NORWEGIAN CRUISE LINE HLDG L	$0	–	-157,824	–	-2.95%	–
TROW	Exit	PRICE T ROWE GROUP INC	$0	–	-80,279	–	-3.31%	–
PGR	Exit	PROGRESSIVE CORP OHIO	$0	–	-124,437	–	-3.47%	–
Y	Exit	ALLEGHANY CORP DEL	$0	–	-12,394	–	-3.57%	–
MKL	Exit	MARKEL CORP	$0	–	-20,149	–	-8.60%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-137,545	–	-10.34%	–

Q3 2019

			Value		Shares		↓ Weighting
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$28,612,000	-2.9%	137,545	-0.5%	10.34%	-0.9%
MKL	Sell	MARKEL CORP	$23,814,000	+8.3%	20,149	-0.2%	8.60%	+10.5%
Y	Sell	ALLEGHANY CORP DEL	$9,887,000	+16.7%	12,394	-0.3%	3.57%	+19.1%
PGR	Sell	PROGRESSIVE CORP OHIO	$9,613,000	-3.5%	124,437	-0.1%	3.47%	-1.5%
TROW	Buy	PRICE T ROWE GROUP INC	$9,172,000	+4.2%	80,279	+0.1%	3.31%	+6.3%
NCLH	Buy	NORWEGIAN CRUISE LINE HLDG L	$8,171,000	-2.9%	157,824	+0.6%	2.95%	-0.9%
L	Sell	LOEWS CORP	$7,693,000	-8.2%	149,445	-2.5%	2.78%	-6.3%
MSGS	Buy	MADISON SQUARE GARDEN CO NEWcl a	$7,445,000	-4.1%	28,253	+1.9%	2.69%	-2.1%
PAYX	Buy	PAYCHEX INC	$7,166,000	+0.9%	86,583	+0.3%	2.59%	+3.0%
JEF	Buy	JEFFERIES FINL GROUP INC	$6,825,000	-3.8%	370,930	+0.5%	2.47%	-1.9%
NSC	Sell	NORFOLK SOUTHERN CORP	$6,754,000	-11.9%	37,591	-2.2%	2.44%	-10.1%
PEP	Sell	PEPSICO INC	$6,551,000	+4.1%	47,785	-0.5%	2.37%	+6.1%
DISCA	Buy	DISCOVERY INC	$6,174,000	-11.1%	231,837	+2.5%	2.23%	-9.3%
MSFT	Sell	MICROSOFT CORP	$6,122,000	+3.6%	44,037	-0.2%	2.21%	+5.6%
DIS	Sell	DISNEY WALT CO	$6,051,000	-6.8%	46,432	-0.1%	2.19%	-4.9%
WBA	Sell	WALGREENS BOOTS ALLIANCE INC	$5,900,000	+1.1%	106,677	-0.0%	2.13%	+3.1%
WFC	Sell	WELLS FARGO CO NEW	$5,358,000	+4.1%	106,226	-2.3%	1.94%	+6.2%
XOM	Sell	EXXON MOBIL CORP	$5,355,000	-11.2%	75,846	-3.6%	1.94%	-9.4%
JCI	Sell	JOHNSON CTLS INTL PLC	$5,228,000	+0.3%	119,117	-5.6%	1.89%	+2.3%
CFX	Sell	COLFAX CORP	$5,121,000	+3.6%	176,210	-0.1%	1.85%	+5.7%
GLW	Sell	CORNING INC	$5,114,000	-14.2%	179,306	-0.1%	1.85%	-12.5%
JNJ	Sell	JOHNSON & JOHNSON	$5,003,000	-50.5%	38,666	-46.8%	1.81%	-49.5%
RYAAY	Buy	RYANAIR HLDGS PLCsponsored ads	$4,901,000	+5.7%	73,829	+2.1%	1.77%	+7.8%
GPC	Sell	GENUINE PARTS CO	$4,760,000	-4.5%	47,796	-0.7%	1.72%	-2.6%
KO	Sell	COCA COLA CO	$4,583,000	+4.7%	84,178	-2.1%	1.66%	+6.8%
IBM	Sell	INTERNATIONAL BUSINESS MACHS	$4,569,000	+5.4%	31,419	-0.1%	1.65%	+7.5%
MHK	Buy	MOHAWK INDS INC	$4,254,000	-15.4%	34,285	+0.5%	1.54%	-13.7%
HAS	Sell	HASBRO INC	$4,166,000	-36.6%	35,097	-43.5%	1.50%	-35.3%
DAL	Buy	DELTA AIR LINES INC DEL	$3,825,000	+3.9%	66,405	+2.4%	1.38%	+6.0%
SASR	Sell	SANDY SPRING BANCORP INC	$3,629,000	-5.1%	107,652	-1.8%	1.31%	-3.2%
INTC	Buy	INTEL CORP	$3,446,000	+8.3%	66,865	+0.6%	1.24%	+10.5%
DEO	Sell	DIAGEO P L Cspon adr new	$2,852,000	-5.4%	17,443	-0.3%	1.03%	-3.5%
MMC	Sell	MARSH & MCLENNAN COS INC	$2,779,000	-0.3%	27,779	-0.6%	1.00%	+1.7%
JPM	Buy	JPMORGAN CHASE & CO	$2,409,000	+5.4%	20,470	+0.1%	0.87%	+7.5%
WHR	Buy	WHIRLPOOL CORP	$2,304,000	+11.4%	14,550	+0.1%	0.83%	+13.6%
AMTD	New	TD AMERITRADE HLDG CORP	$2,154,000	–	46,116	–	0.78%	–
BAC	Sell	BANK AMER CORP	$1,937,000	+0.2%	66,405	-0.4%	0.70%	+2.2%
LMT	Buy	LOCKHEED MARTIN CORP	$1,838,000	+8.6%	4,712	+1.2%	0.66%	+10.7%
FB	Buy	FACEBOOK INCcl a	$1,791,000	-3.1%	10,056	+5.0%	0.65%	-1.2%
GOOG	Buy	ALPHABET INCcap stk cl c	$1,732,000	+21.5%	1,421	+7.8%	0.63%	+24.0%
SBUX	Sell	STARBUCKS CORP	$1,716,000	+1.7%	19,403	-3.6%	0.62%	+3.7%
ATVI	Buy	ACTIVISION BLIZZARD INC	$1,436,000	+33.8%	27,136	+19.3%	0.52%	+36.6%
SEIC	Buy	SEI INVESTMENTS CO	$1,054,000	+23.9%	17,784	+17.3%	0.38%	+26.6%
BKNG	Buy	BOOKING HLDGS INC	$983,000	+32.5%	501	+26.5%	0.36%	+35.0%
T	Buy	AT&T INC	$748,000	+13.2%	19,763	+0.2%	0.27%	+15.4%
ULTA	New	ULTA BEAUTY INC	$685,000	–	2,734	–	0.25%	–
BRKA	Sell	BERKSHIRE HATHAWAY INC DELcl a	$624,000	-34.7%	2	-33.3%	0.22%	-33.4%
PFE	Sell	PFIZER INC	$596,000	-17.8%	16,594	-0.8%	0.22%	-16.3%
PNR	Sell	PENTAIR PLC	$562,000	+0.7%	14,878	-0.9%	0.20%	+2.5%
FDX	Buy	FEDEX CORP	$550,000	+88.4%	3,780	+112.4%	0.20%	+93.2%
MCD	Buy	MCDONALDS CORP	$476,000	+3.5%	2,217	+0.2%	0.17%	+5.5%
VZ	Sell	VERIZON COMMUNICATIONS INC	$452,000	-3.0%	7,492	-8.1%	0.16%	-1.2%
ALRS	New	ALERUS FINL CORP	$438,000	–	20,100	–	0.16%	–
CTSH	New	COGNIZANT TECHNOLOGY SOLUTIOcl a	$382,000	–	6,334	–	0.14%	–
MO	Sell	ALTRIA GROUP INC	$367,000	-22.2%	8,967	-10.0%	0.13%	-20.4%
WRE	Buy	WASHINGTON REAL ESTATE INVTsh ben int	$353,000	+2.6%	12,902	+0.3%	0.13%	+4.9%
FWONK	Sell	LIBERTY MEDIA CORP DELAWARE	$351,000	-48.2%	8,440	-53.4%	0.13%	-47.1%
PM	Sell	PHILIP MORRIS INTL INC	$343,000	-7.3%	4,519	-4.1%	0.12%	-5.3%
BXP	Sell	BOSTON PROPERTIES INC	$288,000	-1.7%	2,225	-2.2%	0.10%	0.0%
CMCSA	Sell	COMCAST CORP NEWcl a	$210,000	-7.5%	4,647	-13.4%	0.08%	-5.0%
GE	Buy	GENERAL ELECTRIC CO	$97,000	-14.9%	10,868	+0.0%	0.04%	-12.5%
TEVA	Exit	TEVA PHARMACEUTICAL INDS LTD	$0	–	-15,700	–	-0.05%	–
BA	Exit	BOEING CO	$0	–	-569	–	-0.07%	–
ABBV	Exit	ABBVIE INC	$0	–	-10,715	–	-0.28%	–

Q2 2019

			Value		Shares		↓ Weighting
BRKB	New	BERKSHIRE HATHAWAY INC CL B	$29,465,000	–	138,223	–	10.44%	–
MKL	New	MARKEL CORP	$21,990,000	–	20,182	–	7.79%	–
JNJ	New	JOHNSON & JOHNSON	$10,114,000	–	72,615	–	3.58%	–
PGR	New	PROGRESSIVE CORP OHIO	$9,958,000	–	124,584	–	3.53%	–
TROW	New	PRICE T ROWE GROUP INC	$8,802,000	–	80,232	–	3.12%	–
Y	New	ALLEGHANY CORP DEL	$8,469,000	–	12,434	–	3.00%	–
NCLH	New	NORWEGIAN CRUISE LINE HLDG L	$8,415,000	–	156,913	–	2.98%	–
L	New	LOEWS CORP	$8,377,000	–	153,235	–	2.97%	–
MSGS	New	MADISON SQUARE GARDEN CO CL A	$7,760,000	–	27,721	–	2.75%	–
NSC	New	NORFOLK SOUTHERN CORP	$7,663,000	–	38,445	–	2.71%	–
PAYX	New	PAYCHEX INC	$7,101,000	–	86,294	–	2.52%	–
JEF	New	JEFFERIES FINL GROUP INC	$7,097,000	–	369,040	–	2.51%	–
DISCA	New	DISCOVERY INC Cl A	$6,942,000	–	226,130	–	2.46%	–
HAS	New	HASBRO INC	$6,567,000	–	62,140	–	2.33%	–
DIS	New	DISNEY WALT CO	$6,490,000	–	46,478	–	2.30%	–
PEP	New	PEPSICO INC	$6,296,000	–	48,016	–	2.23%	–
XOM	New	EXXON MOBIL CORP	$6,028,000	–	78,662	–	2.14%	–
GLW	New	CORNING INC	$5,962,000	–	179,403	–	2.11%	–
MSFT	New	MICROSOFT CORP	$5,912,000	–	44,130	–	2.09%	–
WBA	New	WALGREENS BOOTS ALLIANCE INC	$5,834,000	–	106,707	–	2.07%	–
JCI	New	JOHNSON CTLS INTL PLC	$5,213,000	–	126,202	–	1.85%	–
WFC	New	WELLS FARGO CO NEW	$5,147,000	–	108,776	–	1.82%	–
MHK	New	MOHAWK INDS INC	$5,031,000	–	34,115	–	1.78%	–
GPC	New	GENUINE PARTS CO	$4,984,000	–	48,118	–	1.77%	–
CFX	New	COLFAX CORP	$4,942,000	–	176,310	–	1.75%	–
RYAAY	New	RYANAIR HLDGS PLC	$4,638,000	–	72,318	–	1.64%	–
KO	New	COCA COLA CO	$4,377,000	–	85,965	–	1.55%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$4,336,000	–	31,444	–	1.54%	–
SASR	New	SANDY SPRING BANCORP INC	$3,824,000	–	109,642	–	1.36%	–
AAPL	New	APPLE INC	$3,705,000	–	18,721	–	1.31%	–
DAL	New	DELTA AIR LINES INC DEL	$3,682,000	–	64,880	–	1.30%	–
CABO	New	CABLE ONE INC	$3,631,000	–	3,101	–	1.29%	–
INTC	New	INTEL CORP	$3,182,000	–	66,462	–	1.13%	–
DEO	New	DIAGEO P L C ADR	$3,014,000	–	17,491	–	1.07%	–
MMC	New	MARSH & MCLENNAN COS INC	$2,787,000	–	27,943	–	0.99%	–
JPM	New	JPMORGAN CHASE & CO	$2,286,000	–	20,445	–	0.81%	–
WHR	New	WHIRLPOOL CORP	$2,069,000	–	14,536	–	0.73%	–
BAC	New	BANK AMER CORP	$1,933,000	–	66,653	–	0.68%	–
FB	New	FACEBOOK INC CL A	$1,849,000	–	9,579	–	0.66%	–
GHC	New	GRAHAM HLDGS CO	$1,756,000	–	2,545	–	0.62%	–
LMT	New	LOCKHEED MARTIN CORP	$1,693,000	–	4,657	–	0.60%	–
SBUX	New	STARBUCKS CORP	$1,687,000	–	20,128	–	0.60%	–
GOOG	New	ALPHABET INC Cap Stk Cl C	$1,425,000	–	1,318	–	0.50%	–
TRIP	New	TRIPADVISOR INC	$1,339,000	–	28,930	–	0.47%	–
GSK	New	GLAXOSMITHKLINE PLC	$1,147,000	–	28,650	–	0.41%	–
ATVI	New	ACTIVISION BLIZZARD INC	$1,073,000	–	22,738	–	0.38%	–
BRKA	New	BERKSHIRE HATHAWAY INC CL A	$955,000	–	3	–	0.34%	–
SEIC	New	SEI INVESTMENTS CO	$851,000	–	15,167	–	0.30%	–
ABBV	New	ABBVIE INC	$779,000	–	10,715	–	0.28%	–
PH	New	PARKER HANNIFIN CORP	$747,000	–	4,395	–	0.26%	–
BKNG	New	BOOKING HLDGS INC	$742,000	–	396	–	0.26%	–
PFE	New	PFIZER INC	$725,000	–	16,734	–	0.26%	–
FWONK	New	LIBERTY MEDIA CORP DELAWARE	$678,000	–	18,115	–	0.24%	–
T	New	AT&T INC	$661,000	–	19,717	–	0.23%	–
CVX	New	CHEVRON CORP NEW	$596,000	–	4,793	–	0.21%	–
PNR	New	PENTAIR PLC	$558,000	–	15,008	–	0.20%	–
COST	New	COSTCO WHSL CORP NEW	$522,000	–	1,976	–	0.18%	–
RDSA	New	ROYAL DUTCH SHELL PLC	$490,000	–	7,530	–	0.17%	–
MAR	New	MARRIOTT INTL INC NEW	$483,000	–	3,442	–	0.17%	–
MO	New	ALTRIA GROUP INC	$472,000	–	9,962	–	0.17%	–
VZ	New	VERIZON COMMUNICATIONS INC	$466,000	–	8,151	–	0.16%	–
MCD	New	MCDONALDS CORP	$460,000	–	2,213	–	0.16%	–
HON	New	HONEYWELL INTL INC	$379,000	–	2,172	–	0.13%	–
PM	New	PHILIP MORRIS INTL INC	$370,000	–	4,714	–	0.13%	–
SPY	New	SPDR S&P 500 ETF TR	$350,000	–	1,194	–	0.12%	–
WRE	New	WASHINGTON REAL ESTATE INVT TR	$344,000	–	12,869	–	0.12%	–
AMZN	New	AMAZON COM INC	$335,000	–	177	–	0.12%	–
FRT	New	FEDERAL REALTY INVT TR	$322,000	–	2,500	–	0.11%	–
BXP	New	BOSTON PROPERTIES INC	$293,000	–	2,275	–	0.10%	–
BBT	New	BB&T CORP	$295,000	–	5,996	–	0.10%	–
FDX	New	FEDEX CORP	$292,000	–	1,780	–	0.10%	–
DOFSQ	New	DIAMOND OFFSHORE DRILLING IN	$286,000	–	32,288	–	0.10%	–
AVB	New	AVALONBAY CMNTYS INC	$274,000	–	1,350	–	0.10%	–
UL	New	UNILEVER PLC	$253,000	–	4,090	–	0.09%	–
LOW	New	LOWES COS INC	$255,000	–	2,530	–	0.09%	–
AXP	New	AMERICAN EXPRESS CO	$247,000	–	2,000	–	0.09%	–
DVD	New	DOVER MOTORSPORTS INC	$243,000	–	116,855	–	0.09%	–
IR	New	INGERSOLL-RAND PLC	$231,000	–	1,822	–	0.08%	–
ALL	New	ALLSTATE CORP	$230,000	–	2,259	–	0.08%	–
CMCSA	New	COMCAST CORP NEW CL A	$227,000	–	5,367	–	0.08%	–
EFA	New	ISHARES TR MSCI EAFE ETF	$222,000	–	3,372	–	0.08%	–
ADP	New	AUTOMATIC DATA PROCESSING IN	$208,000	–	1,260	–	0.07%	–
BA	New	BOEING CO	$207,000	–	569	–	0.07%	–
TEVA	New	TEVA PHARMACEUTICAL INDS LTD	$145,000	–	15,700	–	0.05%	–
GE	New	GENERAL ELECTRIC CO	$114,000	–	10,867	–	0.04%	–

Q4 2018

			Value		Shares		↓ Weighting
GE	Exit	General Electric Corp	$0	–	-15,055	–	-0.06%	–
CSCO	Exit	Cisco Sys Inc Com	$0	–	-4,229	–	-0.07%	–
ALL	Exit	Allstate Corp	$0	–	-2,259	–	-0.08%	–
MO	Exit	Altria Group Inc.	$0	–	-3,948	–	-0.08%	–
AVB	Exit	Avalonbay Comm Reit Inc.	$0	–	-1,350	–	-0.08%	–
CVX	Exit	Chevrontexaco Corp Com	$0	–	-2,064	–	-0.09%	–
DVD	Exit	Dover Motorsports Inc	$0	–	-116,855	–	-0.09%	–
EFA	Exit	IShares Tr MSCI Eafe Idx	$0	–	-3,997	–	-0.09%	–
BBT	Exit	BB&T Corp	$0	–	-5,996	–	-0.10%	–
BXP	Exit	Boston Properties	$0	–	-2,400	–	-0.10%	–
MCD	Exit	McDonalds Corp	$0	–	-1,852	–	-0.11%	–
ABT	Exit	Abbott Labs Com	$0	–	-4,276	–	-0.11%	–
FWONK	Exit	Liberty Media Corp Del Com Ser	$0	–	-8,520	–	-0.11%	–
FRT	Exit	Federal Realty Invt Tr Sbi-New	$0	–	-2,500	–	-0.11%	–
AMZN	Exit	Amazon Com Inc Com	$0	–	-162	–	-0.11%	–
FDX	Exit	Fedex Corp Com	$0	–	-1,365	–	-0.11%	–
TEVA	Exit	Teva Pharmaceutical Inds Adr	$0	–	-15,400	–	-0.12%	–
DVAX	Exit	Dynavax Technologies C Com New	$0	–	-26,990	–	-0.12%	–
GOOG	Exit	Alphabet Inc	$0	–	-286	–	-0.12%	–
T	Exit	AT&T Inc	$0	–	-10,291	–	-0.12%	–
HON	Exit	Honeywell Intl Inc	$0	–	-2,272	–	-0.13%	–
WRE	Exit	Washington Real Estate Inv Tr	$0	–	-13,177	–	-0.14%	–
VZ	Exit	Verizon Communications Com	$0	–	-8,079	–	-0.15%	–
RD	Exit	Royal Dutch Shell Plc Adr Cl A	$0	–	-6,400	–	-0.15%	–
MAR	Exit	Marriott Intl Inc	$0	–	-3,442	–	-0.16%	–
COST	Exit	Costco Wholesale Corp	$0	–	-1,976	–	-0.16%	–
ALRS	Exit	Alerus Finl Corp Com	$0	–	-20,100	–	-0.17%	–
	Exit	First Natl Bk Alaska Com	$0	–	-2,110	–	-0.19%	–
NVT	Exit	Nvent Electric Plc Shs	$0	–	-25,042	–	-0.24%	–
PFE	Exit	Pfizer Inc Com	$0	–	-16,793	–	-0.26%	–
DAL	Exit	Delta Air Lines Del Com New	$0	–	-13,510	–	-0.27%	–
APY	Exit	Apergy Corp Com	$0	–	-18,034	–	-0.27%	–
	Exit	Becton Dickinson & Co Com	$0	–	-3,191	–	-0.29%	–
FRFHF	Exit	Fairfax Finl Hldgs Ltd Sub Vtg	$0	–	-1,659	–	-0.31%	–
ABBV	Exit	Abbvie Inc. Com	$0	–	-10,076	–	-0.33%	–
	Exit	Berkshire Hathaway Inc-Cl A	$0	–	-3	–	-0.33%	–
FB	Exit	Facebook Inc Cl A	$0	–	-6,055	–	-0.34%	–
PNR	Exit	Pentair Ltd	$0	–	-23,908	–	-0.36%	–
SBUX	Exit	Starbucks Corp Com	$0	–	-18,815	–	-0.37%	–
AAPL	Exit	Apple Inc	$0	–	-4,787	–	-0.37%	–
GSK	Exit	Glaxo Holdings Plc	$0	–	-30,077	–	-0.42%	–
NSRGY	Exit	Nestle Sa-Adr Repstg	$0	–	-15,400	–	-0.44%	–
DOFSQ	Exit	Diamond Offshore Drill Com	$0	–	-69,179	–	-0.48%	–
GHC	Exit	Graham Holdings Co	$0	–	-2,655	–	-0.53%	–
JPM	Exit	J P Morgan Chase And Co	$0	–	-13,673	–	-0.53%	–
WHR	Exit	Whirlpool Corp Com	$0	–	-13,520	–	-0.55%	–
TRIP	Exit	Tripadvisor Inc Com	$0	–	-35,575	–	-0.63%	–
BAC	Exit	Bank Of Amer Corp	$0	–	-70,449	–	-0.72%	–
DEO	Exit	Diageo Plc Spon Adr New	$0	–	-14,648	–	-0.72%	–
INTC	Exit	Intel Corp	$0	–	-54,400	–	-0.89%	–
CABO	Exit	Cable One Inc Com	$0	–	-3,206	–	-0.98%	–
DOV	Exit	Dover Corp Com	$0	–	-34,623	–	-1.06%	–
SASR	Exit	Sandy Spring Bancorp Com	$0	–	-94,173	–	-1.28%	–
KO	Exit	Coca-Cola Corp	$0	–	-89,830	–	-1.43%	–
MMC	Exit	Marsh & McLennan Cos Com	$0	–	-51,942	–	-1.48%	–
JCI	Exit	Johnson Ctls International Plc	$0	–	-133,202	–	-1.61%	–
DIS	Exit	Walt Disney Holding Co	$0	–	-39,977	–	-1.61%	–
WMT	Exit	Wal Mart Stores Inc Com	$0	–	-51,887	–	-1.68%	–
GPC	Exit	Genuine Parts Co Com	$0	–	-51,534	–	-1.77%	–
MSFT	Exit	Microsoft Corp Com	$0	–	-44,905	–	-1.77%	–
PEP	Exit	Pepsico Inc	$0	–	-49,799	–	-1.92%	–
RYAAY	Exit	Ryanair Hldgs Plc Sponsored Ad	$0	–	-60,255	–	-2.00%	–
IBM	Exit	International Business Machine	$0	–	-40,334	–	-2.10%	–
NCLH	Exit	Norwegian Cruise Line Shs	$0	–	-107,999	–	-2.14%	–
PAYX	Exit	Paychex Inc	$0	–	-87,729	–	-2.23%	–
GLW	Exit	Corning Inc Com	$0	–	-184,054	–	-2.24%	–
CFX	Exit	Colfax Corp Com	$0	–	-190,310	–	-2.37%	–
HAS	Exit	Hasbro Inc Com	$0	–	-65,813	–	-2.39%	–
WFC	Exit	Wells Fargo & Co	$0	–	-133,240	–	-2.42%	–
XOM	Exit	Exxon Mobil Corp	$0	–	-86,974	–	-2.55%	–
NSC	Exit	Norfolk Southern Corp	$0	–	-43,042	–	-2.68%	–
JEF	Exit	Jefferies Grp Inc New Com	$0	–	-367,166	–	-2.78%	–
WBA	Exit	Walgreens Boots Alliance Inc C	$0	–	-110,819	–	-2.79%	–
L	Exit	Loews Corp	$0	–	-162,230	–	-2.81%	–
TROW	Exit	T Rowe Price Group Inc	$0	–	-74,960	–	-2.82%	–
MSGS	Exit	Madison Square Garden Cl A	$0	–	-27,816	–	-3.03%	–
DISCA	Exit	Discovery Holdings Co Cl A	$0	–	-304,695	–	-3.36%	–
PGR	Exit	Progressive Corp Ohio Com	$0	–	-144,037	–	-3.53%	–
Y	Exit	Alleghany Corp	$0	–	-16,195	–	-3.65%	–
JNJ	Exit	Johnson & Johnson	$0	–	-79,776	–	-3.80%	–
MKL	Exit	Markel Corp Com	$0	–	-21,208	–	-8.70%	–
BRKB	Exit	Berkshire Hathaway Inc-Cl B	$0	–	-137,682	–	-10.17%	–

Q3 2018

			Value		Shares		↓ Weighting
BRKB	Sell	Berkshire Hathaway Inc-Cl B	$29,479,000	+14.0%	137,682	-0.6%	10.17%	+7.4%
MKL	Sell	Markel Corp Com	$25,205,000	+9.2%	21,208	-0.4%	8.70%	+2.9%
JNJ	Sell	Johnson & Johnson	$11,023,000	+3.7%	79,776	-8.9%	3.80%	-2.3%
Y	Sell	Alleghany Corp	$10,568,000	+11.9%	16,195	-1.4%	3.65%	+5.4%
PGR	Sell	Progressive Corp Ohio Com	$10,232,000	+17.3%	144,037	-2.3%	3.53%	+10.6%
DISCA	Sell	Discovery Holdings Co Cl A	$9,750,000	+14.9%	304,695	-1.2%	3.36%	+8.3%
MSGS	Sell	Madison Square Garden Cl A	$8,771,000	-23.6%	27,816	-24.9%	3.03%	-28.1%
TROW	Sell	T Rowe Price Group Inc	$8,184,000	-7.3%	74,960	-1.4%	2.82%	-12.6%
L	Sell	Loews Corp	$8,149,000	+2.6%	162,230	-1.4%	2.81%	-3.4%
WBA	Sell	Walgreens Boots Alliance Inc C	$8,079,000	+20.0%	110,819	-1.2%	2.79%	+13.1%
JEF	Sell	Jefferies Grp Inc New Com	$8,063,000	-4.0%	367,166	-0.5%	2.78%	-9.5%
NSC	Sell	Norfolk Southern Corp	$7,769,000	+13.9%	43,042	-4.8%	2.68%	+7.3%
XOM	Sell	Exxon Mobil Corp	$7,395,000	+1.7%	86,974	-1.0%	2.55%	-4.1%
WFC	Buy	Wells Fargo & Co	$7,003,000	-4.7%	133,240	+0.5%	2.42%	-10.3%
HAS	Sell	Hasbro Inc Com	$6,918,000	+12.3%	65,813	-1.3%	2.39%	+5.9%
CFX	Sell	Colfax Corp Com	$6,863,000	+15.9%	190,310	-1.5%	2.37%	+9.2%
GLW	Sell	Corning Inc Com	$6,497,000	+26.0%	184,054	-1.8%	2.24%	+18.7%
PAYX	Sell	Paychex Inc	$6,461,000	+6.4%	87,729	-1.3%	2.23%	+0.2%
NCLH	Sell	Norwegian Cruise Line Shs	$6,202,000	+20.5%	107,999	-0.9%	2.14%	+13.5%
IBM	Sell	International Business Machine	$6,099,000	-9.6%	40,334	-16.5%	2.10%	-14.9%
RYAAY	Buy	Ryanair Hldgs Plc Sponsored Ad	$5,787,000	-6.1%	60,255	+11.7%	2.00%	-11.5%
PEP	Sell	Pepsico Inc	$5,568,000	+2.1%	49,799	-0.6%	1.92%	-3.8%
MSFT	Sell	Microsoft Corp Com	$5,136,000	+7.5%	44,905	-7.3%	1.77%	+1.3%
GPC	Sell	Genuine Parts Co Com	$5,122,000	+7.0%	51,534	-1.1%	1.77%	+0.9%
WMT	Sell	Wal Mart Stores Inc Com	$4,873,000	+8.7%	51,887	-0.9%	1.68%	+2.3%
DIS	Buy	Walt Disney Holding Co	$4,675,000	+12.6%	39,977	+0.9%	1.61%	+6.0%
JCI	Buy	Johnson Ctls International Plc	$4,662,000	+5.8%	133,202	+1.1%	1.61%	-0.3%
MMC	Sell	Marsh & McLennan Cos Com	$4,297,000	-0.9%	51,942	-1.8%	1.48%	-6.7%
KO	Sell	Coca-Cola Corp	$4,149,000	+4.2%	89,830	-1.0%	1.43%	-1.8%
SASR	Sell	Sandy Spring Bancorp Com	$3,702,000	-5.6%	94,173	-1.6%	1.28%	-11.1%
DOV	Sell	Dover Corp Com	$3,065,000	+12.8%	34,623	-6.7%	1.06%	+6.3%
CABO	Sell	Cable One Inc Com	$2,833,000	+18.8%	3,206	-1.4%	0.98%	+12.0%
INTC	Buy	Intel Corp	$2,573,000	+72.7%	54,400	+81.5%	0.89%	+62.6%
DEO	Sell	Diageo Plc Spon Adr New	$2,075,000	-4.9%	14,648	-3.3%	0.72%	-10.4%
BAC	Sell	Bank Of Amer Corp	$2,075,000	+3.9%	70,449	-0.6%	0.72%	-2.1%
TRIP	Sell	Tripadvisor Inc Com	$1,817,000	-8.7%	35,575	-0.4%	0.63%	-14.0%
WHR	Buy	Whirlpool Corp Com	$1,605,000	-6.0%	13,520	+15.9%	0.55%	-11.4%
JPM	Buy	J P Morgan Chase And Co	$1,543,000	+21.7%	13,673	+12.4%	0.53%	+14.7%
GHC	Sell	Graham Holdings Co	$1,538,000	-2.8%	2,655	-1.7%	0.53%	-8.3%
DOFSQ	Sell	Diamond Offshore Drill Com	$1,384,000	-11.2%	69,179	-7.4%	0.48%	-16.3%
GSK	Buy	Glaxo Holdings Plc	$1,208,000	+4.0%	30,077	+4.4%	0.42%	-2.1%
AAPL	Sell	Apple Inc	$1,081,000	+18.7%	4,787	-2.7%	0.37%	+11.7%
SBUX	Buy	Starbucks Corp Com	$1,069,000	+295.9%	18,815	+240.9%	0.37%	+272.7%
PNR	Buy	Pentair Ltd	$1,036,000	+4.4%	23,908	+1.5%	0.36%	-1.7%
FB	Buy	Facebook Inc Cl A	$996,000	+11.8%	6,055	+32.1%	0.34%	+5.5%
ABBV	Buy	Abbvie Inc. Com	$953,000	+122.7%	10,076	+117.9%	0.33%	+109.6%
FRFHF	Sell	Fairfax Finl Hldgs Ltd Sub Vtg	$901,000	-4.3%	1,659	-1.1%	0.31%	-9.9%
	Sell	Becton Dickinson & Co Com	$833,000	-75.5%	3,191	-77.6%	0.29%	-77.0%
APY	Sell	Apergy Corp Com	$786,000	+1.6%	18,034	-2.8%	0.27%	-4.2%
DAL	Buy	Delta Air Lines Del Com New	$781,000	+21.5%	13,510	+4.1%	0.27%	+14.5%
PFE	Buy	Pfizer Inc Com	$740,000	+22.5%	16,793	+0.8%	0.26%	+15.4%
NVT	Buy	Nvent Electric Plc Shs	$680,000	+14.9%	25,042	+6.3%	0.24%	+8.3%
	Buy	First Natl Bk Alaska Com	$559,000	+18.9%	2,110	+886.0%	0.19%	+12.2%
MAR	New	Marriott Intl Inc	$454,000	–	3,442	–	0.16%	–
VZ	Buy	Verizon Communications Com	$431,000	+13.1%	8,079	+6.8%	0.15%	+6.4%
WRE	Buy	Washington Real Estate Inv Tr	$404,000	+1.3%	13,177	+0.2%	0.14%	-4.8%
HON	Buy	Honeywell Intl Inc	$378,000	+20.8%	2,272	+4.6%	0.13%	+13.0%
T	Buy	AT&T Inc	$346,000	+7.8%	10,291	+2.9%	0.12%	+0.8%
GOOG	Sell	Alphabet Inc	$341,000	+6.2%	286	-0.7%	0.12%	0.0%
DVAX	New	Dynavax Technologies C Com New	$335,000	–	26,990	–	0.12%	–
TEVA	Sell	Teva Pharmaceutical Inds Adr	$332,000	-26.1%	15,400	-16.5%	0.12%	-29.9%
FDX	Buy	Fedex Corp Com	$329,000	+58.9%	1,365	+50.0%	0.11%	+50.0%
AMZN	Sell	Amazon Com Inc Com	$324,000	-10.0%	162	-23.6%	0.11%	-15.2%
ABT	Buy	Abbott Labs Com	$314,000	+20.8%	4,276	+0.1%	0.11%	+13.7%
MCD	Buy	McDonalds Corp	$310,000	+6.9%	1,852	+0.2%	0.11%	+0.9%
BBT	Buy	BB&T Corp	$291,000	-0.3%	5,996	+3.5%	0.10%	-6.5%
EFA	Buy	IShares Tr MSCI Eafe Idx	$272,000	+5.0%	3,997	+3.4%	0.09%	-1.1%
CVX	New	Chevrontexaco Corp Com	$252,000	–	2,064	–	0.09%	–
MO	Buy	Altria Group Inc.	$238,000	+6.2%	3,948	+0.1%	0.08%	0.0%
CSCO	New	Cisco Sys Inc Com	$206,000	–	4,229	–	0.07%	–
GE	Sell	General Electric Corp	$170,000	-30.3%	15,055	-15.9%	0.06%	-33.7%

Q2 2018

			Value		Shares		↓ Weighting
BRKB	New	Berkshire Hathaway Inc-Cl B	$25,860,000	–	138,549	–	9.47%	–
MKL	New	Markel Corp Com	$23,086,000	–	21,290	–	8.46%	–
MSGS	New	Madison Square Garden Cl A	$11,483,000	–	37,018	–	4.21%	–
JNJ	New	Johnson & Johnson	$10,626,000	–	87,576	–	3.89%	–
Y	New	Alleghany Corp	$9,446,000	–	16,428	–	3.46%	–
TROW	New	T Rowe Price Group Inc	$8,824,000	–	76,007	–	3.23%	–
PGR	New	Progressive Corp Ohio Com	$8,722,000	–	147,462	–	3.19%	–
DISCA	New	Discovery Holdings Co Cl A	$8,482,000	–	308,445	–	3.11%	–
JEF	New	Jefferies Grp Inc New Com	$8,395,000	–	369,167	–	3.08%	–
L	New	Loews Corp	$7,945,000	–	164,570	–	2.91%	–
WFC	New	Wells Fargo & Co	$7,351,000	–	132,587	–	2.69%	–
XOM	New	Exxon Mobil Corp	$7,269,000	–	87,867	–	2.66%	–
NSC	New	Norfolk Southern Corp	$6,823,000	–	45,226	–	2.50%	–
IBM	New	International Business Machine	$6,748,000	–	48,305	–	2.47%	–
WBA	New	Walgreens Boots Alliance Inc C	$6,732,000	–	112,178	–	2.47%	–
RYAAY	New	Ryanair Hldgs Plc Sponsored Ad	$6,162,000	–	53,945	–	2.26%	–
HAS	New	Hasbro Inc Com	$6,158,000	–	66,713	–	2.26%	–
PAYX	New	Paychex Inc	$6,072,000	–	88,840	–	2.22%	–
CFX	New	Colfax Corp Com	$5,922,000	–	193,210	–	2.17%	–
PEP	New	Pepsico Inc	$5,454,000	–	50,097	–	2.00%	–
GLW	New	Corning Inc Com	$5,157,000	–	187,459	–	1.89%	–
NCLH	New	Norwegian Cruise Line Shs	$5,148,000	–	108,954	–	1.88%	–
GPC	New	Genuine Parts Co Com	$4,785,000	–	52,130	–	1.75%	–
MSFT	New	Microsoft Corp Com	$4,777,000	–	48,444	–	1.75%	–
WMT	New	Wal Mart Stores Inc Com	$4,485,000	–	52,360	–	1.64%	–
JCI	New	Johnson Ctls International Plc	$4,406,000	–	131,731	–	1.61%	–
MMC	New	Marsh & McLennan Cos Com	$4,338,000	–	52,917	–	1.59%	–
DIS	New	Walt Disney Holding Co	$4,152,000	–	39,614	–	1.52%	–
KO	New	Coca-Cola Corp	$3,981,000	–	90,770	–	1.46%	–
SASR	New	Sandy Spring Bancorp Com	$3,923,000	–	95,658	–	1.44%	–
	New	Becton Dickinson & Co Com	$3,406,000	–	14,219	–	1.25%	–
DOV	New	Dover Corp Com	$2,717,000	–	37,123	–	1.00%	–
CABO	New	Cable One Inc Com	$2,384,000	–	3,251	–	0.87%	–
DEO	New	Diageo Plc Spon Adr New	$2,181,000	–	15,148	–	0.80%	–
BAC	New	Bank Of Amer Corp	$1,997,000	–	70,848	–	0.73%	–
TRIP	New	Tripadvisor Inc Com	$1,990,000	–	35,715	–	0.73%	–
WHR	New	Whirlpool Corp Com	$1,707,000	–	11,670	–	0.62%	–
GHC	New	Graham Holdings Co	$1,582,000	–	2,700	–	0.58%	–
DOFSQ	New	Diamond Offshore Drill Com	$1,558,000	–	74,679	–	0.57%	–
INTC	New	Intel Corp	$1,490,000	–	29,974	–	0.55%	–
JPM	New	J P Morgan Chase And Co	$1,268,000	–	12,168	–	0.46%	–
NSRGY	New	Nestle Sa-Adr Repstg	$1,192,000	–	15,400	–	0.44%	–
GSK	New	Glaxo Holdings Plc	$1,162,000	–	28,815	–	0.43%	–
PNR	New	Pentair Ltd	$992,000	–	23,566	–	0.36%	–
FRFHF	New	Fairfax Finl Hldgs Ltd Sub Vtg	$941,000	–	1,678	–	0.34%	–
AAPL	New	Apple Inc	$911,000	–	4,922	–	0.33%	–
FB	New	Facebook Inc Cl A	$891,000	–	4,583	–	0.33%	–
	New	Berkshire Hathaway Inc-Cl A	$846,000	–	3	–	0.31%	–
APY	New	Apergy Corp Com	$774,000	–	18,546	–	0.28%	–
DAL	New	Delta Air Lines Del Com New	$643,000	–	12,975	–	0.24%	–
PFE	New	Pfizer Inc Com	$604,000	–	16,654	–	0.22%	–
NVT	New	Nvent Electric Plc Shs	$592,000	–	23,566	–	0.22%	–
ALRS	New	Alerus Finl Corp Com	$526,000	–	20,100	–	0.19%	–
	New	First Natl Bk Alaska Com	$470,000	–	214	–	0.17%	–
TEVA	New	Teva Pharmaceutical Inds Adr	$449,000	–	18,450	–	0.16%	–
RD	New	Royal Dutch Shell Plc Adr Cl A	$443,000	–	6,400	–	0.16%	–
ABBV	New	Abbvie Inc. Com	$428,000	–	4,624	–	0.16%	–
COST	New	Costco Wholesale Corp	$413,000	–	1,976	–	0.15%	–
WRE	New	Washington Real Estate Inv Tr	$399,000	–	13,149	–	0.15%	–
VZ	New	Verizon Communications Com	$381,000	–	7,567	–	0.14%	–
AMZN	New	Amazon Com Inc Com	$360,000	–	212	–	0.13%	–
T	New	AT&T Inc	$321,000	–	9,997	–	0.12%	–
GOOG	New	Alphabet Inc	$321,000	–	288	–	0.12%	–
FRT	New	Federal Realty Invt Tr Sbi-New	$316,000	–	2,500	–	0.12%	–
FWONK	New	Liberty Media Corp Del Com Ser	$316,000	–	8,520	–	0.12%	–
HON	New	Honeywell Intl Inc	$313,000	–	2,172	–	0.12%	–
BXP	New	Boston Properties	$301,000	–	2,400	–	0.11%	–
BBT	New	BB&T Corp	$292,000	–	5,796	–	0.11%	–
MCD	New	McDonalds Corp	$290,000	–	1,848	–	0.11%	–
SBUX	New	Starbucks Corp Com	$270,000	–	5,520	–	0.10%	–
DVD	New	Dover Motorsports Inc	$263,000	–	116,855	–	0.10%	–
ABT	New	Abbott Labs Com	$260,000	–	4,271	–	0.10%	–
EFA	New	IShares Tr MSCI Eafe Idx	$259,000	–	3,865	–	0.10%	–
GE	New	General Electric Corp	$244,000	–	17,897	–	0.09%	–
AVB	New	Avalonbay Comm Reit Inc.	$232,000	–	1,350	–	0.08%	–
MO	New	Altria Group Inc.	$224,000	–	3,944	–	0.08%	–
FDX	New	Fedex Corp Com	$207,000	–	910	–	0.08%	–
ALL	New	Allstate Corp	$206,000	–	2,259	–	0.08%	–

Q4 2017

			Value		Shares		↓ Weighting
DVD	Exit	Dover Motorsports Inc	$0	–	-97,352	–	-0.07%	–
FDX	Exit	Fedex Corp Com	$0	–	-910	–	-0.08%	–
ALL	Exit	Allstate Corp	$0	–	-2,259	–	-0.08%	–
UL	Exit	Unilever Plc Amern Shs	$0	–	-3,590	–	-0.08%	–
AMZN	Exit	Amazon Com Inc Com	$0	–	-219	–	-0.08%	–
ABT	Exit	Abbott Labs Com	$0	–	-4,271	–	-0.08%	–
FWONK	Exit	Liberty Media Corp Del Com Ser	$0	–	-6,320	–	-0.09%	–
AVB	Exit	Avalonbay Comm Reit Inc.	$0	–	-1,350	–	-0.09%	–
UNP	Exit	Union Pac Corp	$0	–	-2,100	–	-0.09%	–
MO	Exit	Altria Group Inc.	$0	–	-3,909	–	-0.09%	–
TEVA	Exit	Teva Pharmaceutical Inds Adr	$0	–	-14,401	–	-0.09%	–
SOR	Exit	Source Capital Inc	$0	–	-6,525	–	-0.10%	–
BBT	Exit	BB&T Corp	$0	–	-5,811	–	-0.10%	–
EFA	Exit	IShares Tr MSCI Eafe Idx	$0	–	-4,065	–	-0.10%	–
MCD	Exit	McDonalds Corp	$0	–	-1,837	–	-0.11%	–
BXP	Exit	Boston Properties	$0	–	-2,400	–	-0.11%	–
INTC	Exit	Intel Corp	$0	–	-7,950	–	-0.11%	–
HON	Exit	Honeywell Intl Inc	$0	–	-2,172	–	-0.12%	–
FRT	Exit	Federal Realty Invt Tr Sbi-New	$0	–	-2,500	–	-0.12%	–
COST	Exit	Costco Wholesale Corp	$0	–	-1,976	–	-0.12%	–
	Exit	First Natl Bk Alaska Com	$0	–	-214	–	-0.14%	–
VZ	Exit	Verizon Communications Com	$0	–	-7,408	–	-0.14%	–
RD	Exit	Royal Dutch Shell Plc Adr Cl A	$0	–	-6,400	–	-0.14%	–
ALRS	Exit	Alerus Finl Corp Com	$0	–	-20,100	–	-0.15%	–
ABBV	Exit	Abbvie Inc. Com	$0	–	-4,624	–	-0.15%	–
T	Exit	AT&T Inc	$0	–	-10,736	–	-0.16%	–
GE	Exit	General Electric Corp	$0	–	-17,775	–	-0.16%	–
WRE	Exit	Washington Real Estate Inv Tr	$0	–	-13,090	–	-0.16%	–
AGN	Exit	Allergan Plc	$0	–	-2,642	–	-0.20%	–
FRFHF	Exit	Fairfax Finl Hldgs Ltd Sub Vtg	$0	–	-1,086	–	-0.21%	–
PFE	Exit	Pfizer Inc Com	$0	–	-19,556	–	-0.26%	–
JPM	Exit	J P Morgan Chase And Co	$0	–	-7,875	–	-0.28%	–
	Exit	Berkshire Hathaway Inc-Cl A	$0	–	-3	–	-0.31%	–
NCLH	Exit	Norwegian Cruise Line Shs	$0	–	-15,715	–	-0.32%	–
DOFSQ	Exit	Diamond Offshore Drill Com	$0	–	-73,144	–	-0.40%	–
NSRGY	Exit	Nestle Sa-Adr Repstg	$0	–	-15,400	–	-0.48%	–
TRIP	Exit	Tripadvisor Inc Com	$0	–	-34,185	–	-0.52%	–
GSK	Exit	Glaxo Holdings Plc	$0	–	-36,815	–	-0.56%	–
PNR	Exit	Pentair Ltd	$0	–	-23,851	–	-0.60%	–
GHC	Exit	Graham Holdings Co	$0	–	-2,991	–	-0.65%	–
BAC	Exit	Bank Of Amer Corp	$0	–	-72,626	–	-0.68%	–
JCI	Exit	Johnson Ctls International Plc	$0	–	-46,785	–	-0.70%	–
DEO	Exit	Diageo Plc Spon Adr New	$0	–	-15,148	–	-0.74%	–
BBBY	Exit	Bed Bath & Beyond Inc Com	$0	–	-86,996	–	-0.76%	–
CABO	Exit	Cable One Inc Com	$0	–	-3,227	–	-0.87%	–
MKC	Exit	McCormick & Co Inc Com Non Vtg	$0	–	-32,117	–	-1.23%	–
	Exit	Becton Dickinson & Co Com	$0	–	-18,313	–	-1.34%	–
DOV	Exit	Dover Corp Com	$0	–	-42,588	–	-1.45%	–
SASR	Exit	Sandy Spring Bancorp Com	$0	–	-98,459	–	-1.52%	–
KO	Exit	Coca-Cola Corp	$0	–	-97,403	–	-1.63%	–
MMC	Exit	Marsh & McLennan Cos Com	$0	–	-56,115	–	-1.75%	–
DISCA	Exit	Discovery Holdings Co Cl A	$0	–	-226,405	–	-1.79%	–
DIS	Exit	Walt Disney Holding Co	$0	–	-49,993	–	-1.83%	–
GLW	Exit	Corning Inc Com	$0	–	-171,215	–	-1.90%	–
GPC	Exit	Genuine Parts Co Com	$0	–	-54,478	–	-1.94%	–
PAYX	Exit	Paychex Inc	$0	–	-94,460	–	-2.11%	–
RYAAY	Exit	Ryanair Hldgs Plc Sponsored Ad	$0	–	-54,975	–	-2.16%	–
PEP	Exit	Pepsico Inc	$0	–	-53,839	–	-2.23%	–
WMT	Exit	Wal Mart Stores Inc Com	$0	–	-77,831	–	-2.26%	–
NSC	Exit	Norfolk Southern Corp	$0	–	-47,318	–	-2.33%	–
HAS	Exit	Hasbro Inc Com	$0	–	-68,907	–	-2.50%	–
WFC	Exit	Wells Fargo & Co	$0	–	-124,973	–	-2.56%	–
IBM	Exit	International Business Machine	$0	–	-48,756	–	-2.63%	–
XOM	Exit	Exxon Mobil Corp	$0	–	-89,767	–	-2.74%	–
MSFT	Exit	Microsoft Corp Com	$0	–	-101,283	–	-2.81%	–
CFX	Exit	Colfax Corp Com	$0	–	-185,030	–	-2.86%	–
PGR	Exit	Progressive Corp Ohio Com	$0	–	-159,176	–	-2.87%	–
MSGS	Exit	Madison Square Garden Cl A	$0	–	-36,316	–	-2.89%	–
TROW	Exit	T Rowe Price Group Inc	$0	–	-86,898	–	-2.93%	–
WBA	Exit	Walgreens Boots Alliance Inc C	$0	–	-102,396	–	-2.94%	–
L	Exit	Loews Corp	$0	–	-165,653	–	-2.95%	–
LUK	Exit	Leucadia National Corp	$0	–	-346,278	–	-3.25%	–
Y	Exit	Alleghany Corp	$0	–	-17,084	–	-3.52%	–
JNJ	Exit	Johnson & Johnson	$0	–	-104,850	–	-5.07%	–
MKL	Exit	Markel Corp Com	$0	–	-21,698	–	-8.62%	–
BRKB	Exit	Berkshire Hathaway Inc-Cl B	$0	–	-143,444	–	-9.78%	–

Q3 2017

			Value		Shares		↓ Weighting
BRKB	Sell	Berkshire Hathaway Inc-Cl B	$26,296,000	+5.6%	143,444	-2.4%	9.78%	+5.9%
MKL	Sell	Markel Corp Com	$23,173,000	+6.1%	21,698	-3.0%	8.62%	+6.4%
JNJ	Sell	Johnson & Johnson	$13,631,000	-1.8%	104,850	-0.1%	5.07%	-1.5%
Y	Buy	Alleghany Corp	$9,465,000	-6.0%	17,084	+0.9%	3.52%	-5.7%
LUK	Buy	Leucadia National Corp	$8,744,000	-3.1%	346,278	+0.3%	3.25%	-2.8%
L	Buy	Loews Corp	$7,928,000	+2.9%	165,653	+0.6%	2.95%	+3.2%
WBA	Sell	Walgreens Boots Alliance Inc C	$7,907,000	-2.5%	102,396	-1.2%	2.94%	-2.2%
TROW	Buy	T Rowe Price Group Inc	$7,877,000	+22.1%	86,898	+0.0%	2.93%	+22.6%
MSGS	Buy	Madison Square Garden Cl A	$7,775,000	+9.7%	36,316	+0.9%	2.89%	+10.1%
PGR	Sell	Progressive Corp Ohio Com	$7,707,000	-18.3%	159,176	-25.6%	2.87%	-18.1%
CFX	Sell	Colfax Corp Com	$7,705,000	+5.7%	185,030	-0.1%	2.86%	+6.0%
MSFT	Sell	Microsoft Corp Com	$7,545,000	+6.3%	101,283	-1.6%	2.81%	+6.7%
XOM	Buy	Exxon Mobil Corp	$7,359,000	+2.6%	89,767	+1.0%	2.74%	+2.9%
IBM	Buy	International Business Machine	$7,074,000	-1.5%	48,756	+4.4%	2.63%	-1.2%
WFC	Buy	Wells Fargo & Co	$6,892,000	+1.1%	124,973	+1.5%	2.56%	+1.4%
HAS	Sell	Hasbro Inc Com	$6,730,000	-14.8%	68,907	-2.7%	2.50%	-14.5%
NSC	Sell	Norfolk Southern Corp	$6,257,000	-26.7%	47,318	-32.5%	2.33%	-26.5%
WMT	Sell	Wal Mart Stores Inc Com	$6,082,000	+2.9%	77,831	-0.3%	2.26%	+3.3%
PEP	Sell	Pepsico Inc	$5,999,000	-12.0%	53,839	-8.7%	2.23%	-11.7%
RYAAY	Sell	Ryanair Hldgs Plc Sponsored Ad	$5,795,000	-2.8%	54,975	-0.7%	2.16%	-2.4%
PAYX	Buy	Paychex Inc	$5,664,000	+5.4%	94,460	+0.0%	2.11%	+5.7%
GPC	Buy	Genuine Parts Co Com	$5,211,000	+3.1%	54,478	+0.0%	1.94%	+3.5%
GLW	Buy	Corning Inc Com	$5,123,000	+6.5%	171,215	+6.9%	1.90%	+6.8%
DIS	Sell	Walt Disney Holding Co	$4,928,000	-15.8%	49,993	-9.2%	1.83%	-15.5%
DISCA	Buy	Discovery Holdings Co Cl A	$4,820,000	-7.2%	226,405	+12.6%	1.79%	-7.0%
MMC	Sell	Marsh & McLennan Cos Com	$4,703,000	+5.5%	56,115	-1.8%	1.75%	+5.9%
KO	Sell	Coca-Cola Corp	$4,384,000	-11.8%	97,403	-12.2%	1.63%	-11.6%
SASR	Sell	Sandy Spring Bancorp Com	$4,080,000	+1.3%	98,459	-0.6%	1.52%	+1.6%
DOV	Sell	Dover Corp Com	$3,892,000	-8.7%	42,588	-19.8%	1.45%	-8.4%
	Sell	Becton Dickinson & Co Com	$3,589,000	-19.0%	18,313	-19.4%	1.34%	-18.7%
MKC	Sell	McCormick & Co Inc Com Non Vtg	$3,296,000	+4.8%	32,117	-0.4%	1.23%	+5.1%
CABO	Sell	Cable One Inc Com	$2,330,000	+1.1%	3,227	-0.5%	0.87%	+1.4%
BBBY	Sell	Bed Bath & Beyond Inc Com	$2,042,000	-40.6%	86,996	-23.0%	0.76%	-40.4%
JCI	Sell	Johnson Ctls International Plc	$1,885,000	-7.4%	46,785	-0.3%	0.70%	-7.0%
BAC	Sell	Bank Of Amer Corp	$1,840,000	+4.1%	72,626	-0.3%	0.68%	+4.4%
GHC	Sell	Graham Holdings Co	$1,750,000	-3.0%	2,991	-0.7%	0.65%	-2.7%
PNR	Sell	Pentair Ltd	$1,621,000	+2.1%	23,851	-0.0%	0.60%	+2.4%
TRIP	New	Tripadvisor Inc Com	$1,386,000	–	34,185	–	0.52%	–
DOFSQ	Buy	Diamond Offshore Drill Com	$1,061,000	+36.7%	73,144	+2.1%	0.40%	+37.2%
NCLH	New	Norwegian Cruise Line Shs	$849,000	–	15,715	–	0.32%	–
JPM	Buy	J P Morgan Chase And Co	$752,000	+5.0%	7,875	+0.5%	0.28%	+5.7%
PFE	Sell	Pfizer Inc Com	$698,000	+5.1%	19,556	-1.1%	0.26%	+5.7%
FRFHF	Buy	Fairfax Finl Hldgs Ltd Sub Vtg	$564,000	+22.9%	1,086	+2.4%	0.21%	+23.5%
T	Sell	AT&T Inc	$421,000	+2.9%	10,736	-0.9%	0.16%	+3.3%
ABBV	Buy	Abbvie Inc. Com	$411,000	+23.4%	4,624	+0.8%	0.15%	+24.4%
VZ	Sell	Verizon Communications Com	$367,000	+7.9%	7,408	-2.7%	0.14%	+7.9%
INTC	New	Intel Corp	$303,000	–	7,950	–	0.11%	–
SOR	Buy	Source Capital Inc	$262,000	+4.8%	6,525	+0.9%	0.10%	+4.3%
TEVA	Buy	Teva Pharmaceutical Inds Adr	$253,000	-23.8%	14,401	+44.0%	0.09%	-23.6%
MO	Buy	Altria Group Inc.	$248,000	-14.2%	3,909	+0.6%	0.09%	-14.0%
FWONK	New	Liberty Media Corp Del Com Ser	$241,000	–	6,320	–	0.09%	–
ABT	Buy	Abbott Labs Com	$228,000	+10.1%	4,271	+0.5%	0.08%	+10.4%
AMZN	Buy	Amazon Com Inc Com	$211,000	+2.9%	219	+3.3%	0.08%	+2.6%
UL	New	Unilever Plc Amern Shs	$208,000	–	3,590	–	0.08%	–
ALL	New	Allstate Corp	$208,000	–	2,259	–	0.08%	–
FDX	New	Fedex Corp Com	$205,000	–	910	–	0.08%	–
SNI	Exit	Scripps Networks Inter Cl A Co	$0	–	-3,175	–	-0.08%	–

Q2 2017

			Value		Shares		↓ Weighting
BRKB	New	Berkshire Hathaway Inc-Cl B	$24,904,000	–	147,039	–	9.23%	–
MKL	New	Markel Corp Com	$21,839,000	–	22,379	–	8.10%	–
JNJ	New	Johnson & Johnson	$13,884,000	–	104,951	–	5.15%	–
Y	New	Alleghany Corp	$10,067,000	–	16,925	–	3.73%	–
PGR	New	Progressive Corp Ohio Com	$9,436,000	–	214,021	–	3.50%	–
LUK	New	Leucadia National Corp	$9,028,000	–	345,105	–	3.35%	–
NSC	New	Norfolk Southern Corp	$8,536,000	–	70,142	–	3.16%	–
WBA	New	Walgreens Boots Alliance Inc C	$8,113,000	–	103,596	–	3.01%	–
HAS	New	Hasbro Inc Com	$7,901,000	–	70,854	–	2.93%	–
L	New	Loews Corp	$7,707,000	–	164,648	–	2.86%	–
CFX	New	Colfax Corp Com	$7,289,000	–	185,130	–	2.70%	–
IBM	New	International Business Machine	$7,184,000	–	46,701	–	2.66%	–
XOM	New	Exxon Mobil Corp	$7,174,000	–	88,870	–	2.66%	–
MSFT	New	Microsoft Corp Com	$7,097,000	–	102,959	–	2.63%	–
MSGS	New	Madison Square Garden Cl A	$7,085,000	–	35,981	–	2.63%	–
WFC	New	Wells Fargo & Co	$6,820,000	–	123,079	–	2.53%	–
PEP	New	Pepsico Inc	$6,814,000	–	59,000	–	2.53%	–
TROW	New	T Rowe Price Group Inc	$6,449,000	–	86,897	–	2.39%	–
RYAAY	New	Ryanair Hldgs Plc Sponsored Ad	$5,959,000	–	55,375	–	2.21%	–
WMT	New	Wal Mart Stores Inc Com	$5,908,000	–	78,072	–	2.19%	–
DIS	New	Walt Disney Holding Co	$5,850,000	–	55,055	–	2.17%	–
PAYX	New	Paychex Inc	$5,376,000	–	94,422	–	1.99%	–
DISCA	New	Discovery Holdings Co Cl A	$5,195,000	–	201,115	–	1.93%	–
GPC	New	Genuine Parts Co Com	$5,053,000	–	54,476	–	1.87%	–
KO	New	Coca-Cola Corp	$4,973,000	–	110,877	–	1.84%	–
GLW	New	Corning Inc Com	$4,812,000	–	160,120	–	1.78%	–
MMC	New	Marsh & McLennan Cos Com	$4,457,000	–	57,165	–	1.65%	–
	New	Becton Dickinson & Co Com	$4,433,000	–	22,719	–	1.64%	–
DOV	New	Dover Corp Com	$4,261,000	–	53,115	–	1.58%	–
SASR	New	Sandy Spring Bancorp Com	$4,027,000	–	99,045	–	1.49%	–
BBBY	New	Bed Bath & Beyond Inc Com	$3,437,000	–	113,054	–	1.27%	–
MKC	New	McCormick & Co Inc Com Non Vtg	$3,146,000	–	32,259	–	1.17%	–
CABO	New	Cable One Inc Com	$2,305,000	–	3,242	–	0.85%	–
JCI	New	Johnson Ctls International Plc	$2,035,000	–	46,939	–	0.75%	–
DEO	New	Diageo Plc Spon Adr New	$1,815,000	–	15,148	–	0.67%	–
GHC	New	Graham Holdings Co	$1,805,000	–	3,011	–	0.67%	–
BAC	New	Bank Of Amer Corp	$1,767,000	–	72,825	–	0.66%	–
PNR	New	Pentair Ltd	$1,588,000	–	23,859	–	0.59%	–
GSK	New	Glaxo Holdings Plc	$1,587,000	–	36,815	–	0.59%	–
NSRGY	New	Nestle Sa-Adr Repstg	$1,343,000	–	15,400	–	0.50%	–
DOFSQ	New	Diamond Offshore Drill Com	$776,000	–	71,644	–	0.29%	–
	New	Berkshire Hathaway Inc-Cl A	$764,000	–	3	–	0.28%	–
JPM	New	J P Morgan Chase And Co	$716,000	–	7,836	–	0.26%	–
PFE	New	Pfizer Inc Com	$664,000	–	19,778	–	0.25%	–
AGN	New	Allergan Plc	$642,000	–	2,642	–	0.24%	–
GE	New	General Electric Corp	$480,000	–	17,775	–	0.18%	–
FRFHF	New	Fairfax Finl Hldgs Ltd Sub Vtg	$459,000	–	1,061	–	0.17%	–
WRE	New	Washington Real Estate Inv Tr	$418,000	–	13,090	–	0.16%	–
T	New	AT&T Inc	$409,000	–	10,829	–	0.15%	–
ALRS	New	Alerus Finl Corp Com	$386,000	–	20,100	–	0.14%	–
	New	First Natl Bk Alaska Com	$374,000	–	214	–	0.14%	–
RD	New	Royal Dutch Shell Plc Adr Cl A	$340,000	–	6,400	–	0.13%	–
VZ	New	Verizon Communications Com	$340,000	–	7,615	–	0.13%	–
TEVA	New	Teva Pharmaceutical Inds Adr	$332,000	–	10,001	–	0.12%	–
ABBV	New	Abbvie Inc. Com	$333,000	–	4,586	–	0.12%	–
FRT	New	Federal Realty Invt Tr Sbi-New	$316,000	–	2,500	–	0.12%	–
COST	New	Costco Wholesale Corp	$316,000	–	1,976	–	0.12%	–
BXP	New	Boston Properties	$295,000	–	2,400	–	0.11%	–
MO	New	Altria Group Inc.	$289,000	–	3,886	–	0.11%	–
HON	New	Honeywell Intl Inc	$290,000	–	2,172	–	0.11%	–
MCD	New	McDonalds Corp	$281,000	–	1,837	–	0.10%	–
EFA	New	IShares Tr MSCI Eafe Idx	$265,000	–	4,065	–	0.10%	–
BBT	New	BB&T Corp	$264,000	–	5,811	–	0.10%	–
AVB	New	Avalonbay Comm Reit Inc.	$259,000	–	1,350	–	0.10%	–
SOR	New	Source Capital Inc	$250,000	–	6,468	–	0.09%	–
UNP	New	Union Pac Corp	$229,000	–	2,100	–	0.08%	–
SNI	New	Scripps Networks Inter Cl A Co	$217,000	–	3,175	–	0.08%	–
ABT	New	Abbott Labs Com	$207,000	–	4,250	–	0.08%	–
DVD	New	Dover Motorsports Inc	$204,000	–	97,352	–	0.08%	–
AMZN	New	Amazon Com Inc Com	$205,000	–	212	–	0.08%	–

Q4 2016

			Value		Shares		↓ Weighting
MCD	Exit	McDonalds Corp	$0	–	-1,837	–	-0.08%	–
BBT	Exit	BB&T Corp	$0	–	-5,811	–	-0.09%	–
SOR	Exit	Source Capital Inc	$0	–	-6,289	–	-0.09%	–
DEO	Exit	Diageo Plc Spon Adr New	$0	–	-2,000	–	-0.09%	–
EFA	Exit	IShares Tr MSCI Eafe Idx	$0	–	-3,965	–	-0.09%	–
DVD	Exit	Dover Motorsports Inc	$0	–	-96,054	–	-0.10%	–
MO	Exit	Altria Group Inc.	$0	–	-3,812	–	-0.10%	–
AVB	Exit	Avalonbay Comm Reit Inc.	$0	–	-1,350	–	-0.10%	–
TEVA	Exit	Teva Pharmaceutical Inds Adr	$0	–	-5,251	–	-0.10%	–
PM	Exit	Philip Morris Intl Inc Com	$0	–	-2,537	–	-0.10%	–
UNP	Exit	Union Pac Corp	$0	–	-2,625	–	-0.10%	–
ABBV	Exit	Abbvie Inc. Com	$0	–	-4,463	–	-0.11%	–
COST	Exit	Costco Wholesale Corp	$0	–	-2,026	–	-0.12%	–
RD	Exit	Royal Dutch Shell Plc Adr Cl A	$0	–	-6,400	–	-0.13%	–
BXP	Exit	Boston Properties	$0	–	-2,400	–	-0.13%	–
ALRS	Exit	Alerus Finl Corp Com	$0	–	-20,100	–	-0.14%	–
	Exit	First Natl Bk Alaska Com	$0	–	-215	–	-0.15%	–
HON	Exit	Honeywell Intl Inc	$0	–	-3,172	–	-0.15%	–
FRT	Exit	Federal Realty Invt Tr Sbi-New	$0	–	-2,500	–	-0.16%	–
VZ	Exit	Verizon Communications Com	$0	–	-7,615	–	-0.16%	–
WRE	Exit	Washington Real Estate Inv Tr	$0	–	-13,090	–	-0.16%	–
T	Exit	AT&T Inc	$0	–	-10,808	–	-0.18%	–
JPM	Exit	J P Morgan Chase And Co	$0	–	-7,706	–	-0.21%	–
GE	Exit	General Electric Corp	$0	–	-18,165	–	-0.22%	–
AGN	Exit	Allergan Plc	$0	–	-2,642	–	-0.24%	–
	Exit	Berkshire Hathaway Inc-Cl A	$0	–	-3	–	-0.26%	–
PFE	Exit	Pfizer Inc Com	$0	–	-19,778	–	-0.27%	–
DOFSQ	Exit	Diamond Offshore Drill Com	$0	–	-65,069	–	-0.46%	–
NSRGY	Exit	Nestle Sa-Adr Repstg	$0	–	-15,400	–	-0.49%	–
BAC	Exit	Bank Of Amer Corp	$0	–	-78,375	–	-0.50%	–
GHC	Exit	Graham Holdings Co	$0	–	-3,075	–	-0.60%	–
PNR	Exit	Pentair Ltd	$0	–	-24,438	–	-0.63%	–
GSK	Exit	Glaxo Holdings Plc	$0	–	-36,815	–	-0.64%	–
MDT	Exit	Medtronic Plc	$0	–	-21,751	–	-0.76%	–
CABO	Exit	Cable One Inc Com	$0	–	-3,260	–	-0.77%	–
JCI	Exit	Johnson Ctls International Plc	$0	–	-47,154	–	-0.88%	–
MKC	Exit	McCormick & Co Inc Com Non Vtg	$0	–	-32,370	–	-1.30%	–
RYAAY	Exit	Ryanair Hldgs Plc Sponsored Ad	$0	–	-46,825	–	-1.42%	–
GLW	Exit	Corning Inc Com	$0	–	-159,866	–	-1.52%	–
DOV	Exit	Dover Corp Com	$0	–	-53,487	–	-1.59%	–
MMC	Exit	Marsh & McLennan Cos Com	$0	–	-60,240	–	-1.63%	–
SASR	Exit	Sandy Spring Bancorp Com	$0	–	-140,594	–	-1.73%	–
BBBY	Exit	Bed Bath & Beyond Inc Com	$0	–	-114,548	–	-1.99%	–
DIS	Exit	Walt Disney Holding Co	$0	–	-54,731	–	-2.05%	–
	Exit	Becton Dickinson & Co Com	$0	–	-29,278	–	-2.12%	–
WFC	Exit	Wells Fargo & Co	$0	–	-119,175	–	-2.13%	–
DISCA	Exit	Discovery Holdings Co Cl A	$0	–	-196,705	–	-2.13%	–
KO	Exit	Coca-Cola Corp	$0	–	-128,299	–	-2.19%	–
GPC	Exit	Genuine Parts Co Com	$0	–	-54,770	–	-2.22%	–
TROW	Exit	T Rowe Price Group Inc	$0	–	-86,067	–	-2.31%	–
CFX	Exit	Colfax Corp Com	$0	–	-190,580	–	-2.42%	–
PAYX	Exit	Paychex Inc	$0	–	-106,553	–	-2.48%	–
PEP	Exit	Pepsico Inc	$0	–	-59,449	–	-2.61%	–
HAS	Exit	Hasbro Inc Com	$0	–	-82,901	–	-2.65%	–
LUK	Exit	Leucadia National Corp	$0	–	-345,959	–	-2.66%	–
L	Exit	Loews Corp	$0	–	-163,753	–	-2.72%	–
WMT	Exit	Wal Mart Stores Inc Com	$0	–	-93,946	–	-2.73%	–
PGR	Exit	Progressive Corp Ohio Com	$0	–	-219,281	–	-2.78%	–
IBM	Exit	International Business Machine	$0	–	-46,399	–	-2.97%	–
XOM	Exit	Exxon Mobil Corp	$0	–	-89,753	–	-3.16%	–
NSC	Exit	Norfolk Southern Corp	$0	–	-84,791	–	-3.32%	–
Y	Exit	Alleghany Corp	$0	–	-16,823	–	-3.56%	–
MSFT	Exit	Microsoft Corp Com	$0	–	-164,215	–	-3.81%	–
WBA	Exit	Walgreens Boots Alliance Inc C	$0	–	-123,336	–	-4.01%	–
JNJ	Exit	Johnson & Johnson	$0	–	-107,935	–	-5.14%	–
MKL	Exit	Markel Corp Com	$0	–	-22,271	–	-8.34%	–
BRKB	Exit	Berkshire Hathaway Inc-Cl B	$0	–	-150,403	–	-8.76%	–

Q3 2016

			Value		Shares		↓ Weighting
BRKB	Sell	Berkshire Hathaway Inc-Cl B	$21,729,000	-1.0%	150,403	-0.8%	8.76%	-1.8%
MKL	Sell	Markel Corp Com	$20,685,000	-2.9%	22,271	-0.4%	8.34%	-3.8%
JNJ	Sell	Johnson & Johnson	$12,750,000	-4.0%	107,935	-1.5%	5.14%	-4.9%
WBA	Sell	Walgreens Boots Alliance Inc C	$9,943,000	-4.1%	123,336	-1.0%	4.01%	-4.9%
MSFT	Sell	Microsoft Corp Com	$9,459,000	+11.9%	164,215	-0.6%	3.81%	+11.0%
Y	Sell	Alleghany Corp	$8,832,000	-5.4%	16,823	-1.0%	3.56%	-6.2%
NSC	Sell	Norfolk Southern Corp	$8,230,000	+13.4%	84,791	-0.5%	3.32%	+12.5%
XOM	Sell	Exxon Mobil Corp	$7,834,000	-7.8%	89,753	-0.9%	3.16%	-8.5%
PGR	Sell	Progressive Corp Ohio Com	$6,907,000	-6.6%	219,281	-0.7%	2.78%	-7.4%
WMT	Sell	Wal Mart Stores Inc Com	$6,775,000	-1.9%	93,946	-0.6%	2.73%	-2.7%
L	Sell	Loews Corp	$6,738,000	-0.2%	163,753	-0.3%	2.72%	-1.0%
LUK	Buy	Leucadia National Corp	$6,587,000	+12.1%	345,959	+2.0%	2.66%	+11.1%
HAS	Sell	Hasbro Inc Com	$6,577,000	-7.1%	82,901	-1.6%	2.65%	-7.9%
PEP	Sell	Pepsico Inc	$6,466,000	+2.5%	59,449	-0.1%	2.61%	+1.6%
PAYX	Sell	Paychex Inc	$6,166,000	-3.9%	106,553	-1.2%	2.48%	-4.7%
CFX	Buy	Colfax Corp Com	$5,990,000	+19.0%	190,580	+0.2%	2.42%	+18.0%
TROW	Buy	T Rowe Price Group Inc	$5,723,000	-5.2%	86,067	+4.0%	2.31%	-6.0%
GPC	Sell	Genuine Parts Co Com	$5,502,000	-1.3%	54,770	-0.5%	2.22%	-2.2%
KO	Sell	Coca-Cola Corp	$5,430,000	-6.8%	128,299	-0.1%	2.19%	-7.5%
DISCA	Buy	Discovery Holdings Co Cl A	$5,295,000	+7.2%	196,705	+0.5%	2.13%	+6.3%
WFC	Buy	Wells Fargo & Co	$5,277,000	-5.2%	119,175	+1.3%	2.13%	-6.1%
	Sell	Becton Dickinson & Co Com	$5,262,000	+4.1%	29,278	-1.7%	2.12%	+3.3%
DIS	Sell	Walt Disney Holding Co	$5,082,000	-6.2%	54,731	-1.2%	2.05%	-6.9%
BBBY	Buy	Bed Bath & Beyond Inc Com	$4,938,000	-0.2%	114,548	+0.1%	1.99%	-1.0%
SASR	Sell	Sandy Spring Bancorp Com	$4,299,000	+4.1%	140,594	-1.1%	1.73%	+3.2%
MMC	Sell	Marsh & McLennan Cos Com	$4,051,000	-2.6%	60,240	-0.8%	1.63%	-3.4%
DOV	Sell	Dover Corp Com	$3,939,000	+5.7%	53,487	-0.5%	1.59%	+4.8%
GLW	Sell	Corning Inc Com	$3,781,000	+14.9%	159,866	-0.5%	1.52%	+14.0%
RYAAY	New	Ryanair Hldgs Plc Sponsored Ad	$3,513,000	–	46,825	–	1.42%	–
MKC	Sell	McCormick & Co Inc Com Non Vtg	$3,234,000	-19.2%	32,370	-13.7%	1.30%	-19.9%
JCI	New	Johnson Ctls International Plc	$2,194,000	–	47,154	–	0.88%	–
CABO	Buy	Cable One Inc Com	$1,904,000	+15.3%	3,260	+0.9%	0.77%	+14.1%
MDT	Sell	Medtronic Plc	$1,879,000	-1.3%	21,751	-0.9%	0.76%	-2.2%
PNR	Sell	Pentair Ltd	$1,570,000	+10.2%	24,438	-0.1%	0.63%	+9.3%
DOFSQ	Buy	Diamond Offshore Drill Com	$1,146,000	-14.6%	65,069	+18.0%	0.46%	-15.4%
PFE	Sell	Pfizer Inc Com	$670,000	-4.3%	19,778	-0.5%	0.27%	-5.3%
JPM	Buy	J P Morgan Chase And Co	$513,000	+7.8%	7,706	+0.7%	0.21%	+7.3%
T	Sell	AT&T Inc	$439,000	-6.2%	10,808	-0.1%	0.18%	-6.8%
	Sell	First Natl Bk Alaska Com	$365,000	+4.9%	215	-4.4%	0.15%	+4.3%
ABBV	Buy	Abbvie Inc. Com	$282,000	+2.9%	4,463	+0.8%	0.11%	+2.7%
PM	Sell	Philip Morris Intl Inc Com	$247,000	-12.7%	2,537	-9.0%	0.10%	-13.0%
TEVA	Buy	Teva Pharmaceutical Inds Adr	$242,000	-4.7%	5,251	+4.0%	0.10%	-4.9%
MO	Sell	Altria Group Inc.	$241,000	-10.4%	3,812	-2.1%	0.10%	-11.0%
DVD	Buy	Dover Motorsports Inc	$237,000	+51.9%	96,054	+33.5%	0.10%	+52.4%
SOR	Buy	Source Capital Inc	$231,000	+0.9%	6,289	+1.1%	0.09%	0.0%
DHR	Exit	Danaher Corp Del Com	$0	–	-2,200	–	-0.09%	–
BMY	Exit	Bristol-Meyers Squibb	$0	–	-3,110	–	-0.09%	–
CVX	Exit	Chevrontexaco Corp Com	$0	–	-2,403	–	-0.10%	–
TYC	Exit	Tyco Intl Ltd New Com	$0	–	-49,652	–	-0.86%	–

Q2 2016

			Value		Shares		↓ Weighting
BRKB	New	Berkshire Hathaway Inc-Cl B	$21,951,000	–	151,603	–	8.92%	–
MKL	New	Markel Corp Com	$21,313,000	–	22,369	–	8.66%	–
JNJ	New	Johnson & Johnson	$13,286,000	–	109,531	–	5.40%	–
WBA	New	Walgreens Boots Alliance Inc C	$10,371,000	–	124,545	–	4.22%	–
Y	New	Alleghany Corp	$9,338,000	–	16,992	–	3.80%	–
XOM	New	Exxon Mobil Corp	$8,493,000	–	90,602	–	3.45%	–
MSFT	New	Microsoft Corp Com	$8,451,000	–	165,156	–	3.44%	–
PGR	New	Progressive Corp Ohio Com	$7,396,000	–	220,781	–	3.01%	–
NSC	New	Norfolk Southern Corp	$7,256,000	–	85,236	–	2.95%	–
HAS	New	Hasbro Inc Com	$7,079,000	–	84,282	–	2.88%	–
IBM	New	International Business Machine	$7,042,000	–	46,399	–	2.86%	–
WMT	New	Wal Mart Stores Inc Com	$6,905,000	–	94,560	–	2.81%	–
L	New	Loews Corp	$6,749,000	–	164,248	–	2.74%	–
PAYX	New	Paychex Inc	$6,414,000	–	107,804	–	2.61%	–
PEP	New	Pepsico Inc	$6,307,000	–	59,533	–	2.56%	–
TROW	New	T Rowe Price Group Inc	$6,037,000	–	82,730	–	2.45%	–
LUK	New	Leucadia National Corp	$5,877,000	–	339,128	–	2.39%	–
KO	New	Coca-Cola Corp	$5,824,000	–	128,482	–	2.37%	–
GPC	New	Genuine Parts Co Com	$5,576,000	–	55,069	–	2.27%	–
WFC	New	Wells Fargo & Co	$5,569,000	–	117,663	–	2.26%	–
DIS	New	Walt Disney Holding Co	$5,417,000	–	55,375	–	2.20%	–
	New	Becton Dickinson & Co Com	$5,053,000	–	29,794	–	2.05%	–
CFX	New	Colfax Corp Com	$5,035,000	–	190,280	–	2.05%	–
BBBY	New	Bed Bath & Beyond Inc Com	$4,948,000	–	114,490	–	2.01%	–
DISCA	New	Discovery Holdings Co Cl A	$4,938,000	–	195,705	–	2.01%	–
MMC	New	Marsh & McLennan Cos Com	$4,158,000	–	60,740	–	1.69%	–
SASR	New	Sandy Spring Bancorp Com	$4,131,000	–	142,150	–	1.68%	–
MKC	New	McCormick & Co Inc Com Non Vtg	$4,003,000	–	37,530	–	1.63%	–
DOV	New	Dover Corp Com	$3,728,000	–	53,777	–	1.52%	–
GLW	New	Corning Inc Com	$3,290,000	–	160,662	–	1.34%	–
TYC	New	Tyco Intl Ltd New Com	$2,115,000	–	49,652	–	0.86%	–
MDT	New	Medtronic Plc	$1,904,000	–	21,938	–	0.77%	–
CABO	New	Cable One Inc Com	$1,652,000	–	3,230	–	0.67%	–
GSK	New	Glaxo Holdings Plc	$1,596,000	–	36,815	–	0.65%	–
GHC	New	Graham Holdings Co	$1,505,000	–	3,075	–	0.61%	–
PNR	New	Pentair Ltd	$1,425,000	–	24,453	–	0.58%	–
DOFSQ	New	Diamond Offshore Drill Com	$1,342,000	–	55,144	–	0.55%	–
NSRGY	New	Nestle Sa-Adr Repstg	$1,191,000	–	15,400	–	0.48%	–
BAC	New	Bank Of Amer Corp	$1,040,000	–	78,375	–	0.42%	–
PFE	New	Pfizer Inc Com	$700,000	–	19,868	–	0.28%	–
	New	Berkshire Hathaway Inc-Cl A	$651,000	–	3	–	0.26%	–
AGN	New	Allergan Plc	$611,000	–	2,642	–	0.25%	–
GE	New	General Electric Corp	$572,000	–	18,165	–	0.23%	–
JPM	New	J P Morgan Chase And Co	$476,000	–	7,653	–	0.19%	–
T	New	AT&T Inc	$468,000	–	10,821	–	0.19%	–
VZ	New	Verizon Communications Com	$425,000	–	7,615	–	0.17%	–
FRT	New	Federal Realty Invt Tr Sbi-New	$414,000	–	2,500	–	0.17%	–
WRE	New	Washington Real Estate Inv Tr	$412,000	–	13,090	–	0.17%	–
HON	New	Honeywell Intl Inc	$369,000	–	3,172	–	0.15%	–
ALRS	New	Alerus Finl Corp Com	$354,000	–	20,100	–	0.14%	–
RD	New	Royal Dutch Shell Plc Adr Cl A	$353,000	–	6,400	–	0.14%	–
	New	First Natl Bk Alaska Com	$348,000	–	225	–	0.14%	–
COST	New	Costco Wholesale Corp	$318,000	–	2,026	–	0.13%	–
BXP	New	Boston Properties	$317,000	–	2,400	–	0.13%	–
PM	New	Philip Morris Intl Inc Com	$283,000	–	2,787	–	0.12%	–
ABBV	New	Abbvie Inc. Com	$274,000	–	4,429	–	0.11%	–
MO	New	Altria Group Inc.	$269,000	–	3,895	–	0.11%	–
TEVA	New	Teva Pharmaceutical Inds Adr	$254,000	–	5,051	–	0.10%	–
CVX	New	Chevrontexaco Corp Com	$252,000	–	2,403	–	0.10%	–
AVB	New	Avalonbay Comm Reit Inc.	$244,000	–	1,350	–	0.10%	–
UNP	New	Union Pac Corp	$229,000	–	2,625	–	0.09%	–
SOR	New	Source Capital Inc	$229,000	–	6,219	–	0.09%	–
BMY	New	Bristol-Meyers Squibb	$229,000	–	3,110	–	0.09%	–
DEO	New	Diageo Plc Spon Adr New	$226,000	–	2,000	–	0.09%	–
EFA	New	IShares Tr MSCI Eafe Idx	$221,000	–	3,965	–	0.09%	–
MCD	New	McDonalds Corp	$221,000	–	1,837	–	0.09%	–
DHR	New	Danaher Corp Del Com	$222,000	–	2,200	–	0.09%	–
BBT	New	BB&T Corp	$207,000	–	5,811	–	0.08%	–
DVD	New	Dover Motorsports Inc	$156,000	–	71,969	–	0.06%	–

Q4 2015

			Value		Shares		↓ Weighting
DVD	Exit	Dover Motorsports Inc	$0	–	-71,969	–	-0.07%	–
GLD	Exit	Santa Fe Pacific Gold Corp	$0	–	-1,872	–	-0.09%	–
BBT	Exit	BB&T Corp	$0	–	-5,811	–	-0.09%	–
EFA	Exit	IShares Tr MSCI Eafe Idx	$0	–	-3,965	–	-0.10%	–
ABBV	Exit	Abbvie Inc. Com	$0	–	-4,314	–	-0.10%	–
AVB	Exit	Avalonbay Comm Reit Inc.	$0	–	-1,350	–	-0.10%	–
CVX	Exit	Chevrontexaco Corp Com	$0	–	-3,390	–	-0.12%	–
HON	Exit	Honeywell Intl Inc	$0	–	-3,000	–	-0.12%	–
BXP	Exit	Boston Properties	$0	–	-2,400	–	-0.12%	–
MO	Exit	Altria Group Inc.	$0	–	-5,315	–	-0.13%	–
TEVA	Exit	Teva Pharmaceutical Inds Adr	$0	–	-5,250	–	-0.13%	–
PM	Exit	Philip Morris Intl Inc Com	$0	–	-3,737	–	-0.13%	–
VZ	Exit	Verizon Communications Com	$0	–	-6,829	–	-0.13%	–
RD	Exit	Royal Dutch Shell Plc Adr Cl A	$0	–	-6,400	–	-0.13%	–
COST	Exit	Costco Wholesale Corp	$0	–	-2,126	–	-0.13%	–
	Exit	First Natl Bk Alaska Com	$0	–	-225	–	-0.14%	–
FRT	Exit	Federal Realty Invt Tr Sbi-New	$0	–	-2,500	–	-0.15%	–
WRE	Exit	Washington Real Estate Inv Tr	$0	–	-14,290	–	-0.16%	–
T	Exit	AT&T Inc	$0	–	-11,694	–	-0.17%	–
SOR	Exit	Source Capital Inc	$0	–	-5,980	–	-0.18%	–
ALRS	Exit	Alerus Finl Corp Com	$0	–	-20,100	–	-0.18%	–
IBM	Exit	International Business Machine	$0	–	-2,812	–	-0.18%	–
JPM	Exit	J P Morgan Chase And Co	$0	–	-7,506	–	-0.20%	–
GE	Exit	General Electric Corp	$0	–	-18,480	–	-0.20%	–
KN	Exit	Knowles Corp Com	$0	–	-31,632	–	-0.25%	–
	Exit	Berkshire Hathaway Inc-Cl A	$0	–	-3	–	-0.26%	–
PFE	Exit	Pfizer Inc Com	$0	–	-20,672	–	-0.28%	–
AGN	Exit	Allergan Plc	$0	–	-2,642	–	-0.31%	–
PNR	Exit	Pentair Ltd	$0	–	-19,121	–	-0.43%	–
DOFSQ	Exit	Diamond Offshore Drill Com	$0	–	-58,342	–	-0.44%	–
NSRGY	Exit	Nestle Sa-Adr Repstg	$0	–	-15,400	–	-0.51%	–
BAC	Exit	Bank Of Amer Corp	$0	–	-75,959	–	-0.52%	–
CABO	Exit	Cable One Inc Com	$0	–	-3,185	–	-0.58%	–
GSK	Exit	Glaxo Holdings Plc	$0	–	-36,815	–	-0.62%	–
TYC	Exit	Tyco Intl Ltd New Com	$0	–	-52,971	–	-0.77%	–
GHC	Exit	Graham Holdings Co	$0	–	-3,185	–	-0.80%	–
TGT	Exit	Target Corp Com	$0	–	-26,319	–	-0.90%	–
GLW	Exit	Corning Inc Com	$0	–	-135,910	–	-1.02%	–
MDT	Exit	Medtronic Plc	$0	–	-36,436	–	-1.06%	–
DOV	Exit	Dover Corp Com	$0	–	-52,945	–	-1.32%	–
MMC	Exit	Marsh & McLennan Cos Com	$0	–	-61,440	–	-1.40%	–
PG	Exit	Procter & Gamble Co	$0	–	-50,210	–	-1.58%	–
SASR	Exit	Sandy Spring Bancorp Com	$0	–	-143,856	–	-1.64%	–
	Exit	Becton Dickinson & Co Com	$0	–	-30,223	–	-1.75%	–
CFX	Exit	Colfax Corp Com	$0	–	-154,765	–	-2.02%	–
GPC	Exit	Genuine Parts Co Com	$0	–	-55,995	–	-2.02%	–
MKC	Exit	McCormick & Co Inc Com Non Vtg	$0	–	-57,545	–	-2.06%	–
KO	Exit	Coca-Cola Corp	$0	–	-129,873	–	-2.27%	–
PAYX	Exit	Paychex Inc	$0	–	-109,843	–	-2.28%	–
TROW	Exit	T Rowe Price Group Inc	$0	–	-77,431	–	-2.35%	–
WFC	Exit	Wells Fargo & Co	$0	–	-110,109	–	-2.47%	–
PEP	Exit	Pepsico Inc	$0	–	-60,336	–	-2.48%	–
DIS	Exit	Walt Disney Holding Co	$0	–	-55,974	–	-2.50%	–
L	Exit	Loews Corp	$0	–	-161,535	–	-2.55%	–
BBBY	Exit	Bed Bath & Beyond Inc Com	$0	–	-107,640	–	-2.68%	–
LUK	Exit	Leucadia National Corp	$0	–	-311,123	–	-2.75%	–
HAS	Exit	Hasbro Inc Com	$0	–	-87,721	–	-2.76%	–
NSC	Exit	Norfolk Southern Corp	$0	–	-85,111	–	-2.84%	–
PGR	Exit	Progressive Corp Ohio Com	$0	–	-224,016	–	-2.99%	–
XOM	Exit	Exxon Mobil Corp	$0	–	-94,754	–	-3.07%	–
MSFT	Exit	Microsoft Corp Com	$0	–	-167,697	–	-3.24%	–
PCP	Exit	Precision Castparts Cp Com	$0	–	-33,361	–	-3.34%	–
Y	Exit	Alleghany Corp	$0	–	-17,363	–	-3.54%	–
WMT	Exit	Wal Mart Stores Inc Com	$0	–	-139,744	–	-3.95%	–
JNJ	Exit	Johnson & Johnson	$0	–	-111,823	–	-4.55%	–
WBA	Exit	Walgreens Boots Alliance Inc C	$0	–	-129,012	–	-4.68%	–
MKL	Exit	Markel Corp Com	$0	–	-23,497	–	-8.22%	–
BRKB	Exit	Berkshire Hathaway Inc-Cl B	$0	–	-153,108	–	-8.71%	–

Q3 2015

			Value		Shares		↓ Weighting
BRKB	Buy	Berkshire Hathaway Inc-Cl B	$19,965,000	-4.1%	153,108	+0.1%	8.71%	-0.4%
MKL	Sell	Markel Corp Com	$18,841,000	+0.1%	23,497	-0.1%	8.22%	+3.9%
WBA	Sell	Walgreens Boots Alliance Inc C	$10,721,000	-2.8%	129,012	-1.2%	4.68%	+1.0%
JNJ	Buy	Johnson & Johnson	$10,439,000	-4.0%	111,823	+0.2%	4.55%	-0.3%
WMT	Buy	Wal Mart Stores Inc Com	$9,061,000	-7.6%	139,744	+1.1%	3.95%	-4.0%
PCP	Buy	Precision Castparts Cp Com	$7,663,000	+16.7%	33,361	+1.5%	3.34%	+21.1%
MSFT	Buy	Microsoft Corp Com	$7,422,000	+0.3%	167,697	+0.0%	3.24%	+4.1%
XOM	Buy	Exxon Mobil Corp	$7,045,000	-10.2%	94,754	+0.5%	3.07%	-6.7%
PGR	Sell	Progressive Corp Ohio Com	$6,864,000	+9.5%	224,016	-0.6%	2.99%	+13.7%
NSC	Buy	Norfolk Southern Corp	$6,503,000	-11.4%	85,111	+1.3%	2.84%	-8.0%
HAS	Sell	Hasbro Inc Com	$6,328,000	-7.5%	87,721	-4.1%	2.76%	-4.0%
LUK	Buy	Leucadia National Corp	$6,303,000	-15.9%	311,123	+0.7%	2.75%	-12.7%
L	Buy	Loews Corp	$5,838,000	-5.1%	161,535	+1.1%	2.55%	-1.4%
DIS	Sell	Walt Disney Holding Co	$5,721,000	-10.5%	55,974	-0.1%	2.50%	-7.1%
PEP	Buy	Pepsico Inc	$5,690,000	+1.1%	60,336	+0.0%	2.48%	+4.9%
WFC	Buy	Wells Fargo & Co	$5,654,000	-8.7%	110,109	+0.0%	2.47%	-5.2%
TROW	New	T Rowe Price Group Inc	$5,381,000	–	77,431	–	2.35%	–
PAYX	Buy	Paychex Inc	$5,232,000	+1.7%	109,843	+0.0%	2.28%	+5.6%
KO	Sell	Coca-Cola Corp	$5,210,000	+2.0%	129,873	-0.2%	2.27%	+5.9%
MKC	Sell	McCormick & Co Inc Com Non Vtg	$4,729,000	+1.4%	57,545	-0.1%	2.06%	+5.4%
GPC	Buy	Genuine Parts Co Com	$4,641,000	-7.4%	55,995	+0.0%	2.02%	-3.8%
CFX	Buy	Colfax Corp Com	$4,629,000	-14.3%	154,765	+32.2%	2.02%	-11.0%
	Sell	Becton Dickinson & Co Com	$4,009,000	-28.4%	30,223	-23.5%	1.75%	-25.6%
SASR	Sell	Sandy Spring Bancorp Com	$3,766,000	-6.6%	143,856	-0.2%	1.64%	-3.0%
PG	Buy	Procter & Gamble Co	$3,612,000	-8.0%	50,210	+0.1%	1.58%	-4.4%
DOV	Buy	Dover Corp Com	$3,027,000	-14.7%	52,945	+4.7%	1.32%	-11.4%
MDT	Sell	Medtronic Plc	$2,439,000	-15.4%	36,436	-6.4%	1.06%	-12.1%
GLW	Buy	Corning Inc Com	$2,327,000	-13.2%	135,910	+0.0%	1.02%	-9.9%
TGT	Sell	Target Corp Com	$2,070,000	-5.7%	26,319	-2.1%	0.90%	-2.0%
TYC	Sell	Tyco Intl Ltd New Com	$1,772,000	-13.4%	52,971	-0.4%	0.77%	-10.0%
CABO	New	Cable One Inc Com	$1,336,000	–	3,185	–	0.58%	–
BAC	Sell	Bank Of Amer Corp	$1,183,000	-10.9%	75,959	-2.6%	0.52%	-7.4%
DOFSQ	Buy	Diamond Offshore Drill Com	$1,009,000	-21.8%	58,342	+16.6%	0.44%	-18.8%
PNR	Buy	Pentair Ltd	$976,000	-15.1%	19,121	+14.4%	0.43%	-11.8%
JPM	Sell	J P Morgan Chase And Co	$458,000	-12.1%	7,506	-2.3%	0.20%	-8.7%
IBM	Sell	International Business Machine	$408,000	-13.9%	2,812	-3.4%	0.18%	-10.6%
SOR	Buy	Source Capital Inc	$405,000	-5.8%	5,980	+1.2%	0.18%	-2.2%
T	Sell	AT&T Inc	$381,000	-14.6%	11,694	-6.8%	0.17%	-11.2%
VZ	Sell	Verizon Communications Com	$297,000	-19.1%	6,829	-13.4%	0.13%	-15.6%
MO	Buy	Altria Group Inc.	$289,000	+11.6%	5,315	+0.5%	0.13%	+15.6%
ABBV	Buy	Abbvie Inc. Com	$235,000	-18.4%	4,314	+0.7%	0.10%	-15.7%
GLD	New	Santa Fe Pacific Gold Corp	$200,000	–	1,872	–	0.09%	–
DVD	Buy	Dover Motorsports Inc	$166,000	+10.7%	71,969	+5.9%	0.07%	+14.3%
ALL	Exit	Allstate Corp	$0	–	-3,121	–	-0.08%	–
BMY	Exit	Bristol-Meyers Squibb	$0	–	-3,110	–	-0.09%	–
HZNP	Exit	Horizon Pharma Plc Shs	$0	–	-6,750	–	-0.10%	–
CB	Exit	Chubb Corp	$0	–	-4,000	–	-0.16%	–

Q2 2015

			Value		Shares		↓ Weighting
BRKB	New	Berkshire Hathaway Inc-Cl B	$20,826,000	–	153,010	–	8.75%	–
MKL	New	Markel Corp Com	$18,826,000	–	23,512	–	7.91%	–
WBA	New	Walgreens Boots Alliance Inc C	$11,027,000	–	130,589	–	4.63%	–
JNJ	New	Johnson & Johnson	$10,873,000	–	111,559	–	4.57%	–
WMT	New	Wal Mart Stores Inc Com	$9,804,000	–	138,216	–	4.12%	–
Y	New	Alleghany Corp	$8,139,000	–	17,363	–	3.42%	–
XOM	New	Exxon Mobil Corp	$7,845,000	–	94,296	–	3.30%	–
LUK	New	Leucadia National Corp	$7,499,000	–	308,845	–	3.15%	–
BBBY	New	Bed Bath & Beyond Inc Com	$7,425,000	–	107,640	–	3.12%	–
MSFT	New	Microsoft Corp Com	$7,402,000	–	167,661	–	3.11%	–
NSC	New	Norfolk Southern Corp	$7,338,000	–	84,002	–	3.08%	–
HAS	New	Hasbro Inc Com	$6,842,000	–	91,479	–	2.87%	–
PCP	New	Precision Castparts Cp Com	$6,568,000	–	32,861	–	2.76%	–
DIS	New	Walt Disney Holding Co	$6,394,000	–	56,020	–	2.68%	–
PGR	New	Progressive Corp Ohio Com	$6,271,000	–	225,316	–	2.63%	–
WFC	New	Wells Fargo & Co	$6,192,000	–	110,101	–	2.60%	–
L	New	Loews Corp	$6,151,000	–	159,722	–	2.58%	–
PEP	New	Pepsico Inc	$5,630,000	–	60,320	–	2.36%	–
	New	Becton Dickinson & Co Com	$5,599,000	–	39,530	–	2.35%	–
CFX	New	Colfax Corp Com	$5,403,000	–	117,065	–	2.27%	–
PAYX	New	Paychex Inc	$5,147,000	–	109,799	–	2.16%	–
KO	New	Coca-Cola Corp	$5,107,000	–	130,168	–	2.14%	–
GPC	New	Genuine Parts Co Com	$5,013,000	–	55,994	–	2.10%	–
MKC	New	McCormick & Co Inc Com Non Vtg	$4,662,000	–	57,586	–	1.96%	–
SASR	New	Sandy Spring Bancorp Com	$4,032,000	–	144,115	–	1.69%	–
PG	New	Procter & Gamble Co	$3,924,000	–	50,150	–	1.65%	–
DOV	New	Dover Corp Com	$3,548,000	–	50,559	–	1.49%	–
MMC	New	Marsh & McLennan Cos Com	$3,484,000	–	61,440	–	1.46%	–
GHC	New	Graham Holdings Co	$3,424,000	–	3,185	–	1.44%	–
MDT	New	Medtronic Plc	$2,884,000	–	38,917	–	1.21%	–
GLW	New	Corning Inc Com	$2,681,000	–	135,875	–	1.13%	–
TGT	New	Target Corp Com	$2,194,000	–	26,875	–	0.92%	–
TYC	New	Tyco Intl Ltd New Com	$2,046,000	–	53,172	–	0.86%	–
GSK	New	Glaxo Holdings Plc	$1,533,000	–	36,815	–	0.64%	–
BAC	New	Bank Of Amer Corp	$1,327,000	–	77,959	–	0.56%	–
DOFSQ	New	Diamond Offshore Drill Com	$1,291,000	–	50,017	–	0.54%	–
PNR	New	Pentair Ltd	$1,149,000	–	16,713	–	0.48%	–
NSRGY	New	Nestle Sa-Adr Repstg	$1,111,000	–	15,400	–	0.47%	–
AGN	New	Allergan Plc	$802,000	–	2,642	–	0.34%	–
PFE	New	Pfizer Inc Com	$693,000	–	20,672	–	0.29%	–
	New	Berkshire Hathaway Inc-Cl A	$615,000	–	3	–	0.26%	–
KN	New	Knowles Corp Com	$573,000	–	31,632	–	0.24%	–
JPM	New	J P Morgan Chase And Co	$521,000	–	7,685	–	0.22%	–
GE	New	General Electric Corp	$491,000	–	18,480	–	0.21%	–
IBM	New	International Business Machine	$474,000	–	2,912	–	0.20%	–
T	New	AT&T Inc	$446,000	–	12,543	–	0.19%	–
SOR	New	Source Capital Inc	$430,000	–	5,908	–	0.18%	–
ALRS	New	Alerus Finl Corp Com	$414,000	–	20,100	–	0.17%	–
CB	New	Chubb Corp	$381,000	–	4,000	–	0.16%	–
WRE	New	Washington Real Estate Inv Tr	$371,000	–	14,290	–	0.16%	–
VZ	New	Verizon Communications Com	$367,000	–	7,884	–	0.15%	–
RD	New	Royal Dutch Shell Plc Adr Cl A	$365,000	–	6,400	–	0.15%	–
	New	First Natl Bk Alaska Com	$358,000	–	225	–	0.15%	–
CVX	New	Chevrontexaco Corp Com	$327,000	–	3,390	–	0.14%	–
FRT	New	Federal Realty Invt Tr Sbi-New	$320,000	–	2,500	–	0.13%	–
TEVA	New	Teva Pharmaceutical Inds Adr	$310,000	–	5,250	–	0.13%	–
HON	New	Honeywell Intl Inc	$306,000	–	3,000	–	0.13%	–
PM	New	Philip Morris Intl Inc Com	$300,000	–	3,737	–	0.13%	–
BXP	New	Boston Properties	$290,000	–	2,400	–	0.12%	–
ABBV	New	Abbvie Inc. Com	$288,000	–	4,284	–	0.12%	–
COST	New	Costco Wholesale Corp	$287,000	–	2,126	–	0.12%	–
MO	New	Altria Group Inc.	$259,000	–	5,289	–	0.11%	–
EFA	New	IShares Tr MSCI Eafe Idx	$252,000	–	3,965	–	0.11%	–
HZNP	New	Horizon Pharma Plc Shs	$234,000	–	6,750	–	0.10%	–
BBT	New	BB&T Corp	$234,000	–	5,811	–	0.10%	–
AVB	New	Avalonbay Comm Reit Inc.	$216,000	–	1,350	–	0.09%	–
BMY	New	Bristol-Meyers Squibb	$207,000	–	3,110	–	0.09%	–
ALL	New	Allstate Corp	$202,000	–	3,121	–	0.08%	–
DVD	New	Dover Motorsports Inc	$150,000	–	67,969	–	0.06%	–

Q4 2014

			Value		Shares		↓ Weighting
DVD	Exit	Dover Motorsports Inc	$0	–	-67,969	–	-0.07%	–
GLD	Exit	Santa Fe Pacific Gold Corp	$0	–	-1,772	–	-0.09%	–
ALL	Exit	Allstate Corp	$0	–	-3,402	–	-0.09%	–
BBT	Exit	BB&T Corp	$0	–	-5,827	–	-0.10%	–
EFA	Exit	IShares Tr MSCI Eafe Idx	$0	–	-3,965	–	-0.11%	–
MO	Exit	Altria Group Inc.	$0	–	-5,627	–	-0.12%	–
COST	Exit	Costco Wholesale Corp	$0	–	-2,126	–	-0.12%	–
HON	Exit	Honeywell Intl Inc	$0	–	-3,000	–	-0.12%	–
BXP	Exit	Boston Properties	$0	–	-2,400	–	-0.12%	–
TEVA	Exit	Teva Pharmaceutical Inds Adr	$0	–	-5,350	–	-0.13%	–
FRT	Exit	Federal Realty Invt Tr Sbi-New	$0	–	-2,500	–	-0.13%	–
CB	Exit	Chubb Corp	$0	–	-4,000	–	-0.16%	–
SOR	Exit	Source Capital Inc	$0	–	-5,629	–	-0.16%	–
WRE	Exit	Washington Real Estate Inv Tr	$0	–	-14,503	–	-0.16%	–
	Exit	First Natl Bk Alaska Com	$0	–	-225	–	-0.17%	–
PM	Exit	Philip Morris Intl Inc Com	$0	–	-4,605	–	-0.17%	–
CVX	Exit	Chevrontexaco Corp Com	$0	–	-3,457	–	-0.18%	–
ALRS	Exit	Alerus Finl Corp Com	$0	–	-20,100	–	-0.18%	–
VZ	Exit	Verizon Communications Com	$0	–	-8,313	–	-0.19%	–
T	Exit	AT&T Inc	$0	–	-12,523	–	-0.20%	–
JPM	Exit	J P Morgan Chase And Co	$0	–	-7,684	–	-0.21%	–
RD	Exit	Royal Dutch Shell Plc Adr Cl A	$0	–	-6,400	–	-0.22%	–
IBM	Exit	International Business Machine	$0	–	-2,912	–	-0.25%	–
GE	Exit	General Electric Corp	$0	–	-22,213	–	-0.26%	–
	Exit	Berkshire Hathaway Inc-Cl A	$0	–	-3	–	-0.28%	–
PFE	Exit	Pfizer Inc Com	$0	–	-22,254	–	-0.30%	–
KN	Exit	Knowles Corp Com	$0	–	-26,282	–	-0.31%	–
ISCA	Exit	International Speedway Cl A	$0	–	-31,565	–	-0.45%	–
ADT	Exit	ADT Corp	$0	–	-28,263	–	-0.45%	–
PNR	Exit	Pentair Ltd	$0	–	-17,083	–	-0.50%	–
NSRGY	Exit	Nestle Sa-Adr Repstg	$0	–	-15,400	–	-0.51%	–
	Exit	Allergan	$0	–	-7,175	–	-0.57%	–
BAC	Exit	Bank Of Amer Corp	$0	–	-79,959	–	-0.61%	–
GSK	Exit	Glaxo Holdings Plc	$0	–	-36,815	–	-0.76%	–
TGT	Exit	Target Corp Com	$0	–	-28,125	–	-0.79%	–
TYC	Exit	Tyco Intl Ltd New Com	$0	–	-54,487	–	-1.09%	–
GLW	Exit	Corning Inc Com	$0	–	-137,725	–	-1.20%	–
GHC	Exit	Graham Holdings Co	$0	–	-4,420	–	-1.39%	–
SASR	Exit	Sandy Spring Bancorp Com	$0	–	-146,130	–	-1.50%	–
MMC	Exit	Marsh & McLennan Cos Com	$0	–	-64,152	–	-1.51%	–
F113PS	Exit	Covidien PLC	$0	–	-41,722	–	-1.62%	–
MKC	Exit	McCormick & Co Inc Com Non Vtg	$0	–	-57,953	–	-1.74%	–
DOV	Exit	Dover Corp Com	$0	–	-49,583	–	-1.79%	–
	Exit	Becton Dickinson & Co Com	$0	–	-41,330	–	-2.11%	–
PAYX	Exit	Paychex Inc	$0	–	-111,343	–	-2.21%	–
DIS	Exit	Walt Disney Holding Co	$0	–	-57,070	–	-2.28%	–
HAS	Exit	Hasbro Inc Com	$0	–	-93,464	–	-2.31%	–
GPC	Exit	Genuine Parts Co Com	$0	–	-59,543	–	-2.34%	–
WFC	Exit	Wells Fargo & Co	$0	–	-107,701	–	-2.51%	–
PEP	Exit	Pepsico Inc	$0	–	-62,298	–	-2.60%	–
PGR	Exit	Progressive Corp Ohio Com	$0	–	-229,466	–	-2.60%	–
PG	Exit	Procter & Gamble Co	$0	–	-72,931	–	-2.74%	–
L	Exit	Loews Corp	$0	–	-158,270	–	-2.96%	–
KO	Exit	Coca-Cola Corp	$0	–	-158,483	–	-3.04%	–
BBBY	Exit	Bed Bath & Beyond Inc Com	$0	–	-105,890	–	-3.13%	–
LUK	Exit	Leucadia National Corp	$0	–	-294,694	–	-3.16%	–
Y	Exit	Alleghany Corp	$0	–	-17,534	–	-3.29%	–
WAG	Exit	Walgreen Co	$0	–	-132,978	–	-3.54%	–
MSFT	Exit	Microsoft Corp Com	$0	–	-171,611	–	-3.57%	–
XOM	Exit	Exxon Mobil Corp	$0	–	-86,345	–	-3.65%	–
NSC	Exit	Norfolk Southern Corp	$0	–	-83,852	–	-4.20%	–
WMT	Exit	Wal Mart Stores Inc Com	$0	–	-141,110	–	-4.84%	–
JNJ	Exit	Johnson & Johnson	$0	–	-114,292	–	-5.47%	–
MKL	Exit	Markel Corp Com	$0	–	-23,768	–	-6.79%	–
BRKB	Exit	Berkshire Hathaway Inc-Cl B	$0	–	-153,870	–	-9.54%	–

Q3 2014

			Value		Shares		↓ Weighting
BRKB	Sell	Berkshire Hathaway Inc-Cl B	$21,256,000	+8.8%	153,870	-0.3%	9.54%	+11.2%
MKL	Sell	Markel Corp Com	$15,120,000	-3.1%	23,768	-0.1%	6.79%	-0.9%
JNJ	Sell	Johnson & Johnson	$12,182,000	+1.8%	114,292	-0.1%	5.47%	+4.0%
WMT	Buy	Wal Mart Stores Inc Com	$10,791,000	+2.5%	141,110	+0.6%	4.84%	+4.8%
NSC	Buy	Norfolk Southern Corp	$9,358,000	+8.3%	83,852	+0.0%	4.20%	+10.7%
XOM	Buy	Exxon Mobil Corp	$8,121,000	-6.2%	86,345	+0.4%	3.65%	-4.1%
MSFT	Sell	Microsoft Corp Com	$7,956,000	+10.8%	171,611	-0.3%	3.57%	+13.3%
WAG	Buy	Walgreen Co	$7,882,000	-20.0%	132,978	+0.0%	3.54%	-18.3%
LUK	Buy	Leucadia National Corp	$7,026,000	-8.9%	294,694	+0.1%	3.16%	-6.9%
BBBY	Buy	Bed Bath & Beyond Inc Com	$6,971,000	+18.4%	105,890	+3.2%	3.13%	+21.0%
KO	Buy	Coca-Cola Corp	$6,761,000	+0.7%	158,483	+0.0%	3.04%	+3.0%
L	Buy	Loews Corp	$6,594,000	-3.6%	158,270	+1.8%	2.96%	-1.5%
PG	Buy	Procter & Gamble Co	$6,107,000	+7.2%	72,931	+0.6%	2.74%	+9.5%
PGR	Buy	Progressive Corp Ohio Com	$5,801,000	+1.0%	229,466	+1.3%	2.60%	+3.3%
PEP	Buy	Pepsico Inc	$5,799,000	+4.2%	62,298	+0.0%	2.60%	+6.5%
WFC	Buy	Wells Fargo & Co	$5,586,000	+1.4%	107,701	+2.8%	2.51%	+3.6%
GPC	Sell	Genuine Parts Co Com	$5,222,000	-0.4%	59,543	-0.3%	2.34%	+1.8%
DIS	Sell	Walt Disney Holding Co	$5,081,000	+3.7%	57,070	-0.2%	2.28%	+5.9%
PAYX	Sell	Paychex Inc	$4,921,000	+6.3%	111,343	-0.0%	2.21%	+8.7%
MKC	Buy	McCormick & Co Inc Com Non Vtg	$3,877,000	-6.6%	57,953	+0.0%	1.74%	-4.5%
F113PS	Sell	Covidien PLC	$3,609,000	-55.1%	41,722	-53.1%	1.62%	-54.1%
MMC	Sell	Marsh & McLennan Cos Com	$3,358,000	+0.8%	64,152	-0.2%	1.51%	+3.0%
SASR	Buy	Sandy Spring Bancorp Com	$3,345,000	-8.1%	146,130	+0.0%	1.50%	-6.1%
GHC	Sell	Graham Holdings Co	$3,092,000	-3.0%	4,420	-0.5%	1.39%	-0.9%
GLW	Sell	Corning Inc Com	$2,664,000	-12.1%	137,725	-0.2%	1.20%	-10.1%
TYC	Buy	Tyco Intl Ltd New Com	$2,429,000	-2.3%	54,487	+0.0%	1.09%	-0.1%
	Sell	Allergan	$1,279,000	-29.2%	7,175	-32.8%	0.57%	-27.6%
ADT	Sell	ADT Corp	$1,002,000	+1.1%	28,263	-0.3%	0.45%	+3.4%
PFE	Sell	Pfizer Inc Com	$658,000	-1.2%	22,254	-0.8%	0.30%	+0.7%
GE	Buy	General Electric Corp	$569,000	-0.5%	22,213	+2.0%	0.26%	+1.6%
T	Buy	AT&T Inc	$441,000	+1.8%	12,523	+2.2%	0.20%	+4.2%
VZ	Buy	Verizon Communications Com	$416,000	+4.8%	8,313	+2.6%	0.19%	+7.5%
ALRS	Buy	Alerus Finl Corp Com	$413,000	+17.0%	20,100	+200.0%	0.18%	+19.4%
CVX	Buy	Chevrontexaco Corp Com	$412,000	-7.0%	3,457	+2.0%	0.18%	-5.1%
	Sell	First Natl Bk Alaska Com	$382,000	-5.0%	225	-2.6%	0.17%	-2.8%
SOR	Buy	Source Capital Inc	$366,000	-5.9%	5,629	+1.2%	0.16%	-4.1%
TEVA	Sell	Teva Pharmaceutical Inds Adr	$288,000	+1.8%	5,350	-0.9%	0.13%	+4.0%
MO	Buy	Altria Group Inc.	$259,000	+10.2%	5,627	+0.5%	0.12%	+12.6%
ALL	New	Allstate Corp	$209,000	–	3,402	–	0.09%	–
DVD	Buy	Dover Motorsports Inc	$157,000	-16.5%	67,969	+4.6%	0.07%	-15.7%
TMEN	Exit	Thermoenergy Corp Com	$0	–	-25,000	–	0.00%	–

Q2 2014

			Value		Shares		↓ Weighting
BRKB	New	Berkshire Hathaway Inc-Cl B	$19,534,000	–	154,345	–	8.58%	–
MKL	New	Markel Corp Com	$15,596,000	–	23,788	–	6.85%	–
JNJ	New	Johnson & Johnson	$11,969,000	–	114,401	–	5.26%	–
WMT	New	Wal Mart Stores Inc Com	$10,525,000	–	140,207	–	4.62%	–
WAG	New	Walgreen Co	$9,857,000	–	132,976	–	4.33%	–
XOM	New	Exxon Mobil Corp	$8,655,000	–	85,969	–	3.80%	–
NSC	New	Norfolk Southern Corp	$8,639,000	–	83,851	–	3.80%	–
F113PS	New	Covidien PLC	$8,030,000	–	89,048	–	3.53%	–
LUK	New	Leucadia National Corp	$7,716,000	–	294,293	–	3.39%	–
Y	New	Alleghany Corp	$7,682,000	–	17,534	–	3.38%	–
MSFT	New	Microsoft Corp Com	$7,178,000	–	172,142	–	3.15%	–
L	New	Loews Corp	$6,842,000	–	155,469	–	3.01%	–
KO	New	Coca-Cola Corp	$6,713,000	–	158,473	–	2.95%	–
BBBY	New	Bed Bath & Beyond Inc Com	$5,889,000	–	102,640	–	2.59%	–
PGR	New	Progressive Corp Ohio Com	$5,743,000	–	226,466	–	2.52%	–
PG	New	Procter & Gamble Co	$5,697,000	–	72,495	–	2.50%	–
PEP	New	Pepsico Inc	$5,565,000	–	62,295	–	2.44%	–
WFC	New	Wells Fargo & Co	$5,508,000	–	104,801	–	2.42%	–
GPC	New	Genuine Parts Co Com	$5,245,000	–	59,740	–	2.30%	–
HAS	New	Hasbro Inc Com	$4,958,000	–	93,464	–	2.18%	–
DIS	New	Walt Disney Holding Co	$4,902,000	–	57,170	–	2.15%	–
	New	Becton Dickinson & Co Com	$4,889,000	–	41,330	–	2.15%	–
PAYX	New	Paychex Inc	$4,628,000	–	111,366	–	2.03%	–
DOV	New	Dover Corp Com	$4,510,000	–	49,583	–	1.98%	–
MKC	New	McCormick & Co Inc Com Non Vtg	$4,149,000	–	57,952	–	1.82%	–
SASR	New	Sandy Spring Bancorp Com	$3,640,000	–	146,123	–	1.60%	–
MMC	New	Marsh & McLennan Cos Com	$3,332,000	–	64,301	–	1.46%	–
GHC	New	Graham Holdings Co	$3,188,000	–	4,440	–	1.40%	–
GLW	New	Corning Inc Com	$3,029,000	–	137,973	–	1.33%	–
TYC	New	Tyco Intl Ltd New Com	$2,485,000	–	54,486	–	1.09%	–
GSK	New	Glaxo Holdings Plc	$1,969,000	–	36,815	–	0.86%	–
	New	Allergan	$1,806,000	–	10,675	–	0.79%	–
TGT	New	Target Corp Com	$1,630,000	–	28,125	–	0.72%	–
PNR	New	Pentair Ltd	$1,232,000	–	17,083	–	0.54%	–
BAC	New	Bank Of Amer Corp	$1,229,000	–	79,959	–	0.54%	–
NSRGY	New	Nestle Sa-Adr Repstg	$1,196,000	–	15,400	–	0.52%	–
ISCA	New	International Speedway Cl A	$1,050,000	–	31,565	–	0.46%	–
ADT	New	ADT Corp	$991,000	–	28,362	–	0.44%	–
KN	New	Knowles Corp Com	$808,000	–	26,282	–	0.36%	–
PFE	New	Pfizer Inc Com	$666,000	–	22,429	–	0.29%	–
GE	New	General Electric Corp	$572,000	–	21,779	–	0.25%	–
	New	Berkshire Hathaway Inc-Cl A	$570,000	–	3	–	0.25%	–
IBM	New	International Business Machine	$528,000	–	2,912	–	0.23%	–
RD	New	Royal Dutch Shell Plc Adr Cl A	$527,000	–	6,400	–	0.23%	–
CVX	New	Chevrontexaco Corp Com	$443,000	–	3,390	–	0.20%	–
JPM	New	J P Morgan Chase And Co	$443,000	–	7,684	–	0.20%	–
T	New	AT&T Inc	$433,000	–	12,258	–	0.19%	–
	New	First Natl Bk Alaska Com	$402,000	–	231	–	0.18%	–
VZ	New	Verizon Communications Com	$397,000	–	8,106	–	0.17%	–
SOR	New	Source Capital Inc	$389,000	–	5,564	–	0.17%	–
PM	New	Philip Morris Intl Inc Com	$388,000	–	4,605	–	0.17%	–
WRE	New	Washington Real Estate Inv Tr	$377,000	–	14,503	–	0.17%	–
CB	New	Chubb Corp	$369,000	–	4,000	–	0.16%	–
ALRS	New	Alerus Finl Corp Com	$353,000	–	6,700	–	0.16%	–
FRT	New	Federal Realty Invt Tr Sbi-New	$302,000	–	2,500	–	0.13%	–
BXP	New	Boston Properties	$284,000	–	2,400	–	0.12%	–
TEVA	New	Teva Pharmaceutical Inds Adr	$283,000	–	5,400	–	0.12%	–
HON	New	Honeywell Intl Inc	$279,000	–	3,000	–	0.12%	–
EFA	New	IShares Tr MSCI Eafe Idx	$271,000	–	3,965	–	0.12%	–
COST	New	Costco Wholesale Corp	$245,000	–	2,126	–	0.11%	–
MO	New	Altria Group Inc.	$235,000	–	5,599	–	0.10%	–
BBT	New	BB&T Corp	$230,000	–	5,827	–	0.10%	–
GLD	New	Santa Fe Pacific Gold Corp	$227,000	–	1,772	–	0.10%	–
DVD	New	Dover Motorsports Inc	$188,000	–	64,969	–	0.08%	–
TMEN	New	Thermoenergy Corp Com	$0	–	25,000	–	0.00%	–

Q4 2013

			Value		Shares		↓ Weighting
TMEN	Exit	Thermoenergy Corp Com	$0	–	-25,000	–	0.00%	–
DVD	Exit	Dover Motorsports Inc	$0	–	-28,469	–	-0.03%	–
GLD	Exit	Santa Fe Pacific Gold Corp	$0	–	-1,772	–	-0.11%	–
COST	Exit	Costco Wholesale Corp	$0	–	-2,126	–	-0.12%	–
HON	Exit	Honeywell Intl Inc	$0	–	-3,000	–	-0.12%	–
FRT	Exit	Federal Realty Invt Tr Sbi-New	$0	–	-2,500	–	-0.12%	–
BXP	Exit	Boston Properties	$0	–	-2,400	–	-0.12%	–
EFA	Exit	IShares Tr MSCI Eafe Idx	$0	–	-4,065	–	-0.13%	–
BMY	Exit	Bristol-Meyers Squibb	$0	–	-5,910	–	-0.13%	–
ALRS	Exit	Alerus Finl Corp Com	$0	–	-6,700	–	-0.14%	–
PM	Exit	Philip Morris Intl Inc Com	$0	–	-3,512	–	-0.15%	–
SOR	Exit	Source Capital Inc	$0	–	-5,375	–	-0.16%	–
	Exit	Beam Inc Com	$0	–	-5,271	–	-0.17%	–
CB	Exit	Chubb Corp	$0	–	-4,000	–	-0.17%	–
WRE	Exit	Washington Real Estate Inv Tr	$0	–	-14,503	–	-0.18%	–
VZ	Exit	Verizon Communications Com	$0	–	-7,943	–	-0.18%	–
JPM	Exit	J P Morgan Chase And Co	$0	–	-7,683	–	-0.19%	–
CVX	Exit	Chevrontexaco Corp Com	$0	–	-3,390	–	-0.20%	–
T	Exit	AT&T Inc	$0	–	-12,239	–	-0.20%	–
RD	Exit	Royal Dutch Shell Plc Adr Cl A	$0	–	-6,520	–	-0.21%	–
	Exit	First Natl Bk Alaska Com	$0	–	-256	–	-0.22%	–
MNKKQ	Exit	Mallinckrodt	$0	–	-11,230	–	-0.24%	–
IBM	Exit	International Business Machine	$0	–	-2,746	–	-0.25%	–
GE	Exit	General Electric Corp	$0	–	-22,379	–	-0.26%	–
	Exit	Berkshire Hathaway Inc-Cl A	$0	–	-4	–	-0.33%	–
PFE	Exit	Pfizer Inc Com	$0	–	-26,369	–	-0.37%	–
	Exit	Allergan	$0	–	-10,675	–	-0.47%	–
ISCA	Exit	International Speedway Cl A	$0	–	-32,113	–	-0.50%	–
BAC	Exit	Bank Of Amer Corp	$0	–	-83,508	–	-0.56%	–
ADT	Exit	ADT Corp	$0	–	-28,547	–	-0.56%	–
PNR	Exit	Pentair Ltd	$0	–	-18,261	–	-0.58%	–
NSRGY	Exit	Nestle Sa-Adr Repstg	$0	–	-19,537	–	-0.66%	–
JOE	Exit	St Joe Corporation	$0	–	-81,264	–	-0.78%	–
TGT	Exit	Target Corp Com	$0	–	-28,725	–	-0.89%	–
GSK	Exit	Glaxo Holdings Plc	$0	–	-37,815	–	-0.92%	–
TYC	Exit	Tyco Intl Ltd New Com	$0	–	-55,457	–	-0.94%	–
WPO	Exit	Washington Post Co Cl B	$0	–	-4,515	–	-1.34%	–
GLW	Exit	Corning Inc Com	$0	–	-208,279	–	-1.48%	–
MMC	Exit	Marsh & McLennan Cos Com	$0	–	-72,298	–	-1.53%	–
MKC	Exit	McCormick & Co Inc Com Non Vtg	$0	–	-50,318	–	-1.58%	–
SASR	Exit	Sandy Spring Bancorp Com	$0	–	-146,397	–	-1.66%	–
DIS	Exit	Walt Disney Holding Co	$0	–	-59,972	–	-1.88%	–
DELL	Exit	Dell Computer Corp Com	$0	–	-284,726	–	-1.90%	–
	Exit	Becton Dickinson & Co Com	$0	–	-42,480	–	-2.07%	–
WFC	Exit	Wells Fargo & Co	$0	–	-106,301	–	-2.14%	–
HAS	Exit	Hasbro Inc Com	$0	–	-95,679	–	-2.19%	–
PAYX	Exit	Paychex Inc	$0	–	-113,210	–	-2.24%	–
DOV	Exit	Dover Corp Com	$0	–	-52,257	–	-2.28%	–
PEP	Exit	Pepsico Inc	$0	–	-60,786	–	-2.35%	–
GPC	Exit	Genuine Parts Co Com	$0	–	-60,430	–	-2.38%	–
KO	Exit	Coca-Cola Corp	$0	–	-135,193	–	-2.49%	–
SYY	Exit	Sysco Corp	$0	–	-164,577	–	-2.55%	–
PG	Exit	Procter & Gamble Co	$0	–	-71,487	–	-2.63%	–
F113PS	Exit	Covidien PLC	$0	–	-90,593	–	-2.69%	–
MSFT	Exit	Microsoft Corp Com	$0	–	-175,485	–	-2.84%	–
PGR	Exit	Progressive Corp Ohio Com	$0	–	-227,041	–	-3.01%	–
L	Exit	Loews Corp	$0	–	-139,321	–	-3.17%	–
Y	Exit	Alleghany Corp	$0	–	-16,464	–	-3.28%	–
NSC	Exit	Norfolk Southern Corp	$0	–	-87,283	–	-3.28%	–
XOM	Exit	Exxon Mobil Corp	$0	–	-86,053	–	-3.60%	–
WAG	Exit	Walgreen Co	$0	–	-145,194	–	-3.80%	–
LUK	Exit	Leucadia National Corp	$0	–	-300,166	–	-3.98%	–
JNJ	Exit	Johnson & Johnson	$0	–	-116,470	–	-4.91%	–
WMT	Exit	Wal Mart Stores Inc Com	$0	–	-140,497	–	-5.06%	–
MKL	Exit	Markel Corp Com	$0	–	-22,809	–	-5.75%	–
BRKB	Exit	Berkshire Hathaway Inc-Cl B	$0	–	-154,806	–	-8.55%	–

Q3 2013

			Value		Shares		↓ Weighting
BRKB	Sell	Berkshire Hathaway Inc-Cl B	$17,572,000	+0.6%	154,806	-0.8%	8.55%	+2.0%
MKL	Buy	Markel Corp Com	$11,810,000	-1.3%	22,809	+0.4%	5.75%	+0.0%
WMT	Buy	Wal Mart Stores Inc Com	$10,391,000	+0.0%	140,497	+0.8%	5.06%	+1.4%
JNJ	Sell	Johnson & Johnson	$10,097,000	+0.7%	116,470	-0.3%	4.91%	+2.1%
LUK	Buy	Leucadia National Corp	$8,177,000	+4.0%	300,166	+0.1%	3.98%	+5.4%
WAG	Buy	Walgreen Co	$7,811,000	+24.8%	145,194	+2.6%	3.80%	+26.5%
XOM	Buy	Exxon Mobil Corp	$7,404,000	-4.0%	86,053	+0.8%	3.60%	-2.7%
NSC	Buy	Norfolk Southern Corp	$6,751,000	+9.4%	87,283	+2.8%	3.28%	+10.9%
Y	Buy	Alleghany Corp	$6,744,000	+8.6%	16,464	+1.6%	3.28%	+10.1%
L	Buy	Loews Corp	$6,512,000	+6.0%	139,321	+0.7%	3.17%	+7.5%
MSFT	Buy	Microsoft Corp Com	$5,840,000	-3.5%	175,485	+0.2%	2.84%	-2.2%
F113PS	Sell	Covidien PLC	$5,521,000	-3.1%	90,593	-0.1%	2.69%	-1.8%
PG	Sell	Procter & Gamble Co	$5,404,000	-2.0%	71,487	-0.2%	2.63%	-0.6%
SYY	Buy	Sysco Corp	$5,239,000	-6.7%	164,577	+0.1%	2.55%	-5.5%
KO	Sell	Coca-Cola Corp	$5,121,000	-5.7%	135,193	-0.2%	2.49%	-4.4%
GPC	Sell	Genuine Parts Co Com	$4,888,000	+2.3%	60,430	-1.2%	2.38%	+3.8%
PEP	Sell	Pepsico Inc	$4,832,000	-3.0%	60,786	-0.2%	2.35%	-1.6%
DOV	Sell	Dover Corp Com	$4,694,000	+5.2%	52,257	-9.1%	2.28%	+6.6%
PAYX	Sell	Paychex Inc	$4,601,000	-30.9%	113,210	-37.9%	2.24%	-29.9%
HAS	Sell	Hasbro Inc Com	$4,510,000	+2.9%	95,679	-2.2%	2.19%	+4.2%
WFC	Buy	Wells Fargo & Co	$4,392,000	+0.5%	106,301	+0.4%	2.14%	+2.0%
	Sell	Becton Dickinson & Co Com	$4,249,000	+1.1%	42,480	-0.1%	2.07%	+2.5%
DELL	Sell	Dell Computer Corp Com	$3,915,000	+2.6%	284,726	-0.6%	1.90%	+4.0%
DIS	Sell	Walt Disney Holding Co	$3,868,000	+1.1%	59,972	-1.0%	1.88%	+2.4%
SASR	Buy	Sandy Spring Bancorp Com	$3,402,000	+7.5%	146,397	+0.0%	1.66%	+9.0%
MKC	Sell	McCormick & Co Inc Com Non Vtg	$3,256,000	-8.9%	50,318	-1.0%	1.58%	-7.7%
MMC	Sell	Marsh & McLennan Cos Com	$3,149,000	-18.2%	72,298	-25.0%	1.53%	-17.1%
GLW	Buy	Corning Inc Com	$3,039,000	+2.5%	208,279	+0.0%	1.48%	+3.9%
TYC	Sell	Tyco Intl Ltd New Com	$1,940,000	+6.0%	55,457	-0.2%	0.94%	+7.4%
JOE	Sell	St Joe Corporation	$1,594,000	-7.4%	81,264	-0.6%	0.78%	-6.1%
PNR	Sell	Pentair Ltd	$1,186,000	+12.4%	18,261	-0.2%	0.58%	+14.0%
ADT	Sell	ADT Corp	$1,161,000	+1.8%	28,547	-0.2%	0.56%	+3.3%
ISCA	Sell	International Speedway Cl A	$1,036,000	+2.1%	32,113	-0.4%	0.50%	+3.5%
GE	Sell	General Electric Corp	$535,000	-1.3%	22,379	-4.3%	0.26%	0.0%
MNKKQ	New	Mallinckrodt	$495,000	–	11,230	–	0.24%	–
	Sell	First Natl Bk Alaska Com	$454,000	-4.4%	256	-7.2%	0.22%	-3.1%
T	Sell	AT&T Inc	$414,000	-7.0%	12,239	-2.5%	0.20%	-6.1%
VZ	Sell	Verizon Communications Com	$371,000	-12.7%	7,943	-5.9%	0.18%	-11.3%
	Sell	Beam Inc Com	$341,000	-0.3%	5,271	-2.8%	0.17%	+1.2%
SOR	Buy	Source Capital Inc	$334,000	+1.8%	5,375	+1.2%	0.16%	+3.8%
BRHI	Exit	Braintech Inc New Com	$0	–	-35,000	–	0.00%	–
CWGL	Exit	Crimson Wine Group Ltd	$0	–	-24,160	–	-0.10%	–
SPY	Exit	SPDR Tr Unit Ser 1	$0	–	-1,478	–	-0.11%	–
MHK	Exit	Mohawk Inds Inc Com	$0	–	-2,400	–	-0.13%	–
TEL	Exit	TE Connectivity Ltd	$0	–	-76,842	–	-1.68%	–

Q2 2013

			Value		Shares		↓ Weighting
BRKB	New	Berkshire Hathaway Inc-Cl B	$17,459,000	–	155,998	–	8.38%	–
MKL	New	Markel Corp Com	$11,971,000	–	22,717	–	5.74%	–
WMT	New	Wal Mart Stores Inc Com	$10,386,000	–	139,429	–	4.98%	–
JNJ	New	Johnson & Johnson	$10,027,000	–	116,788	–	4.81%	–
LUK	New	Leucadia National Corp	$7,863,000	–	299,891	–	3.77%	–
XOM	New	Exxon Mobil Corp	$7,711,000	–	85,341	–	3.70%	–
PAYX	New	Paychex Inc	$6,657,000	–	182,335	–	3.20%	–
WAG	New	Walgreen Co	$6,258,000	–	141,580	–	3.00%	–
Y	New	Alleghany Corp	$6,209,000	–	16,199	–	2.98%	–
NSC	New	Norfolk Southern Corp	$6,170,000	–	84,932	–	2.96%	–
L	New	Loews Corp	$6,143,000	–	138,345	–	2.95%	–
MSFT	New	Microsoft Corp Com	$6,052,000	–	175,183	–	2.90%	–
PGR	New	Progressive Corp Ohio Com	$5,771,000	–	227,041	–	2.77%	–
F113PS	New	Covidien PLC	$5,696,000	–	90,642	–	2.73%	–
SYY	New	Sysco Corp	$5,618,000	–	164,474	–	2.70%	–
PG	New	Procter & Gamble Co	$5,513,000	–	71,610	–	2.65%	–
KO	New	Coca-Cola Corp	$5,432,000	–	135,434	–	2.61%	–
PEP	New	Pepsico Inc	$4,980,000	–	60,883	–	2.39%	–
GPC	New	Genuine Parts Co Com	$4,776,000	–	61,177	–	2.29%	–
DOV	New	Dover Corp Com	$4,462,000	–	57,462	–	2.14%	–
HAS	New	Hasbro Inc Com	$4,385,000	–	97,804	–	2.10%	–
WFC	New	Wells Fargo & Co	$4,368,000	–	105,851	–	2.10%	–
	New	Becton Dickinson & Co Com	$4,203,000	–	42,530	–	2.02%	–
MMC	New	Marsh & McLennan Cos Com	$3,849,000	–	96,428	–	1.85%	–
DIS	New	Walt Disney Holding Co	$3,827,000	–	60,597	–	1.84%	–
DELL	New	Dell Computer Corp Com	$3,817,000	–	286,465	–	1.83%	–
MKC	New	McCormick & Co Inc Com Non Vtg	$3,575,000	–	50,817	–	1.72%	–
TEL	New	TE Connectivity Ltd	$3,499,000	–	76,842	–	1.68%	–
SASR	New	Sandy Spring Bancorp Com	$3,165,000	–	146,392	–	1.52%	–
GLW	New	Corning Inc Com	$2,964,000	–	208,276	–	1.42%	–
WPO	New	Washington Post Co Cl B	$2,184,000	–	4,515	–	1.05%	–
TGT	New	Target Corp Com	$1,978,000	–	28,725	–	0.95%	–
GSK	New	Glaxo Holdings Plc	$1,890,000	–	37,815	–	0.91%	–
TYC	New	Tyco Intl Ltd New Com	$1,831,000	–	55,579	–	0.88%	–
JOE	New	St Joe Corporation	$1,721,000	–	81,764	–	0.83%	–
NSRGY	New	Nestle Sa-Adr Repstg	$1,285,000	–	19,537	–	0.62%	–
ADT	New	ADT Corp	$1,140,000	–	28,608	–	0.55%	–
BAC	New	Bank Of Amer Corp	$1,074,000	–	83,508	–	0.52%	–
PNR	New	Pentair Ltd	$1,055,000	–	18,290	–	0.51%	–
ISCA	New	International Speedway Cl A	$1,015,000	–	32,238	–	0.49%	–
	New	Allergan	$899,000	–	10,675	–	0.43%	–
PFE	New	Pfizer Inc Com	$739,000	–	26,369	–	0.36%	–
	New	Berkshire Hathaway Inc-Cl A	$674,000	–	4	–	0.32%	–
GE	New	General Electric Corp	$542,000	–	23,379	–	0.26%	–
IBM	New	International Business Machine	$525,000	–	2,746	–	0.25%	–
	New	First Natl Bk Alaska Com	$475,000	–	276	–	0.23%	–
T	New	AT&T Inc	$445,000	–	12,558	–	0.21%	–
VZ	New	Verizon Communications Com	$425,000	–	8,439	–	0.20%	–
RD	New	Royal Dutch Shell Plc Adr Cl A	$416,000	–	6,520	–	0.20%	–
JPM	New	J P Morgan Chase And Co	$406,000	–	7,683	–	0.20%	–
CVX	New	Chevrontexaco Corp Com	$401,000	–	3,390	–	0.19%	–
WRE	New	Washington Real Estate Inv Tr	$390,000	–	14,503	–	0.19%	–
	New	Beam Inc Com	$342,000	–	5,421	–	0.16%	–
CB	New	Chubb Corp	$339,000	–	4,000	–	0.16%	–
SOR	New	Source Capital Inc	$328,000	–	5,311	–	0.16%	–
PM	New	Philip Morris Intl Inc Com	$304,000	–	3,512	–	0.15%	–
MHK	New	Mohawk Inds Inc Com	$270,000	–	2,400	–	0.13%	–
BMY	New	Bristol-Meyers Squibb	$264,000	–	5,910	–	0.13%	–
ALRS	New	Alerus Finl Corp Com	$260,000	–	6,700	–	0.12%	–
FRT	New	Federal Realty Invt Tr Sbi-New	$259,000	–	2,500	–	0.12%	–
BXP	New	Boston Properties	$253,000	–	2,400	–	0.12%	–
SPY	New	SPDR Tr Unit Ser 1	$237,000	–	1,478	–	0.11%	–
HON	New	Honeywell Intl Inc	$238,000	–	3,000	–	0.11%	–
COST	New	Costco Wholesale Corp	$235,000	–	2,126	–	0.11%	–
EFA	New	IShares Tr MSCI Eafe Idx	$233,000	–	4,065	–	0.11%	–
GLD	New	Santa Fe Pacific Gold Corp	$211,000	–	1,772	–	0.10%	–
CWGL	New	Crimson Wine Group Ltd	$206,000	–	24,160	–	0.10%	–
DVD	New	Dover Motorsports Inc	$61,000	–	28,469	–	0.03%	–
BRHI	New	Braintech Inc New Com	$0	–	35,000	–	0.00%	–
TMEN	New	Thermoenergy Corp Com	$1,000	–	25,000	–	0.00%	–

Compare quarters

Export Lafayette Investments's holdings