Norman Fields, Gottscho Capital Management, LLC Activity Q4 2005-Q4 2023

Q4 2023

			Value		Shares		↓ Weighting
BRKB	Sell	Berkshire Hathaway B	$40,022	+0.8%	112,214	-1.0%	15.96%	-7.4%
COST	Sell	Costco Whsl Corp	$39,422	+16.8%	59,723	-0.0%	15.72%	+7.3%
AAPL	Sell	Apple Inc	$29,340	+11.7%	152,393	-0.7%	11.70%	+2.6%
V	Buy	Visa Inc. Class A	$25,267	+13.3%	97,050	+0.1%	10.07%	+4.1%
UNP	Sell	Union Pacific Corp	$9,263	+20.1%	37,713	-0.4%	3.69%	+10.3%
MA	Sell	Mastercard Inc	$7,607	+7.6%	17,835	-0.1%	3.03%	-1.2%
FWONK	Buy	Liberty Media Corp -Formula On	$6,813	+8.4%	107,922	+7.0%	2.72%	-0.4%
AXP	Sell	American Express Company	$6,802	+25.3%	36,306	-0.2%	2.71%	+15.1%
SBUX	Sell	Starbucks Corp	$6,694	+1.5%	69,720	-3.5%	2.67%	-6.8%
AMZN	Sell	Amazon.com Inc.	$6,346	+19.1%	41,765	-0.4%	2.53%	+9.4%
PKG	Sell	Packaging Corp Amer	$6,298	+5.5%	38,659	-0.6%	2.51%	-3.1%
A	Sell	Agilent Technologies	$5,499	+21.2%	39,550	-2.5%	2.19%	+11.3%
GOOG	Buy	Alphabet Inc. Class C	$5,194	+6.9%	36,857	+0.0%	2.07%	-1.8%
	New	On Holding	$4,677	–	173,415	–	1.86%	–
OXY	Buy	Occidental Petroleum Corp.	$4,580	+10.8%	76,700	+20.4%	1.83%	+1.8%
GOOGL	Sell	Alphabet Inc. Class A	$4,535	+6.7%	32,465	-0.1%	1.81%	-2.0%
BATRK	Buy	Atlanta Braves Holdings, Inc.	$3,760	+12.8%	94,997	+1.8%	1.50%	+3.7%
MKL	Buy	Markel Group Inc.	$3,521	-1.3%	2,480	+2.3%	1.40%	-9.4%
IAC	Buy	Iac/Interactivecorp	$2,775	+300.4%	52,984	+285.1%	1.11%	+267.4%
STLA	Sell	Stellantis NV	$1,835	+18.2%	78,550	-2.5%	0.73%	+8.6%
LMT	Sell	Lockheed Martin Corp	$1,494	-5.4%	3,296	-14.6%	0.60%	-13.0%
	Sell	U Haul Holding	$1,428	+33.8%	20,267	-0.4%	0.57%	+22.9%
LHX	Sell	L3Harris Technologies Inc.	$1,334	+18.6%	6,335	-1.9%	0.53%	+9.0%
MU	Sell	Micron Technology Inc	$1,126	+19.9%	13,195	-4.4%	0.45%	+10.0%
CP	Buy	Canadian Pacific Kansas City	$1,051	+251.5%	13,295	+231.1%	0.42%	+222.3%
SPB	Sell	Spectrum Brands Holdings Inc	$1,031	+1.6%	12,922	-0.2%	0.41%	-6.6%
	Sell	Howard Hughes Holdings Corp.	$1,017	+10.1%	11,890	-4.7%	0.40%	+1.0%
RHHBY	Sell	Roche Holding Ltd	$813	-0.1%	22,450	-6.4%	0.32%	-8.2%
GHC	Sell	Graham Holdings Co. Class B	$591	+18.7%	849	-0.6%	0.24%	+9.3%
MRNA	Sell	Moderna Inc.	$575	-43.2%	5,784	-41.0%	0.23%	-47.8%
DEO	Sell	Diageo Plc-Sponsored Adr	$561	-4.3%	3,850	-1.9%	0.22%	-11.8%
UHAL	Buy	U Haul Holding Co	$523	+35.1%	7,278	+2.7%	0.21%	+24.4%
EPD	Sell	Enterprise Prd Prtnrs LP	$387	-13.2%	14,690	-9.8%	0.15%	-20.6%
ALC	Sell	Alcon Inc.	$325	-16.7%	4,159	-17.8%	0.13%	-23.1%
ADP	Sell	Automatic Data Processing	$265	-8.3%	1,136	-5.3%	0.11%	-15.2%
AEP	Exit	American Electric Power Compan	$0	–	-3,145	–	-0.10%	–
WAB	Exit	Wabtec Corp	$0	–	-7,785	–	-0.36%	–
	Exit	Liberty Media Corp. Series C	$0	–	-30,833	–	-0.43%	–
LBRDK	Exit	Liberty Broadband Corp.	$0	–	-11,516	–	-0.46%	–
LBRDA	Exit	Liberty Broadband Corp. Cl A	$0	–	-13,575	–	-0.54%	–
LSXMK	Exit	Liberty Media - SiriusXM C	$0	–	-107,800	–	-1.19%	–
CHTR	Exit	Charter Communications	$0	–	-6,446	–	-1.23%	–

Q3 2023

			Value		Shares		↓ Weighting
BRKB	Sell	Berkshire Hathaway B	$39,699	-0.4%	113,329	-3.1%	17.23%	+2.7%
COST	Sell	Costco Whsl Corp	$33,755	-2.6%	59,748	-7.1%	14.65%	+0.6%
AAPL	Sell	Apple Inc	$26,264	-12.2%	153,400	-0.5%	11.40%	-9.4%
V	Sell	Visa Inc. Class A	$22,295	-3.6%	96,931	-0.5%	9.68%	-0.5%
UNP	Sell	Union Pacific Corp	$7,712	-0.9%	37,873	-0.4%	3.35%	+2.3%
SBUX	Sell	Starbucks Corp	$6,596	-8.8%	72,265	-1.0%	2.86%	-5.9%
FWONK	Sell	Liberty Media-Formula One C	$6,285	-17.5%	100,885	-0.3%	2.73%	-14.9%
PKG	Sell	Packaging Corp Amer	$5,969	+16.0%	38,874	-0.1%	2.59%	+19.7%
AXP	Sell	American Express Company	$5,429	-14.4%	36,387	-0.1%	2.36%	-11.7%
AMZN	Buy	Amazon.com Inc.	$5,330	-2.4%	41,925	+0.1%	2.31%	+0.7%
GOOG	Sell	Alphabet Inc. Class C	$4,859	+8.5%	36,853	-0.5%	2.11%	+11.9%
A	Sell	Agilent Technologies	$4,536	-13.0%	40,565	-6.5%	1.97%	-10.2%
GOOGL	Sell	Alphabet Inc. Class A	$4,252	+8.7%	32,490	-0.6%	1.84%	+12.1%
OXY	Buy	Occidental Petroleum Corp.	$4,135	+11.3%	63,730	+0.9%	1.79%	+14.8%
NVO	Buy	Novo-Nordisk A-S Adr	$4,053	+12.4%	44,572	+100.0%	1.76%	+16.0%
MKL	Buy	Markel Group Inc.	$3,569	+11.7%	2,424	+5.0%	1.55%	+15.3%
BATRK	Buy	Atlanta Braves Holdings, Inc.	$3,333	-8.3%	93,295	+1.7%	1.45%	-5.4%
CHTR	Sell	Charter Communications	$2,835	+15.1%	6,446	-3.9%	1.23%	+18.7%
LSXMK	Sell	Liberty Media - SiriusXM C	$2,745	-25.3%	107,800	-4.0%	1.19%	-22.9%
LBRDA	Sell	Liberty Broadband Corp. Cl A	$1,234	+0.9%	13,575	-11.5%	0.54%	+4.3%
NOC	Sell	Northrop Grumman Corp.	$1,158	-3.7%	2,630	-0.4%	0.50%	-0.6%
LHX	Sell	L3Harris Technologies Inc.	$1,125	-11.6%	6,460	-0.5%	0.49%	-8.8%
	Sell	U Haul Holding	$1,067	+2.6%	20,357	-0.8%	0.46%	+5.9%
LBRDK	Sell	Liberty Broadband Corp.	$1,052	+6.0%	11,516	-7.0%	0.46%	+9.6%
SPB	Sell	Spectrum Brands Holdings Inc	$1,015	-1.6%	12,952	-2.0%	0.44%	+1.4%
MRNA	Sell	Moderna Inc.	$1,012	-17.1%	9,799	-2.5%	0.44%	-14.4%
	New	Liberty Media Corp. Series C	$990	–	30,833	–	0.43%	–
MU	Sell	Micron Technology Inc	$939	+5.3%	13,800	-2.3%	0.41%	+8.8%
	New	Howard Hughes Holdings Corp.	$924	–	12,470	–	0.40%	–
WAB	Sell	Wabtec Corp	$827	-7.0%	7,785	-4.0%	0.36%	-4.0%
RHHBY	Buy	Roche Holding Ltd	$814	-6.2%	23,990	+5.6%	0.35%	-3.3%
IAC	Sell	Iac/Interactivecorp	$693	-20.1%	13,760	-0.3%	0.30%	-17.5%
CP	Buy	Canadian Pacific Kansas City	$299	+46.6%	4,015	+59.3%	0.13%	+51.2%
AEP	Buy	American Electric Power Compan	$237	0.0%	3,145	+11.5%	0.10%	+3.0%
SONY	Exit	Sony Group Corporation	$0	–	-5,445	–	-0.21%	–

Q2 2023

			Value		Shares		↓ Weighting
BRKB	New	Berkshire Hathaway B	$39,874	–	116,933	–	16.77%	–
COST	New	Costco Whsl Corp	$34,640	–	64,342	–	14.57%	–
AAPL	New	Apple Inc	$29,914	–	154,220	–	12.58%	–
V	New	Visa Inc. Class A	$23,132	–	97,406	–	9.73%	–
UNP	New	Union Pacific Corp	$7,780	–	38,023	–	3.27%	–
FWONK	New	Liberty Media-Formula One C	$7,620	–	101,225	–	3.20%	–
SBUX	New	Starbucks Corp	$7,233	–	73,014	–	3.04%	–
MA	New	Mastercard Inc	$7,024	–	17,860	–	2.95%	–
AXP	New	American Express Company	$6,343	–	36,412	–	2.67%	–
AMZN	New	Amazon.com Inc.	$5,460	–	41,882	–	2.30%	–
A	New	Agilent Technologies	$5,215	–	43,365	–	2.19%	–
PKG	New	Packaging Corp Amer	$5,145	–	38,930	–	2.16%	–
GOOG	New	Alphabet Inc. Class C	$4,479	–	37,024	–	1.88%	–
GOOGL	New	Alphabet Inc. Class A	$3,913	–	32,690	–	1.65%	–
OXY	New	Occidental Petroleum Corp.	$3,716	–	63,190	–	1.56%	–
LSXMK	New	Liberty Media - SiriusXM C	$3,674	–	112,254	–	1.54%	–
BATRK	New	Liberty Media-Braves C	$3,633	–	91,697	–	1.53%	–
NVO	New	Novo-Nordisk A-S Adr	$3,607	–	22,286	–	1.52%	–
MKL	New	Markel Group Inc.	$3,194	–	2,309	–	1.34%	–
CHTR	New	Charter Communications	$2,464	–	6,707	–	1.04%	–
LMT	New	Lockheed Martin Corp	$1,778	–	3,861	–	0.75%	–
STLA	New	Stellantis NV	$1,414	–	80,550	–	0.60%	–
LHX	New	L3Harris Technologies Inc.	$1,272	–	6,495	–	0.54%	–
LBRDA	New	Liberty Broadband Corp. Cl A	$1,223	–	15,337	–	0.51%	–
MRNA	New	Moderna Inc.	$1,221	–	10,049	–	0.51%	–
NOC	New	Northrop Grumman Corp.	$1,203	–	2,640	–	0.51%	–
MSFT	New	Microsoft Corp	$1,090	–	3,200	–	0.46%	–
	New	U Haul Holding	$1,040	–	20,517	–	0.44%	–
SPB	New	Spectrum Brands Holdings Inc	$1,032	–	13,217	–	0.43%	–
LBRDK	New	Liberty Broadband Corp.	$992	–	12,383	–	0.42%	–
DE	New	Deere & Co	$952	–	2,350	–	0.40%	–
DHI	New	D R Horton Inc	$924	–	7,595	–	0.39%	–
JNJ	New	Johnson & Johnson	$914	–	5,521	–	0.38%	–
MU	New	Micron Technology Inc	$892	–	14,130	–	0.38%	–
WAB	New	Wabtec Corp	$889	–	8,110	–	0.37%	–
RHHBY	New	Roche Holding Ltd	$868	–	22,715	–	0.36%	–
IAC	New	Iac/Interactivecorp	$867	–	13,800	–	0.36%	–
EFX	New	Equifax Inc	$847	–	3,600	–	0.36%	–
ABT	New	Abbott Laboratories	$815	–	7,478	–	0.34%	–
NSC	New	Norfolk Southern Corp	$772	–	3,405	–	0.32%	–
LLY	New	Lilly Eli & Company	$685	–	1,460	–	0.29%	–
TER	New	Teradyne Inc	$685	–	6,150	–	0.29%	–
DEO	New	Diageo Plc-Sponsored Adr	$681	–	3,925	–	0.29%	–
ABBV	New	Abbvie Inc	$572	–	4,248	–	0.24%	–
MGRC	New	Mcgrath Rentcorp	$513	–	5,550	–	0.22%	–
SONY	New	Sony Group Corporation	$490	–	5,445	–	0.21%	–
GHC	New	Graham Holdings Co. Class B	$488	–	854	–	0.20%	–
LEN	New	Lennar Corp Cl A	$452	–	3,607	–	0.19%	–
EPD	New	Enterprise Prd Prtnrs LP	$429	–	16,290	–	0.18%	–
ALC	New	Alcon Inc.	$415	–	5,059	–	0.18%	–
UHAL	New	U Haul Holding Co	$392	–	7,088	–	0.16%	–
BA	New	Boeing Co	$380	–	1,800	–	0.16%	–
HOLX	New	Hologic Inc	$372	–	4,600	–	0.16%	–
FMC	New	Fmc Corp New	$334	–	3,200	–	0.14%	–
KEX	New	Kirby Corporation	$308	–	4,000	–	0.13%	–
HEINY	New	Heineken N V Adr F	$288	–	5,600	–	0.12%	–
OHI	New	Omega Healthcare Inv	$276	–	9,000	–	0.12%	–
ADP	New	Automatic Data Processing	$264	–	1,200	–	0.11%	–
XYL	New	Xylem Inc	$262	–	2,330	–	0.11%	–
AEP	New	American Electric Power Compan	$237	–	2,820	–	0.10%	–
CP	New	Canadian Pacific Kansas City	$204	–	2,520	–	0.09%	–
	New	G C I Liberty Inc. xxxpending	$2	–	12,350	–	0.00%	–

Q4 2022

			Value		Shares		↓ Weighting
	Exit	Warner Brothers Discovery Inc.	$0	–	-10,600	–	-0.06%	–
XYL	Exit	Xylem Inc	$0	–	-2,330	–	-0.10%	–
BA	Exit	Boeing Co	$0	–	-1,800	–	-0.10%	–
FIS	Exit	Fidelity Natl Info Svcs	$0	–	-3,140	–	-0.11%	–
INTC	Exit	Intel Corp	$0	–	-9,308	–	-0.12%	–
KEX	Exit	Kirby Corporation	$0	–	-4,000	–	-0.12%	–
HEINY	Exit	Heineken N V Adr F	$0	–	-5,600	–	-0.12%	–
OHI	Exit	Omega Healthcare Inv	$0	–	-9,000	–	-0.13%	–
LEN	Exit	Lennar Corp Cl A	$0	–	-3,607	–	-0.13%	–
AEP	Exit	American Electric Power Compan	$0	–	-3,145	–	-0.13%	–
ADP	Exit	Automatic Data Processing	$0	–	-1,200	–	-0.13%	–
MKL	Exit	Markel Corp.	$0	–	-250	–	-0.13%	–
ELAN	Exit	Elanco Animal Health Inc.	$0	–	-22,915	–	-0.14%	–
HOLX	Exit	Hologic Inc	$0	–	-4,600	–	-0.14%	–
CP	Exit	Canadian Pac Railway F	$0	–	-4,620	–	-0.15%	–
MMM	Exit	3m Company	$0	–	-2,960	–	-0.16%	–
FMC	Exit	Fmc Corp New	$0	–	-3,200	–	-0.16%	–
DDAIF	Exit	Mercedes-Benz Group Ord F	$0	–	-6,790	–	-0.17%	–
CABO	Exit	Cable One Inc.	$0	–	-425	–	-0.18%	–
EPD	Exit	Enterprise Prd Prtnrs LP	$0	–	-17,590	–	-0.20%	–
GHC	Exit	Graham Holdings Co. Class B	$0	–	-814	–	-0.21%	–
ALC	Exit	Alcon Inc.	$0	–	-7,884	–	-0.22%	–
TER	Exit	Teradyne Inc	$0	–	-6,150	–	-0.22%	–
MGRC	Exit	Mcgrath Rentcorp	$0	–	-5,550	–	-0.22%	–
LLY	Exit	Lilly Eli & Company	$0	–	-1,460	–	-0.23%	–
MSFT	Exit	Microsoft Corp	$0	–	-2,529	–	-0.28%	–
EFX	Exit	Equifax Inc	$0	–	-3,600	–	-0.30%	–
DHI	Exit	D R Horton Inc	$0	–	-9,202	–	-0.30%	–
ABBV	Exit	Abbvie Inc	$0	–	-4,988	–	-0.32%	–
DEO	Exit	Diageo Plc-Sponsored Adr	$0	–	-4,315	–	-0.35%	–
RHHBY	Exit	Roche Holding Ltd	$0	–	-18,950	–	-0.37%	–
NSC	Exit	Norfolk Southern Corp	$0	–	-3,745	–	-0.38%	–
DE	Exit	Deere & Co	$0	–	-2,350	–	-0.38%	–
LBTYA	Exit	Liberty Global Inc. Class A	$0	–	-56,452	–	-0.42%	–
SPB	Exit	Spectrum Brands Holdings Inc	$0	–	-22,637	–	-0.43%	–
JNJ	Exit	Johnson & Johnson	$0	–	-5,521	–	-0.44%	–
GOLD	Exit	Barrick Gold Corporation	$0	–	-59,985	–	-0.45%	–
WAB	Exit	Wabtec Corp	$0	–	-12,960	–	-0.51%	–
ABT	Exit	Abbott Laboratories	$0	–	-11,183	–	-0.52%	–
STLA	Exit	Stellantis NV	$0	–	-91,400	–	-0.53%	–
LBRDK	Exit	Liberty Broadband Corp.	$0	–	-15,193	–	-0.54%	–
MU	Exit	Micron Technology Inc	$0	–	-22,770	–	-0.55%	–
UHAL	Exit	Amerco	$0	–	-2,323	–	-0.57%	–
LBRDA	Exit	Liberty Broadband Corp. Cl A	$0	–	-16,407	–	-0.59%	–
MRNA	Exit	Moderna Inc.	$0	–	-10,504	–	-0.60%	–
NOC	Exit	Northrop Grumman Corp.	$0	–	-2,640	–	-0.60%	–
LMT	Exit	Lockheed Martin Corp	$0	–	-3,561	–	-0.66%	–
LHX	Exit	L3Harris Technologies Inc.	$0	–	-6,670	–	-0.67%	–
LNN	Exit	Lindsay Corp	$0	–	-10,304	–	-0.71%	–
GDX	Exit	Vaneck Vectors Gold Miners ETF	$0	–	-71,780	–	-0.83%	–
ILMN	Exit	Illumina Inc	$0	–	-10,845	–	-1.00%	–
NVO	Exit	Novo-Nordisk A-S Adr	$0	–	-22,286	–	-1.07%	–
CHTR	Exit	Charter Communications	$0	–	-7,970	–	-1.17%	–
OXY	Exit	Occidental Petroleum Corp.	$0	–	-41,507	–	-1.23%	–
BATRK	Exit	Liberty Media-Braves C	$0	–	-94,472	–	-1.25%	–
GOOGL	Exit	Alphabet Inc. Class A	$0	–	-33,179	–	-1.53%	–
LSXMK	Exit	Liberty Media - SiriusXM C	$0	–	-96,161	–	-1.75%	–
GOOG	Exit	Alphabet Inc. Class C	$0	–	-37,936	–	-1.76%	–
MA	Exit	Mastercard Inc	$0	–	-17,977	–	-2.46%	–
AXP	Exit	American Express Company	$0	–	-38,560	–	-2.51%	–
PKG	Exit	Packaging Corp Amer	$0	–	-47,115	–	-2.55%	–
A	Exit	Agilent Technologies	$0	–	-46,135	–	-2.70%	–
FWONK	Exit	Liberty Media-Formula One C	$0	–	-98,388	–	-2.78%	–
AMZN	Exit	Amazon.com Inc.	$0	–	-53,606	–	-2.92%	–
SBUX	Exit	Starbucks Corp	$0	–	-77,001	–	-3.13%	–
UNP	Exit	Union Pacific Corp	$0	–	-40,994	–	-3.85%	–
V	Exit	Visa Inc. Class A	$0	–	-102,024	–	-8.74%	–
AAPL	Exit	Apple Inc	$0	–	-164,525	–	-10.96%	–
COST	Exit	Costco Whsl Corp	$0	–	-64,262	–	-14.63%	–
BRKB	Exit	Berkshire Hathaway B	$0	–	-123,861	–	-15.94%	–

Q3 2022

			Value		Shares		↓ Weighting
BRKB	Buy	Berkshire Hathaway B	$33,073,000	-1.4%	123,861	+0.8%	15.94%	+4.0%
COST	Buy	Costco Whsl Corp	$30,349,000	+0.8%	64,262	+2.3%	14.63%	+6.3%
AAPL	Buy	Apple Inc	$22,737,000	+2.2%	164,525	+1.1%	10.96%	+7.8%
V	Buy	Visa Inc. Class A	$18,125,000	-8.3%	102,024	+1.6%	8.74%	-3.3%
UNP	Buy	Union Pacific Corp	$7,986,000	-6.8%	40,994	+2.1%	3.85%	-1.7%
SBUX	Buy	Starbucks Corp	$6,488,000	+12.0%	77,001	+1.5%	3.13%	+18.1%
AMZN	Buy	Amazon.com Inc.	$6,057,000	+9.3%	53,606	+2.7%	2.92%	+15.2%
FWONK	Buy	Liberty Media-Formula One C	$5,756,000	-2.0%	98,388	+6.3%	2.78%	+3.3%
A	Buy	Agilent Technologies	$5,608,000	+2.5%	46,135	+0.1%	2.70%	+8.0%
PKG	Sell	Packaging Corp Amer	$5,291,000	-18.7%	47,115	-0.5%	2.55%	-14.3%
AXP	Buy	American Express Company	$5,202,000	+0.5%	38,560	+3.2%	2.51%	+6.0%
GOOG	Buy	Alphabet Inc. Class C	$3,648,000	-11.9%	37,936	+1903.0%	1.76%	-7.1%
LSXMK	Buy	Liberty Media - SiriusXM C	$3,626,000	+8.4%	96,161	+3.6%	1.75%	+14.2%
GOOGL	Buy	Alphabet Inc. Class A	$3,174,000	-13.3%	33,179	+1873.8%	1.53%	-8.7%
BATRK	Buy	Liberty Media-Braves C	$2,598,000	+16.3%	94,472	+1.5%	1.25%	+22.6%
OXY	Buy	Occidental Petroleum Corp.	$2,551,000	+294.9%	41,507	+278.2%	1.23%	+316.9%
CHTR	Sell	Charter Communications	$2,418,000	-35.9%	7,970	-1.1%	1.17%	-32.4%
ILMN	New	Illumina Inc	$2,069,000	–	10,845	–	1.00%	–
GDX	Sell	Vaneck Vectors Gold Miners ETF	$1,731,000	-14.4%	71,780	-2.8%	0.83%	-9.7%
LNN	New	Lindsay Corp	$1,476,000	–	10,304	–	0.71%	–
MRNA	Buy	Moderna Inc.	$1,242,000	+26.5%	10,504	+52.8%	0.60%	+33.4%
UHAL	Buy	Amerco	$1,183,000	+8.3%	2,323	+1.7%	0.57%	+14.2%
LBRDK	Buy	Liberty Broadband Corp.	$1,121,000	-34.0%	15,193	+3.4%	0.54%	-30.5%
STLA	Buy	Stellantis NV	$1,099,000	+6.9%	91,400	+9.6%	0.53%	+12.8%
WAB	Buy	Wabtec Corp	$1,054,000	+3.5%	12,960	+4.5%	0.51%	+9.2%
GOLD	Sell	Barrick Gold Corporation	$930,000	-13.2%	59,985	-0.9%	0.45%	-8.6%
LBTYA	Sell	Liberty Global Inc. Class A	$880,000	-29.8%	56,452	-5.2%	0.42%	-26.0%
RHHBY	New	Roche Holding Ltd	$770,000	–	18,950	–	0.37%	–
DEO	Sell	Diageo Plc-Sponsored Adr	$733,000	-4.3%	4,315	-1.9%	0.35%	+0.9%
DHI	Sell	D R Horton Inc	$620,000	-77.9%	9,202	-78.3%	0.30%	-76.7%
EFX	Sell	Equifax Inc	$617,000	-17.6%	3,600	-12.2%	0.30%	-13.2%
MSFT	Buy	Microsoft Corp	$589,000	-9.1%	2,529	+0.2%	0.28%	-4.1%
ALC	Sell	Alcon Inc.	$459,000	-19.8%	7,884	-3.7%	0.22%	-15.6%
EPD	Buy	Enterprise Prd Prtnrs LP	$418,000	+10.0%	17,590	+12.8%	0.20%	+16.1%
DDAIF	New	Mercedes-Benz Group Ord F	$344,000	–	6,790	–	0.17%	–
CP	Sell	Canadian Pac Railway F	$308,000	-21.2%	4,620	-17.5%	0.15%	-17.3%
ELAN	Sell	Elanco Animal Health Inc.	$284,000	-47.3%	22,915	-16.6%	0.14%	-44.3%
XYL	New	Xylem Inc	$204,000	–	2,330	–	0.10%	–
	New	Warner Brothers Discovery Inc.	$122,000	–	10,600	–	0.06%	–
RTX	Exit	Raytheon Technologies Co.	$0	–	-2,286	–	-0.10%	–
SPOT	Exit	Spotify Technology	$0	–	-3,711	–	-0.16%	–
TTC	Exit	Toro Co	$0	–	-12,113	–	-0.42%	–
PHM	Exit	PulteGroup Inc.	$0	–	-30,735	–	-0.56%	–
CASH	Exit	Meta Financial Group	$0	–	-35,725	–	-0.63%	–
HPQ	Exit	HP Inc.	$0	–	-89,000	–	-1.33%	–

Q2 2022

			Value		Shares		↓ Weighting
BRKB	New	Berkshire Hathaway B	$33,546,000	–	122,870	–	15.34%	–
COST	New	Costco Whsl Corp	$30,095,000	–	62,793	–	13.76%	–
AAPL	New	Apple Inc	$22,246,000	–	162,712	–	10.17%	–
V	New	Visa Inc. Class A	$19,769,000	–	100,404	–	9.04%	–
UNP	New	Union Pacific Corp	$8,567,000	–	40,169	–	3.92%	–
PKG	New	Packaging Corp Amer	$6,509,000	–	47,335	–	2.98%	–
FWONK	New	Liberty Media-Formula One C	$5,876,000	–	92,583	–	2.69%	–
SBUX	New	Starbucks Corp	$5,794,000	–	75,848	–	2.65%	–
MA	New	Mastercard Inc	$5,671,000	–	17,977	–	2.59%	–
AMZN	New	Amazon.com Inc.	$5,544,000	–	52,199	–	2.54%	–
A	New	Agilent Technologies	$5,472,000	–	46,070	–	2.50%	–
AXP	New	American Express Company	$5,177,000	–	37,350	–	2.37%	–
GOOG	New	Alphabet Inc. Class C	$4,143,000	–	1,894	–	1.89%	–
CHTR	New	Charter Communications	$3,774,000	–	8,056	–	1.72%	–
GOOGL	New	Alphabet Inc. Class A	$3,663,000	–	1,681	–	1.68%	–
LSXMK	New	Liberty Media - SiriusXM C	$3,346,000	–	92,810	–	1.53%	–
HPQ	New	HP Inc.	$2,917,000	–	89,000	–	1.33%	–
DHI	New	D R Horton Inc	$2,806,000	–	42,395	–	1.28%	–
NVO	New	Novo-Nordisk A-S Adr	$2,483,000	–	22,286	–	1.14%	–
BATRK	New	Liberty Media-Braves C	$2,233,000	–	93,047	–	1.02%	–
GDX	New	Vaneck Vectors Gold Miners ETF	$2,022,000	–	73,846	–	0.92%	–
LBRDA	New	Liberty Broadband Corp. Cl A	$1,863,000	–	16,407	–	0.85%	–
SPB	New	Spectrum Brands Holdings Inc	$1,857,000	–	22,637	–	0.85%	–
LBRDK	New	Liberty Broadband Corp.	$1,699,000	–	14,689	–	0.78%	–
LHX	New	L3Harris Technologies Inc.	$1,612,000	–	6,670	–	0.74%	–
LMT	New	Lockheed Martin Corp	$1,531,000	–	3,561	–	0.70%	–
CASH	New	Meta Financial Group	$1,381,000	–	35,725	–	0.63%	–
NOC	New	Northrop Grumman Corp.	$1,263,000	–	2,640	–	0.58%	–
MU	New	Micron Technology Inc	$1,259,000	–	22,770	–	0.58%	–
LBTYA	New	Liberty Global Inc. Class A	$1,253,000	–	59,532	–	0.57%	–
PHM	New	PulteGroup Inc.	$1,218,000	–	30,735	–	0.56%	–
ABT	New	Abbott Laboratories	$1,215,000	–	11,183	–	0.56%	–
UHAL	New	Amerco	$1,092,000	–	2,284	–	0.50%	–
GOLD	New	Barrick Gold Corporation	$1,071,000	–	60,530	–	0.49%	–
STLA	New	Stellantis NV	$1,028,000	–	83,400	–	0.47%	–
WAB	New	Wabtec Corp	$1,018,000	–	12,400	–	0.46%	–
MRNA	New	Moderna Inc.	$982,000	–	6,874	–	0.45%	–
JNJ	New	Johnson & Johnson	$980,000	–	5,521	–	0.45%	–
TTC	New	Toro Co	$918,000	–	12,113	–	0.42%	–
NSC	New	Norfolk Southern Corp	$851,000	–	3,745	–	0.39%	–
DEO	New	Diageo Plc-Sponsored Adr	$766,000	–	4,400	–	0.35%	–
ABBV	New	Abbvie Inc	$764,000	–	4,988	–	0.35%	–
EFX	New	Equifax Inc	$749,000	–	4,100	–	0.34%	–
DE	New	Deere & Co	$704,000	–	2,350	–	0.32%	–
MSFT	New	Microsoft Corp	$648,000	–	2,525	–	0.30%	–
OXY	New	Occidental Pete Corp	$646,000	–	10,975	–	0.30%	–
ALC	New	Alcon Inc.	$572,000	–	8,184	–	0.26%	–
TER	New	Teradyne Inc	$551,000	–	6,150	–	0.25%	–
CABO	New	Cable One Inc.	$548,000	–	425	–	0.25%	–
ELAN	New	Elanco Animal Health Inc.	$539,000	–	27,480	–	0.25%	–
LLY	New	Lilly Eli & Company	$473,000	–	1,460	–	0.22%	–
GHC	New	Graham Holdings Co. Class B	$461,000	–	814	–	0.21%	–
MGRC	New	Mcgrath Rentcorp	$422,000	–	5,550	–	0.19%	–
CP	New	Canadian Pac Railway F	$391,000	–	5,600	–	0.18%	–
MMM	New	3m Company	$383,000	–	2,960	–	0.18%	–
EPD	New	Enterprise Prd Prtnrs LP	$380,000	–	15,590	–	0.17%	–
SPOT	New	Spotify Technology	$348,000	–	3,711	–	0.16%	–
INTC	New	Intel Corp	$348,000	–	9,308	–	0.16%	–
FMC	New	Fmc Corp New	$342,000	–	3,200	–	0.16%	–
MKL	New	Markel Corp.	$323,000	–	250	–	0.15%	–
HOLX	New	Hologic Inc	$319,000	–	4,600	–	0.15%	–
AEP	New	American Electric Power Compan	$302,000	–	3,145	–	0.14%	–
FIS	New	Fidelity Natl Info Svcs	$288,000	–	3,140	–	0.13%	–
HEINY	New	Heineken N V Adr F	$256,000	–	5,600	–	0.12%	–
LEN	New	Lennar Corp Cl A	$255,000	–	3,607	–	0.12%	–
OHI	New	Omega Healthcare Inv	$254,000	–	9,000	–	0.12%	–
ADP	New	Automatic Data Processing	$252,000	–	1,200	–	0.12%	–
BA	New	Boeing Co	$246,000	–	1,800	–	0.11%	–
KEX	New	Kirby Corporation	$243,000	–	4,000	–	0.11%	–
RTX	New	Raytheon Technologies Co.	$220,000	–	2,286	–	0.10%	–

Q4 2021

			Value		Shares		↓ Weighting
RTX	Exit	Raytheon Technologies Co.	$0	–	-2,366	–	-0.08%	–
ADP	Exit	Automatic Data Processing	$0	–	-1,200	–	-0.10%	–
WAB	Exit	Wabtec Corp	$0	–	-2,885	–	-0.10%	–
OHI	Exit	Omega Healthcare Inv	$0	–	-9,000	–	-0.11%	–
XYL	Exit	Xylem Inc	$0	–	-2,330	–	-0.11%	–
HEINY	Exit	Heineken N V Adr F	$0	–	-5,600	–	-0.12%	–
FMC	Exit	Fmc Corp New	$0	–	-3,200	–	-0.12%	–
MKL	Exit	Markel Corp.	$0	–	-250	–	-0.12%	–
LEN	Exit	Lennar Corp Cl A	$0	–	-3,607	–	-0.13%	–
LLY	Exit	Lilly Eli & Company	$0	–	-1,460	–	-0.13%	–
HOLX	Exit	Hologic Inc	$0	–	-4,600	–	-0.13%	–
EPD	Exit	Enterprise Prd Prtnrs LP	$0	–	-17,590	–	-0.15%	–
FIS	Exit	Fidelity Natl Info Svcs	$0	–	-3,140	–	-0.15%	–
BA	Exit	Boeing Co	$0	–	-1,800	–	-0.16%	–
GLW	Exit	Corning Inc	$0	–	-11,775	–	-0.17%	–
MGRC	Exit	Mcgrath Rentcorp	$0	–	-6,050	–	-0.17%	–
GHC	Exit	Graham Holdings Co. Class B	$0	–	-839	–	-0.20%	–
D	Exit	Dominion Energy Inc.	$0	–	-6,875	–	-0.20%	–
MMM	Exit	3m Company	$0	–	-2,960	–	-0.20%	–
AEP	Exit	American Electric Power Compan	$0	–	-6,570	–	-0.21%	–
ABBV	Exit	Abbvie Inc	$0	–	-4,988	–	-0.21%	–
KR	Exit	Kroger Corp	$0	–	-13,310	–	-0.21%	–
ALC	Exit	Alcon Inc.	$0	–	-8,309	–	-0.26%	–
TER	Exit	Teradyne Inc	$0	–	-6,150	–	-0.26%	–
MSFT	Exit	Microsoft Corp	$0	–	-2,525	–	-0.28%	–
CABO	Exit	Cable One Inc.	$0	–	-425	–	-0.30%	–
DE	Exit	Deere & Co	$0	–	-2,350	–	-0.31%	–
ELAN	Exit	Elanco Animal Health Inc.	$0	–	-25,645	–	-0.32%	–
DEO	Exit	Diageo Plc-Sponsored Adr	$0	–	-4,400	–	-0.34%	–
JNJ	Exit	Johnson & Johnson	$0	–	-5,521	–	-0.35%	–
PTON	Exit	Peloton Interactive Inc	$0	–	-10,345	–	-0.36%	–
NSC	Exit	Norfolk Southern Corp	$0	–	-3,860	–	-0.36%	–
NOC	Exit	Northrop Grumman Corp.	$0	–	-2,640	–	-0.38%	–
GFF	Exit	Griffon Corp	$0	–	-38,953	–	-0.38%	–
EFX	Exit	Equifax Inc	$0	–	-4,100	–	-0.41%	–
ABT	Exit	Abbott Laboratories	$0	–	-11,183	–	-0.52%	–
LHX	Exit	L3Harris Technologies Inc.	$0	–	-6,670	–	-0.58%	–
UHAL	Exit	Amerco	$0	–	-2,311	–	-0.59%	–
PHM	Exit	PulteGroup Inc.	$0	–	-35,735	–	-0.65%	–
STLA	Exit	Stellantis NV	$0	–	-91,650	–	-0.69%	–
	Exit	Holcim LTD	$0	–	-36,865	–	-0.70%	–
VTRS	Exit	Viatris Inc.	$0	–	-132,144	–	-0.71%	–
CASH	Exit	Meta Financial Group	$0	–	-35,725	–	-0.74%	–
LMT	Exit	Lockheed Martin Corp	$0	–	-5,440	–	-0.74%	–
NVO	Exit	Novo-Nordisk A-S Adr	$0	–	-22,286	–	-0.84%	–
SPB	Exit	Spectrum Brands Holdings Inc	$0	–	-23,076	–	-0.87%	–
BATRK	Exit	Liberty Media-Braves C	$0	–	-96,752	–	-1.01%	–
LBRDK	Exit	Liberty Broadband Corp.	$0	–	-15,496	–	-1.06%	–
LBRDA	Exit	Liberty Broadband Corp. Cl A	$0	–	-17,237	–	-1.15%	–
IFF	Exit	International Flavors & Fragra	$0	–	-23,300	–	-1.23%	–
DHI	Exit	D R Horton Inc	$0	–	-44,295	–	-1.47%	–
FWONK	Exit	Liberty Media-Formula One C	$0	–	-72,635	–	-1.47%	–
DISCK	Exit	Discovery Inc.	$0	–	-159,432	–	-1.53%	–
STOR	Exit	STORE Capital Corp	$0	–	-128,245	–	-1.62%	–
LSXMK	Exit	Liberty Media - SiriusXM C	$0	–	-96,120	–	-1.80%	–
GOOGL	Exit	Alphabet Inc. Class A	$0	–	-1,729	–	-1.82%	–
GOOG	Exit	Alphabet Inc. Class C	$0	–	-1,937	–	-2.04%	–
LBTYA	Exit	Liberty Global Inc. Class A	$0	–	-177,799	–	-2.09%	–
CHTR	Exit	Charter Communications	$0	–	-8,092	–	-2.32%	–
MA	Exit	Mastercard Inc	$0	–	-17,977	–	-2.47%	–
AXP	Exit	American Express Company	$0	–	-38,580	–	-2.55%	–
PKG	Exit	Packaging Corp Amer	$0	–	-50,330	–	-2.73%	–
A	Exit	Agilent Technologies	$0	–	-47,315	–	-2.94%	–
UNP	Exit	Union Pacific Corp	$0	–	-41,779	–	-3.23%	–
AMZN	Exit	Amazon.com Inc.	$0	–	-2,629	–	-3.41%	–
SBUX	Exit	Starbucks Corp	$0	–	-79,484	–	-3.46%	–
V	Exit	Visa Inc. Class A	$0	–	-105,077	–	-9.24%	–
AAPL	Exit	Apple Inc	$0	–	-166,755	–	-9.32%	–
COST	Exit	Costco Whsl Corp	$0	–	-62,907	–	-11.16%	–
BRKB	Exit	Berkshire Hathaway B	$0	–	-126,444	–	-13.63%	–

Q3 2021

			Value		Shares		↓ Weighting
BRKB	Buy	Berkshire Hathaway B	$34,512,000	-1.7%	126,444	+0.1%	13.63%	-2.8%
COST	Buy	Costco Whsl Corp	$28,267,000	+14.5%	62,907	+0.8%	11.16%	+13.2%
AAPL	Sell	Apple Inc	$23,596,000	+3.3%	166,755	-0.0%	9.32%	+2.2%
V	Sell	Visa Inc. Class A	$23,406,000	-5.0%	105,077	-0.3%	9.24%	-6.1%
SBUX	Sell	Starbucks Corp	$8,768,000	-1.5%	79,484	-0.2%	3.46%	-2.6%
AMZN	Buy	Amazon.com Inc.	$8,636,000	-1.4%	2,629	+3.3%	3.41%	-2.5%
UNP	Sell	Union Pacific Corp	$8,189,000	-11.1%	41,779	-0.2%	3.23%	-12.1%
A	Sell	Agilent Technologies	$7,454,000	+6.0%	47,315	-0.5%	2.94%	+4.8%
PKG	Sell	Packaging Corp Amer	$6,917,000	+0.9%	50,330	-0.6%	2.73%	-0.3%
AXP	Sell	American Express Company	$6,463,000	+1.4%	38,580	-0.0%	2.55%	+0.2%
MA	Sell	Mastercard Inc	$6,250,000	-4.9%	17,977	-0.1%	2.47%	-5.9%
LBTYA	Sell	Liberty Global Inc. Class A	$5,298,000	+9.2%	177,799	-0.5%	2.09%	+8.0%
GOOG	Sell	Alphabet Inc. Class C	$5,163,000	+6.1%	1,937	-0.3%	2.04%	+4.9%
GOOGL	Sell	Alphabet Inc. Class A	$4,623,000	+9.4%	1,729	-0.1%	1.82%	+8.1%
LSXMK	Sell	Liberty Media - SiriusXM C	$4,563,000	+1.8%	96,120	-0.6%	1.80%	+0.7%
STOR	Sell	STORE Capital Corp	$4,108,000	-7.9%	128,245	-0.8%	1.62%	-8.9%
DISCK	Sell	Discovery Inc.	$3,869,000	-17.1%	159,432	-1.0%	1.53%	-18.0%
FWONK	Sell	Liberty Media-Formula One C	$3,734,000	+5.3%	72,635	-1.3%	1.47%	+4.1%
DHI	Buy	D R Horton Inc	$3,719,000	-1.8%	44,295	+5.7%	1.47%	-3.0%
IFF	Buy	International Flavors & Fragra	$3,116,000	-5.3%	23,300	+5.7%	1.23%	-6.5%
BATRK	Sell	Liberty Media-Braves C	$2,556,000	-8.2%	96,752	-3.5%	1.01%	-9.2%
SPB	Buy	Spectrum Brands Holdings Inc	$2,208,000	+31.8%	23,076	+17.2%	0.87%	+30.3%
LMT	Buy	Lockheed Martin Corp	$1,877,000	+0.4%	5,440	+10.1%	0.74%	-0.7%
CASH	New	Meta Financial Group	$1,875,000	–	35,725	–	0.74%	–
VTRS	Buy	Viatris Inc.	$1,791,000	+6.5%	132,144	+12.3%	0.71%	+5.2%
	Buy	Holcim LTD	$1,786,000	-11.4%	36,865	+9.8%	0.70%	-12.4%
PHM	Buy	PulteGroup Inc.	$1,641,000	-2.1%	35,735	+16.3%	0.65%	-3.1%
ABT	Sell	Abbott Laboratories	$1,321,000	+0.5%	11,183	-1.4%	0.52%	-0.6%
GFF	Buy	Griffon Corp	$958,000	+4.9%	38,953	+9.3%	0.38%	+3.6%
NOC	Sell	Northrop Grumman Corp.	$951,000	-2.0%	2,640	-1.1%	0.38%	-3.1%
PTON	Buy	Peloton Interactive Inc	$901,000	-25.2%	10,345	+6.5%	0.36%	-26.0%
ALC	Buy	Alcon Inc.	$669,000	+73.8%	8,309	+51.5%	0.26%	+71.4%
ABBV	Sell	Abbvie Inc	$538,000	-6.1%	4,988	-2.0%	0.21%	-7.4%
AEP	Sell	American Electric Power Compan	$533,000	-4.8%	6,570	-0.8%	0.21%	-6.2%
D	Sell	Dominion Energy Inc.	$502,000	-6.5%	6,875	-5.8%	0.20%	-7.5%
GHC	Buy	Graham Holdings Co. Class B	$494,000	-6.1%	839	+1.1%	0.20%	-7.1%
MGRC	Sell	Mcgrath Rentcorp	$435,000	-17.3%	6,050	-6.2%	0.17%	-18.1%
GLW	Buy	Corning Inc	$430,000	-8.5%	11,775	+2.4%	0.17%	-9.6%
WAB	New	Wabtec Corp	$249,000	–	2,885	–	0.10%	–
PSX	Exit	Phillips 66	$0	–	-2,555	–	-0.09%	–
KEX	Exit	Kirby Corporation	$0	–	-4,000	–	-0.10%	–

Q2 2021

			Value		Shares		↓ Weighting
BRKB	New	Berkshire Hathaway B	$35,098,000	–	126,289	–	14.02%	–
COST	New	Costco Whsl Corp	$24,698,000	–	62,420	–	9.86%	–
V	New	Visa Inc. Class A	$24,647,000	–	105,412	–	9.84%	–
AAPL	New	Apple Inc	$22,839,000	–	166,757	–	9.12%	–
UNP	New	Union Pacific Corp	$9,210,000	–	41,879	–	3.68%	–
SBUX	New	Starbucks Corp	$8,902,000	–	79,615	–	3.56%	–
AMZN	New	Amazon.com Inc.	$8,759,000	–	2,546	–	3.50%	–
A	New	Agilent Technologies	$7,030,000	–	47,560	–	2.81%	–
PKG	New	Packaging Corp Amer	$6,856,000	–	50,630	–	2.74%	–
MA	New	Mastercard Inc	$6,569,000	–	17,992	–	2.62%	–
AXP	New	American Express Company	$6,375,000	–	38,582	–	2.55%	–
CHTR	New	Charter Communications	$5,838,000	–	8,092	–	2.33%	–
GOOG	New	Alphabet Inc. Class C	$4,867,000	–	1,942	–	1.94%	–
LBTYA	New	Liberty Global Inc. Class A	$4,852,000	–	178,646	–	1.94%	–
DISCK	New	Discovery Inc.	$4,669,000	–	161,117	–	1.86%	–
LSXMK	New	Liberty Media - SiriusXM C	$4,484,000	–	96,667	–	1.79%	–
STOR	New	STORE Capital Corp	$4,459,000	–	129,215	–	1.78%	–
GOOGL	New	Alphabet Inc. Class A	$4,227,000	–	1,731	–	1.69%	–
DHI	New	D R Horton Inc	$3,788,000	–	41,920	–	1.51%	–
FWONK	New	Liberty Media-Formula One C	$3,546,000	–	73,556	–	1.42%	–
IFF	New	International Flavors & Fragra	$3,292,000	–	22,035	–	1.32%	–
LBRDA	New	Liberty Broadband Corp. Cl A	$2,899,000	–	17,237	–	1.16%	–
BATRK	New	Liberty Media-Braves C	$2,783,000	–	100,226	–	1.11%	–
LBRDK	New	Liberty Broadband Corp.	$2,691,000	–	15,496	–	1.08%	–
	New	Holcim LTD	$2,015,000	–	33,580	–	0.80%	–
NVO	New	Novo-Nordisk A-S Adr	$1,867,000	–	22,286	–	0.75%	–
LMT	New	Lockheed Martin Corp	$1,869,000	–	4,940	–	0.75%	–
STLA	New	Stellantis NV	$1,799,000	–	91,650	–	0.72%	–
VTRS	New	Viatris Inc.	$1,682,000	–	117,719	–	0.67%	–
PHM	New	PulteGroup Inc.	$1,676,000	–	30,720	–	0.67%	–
SPB	New	Spectrum Brands Holdings Inc	$1,675,000	–	19,691	–	0.67%	–
LHX	New	L3Harris Technologies Inc.	$1,442,000	–	6,670	–	0.58%	–
UHAL	New	Amerco	$1,362,000	–	2,311	–	0.54%	–
ABT	New	Abbott Laboratories	$1,315,000	–	11,343	–	0.52%	–
PTON	New	Peloton Interactive Inc	$1,204,000	–	9,710	–	0.48%	–
NSC	New	Norfolk Southern Corp	$1,024,000	–	3,860	–	0.41%	–
EFX	New	Equifax Inc	$982,000	–	4,100	–	0.39%	–
NOC	New	Northrop Grumman Corp.	$970,000	–	2,670	–	0.39%	–
GFF	New	Griffon Corp	$913,000	–	35,625	–	0.36%	–
JNJ	New	Johnson & Johnson	$910,000	–	5,521	–	0.36%	–
ELAN	New	Elanco Animal Health Inc.	$890,000	–	25,645	–	0.36%	–
DEO	New	Diageo Plc-Sponsored Adr	$843,000	–	4,400	–	0.34%	–
DE	New	Deere & Co	$829,000	–	2,350	–	0.33%	–
TER	New	Teradyne Inc	$824,000	–	6,150	–	0.33%	–
CABO	New	Cable One Inc.	$813,000	–	425	–	0.32%	–
MSFT	New	Microsoft Corp	$684,000	–	2,525	–	0.27%	–
MMM	New	3m Company	$588,000	–	2,960	–	0.24%	–
ABBV	New	Abbvie Inc	$573,000	–	5,088	–	0.23%	–
AEP	New	American Electric Power Compan	$560,000	–	6,620	–	0.22%	–
D	New	Dominion Energy Inc.	$537,000	–	7,300	–	0.21%	–
MGRC	New	Mcgrath Rentcorp	$526,000	–	6,450	–	0.21%	–
GHC	New	Graham Holdings Co. Class B	$526,000	–	830	–	0.21%	–
KR	New	Kroger Corp	$510,000	–	13,310	–	0.20%	–
GLW	New	Corning Inc	$470,000	–	11,500	–	0.19%	–
FIS	New	Fidelity Natl Info Svcs	$445,000	–	3,140	–	0.18%	–
BA	New	Boeing Co	$431,000	–	1,800	–	0.17%	–
EPD	New	Enterprise Prd Prtnrs LP	$424,000	–	17,590	–	0.17%	–
ALC	New	Alcon Inc.	$385,000	–	5,484	–	0.15%	–
LEN	New	Lennar Corp Cl A	$358,000	–	3,607	–	0.14%	–
FMC	New	Fmc Corp New	$346,000	–	3,200	–	0.14%	–
HEINY	New	Heineken N V Adr F	$340,000	–	5,600	–	0.14%	–
LLY	New	Lilly Eli & Company	$335,000	–	1,460	–	0.13%	–
OHI	New	Omega Healthcare Inv	$327,000	–	9,000	–	0.13%	–
HOLX	New	Hologic Inc	$307,000	–	4,600	–	0.12%	–
MKL	New	Markel Corp.	$297,000	–	250	–	0.12%	–
XYL	New	Xylem Inc	$280,000	–	2,330	–	0.11%	–
KEX	New	Kirby Corporation	$243,000	–	4,000	–	0.10%	–
ADP	New	Automatic Data Processing	$238,000	–	1,200	–	0.10%	–
PSX	New	Phillips 66	$219,000	–	2,555	–	0.09%	–
RTX	New	Raytheon Technologies Co.	$202,000	–	2,366	–	0.08%	–

Q4 2020

			Value		Shares		↓ Weighting
BAM	Exit	Brookfield Asset Mgmt	$0	–	-6,075	–	-0.10%	–
LLY	Exit	Lilly Eli & Company	$0	–	-1,460	–	-0.11%	–
MKL	Exit	Markel Corp.	$0	–	-250	–	-0.12%	–
HEINY	Exit	Heineken N V Adr F	$0	–	-5,600	–	-0.12%	–
OHI	Exit	Omega Healthcare Inv	$0	–	-9,000	–	-0.13%	–
EPD	Exit	Enterprise Prd Prtnrs LP	$0	–	-17,590	–	-0.14%	–
ALC	Exit	Alcon Inc.	$0	–	-5,109	–	-0.14%	–
LEN	Exit	Lennar Corp Cl A	$0	–	-3,607	–	-0.14%	–
HOLX	Exit	Hologic Inc	$0	–	-4,600	–	-0.15%	–
GHC	Exit	Graham Holdings Co. Class B	$0	–	-775	–	-0.15%	–
FMC	Exit	Fmc Corp New	$0	–	-3,200	–	-0.17%	–
BA	Exit	Boeing Co	$0	–	-2,140	–	-0.17%	–
PSX	Exit	Phillips 66	$0	–	-7,020	–	-0.18%	–
USB	Exit	U S Bancorp	$0	–	-10,370	–	-0.18%	–
MGRC	Exit	Mcgrath Rentcorp	$0	–	-6,450	–	-0.19%	–
FIS	Exit	Fidelity Natl Info Svcs	$0	–	-3,140	–	-0.23%	–
MMM	Exit	3m Company	$0	–	-2,960	–	-0.23%	–
ABBV	Exit	Abbvie Inc	$0	–	-5,480	–	-0.24%	–
TER	Exit	Teradyne Inc	$0	–	-6,150	–	-0.24%	–
DE	Exit	Deere & Co	$0	–	-2,350	–	-0.26%	–
D	Exit	Dominion Energy Inc.	$0	–	-6,680	–	-0.26%	–
MSFT	Exit	Microsoft Corp	$0	–	-2,525	–	-0.26%	–
DEO	Exit	Diageo Plc-Sponsored Adr	$0	–	-4,400	–	-0.30%	–
EFX	Exit	Equifax Inc	$0	–	-4,300	–	-0.33%	–
JNJ	Exit	Johnson & Johnson	$0	–	-5,521	–	-0.40%	–
UHAL	Exit	Amerco	$0	–	-2,331	–	-0.41%	–
NSC	Exit	Norfolk Southern Corp	$0	–	-3,960	–	-0.42%	–
DISCK	Exit	Discovery Inc.	$0	–	-46,085	–	-0.44%	–
CABO	Exit	Cable One Inc.	$0	–	-585	–	-0.54%	–
SPB	Exit	Spectrum Brands Holdings Inc	$0	–	-19,691	–	-0.55%	–
LHX	Exit	L3Harris Technologies Inc.	$0	–	-6,878	–	-0.57%	–
ELAN	Exit	Elanco Animal Health Inc.	$0	–	-42,025	–	-0.58%	–
ABT	Exit	Abbott Laboratories	$0	–	-11,468	–	-0.61%	–
GLIBA	Exit	GCI Liberty Class A	$0	–	-15,325	–	-0.62%	–
LBRDK	Exit	Liberty Broadband Corp.	$0	–	-9,763	–	-0.69%	–
NVO	Exit	Novo-Nordisk A-S Adr	$0	–	-23,247	–	-0.79%	–
LMT	Exit	Lockheed Martin Corp	$0	–	-4,440	–	-0.84%	–
DHI	Exit	D R Horton Inc	$0	–	-27,655	–	-1.03%	–
BATRK	Exit	Liberty Media-Braves C	$0	–	-108,301	–	-1.12%	–
LBTYA	Exit	Liberty Global Inc. Class A	$0	–	-119,141	–	-1.23%	–
GOOGL	Exit	Alphabet Inc. Class A	$0	–	-1,888	–	-1.36%	–
FWONK	Exit	Liberty Media-Formula One C	$0	–	-78,130	–	-1.39%	–
MSGE	Exit	Madison Square Garden Sports C	$0	–	-19,237	–	-1.42%	–
VST	Exit	Vistra Energy Corp.	$0	–	-160,065	–	-1.48%	–
GOOG	Exit	Alphabet Inc. Class C	$0	–	-2,079	–	-1.50%	–
LSXMK	Exit	Liberty Media - SiriusXM C	$0	–	-95,636	–	-1.56%	–
LBRDA	Exit	Liberty Broadband Corp. Cl A	$0	–	-23,132	–	-1.61%	–
STOR	Exit	STORE Capital Corp	$0	–	-128,955	–	-1.74%	–
AXP	Exit	American Express Company	$0	–	-39,982	–	-1.97%	–
A	Exit	Agilent Technologies	$0	–	-49,600	–	-2.46%	–
CHTR	Exit	Charter Communications	$0	–	-8,713	–	-2.67%	–
PKG	Exit	Packaging Corp Amer	$0	–	-51,135	–	-2.74%	–
MA	Exit	Mastercard Inc	$0	–	-18,673	–	-3.10%	–
SBUX	Exit	Starbucks Corp	$0	–	-88,593	–	-3.74%	–
AMZN	Exit	Amazon.com Inc.	$0	–	-2,592	–	-4.01%	–
UNP	Exit	Union Pacific Corp	$0	–	-44,046	–	-4.26%	–
AAPL	Exit	Apple Inc	$0	–	-190,875	–	-10.87%	–
COST	Exit	Costco Whsl Corp	$0	–	-63,856	–	-11.14%	–
V	Exit	Visa Inc. Class A	$0	–	-122,548	–	-12.05%	–
BRKB	Exit	Berkshire Hathaway B	$0	–	-129,153	–	-13.52%	–

Q3 2020

			Value		Shares		↓ Weighting
BRKB	Sell	Berkshire Hathaway B	$27,502,000	+18.8%	129,153	-0.4%	13.52%	+5.9%
V	Sell	Visa Inc. Class A	$24,506,000	+2.4%	122,548	-1.1%	12.05%	-8.7%
COST	Sell	Costco Whsl Corp	$22,669,000	+16.9%	63,856	-0.2%	11.14%	+4.2%
AAPL	Buy	Apple Inc	$22,105,000	+26.8%	190,875	+299.5%	10.87%	+13.1%
UNP	Sell	Union Pacific Corp	$8,671,000	+15.5%	44,046	-0.8%	4.26%	+3.0%
AMZN	Sell	Amazon.com Inc.	$8,162,000	+13.3%	2,592	-0.8%	4.01%	+1.0%
SBUX	Sell	Starbucks Corp	$7,612,000	+16.2%	88,593	-0.5%	3.74%	+3.6%
MA	Sell	Mastercard Inc	$6,315,000	+14.1%	18,673	-0.2%	3.10%	+1.8%
PKG	Sell	Packaging Corp Amer	$5,576,000	+8.5%	51,135	-0.7%	2.74%	-3.2%
A	Buy	Agilent Technologies	$5,007,000	+15.2%	49,600	+0.8%	2.46%	+2.7%
AXP	Sell	American Express Company	$4,008,000	+5.2%	39,982	-0.1%	1.97%	-6.2%
STOR	Sell	STORE Capital Corp	$3,537,000	+12.2%	128,955	-2.6%	1.74%	+0.1%
LSXMK	Sell	Liberty Media - SiriusXM C	$3,164,000	-6.4%	95,636	-2.6%	1.56%	-16.6%
VST	Sell	Vistra Energy Corp.	$3,019,000	-0.4%	160,065	-1.7%	1.48%	-11.2%
MSGE	Sell	Madison Square Garden Sports C	$2,895,000	+0.8%	19,237	-1.6%	1.42%	-10.2%
FWONK	Sell	Liberty Media-Formula One C	$2,834,000	+13.2%	78,130	-1.1%	1.39%	+0.9%
LBTYA	Sell	Liberty Global Inc. Class A	$2,503,000	-6.9%	119,141	-3.1%	1.23%	-17.0%
BATRK	Sell	Liberty Media-Braves C	$2,275,000	+3.7%	108,301	-2.5%	1.12%	-7.5%
NVO	Sell	Novo-Nordisk A-S Adr	$1,614,000	+1.4%	23,247	-4.3%	0.79%	-9.6%
ELAN	New	Elanco Animal Health Inc.	$1,174,000	–	42,025	–	0.58%	–
LHX	Buy	L3Harris Technologies Inc.	$1,168,000	+4.1%	6,878	+4.0%	0.57%	-7.1%
SPB	New	Spectrum Brands Holdings Inc	$1,126,000	–	19,691	–	0.55%	–
DISCK	Buy	Discovery Inc.	$903,000	+2.6%	46,085	+0.9%	0.44%	-8.5%
UHAL	Sell	Amerco	$830,000	+17.1%	2,331	-0.6%	0.41%	+4.3%
DEO	Sell	Diageo Plc-Sponsored Adr	$606,000	+1.3%	4,400	-1.1%	0.30%	-9.7%
D	Sell	Dominion Energy Inc.	$527,000	-10.8%	6,680	-8.2%	0.26%	-20.6%
ABBV	Sell	Abbvie Inc	$480,000	-24.9%	5,480	-15.8%	0.24%	-33.0%
USB	Sell	U S Bancorp	$372,000	-23.0%	10,370	-21.0%	0.18%	-31.2%
PSX	Sell	Phillips 66	$364,000	-28.3%	7,020	-0.7%	0.18%	-36.1%
GHC	Sell	Graham Holdings Co. Class B	$313,000	+13.4%	775	-3.7%	0.15%	+1.3%
ALC	Sell	Alcon Inc.	$291,000	-9.6%	5,109	-8.9%	0.14%	-19.2%
EPD	Sell	Enterprise Prd Prtnrs LP	$278,000	-21.7%	17,590	-10.1%	0.14%	-30.1%
BAM	New	Brookfield Asset Mgmt	$201,000	–	6,075	–	0.10%	–
RTX	Exit	Raytheon Technologies Co.	$0	–	-3,993	–	-0.14%	–
KEX	Exit	Kirby Corporation	$0	–	-6,000	–	-0.18%	–
IHRT	Exit	iHeartMedia, Inc.	$0	–	-76,533	–	-0.35%	–
HHC	Exit	Howard Hughes Corp	$0	–	-16,118	–	-0.46%	–

Q2 2020

			Value		Shares		↓ Weighting
V	New	Visa Inc Cl A Class A	$23,939,000	–	123,927	–	13.20%	–
BRKB	New	Berkshire Hathaway B	$23,159,000	–	129,733	–	12.76%	–
COST	New	Costco Whsl Corp	$19,394,000	–	63,961	–	10.69%	–
AAPL	New	Apple Inc	$17,431,000	–	47,781	–	9.61%	–
UNP	New	Union Pacific Corp	$7,505,000	–	44,391	–	4.14%	–
AMZN	New	Amazon.com Inc.	$7,206,000	–	2,612	–	3.97%	–
SBUX	New	Starbucks Corp	$6,553,000	–	89,043	–	3.61%	–
MA	New	Mastercard Inc	$5,533,000	–	18,710	–	3.05%	–
PKG	New	Packaging Corp Amer	$5,140,000	–	51,505	–	2.83%	–
CHTR	New	Charter Communications	$4,444,000	–	8,713	–	2.45%	–
A	New	Agilent Technologies	$4,348,000	–	49,200	–	2.40%	–
AXP	New	American Express Company	$3,810,000	–	40,017	–	2.10%	–
LSXMK	New	Liberty Media - SiriusXM C	$3,381,000	–	98,146	–	1.86%	–
STOR	New	STORE Capital Corp	$3,152,000	–	132,380	–	1.74%	–
VST	New	Vistra Energy Corp.	$3,031,000	–	162,790	–	1.67%	–
GOOG	New	Alphabet Inc. Class C	$2,939,000	–	2,079	–	1.62%	–
MSGE	New	Madison Square Garden Sports C	$2,873,000	–	19,557	–	1.58%	–
LBRDA	New	Liberty Broadband Corp. CL A	$2,826,000	–	23,132	–	1.56%	–
LBTYA	New	Liberty Global Inc. Class A	$2,689,000	–	122,991	–	1.48%	–
GOOGL	New	Alphabet Inc. Class A	$2,677,000	–	1,888	–	1.48%	–
FWONK	New	Liberty Media-Formula One C	$2,504,000	–	78,980	–	1.38%	–
BATRK	New	Liberty Media-Braves C	$2,193,000	–	111,086	–	1.21%	–
LMT	New	Lockheed Martin Corp	$1,620,000	–	4,440	–	0.89%	–
NVO	New	Novo-Nordisk A-S Adr	$1,591,000	–	24,297	–	0.88%	–
DHI	New	D R Horton Inc	$1,533,000	–	27,655	–	0.84%	–
LBRDK	New	Liberty Broadband Corp.	$1,210,000	–	9,763	–	0.67%	–
LHX	New	L3Harris Technologies Inc.	$1,122,000	–	6,613	–	0.62%	–
GLIBA	New	GCI Liberty Class A	$1,090,000	–	15,325	–	0.60%	–
ABT	New	Abbott Laboratories	$1,049,000	–	11,468	–	0.58%	–
CABO	New	Cable One Inc.	$1,038,000	–	585	–	0.57%	–
DISCK	New	Discovery Inc.	$880,000	–	45,685	–	0.48%	–
HHC	New	Howard Hughes Corp	$837,000	–	16,118	–	0.46%	–
JNJ	New	Johnson & Johnson	$776,000	–	5,521	–	0.43%	–
EFX	New	Equifax Inc	$739,000	–	4,300	–	0.41%	–
UHAL	New	Amerco	$709,000	–	2,346	–	0.39%	–
NSC	New	Norfolk Southern Corp	$695,000	–	3,960	–	0.38%	–
IHRT	New	iHeartMedia, Inc.	$639,000	–	76,533	–	0.35%	–
ABBV	New	Abbvie Inc	$639,000	–	6,505	–	0.35%	–
DEO	New	Diageo Plc-Sponsored Adr	$598,000	–	4,450	–	0.33%	–
D	New	Dominion Energy Inc.	$591,000	–	7,280	–	0.33%	–
TER	New	Teradyne Inc	$520,000	–	6,150	–	0.29%	–
MSFT	New	Microsoft Corp	$514,000	–	2,525	–	0.28%	–
PSX	New	Phillips 66	$508,000	–	7,070	–	0.28%	–
USB	New	U S Bancorp	$483,000	–	13,120	–	0.27%	–
MMM	New	3m Company	$462,000	–	2,960	–	0.26%	–
FIS	New	Fidelity Natl Info Svcs	$421,000	–	3,140	–	0.23%	–
BA	New	Boeing Co	$392,000	–	2,140	–	0.22%	–
DE	New	Deere & Co	$369,000	–	2,350	–	0.20%	–
EPD	New	Enterprise Prd Prtnrs LP	$355,000	–	19,560	–	0.20%	–
MGRC	New	Mcgrath Rentcorp	$348,000	–	6,450	–	0.19%	–
ALC	New	Alcon Inc.	$322,000	–	5,609	–	0.18%	–
KEX	New	Kirby Corporation	$321,000	–	6,000	–	0.18%	–
FMC	New	Fmc Corp New	$319,000	–	3,200	–	0.18%	–
GHC	New	Graham Holdings Co. Class B	$276,000	–	805	–	0.15%	–
OHI	New	Omega Healthcare Inv	$268,000	–	9,000	–	0.15%	–
HOLX	New	Hologic Inc	$262,000	–	4,600	–	0.14%	–
HEINY	New	Heineken N V Adr F	$258,000	–	5,600	–	0.14%	–
RTX	New	Raytheon Technologies Co.	$246,000	–	3,993	–	0.14%	–
LLY	New	Lilly Eli & Company	$240,000	–	1,460	–	0.13%	–
MKL	New	Markel Corp.	$231,000	–	250	–	0.13%	–
LEN	New	Lennar Corp Cl A	$222,000	–	3,607	–	0.12%	–

Q4 2019

			Value		Shares		↓ Weighting
TLRDQ	Exit	Tailored Brands Inc.	$0	–	-15,000	–	-0.03%	–
BE	Exit	Bloom Energy Corporation Class	$0	–	-47,685	–	-0.08%	–
FCAU	Exit	Fiat Chrysler Automobiles N.V.	$0	–	-14,260	–	-0.09%	–
LEN	Exit	Lennar Corp Cl A	$0	–	-3,607	–	-0.10%	–
RDSA	Exit	Royal Dutch Shell Plc Adr	$0	–	-3,447	–	-0.10%	–
GE	Exit	General Electric Company	$0	–	-23,550	–	-0.11%	–
BAM	Exit	Brookfield Asset Mgmt	$0	–	-4,050	–	-0.11%	–
HOLX	Exit	Hologic Inc	$0	–	-4,600	–	-0.12%	–
FMC	Exit	Fmc Corp New	$0	–	-3,200	–	-0.14%	–
ALC	Exit	Alcon Inc.	$0	–	-5,034	–	-0.15%	–
MKL	Exit	Markel Corp.	$0	–	-250	–	-0.15%	–
HEINY	Exit	Heineken N V Adr F	$0	–	-5,600	–	-0.15%	–
AMZN	Exit	Amazon.Com Inc	$0	–	-202	–	-0.18%	–
TER	Exit	Teradyne Inc	$0	–	-6,150	–	-0.18%	–
OHI	Exit	Omega Healthcare Inv	$0	–	-9,000	–	-0.19%	–
DE	Exit	Deere & Co	$0	–	-2,350	–	-0.20%	–
FIS	Exit	Fidelity Natl Info Svcs	$0	–	-3,140	–	-0.21%	–
DHI	Exit	D R Horton Inc	$0	–	-7,925	–	-0.21%	–
WFC	Exit	Wells Fargo & Co	$0	–	-8,280	–	-0.21%	–
MMM	Exit	3m Company	$0	–	-2,550	–	-0.21%	–
MSFT	Exit	Microsoft Corp	$0	–	-3,100	–	-0.22%	–
D	Exit	Dominion Energy Inc.	$0	–	-5,400	–	-0.22%	–
MGRC	Exit	Mcgrath Rentcorp	$0	–	-6,450	–	-0.23%	–
KEX	Exit	Kirby Corporation	$0	–	-6,000	–	-0.25%	–
UTX	Exit	United Technologies Corp	$0	–	-4,200	–	-0.29%	–
EFX	Exit	Equifax Inc	$0	–	-4,300	–	-0.30%	–
OEC	Exit	Orion Engineered Carbons	$0	–	-36,845	–	-0.31%	–
QRTEA	Exit	Qurate Retail Inc	$0	–	-63,750	–	-0.33%	–
BA	Exit	Boeing Co	$0	–	-1,900	–	-0.36%	–
USB	Exit	U S Bancorp Del New	$0	–	-13,290	–	-0.37%	–
CABO	Exit	Cable One Inc.	$0	–	-585	–	-0.37%	–
JNJ	Exit	Johnson & Johnson	$0	–	-5,821	–	-0.38%	–
NSC	Exit	Norfolk Southern Corp	$0	–	-4,395	–	-0.40%	–
AAL	Exit	American Airlines Group Inc	$0	–	-31,580	–	-0.43%	–
GLIBA	Exit	GCI Liberty Class A	$0	–	-14,775	–	-0.46%	–
DEO	Exit	Diageo Plc-Sponsored Adr	$0	–	-5,650	–	-0.46%	–
ABBV	Exit	Abbvie Inc	$0	–	-12,880	–	-0.49%	–
PG	Exit	Procter & Gamble	$0	–	-7,904	–	-0.49%	–
EPD	Exit	Enterprise Prd Prtnrs LP	$0	–	-35,540	–	-0.51%	–
PSX	Exit	Phillips 66	$0	–	-10,045	–	-0.52%	–
LBRDK	Exit	Liberty Broadband Corp.	$0	–	-10,095	–	-0.53%	–
IHRT	Exit	iHeartMedia, Inc.	$0	–	-90,185	–	-0.68%	–
ABT	Exit	Abbott Laboratories	$0	–	-17,288	–	-0.73%	–
NVO	Exit	Novo-Nordisk A-S Adr	$0	–	-28,520	–	-0.74%	–
CCL	Exit	Carnival Corp New F	$0	–	-34,737	–	-0.76%	–
LMT	Exit	Lockheed Martin Corp	$0	–	-4,136	–	-0.81%	–
LHX	Exit	L3Harris Technologies Inc.	$0	–	-7,870	–	-0.82%	–
	Exit	Liberty Global Inc. Class A	$0	–	-68,937	–	-0.86%	–
BK	Exit	Bank Of NY Mellon Co	$0	–	-38,071	–	-0.86%	–
HHC	Exit	Howard Hughes Corp	$0	–	-17,845	–	-1.16%	–
GOOGL	Exit	Alphabet Inc. Class A	$0	–	-1,930	–	-1.18%	–
LBRDA	Exit	Liberty Broadband Corp. CL A	$0	–	-24,340	–	-1.28%	–
GOOG	Exit	Alphabet Inc. Class C	$0	–	-2,151	–	-1.32%	–
KMX	Exit	CarMax Inc	$0	–	-30,557	–	-1.35%	–
BATRK	Exit	Liberty Media-Braves C	$0	–	-114,015	–	-1.59%	–
	Exit	Liberty Media-Formula One C	$0	–	-81,994	–	-1.71%	–
AXTA	Exit	Axalta Coating Systems Ltd	$0	–	-120,930	–	-1.83%	–
CHTR	Exit	Charter Communications	$0	–	-9,079	–	-1.88%	–
LSXMK	Exit	Liberty Media - SiriusXM C	$0	–	-99,450	–	-2.10%	–
VST	Exit	Vistra Energy Corp.	$0	–	-167,680	–	-2.25%	–
STOR	Exit	Store Capital Corp	$0	–	-128,157	–	-2.41%	–
LUV	Exit	Southwest Airlines Co	$0	–	-88,965	–	-2.42%	–
DAL	Exit	Delta Airlines Inc.	$0	–	-83,500	–	-2.42%	–
PKG	Exit	Packaging Corp Amer	$0	–	-45,710	–	-2.44%	–
AXP	Exit	American Express Company	$0	–	-41,087	–	-2.44%	–
MSGS	Exit	Madison Square Garden Co.	$0	–	-19,522	–	-2.59%	–
MA	Exit	Mastercard Inc	$0	–	-19,017	–	-2.60%	–
UNP	Exit	Union Pacific Corp	$0	–	-43,568	–	-3.55%	–
SBUX	Exit	Starbucks Corp	$0	–	-87,138	–	-3.87%	–
AAPL	Exit	Apple Inc	$0	–	-49,652	–	-5.59%	–
COST	Exit	Costco Whsl Corp	$0	–	-64,844	–	-9.39%	–
V	Exit	Visa Inc Cl A Class A	$0	–	-130,635	–	-11.30%	–
BRKB	Exit	Berkshire Hathaway B	$0	–	-136,209	–	-14.24%	–

Q3 2019

			Value		Shares		↓ Weighting
BRKB	Buy	Berkshire Hathaway B	$28,334,000	-2.2%	136,209	+0.3%	14.24%	-2.0%
V	Sell	Visa Inc Cl A Class A	$22,471,000	-0.9%	130,635	-0.0%	11.30%	-0.7%
AAPL	Buy	Apple Inc	$11,121,000	+13.2%	49,652	+0.0%	5.59%	+13.4%
SBUX	Sell	Starbucks Corp	$7,705,000	+5.3%	87,138	-0.2%	3.87%	+5.5%
MA	Sell	Mastercard Inc	$5,164,000	+2.1%	19,017	-0.5%	2.60%	+2.4%
MSGS	Buy	Madison Square Garden Co.	$5,144,000	-5.6%	19,522	+0.2%	2.59%	-5.4%
PKG	Buy	Packaging Corp Amer	$4,850,000	+48.5%	45,710	+33.4%	2.44%	+48.7%
DAL	Sell	Delta Airlines Inc.	$4,810,000	-7.1%	83,500	-8.5%	2.42%	-6.9%
LUV	Sell	Southwest Airlines Co	$4,805,000	-0.7%	88,965	-6.6%	2.42%	-0.5%
VST	Buy	Vistra Energy Corp.	$4,482,000	+20.4%	167,680	+1.9%	2.25%	+20.6%
LSXMK	Sell	Liberty Media - SiriusXM C	$4,173,000	+1.2%	99,450	-8.4%	2.10%	+1.5%
AXTA	Sell	Axalta Coating Systems Ltd	$3,646,000	-0.5%	120,930	-1.7%	1.83%	-0.2%
	Buy	Liberty Media-Formula One C	$3,410,000	+11.3%	81,994	+0.1%	1.71%	+11.5%
BATRK	Buy	Liberty Media-Braves C	$3,164,000	-0.0%	114,015	+0.8%	1.59%	+0.2%
LBRDA	Buy	Liberty Broadband Corp. CL A	$2,544,000	+1.7%	24,340	+0.1%	1.28%	+2.0%
HHC	Sell	Howard Hughes Corp	$2,313,000	-10.8%	17,845	-14.8%	1.16%	-10.6%
BK	Sell	Bank Of NY Mellon Co	$1,721,000	-12.8%	38,071	-14.8%	0.86%	-12.6%
	Sell	Liberty Global Inc. Class A	$1,706,000	-11.6%	68,937	-3.6%	0.86%	-11.5%
LHX	New	L3Harris Technologies Inc.	$1,642,000	–	7,870	–	0.82%	–
CCL	Sell	Carnival Corp New F	$1,518,000	-16.6%	34,737	-11.2%	0.76%	-16.4%
IHRT	New	iHeartMedia, Inc.	$1,353,000	–	90,185	–	0.68%	–
LBRDK	Buy	Liberty Broadband Corp.	$1,057,000	+1.4%	10,095	+1.0%	0.53%	+1.5%
PSX	Sell	Phillips 66	$1,029,000	+2.3%	10,045	-6.6%	0.52%	+2.4%
EPD	Sell	Enterprise Prd Prtnrs LP	$1,016,000	-1.6%	35,540	-0.6%	0.51%	-1.4%
PG	Sell	Procter & Gamble	$983,000	+11.7%	7,904	-1.5%	0.49%	+12.0%
ABBV	Sell	Abbvie Inc	$975,000	+2.2%	12,880	-1.8%	0.49%	+2.5%
DEO	Sell	Diageo Plc-Sponsored Adr	$924,000	-6.9%	5,650	-1.8%	0.46%	-6.8%
AAL	Sell	American Airlines Group Inc	$852,000	-28.0%	31,580	-13.0%	0.43%	-27.9%
JNJ	Sell	Johnson & Johnson	$753,000	-9.9%	5,821	-3.0%	0.38%	-9.8%
USB	Sell	U S Bancorp Del New	$735,000	-10.7%	13,290	-15.4%	0.37%	-10.7%
QRTEA	Sell	Qurate Retail Inc	$658,000	-28.9%	63,750	-14.7%	0.33%	-28.7%
OEC	Sell	Orion Engineered Carbons	$616,000	-27.3%	36,845	-6.9%	0.31%	-27.1%
D	Sell	Dominion Energy Inc.	$438,000	-39.4%	5,400	-42.2%	0.22%	-39.4%
MSFT	Buy	Microsoft Corp	$431,000	+7.2%	3,100	+3.3%	0.22%	+7.4%
WFC	Sell	Wells Fargo & Co	$418,000	-23.0%	8,280	-27.9%	0.21%	-22.8%
ALC	New	Alcon Inc.	$293,000	–	5,034	–	0.15%	–
BAM	New	Brookfield Asset Mgmt	$215,000	–	4,050	–	0.11%	–
LEN	New	Lennar Corp Cl A	$201,000	–	3,607	–	0.10%	–
BE	New	Bloom Energy Corporation Class	$155,000	–	47,685	–	0.08%	–
TLRDQ	New	Tailored Brands Inc.	$66,000	–	15,000	–	0.03%	–
XYL	Exit	Xylem Inc	$0	–	-2,400	–	-0.10%	–
ADP	Exit	Automatic Data Processing	$0	–	-3,365	–	-0.28%	–
HRS	Exit	Harris Corp	$0	–	-7,820	–	-0.74%	–
TOL	Exit	Toll Brothers Inc	$0	–	-69,850	–	-1.28%	–
MANU	Exit	Manchester UTD PLC	$0	–	-159,755	–	-1.45%	–

Q2 2019

			Value		Shares		↓ Weighting
BRKB	New	Berkshire Hathaway B	$28,960,000	–	135,854	–	14.52%	–
V	New	Visa Inc Cl A Class A	$22,683,000	–	130,700	–	11.38%	–
COST	New	Costco Whsl Corp	$17,136,000	–	64,844	–	8.60%	–
AAPL	New	Apple Inc	$9,825,000	–	49,642	–	4.93%	–
UNP	New	Union Pacific Corp	$7,368,000	–	43,568	–	3.70%	–
SBUX	New	Starbucks Corp	$7,318,000	–	87,294	–	3.67%	–
MSGS	New	Madison Square Garden Co.	$5,452,000	–	19,477	–	2.74%	–
DAL	New	Delta Airlines Inc.	$5,178,000	–	91,250	–	2.60%	–
AXP	New	American Express Company	$5,072,000	–	41,087	–	2.54%	–
MA	New	Mastercard Inc	$5,057,000	–	19,117	–	2.54%	–
LUV	New	Southwest Airlines Co	$4,839,000	–	95,290	–	2.43%	–
STOR	New	Store Capital Corp	$4,254,000	–	128,157	–	2.13%	–
LSXMK	New	Liberty Media - SiriusXM C	$4,122,000	–	108,525	–	2.07%	–
VST	New	Vistra Energy Corp.	$3,724,000	–	164,480	–	1.87%	–
AXTA	New	Axalta Coating Systems Ltd	$3,663,000	–	123,055	–	1.84%	–
CHTR	New	Charter Communications	$3,588,000	–	9,079	–	1.80%	–
PKG	New	Packaging Corp Amer	$3,267,000	–	34,275	–	1.64%	–
BATRK	New	Liberty Media-Braves C	$3,165,000	–	113,165	–	1.59%	–
	New	Liberty Media-Formula One C	$3,064,000	–	81,894	–	1.54%	–
MANU	New	Manchester UTD PLC	$2,888,000	–	159,755	–	1.45%	–
KMX	New	CarMax Inc	$2,653,000	–	30,557	–	1.33%	–
HHC	New	Howard Hughes Corp	$2,593,000	–	20,935	–	1.30%	–
TOL	New	Toll Brothers Inc	$2,558,000	–	69,850	–	1.28%	–
LBRDA	New	Liberty Broadband Corp. CL A	$2,501,000	–	24,315	–	1.25%	–
GOOG	New	Alphabet Inc. Class C	$2,325,000	–	2,151	–	1.17%	–
GOOGL	New	Alphabet Inc. Class A	$2,090,000	–	1,930	–	1.05%	–
BK	New	Bank Of NY Mellon Co	$1,973,000	–	44,691	–	0.99%	–
	New	Liberty Global Inc. Class A	$1,929,000	–	71,482	–	0.97%	–
CCL	New	Carnival Corp New F	$1,820,000	–	39,102	–	0.91%	–
LMT	New	Lockheed Martin Corp	$1,504,000	–	4,136	–	0.75%	–
HRS	New	Harris Corp	$1,479,000	–	7,820	–	0.74%	–
NVO	New	Novo-Nordisk A-S Adr	$1,456,000	–	28,520	–	0.73%	–
ABT	New	Abbott Laboratories	$1,454,000	–	17,288	–	0.73%	–
AAL	New	American Airlines Group Inc	$1,184,000	–	36,305	–	0.59%	–
LBRDK	New	Liberty Broadband Corp.	$1,042,000	–	9,995	–	0.52%	–
EPD	New	Enterprise Prd Prtnrs LP	$1,032,000	–	35,740	–	0.52%	–
PSX	New	Phillips 66	$1,006,000	–	10,760	–	0.50%	–
DEO	New	Diageo Plc-Sponsored Adr	$992,000	–	5,755	–	0.50%	–
ABBV	New	Abbvie Inc	$954,000	–	13,120	–	0.48%	–
QRTEA	New	Qurate Retail Inc	$926,000	–	74,700	–	0.46%	–
GLIBA	New	GCI Liberty Class A	$908,000	–	14,775	–	0.46%	–
PG	New	Procter & Gamble	$880,000	–	8,024	–	0.44%	–
NSC	New	Norfolk Southern Corp	$876,000	–	4,395	–	0.44%	–
OEC	New	Orion Engineered Carbons	$847,000	–	39,565	–	0.42%	–
JNJ	New	Johnson & Johnson	$836,000	–	6,001	–	0.42%	–
USB	New	U S Bancorp Del New	$823,000	–	15,705	–	0.41%	–
D	New	Dominion Energy Inc.	$723,000	–	9,350	–	0.36%	–
BA	New	Boeing Co	$692,000	–	1,900	–	0.35%	–
CABO	New	Cable One Inc.	$685,000	–	585	–	0.34%	–
EFX	New	Equifax Inc	$582,000	–	4,300	–	0.29%	–
ADP	New	Automatic Data Processing	$556,000	–	3,365	–	0.28%	–
UTX	New	United Technologies Corp	$547,000	–	4,200	–	0.27%	–
WFC	New	Wells Fargo & Co	$543,000	–	11,480	–	0.27%	–
KEX	New	Kirby Corporation	$474,000	–	6,000	–	0.24%	–
MMM	New	3m Company	$442,000	–	2,550	–	0.22%	–
MSFT	New	Microsoft Corp	$402,000	–	3,000	–	0.20%	–
MGRC	New	Mcgrath Rentcorp	$401,000	–	6,450	–	0.20%	–
DE	New	Deere & Co	$389,000	–	2,350	–	0.20%	–
FIS	New	Fidelity Natl Info Svcs	$385,000	–	3,140	–	0.19%	–
AMZN	New	Amazon.Com Inc	$383,000	–	202	–	0.19%	–
DHI	New	D R Horton Inc	$342,000	–	7,925	–	0.17%	–
OHI	New	Omega Healthcare Inv	$331,000	–	9,000	–	0.17%	–
HEINY	New	Heineken N V Adr F	$312,000	–	5,600	–	0.16%	–
TER	New	Teradyne Inc	$295,000	–	6,150	–	0.15%	–
MKL	New	Markel Corp.	$272,000	–	250	–	0.14%	–
FMC	New	Fmc Corp New	$265,000	–	3,200	–	0.13%	–
GE	New	General Electric Company	$247,000	–	23,550	–	0.12%	–
RDSA	New	Royal Dutch Shell Plc Adr	$224,000	–	3,447	–	0.11%	–
HOLX	New	Hologic Inc	$221,000	–	4,600	–	0.11%	–
XYL	New	Xylem Inc	$201,000	–	2,400	–	0.10%	–
FCAU	New	Fiat Chrysler Automobiles N.V.	$197,000	–	14,260	–	0.10%	–

Q4 2018

			Value		Shares		↓ Weighting
REVUQ	Exit	Education Holdings 1 Xxx Bankr	$0	–	-16,400	–	0.00%	–
LLY	Exit	Lilly Eli & Company	$0	–	-1,920	–	-0.10%	–
WH	Exit	Wyndham Hotels & Resorts Inc	$0	–	-3,850	–	-0.11%	–
TER	Exit	Teradyne Inc	$0	–	-6,150	–	-0.11%	–
DOV	Exit	Dover Corp	$0	–	-2,600	–	-0.11%	–
RDSA	Exit	Royal Dutch Shell Plc Adr	$0	–	-3,447	–	-0.12%	–
MSFT	Exit	Microsoft Corp	$0	–	-2,200	–	-0.12%	–
HEINY	Exit	Heineken N V Adr F	$0	–	-5,600	–	-0.13%	–
AMZN	Exit	Amazon.Com Inc	$0	–	-131	–	-0.13%	–
GE	Exit	General Electric Company	$0	–	-23,550	–	-0.13%	–
GRUB	Exit	Grubhub Inc	$0	–	-2,000	–	-0.14%	–
FMC	Exit	Fmc Corp New	$0	–	-3,200	–	-0.14%	–
FCAU	Exit	Fiat Chrysler Automobiles N.V.	$0	–	-16,760	–	-0.15%	–
OHI	Exit	Omega Healthcare Inv	$0	–	-9,000	–	-0.15%	–
MKL	Exit	Markel Corp.	$0	–	-250	–	-0.15%	–
FIS	Exit	Fidelity Natl Info Svcs	$0	–	-3,140	–	-0.17%	–
DE	Exit	Deere & Co	$0	–	-2,350	–	-0.18%	–
MGRC	Exit	Mcgrath Rentcorp	$0	–	-6,750	–	-0.18%	–
FBHS	Exit	Fortune Brands Home & Security	$0	–	-7,637	–	-0.20%	–
OEC	Exit	Orion Engineered Carbons	$0	–	-12,625	–	-0.20%	–
XOM	Exit	Exxon Mobil Corporation	$0	–	-4,959	–	-0.21%	–
KEX	Exit	Kirby Corporation	$0	–	-6,000	–	-0.24%	–
ADP	Exit	Automatic Data Processing	$0	–	-3,365	–	-0.25%	–
CABO	Exit	Cable One Inc.	$0	–	-595	–	-0.26%	–
MMM	Exit	3m Company	$0	–	-2,550	–	-0.27%	–
EFX	Exit	Equifax Inc	$0	–	-4,300	–	-0.28%	–
T	Exit	A T & T Inc	$0	–	-16,885	–	-0.28%	–
UTX	Exit	United Technologies Corp	$0	–	-4,573	–	-0.32%	–
BA	Exit	Boeing Co	$0	–	-1,800	–	-0.33%	–
QRTEA	Exit	Qurate Retail Inc	$0	–	-30,205	–	-0.33%	–
PG	Exit	Procter & Gamble	$0	–	-8,374	–	-0.35%	–
NSC	Exit	Norfolk Southern Corp	$0	–	-4,395	–	-0.39%	–
LBRDK	Exit	Liberty Broadband Corp.	$0	–	-9,940	–	-0.42%	–
DEO	Exit	Diageo Plc-Sponsored Adr	$0	–	-6,080	–	-0.43%	–
EPD	Exit	Enterprise Prd Prtnrs LP	$0	–	-35,740	–	-0.51%	–
AAL	Exit	American Airlines Group Inc	$0	–	-26,595	–	-0.55%	–
IBM	Exit	Intl Business Machines	$0	–	-7,855	–	-0.59%	–
ABBV	Exit	Abbvie Inc	$0	–	-13,120	–	-0.62%	–
JNJ	Exit	Johnson & Johnson	$0	–	-9,136	–	-0.63%	–
ABT	Exit	Abbott Laboratories	$0	–	-17,643	–	-0.64%	–
NVO	Exit	Novo-Nordisk A-S Adr	$0	–	-29,270	–	-0.68%	–
LMT	Exit	Lockheed Martin Corp	$0	–	-4,136	–	-0.71%	–
HRS	Exit	Harris Corp	$0	–	-8,470	–	-0.71%	–
BK	Exit	Bank Of NY Mellon Co	$0	–	-32,836	–	-0.83%	–
	Exit	Liberty Media-Formula One C	$0	–	-46,015	–	-0.85%	–
HRI	Exit	Herc Holdings Inc.	$0	–	-37,532	–	-0.96%	–
CCL	Exit	Carnival Corp New F	$0	–	-31,532	–	-1.00%	–
LBRDA	Exit	Liberty Broadband Corp. CL A	$0	–	-24,640	–	-1.03%	–
LEN	Exit	Lennar Corp Cl A	$0	–	-46,372	–	-1.08%	–
GOOGL	Exit	Alphabet Inc. Class A	$0	–	-1,910	–	-1.14%	–
GOOG	Exit	Alphabet Inc. Class C	$0	–	-2,131	–	-1.26%	–
TOL	Exit	Toll Brothers Inc	$0	–	-84,485	–	-1.39%	–
LUV	Exit	Southwest Airlines Co	$0	–	-45,180	–	-1.40%	–
BATRK	Exit	Liberty Media-Braves C	$0	–	-104,340	–	-1.41%	–
	Exit	Liberty Global Inc. Class A	$0	–	-99,297	–	-1.43%	–
HHC	Exit	Howard Hughes Corp	$0	–	-24,155	–	-1.49%	–
CHTR	Exit	Charter Communications	$0	–	-9,462	–	-1.53%	–
STOR	Exit	Store Capital Corp	$0	–	-129,812	–	-1.79%	–
VST	Exit	Vistra Energy Corp.	$0	–	-156,730	–	-1.94%	–
LSXMK	Exit	Liberty Media - SiriusXM C	$0	–	-93,880	–	-2.03%	–
SYF	Exit	Synchrony Financial	$0	–	-134,115	–	-2.07%	–
MANU	Exit	Manchester UTD PLC	$0	–	-185,400	–	-2.07%	–
MA	Exit	Mastercard Inc	$0	–	-19,235	–	-2.13%	–
AXP	Exit	American Express Company	$0	–	-41,137	–	-2.18%	–
SBUX	Exit	Starbucks Corp	$0	–	-87,440	–	-2.47%	–
DAL	Exit	Delta Airlines Inc.	$0	–	-86,810	–	-2.49%	–
MSGS	Exit	Madison Square Garden Co.	$0	–	-19,362	–	-3.03%	–
UNP	Exit	Union Pacific Corp	$0	–	-44,593	–	-3.61%	–
AXTA	Exit	Axalta Coating Systems Ltd	$0	–	-252,715	–	-3.66%	–
AAPL	Exit	Apple Inc	$0	–	-39,618	–	-4.44%	–
PSX	Exit	Phillips 66	$0	–	-95,011	–	-5.32%	–
COST	Exit	Costco Whsl Corp	$0	–	-59,965	–	-7.00%	–
V	Exit	Visa Inc Cl A Class A	$0	–	-133,697	–	-9.97%	–
BRKB	Exit	Berkshire Hathaway B	$0	–	-134,399	–	-14.29%	–

Q3 2018

			Value		Shares		↓ Weighting
BRKB	Buy	Berkshire Hathaway B	$28,776,000	+15.4%	134,399	+0.6%	14.29%	+6.9%
V	Sell	Visa Inc Cl A Class A	$20,067,000	+12.9%	133,697	-0.3%	9.97%	+4.6%
COST	Buy	Costco Whsl Corp	$14,085,000	+12.5%	59,965	+0.1%	7.00%	+4.2%
PSX	Sell	Phillips 66	$10,710,000	+0.1%	95,011	-0.3%	5.32%	-7.3%
AAPL	Buy	Apple Inc	$8,943,000	+23.0%	39,618	+0.9%	4.44%	+13.9%
AXTA	Buy	Axalta Coating Systems Ltd	$7,369,000	-2.9%	252,715	+0.9%	3.66%	-10.1%
UNP	Sell	Union Pacific Corp	$7,261,000	+14.8%	44,593	-0.1%	3.61%	+6.3%
DAL	Buy	Delta Airlines Inc.	$5,020,000	+17.4%	86,810	+0.6%	2.49%	+8.7%
SBUX	Buy	Starbucks Corp	$4,970,000	+16.5%	87,440	+0.1%	2.47%	+7.9%
SYF	Sell	Synchrony Financial	$4,168,000	-8.1%	134,115	-1.3%	2.07%	-15.0%
LSXMK	Buy	Liberty Media - SiriusXM C	$4,079,000	-1.3%	93,880	+3.0%	2.03%	-8.7%
VST	Buy	Vistra Energy Corp.	$3,899,000	+5.5%	156,730	+0.3%	1.94%	-2.3%
STOR	Buy	Store Capital Corp	$3,607,000	+2.3%	129,812	+0.9%	1.79%	-5.3%
CHTR	Buy	Charter Communications	$3,083,000	+11.6%	9,462	+0.4%	1.53%	+3.3%
HHC	Buy	Howard Hughes Corp	$3,001,000	-6.0%	24,155	+0.3%	1.49%	-12.9%
	Sell	Liberty Global Inc. Class A	$2,873,000	-0.6%	99,297	-5.4%	1.43%	-7.9%
BATRK	Buy	Liberty Media-Braves C	$2,843,000	+5.7%	104,340	+0.3%	1.41%	-2.1%
LUV	Buy	Southwest Airlines Co	$2,821,000	+25.1%	45,180	+1.9%	1.40%	+15.8%
TOL	Buy	Toll Brothers Inc	$2,791,000	-0.1%	84,485	+11.8%	1.39%	-7.6%
LEN	Buy	Lennar Corp Cl A	$2,165,000	+2.7%	46,372	+15.5%	1.08%	-5.0%
HRI	Sell	Herc Holdings Inc.	$1,922,000	-10.5%	37,532	-1.6%	0.96%	-17.1%
	Buy	Liberty Media-Formula One C	$1,711,000	+0.5%	46,015	+0.3%	0.85%	-7.0%
BK	Buy	Bank Of NY Mellon Co	$1,674,000	-3.4%	32,836	+2.2%	0.83%	-10.5%
HRS	Sell	Harris Corp	$1,433,000	+16.9%	8,470	-0.2%	0.71%	+8.2%
ABT	Sell	Abbott Laboratories	$1,294,000	+17.7%	17,643	-2.1%	0.64%	+9.0%
JNJ	Buy	Johnson & Johnson	$1,262,000	+14.8%	9,136	+0.8%	0.63%	+6.3%
IBM	Sell	Intl Business Machines	$1,188,000	+7.6%	7,855	-0.6%	0.59%	-0.3%
AAL	New	American Airlines Group Inc	$1,099,000	–	26,595	–	0.55%	–
QRTEA	New	Qurate Retail Inc	$671,000	–	30,205	–	0.33%	–
T	New	A T & T Inc	$567,000	–	16,885	–	0.28%	–
ADP	Sell	Automatic Data Processing	$507,000	+11.9%	3,365	-0.4%	0.25%	+3.7%
XOM	Sell	Exxon Mobil Corporation	$422,000	-2.1%	4,959	-4.8%	0.21%	-9.1%
OEC	Buy	Orion Engineered Carbons	$405,000	+5.7%	12,625	+1.6%	0.20%	-2.0%
DOV	New	Dover Corp	$230,000	–	2,600	–	0.11%	–
LLY	New	Lilly Eli & Company	$206,000	–	1,920	–	0.10%	–
GFF	Exit	Griffon Corp	$0	–	-11,200	–	-0.11%	–
CACC	Exit	Credit Acceptance Corp-Mich	$0	–	-900	–	-0.17%	–
GPK	Exit	Graphic Packaging Corp	$0	–	-22,200	–	-0.17%	–
LEXEA	Exit	Liberty Expedia Holdings, Inc.	$0	–	-11,550	–	-0.27%	–
FDP	Exit	Fresh Del Monte Produce Inc	$0	–	-15,035	–	-0.36%	–
SJM	Exit	J M Smucker Co	$0	–	-13,523	–	-0.78%	–

Q2 2018

			Value		Shares		↓ Weighting
BRKB	New	Berkshire Hathaway B	$24,926,000	–	133,545	–	13.37%	–
V	New	Visa Inc Cl A Class A	$17,768,000	–	134,152	–	9.53%	–
COST	New	Costco Whsl Corp	$12,517,000	–	59,895	–	6.72%	–
PSX	New	Phillips 66	$10,702,000	–	95,293	–	5.74%	–
AXTA	New	Axalta Coating Systems Ltd	$7,588,000	–	250,345	–	4.07%	–
AAPL	New	Apple Inc	$7,271,000	–	39,278	–	3.90%	–
UNP	New	Union Pacific Corp	$6,324,000	–	44,633	–	3.39%	–
MSGS	New	Madison Square Garden Co.	$6,006,000	–	19,362	–	3.22%	–
SYF	New	Synchrony Financial	$4,536,000	–	135,889	–	2.43%	–
DAL	New	Delta Airlines Inc.	$4,275,000	–	86,300	–	2.29%	–
SBUX	New	Starbucks Corp	$4,266,000	–	87,320	–	2.29%	–
LSXMK	New	Liberty Media - SiriusXM C	$4,134,000	–	91,140	–	2.22%	–
AXP	New	American Express Company	$4,031,000	–	41,137	–	2.16%	–
MANU	New	Manchester UTD PLC	$3,819,000	–	185,400	–	2.05%	–
MA	New	Mastercard Inc	$3,780,000	–	19,235	–	2.03%	–
VST	New	Vistra Energy Corp.	$3,697,000	–	156,265	–	1.98%	–
STOR	New	Store Capital Corp	$3,526,000	–	128,675	–	1.89%	–
HHC	New	Howard Hughes Corp	$3,191,000	–	24,085	–	1.71%	–
	New	Liberty Global Inc. Class A	$2,889,000	–	104,912	–	1.55%	–
TOL	New	Toll Brothers Inc	$2,795,000	–	75,550	–	1.50%	–
CHTR	New	Charter Communications	$2,763,000	–	9,422	–	1.48%	–
BATRK	New	Liberty Media-Braves C	$2,690,000	–	104,040	–	1.44%	–
GOOG	New	Alphabet Inc. Class C	$2,377,000	–	2,131	–	1.28%	–
LUV	New	Southwest Airlines Co	$2,255,000	–	44,325	–	1.21%	–
GOOGL	New	Alphabet Inc. Class A	$2,157,000	–	1,910	–	1.16%	–
HRI	New	Herc Holdings Inc.	$2,148,000	–	38,127	–	1.15%	–
LEN	New	Lennar Corp Cl A	$2,108,000	–	40,157	–	1.13%	–
LBRDA	New	Liberty Broadband Corp. CL A	$1,864,000	–	24,640	–	1.00%	–
CCL	New	Carnival Corp New F	$1,807,000	–	31,532	–	0.97%	–
BK	New	Bank Of NY Mellon Co	$1,733,000	–	32,131	–	0.93%	–
	New	Liberty Media-Formula One C	$1,703,000	–	45,865	–	0.91%	–
SJM	New	J M Smucker Co	$1,453,000	–	13,523	–	0.78%	–
NVO	New	Novo-Nordisk A-S Adr	$1,350,000	–	29,270	–	0.72%	–
HRS	New	Harris Corp	$1,226,000	–	8,485	–	0.66%	–
LMT	New	Lockheed Martin Corp	$1,222,000	–	4,136	–	0.66%	–
ABBV	New	Abbvie Inc	$1,216,000	–	13,120	–	0.65%	–
IBM	New	Intl Business Machines	$1,104,000	–	7,905	–	0.59%	–
JNJ	New	Johnson & Johnson	$1,099,000	–	9,061	–	0.59%	–
ABT	New	Abbott Laboratories	$1,099,000	–	18,020	–	0.59%	–
EPD	New	Enterprise Prd Prtnrs LP	$989,000	–	35,740	–	0.53%	–
DEO	New	Diageo Plc-Sponsored Adr	$876,000	–	6,080	–	0.47%	–
LBRDK	New	Liberty Broadband Corp.	$753,000	–	9,940	–	0.40%	–
FDP	New	Fresh Del Monte Produce Inc	$670,000	–	15,035	–	0.36%	–
NSC	New	Norfolk Southern Corp	$663,000	–	4,395	–	0.36%	–
PG	New	Procter & Gamble	$654,000	–	8,374	–	0.35%	–
BA	New	Boeing Co	$604,000	–	1,800	–	0.32%	–
UTX	New	United Technologies Corp	$572,000	–	4,573	–	0.31%	–
EFX	New	Equifax Inc	$538,000	–	4,300	–	0.29%	–
LEXEA	New	Liberty Expedia Holdings, Inc.	$508,000	–	11,550	–	0.27%	–
MMM	New	3m Company	$502,000	–	2,550	–	0.27%	–
KEX	New	Kirby Corporation	$502,000	–	6,000	–	0.27%	–
ADP	New	Automatic Data Processing	$453,000	–	3,380	–	0.24%	–
CABO	New	Cable One Inc.	$436,000	–	595	–	0.23%	–
XOM	New	Exxon Mobil Corporation	$431,000	–	5,209	–	0.23%	–
MGRC	New	Mcgrath Rentcorp	$427,000	–	6,750	–	0.23%	–
FBHS	New	Fortune Brands Home & Security	$410,000	–	7,637	–	0.22%	–
OEC	New	Orion Engineered Carbons	$383,000	–	12,425	–	0.20%	–
FIS	New	Fidelity Natl Info Svcs	$333,000	–	3,140	–	0.18%	–
DE	New	Deere & Co	$329,000	–	2,350	–	0.18%	–
GPK	New	Graphic Packaging Corp	$322,000	–	22,200	–	0.17%	–
GE	New	General Electric Company	$321,000	–	23,550	–	0.17%	–
CACC	New	Credit Acceptance Corp-Mich	$318,000	–	900	–	0.17%	–
FCAU	New	Fiat Chrysler Automobiles N.V.	$317,000	–	16,760	–	0.17%	–
FMC	New	Fmc Corp New	$285,000	–	3,200	–	0.15%	–
HEINY	New	Heineken N V Adr F	$281,000	–	5,600	–	0.15%	–
OHI	New	Omega Healthcare Inv	$279,000	–	9,000	–	0.15%	–
MKL	New	Markel Corp.	$271,000	–	250	–	0.14%	–
RDSA	New	Royal Dutch Shell Plc Adr	$239,000	–	3,447	–	0.13%	–
TER	New	Teradyne Inc	$234,000	–	6,150	–	0.13%	–
WH	New	Wyndham Hotels & Resorts Inc	$226,000	–	3,850	–	0.12%	–
AMZN	New	Amazon.Com Inc	$223,000	–	131	–	0.12%	–
MSFT	New	Microsoft Corp	$217,000	–	2,200	–	0.12%	–
GRUB	New	Grubhub Inc	$210,000	–	2,000	–	0.11%	–
GFF	New	Griffon Corp	$199,000	–	11,200	–	0.11%	–
REVUQ	New	Education Holdings 1 Xxx Bankr	$0	–	16,400	–	0.00%	–

Q4 2017

			Value		Shares		↓ Weighting
REVUQ	Exit	Education Holdings 1 Xxx Bankr	$0	–	-16,400	–	0.00%	–
BBEPQ	Exit	Breitburn Energy Partners LP	$0	–	-20,000	–	-0.00%	–
BDVB	Exit	Bagger Davis Burger	$0	–	-10,000	–	-0.00%	–
SAUC	Exit	Diversifield Restaurant Holdin	$0	–	-10,000	–	-0.01%	–
	Exit	Rizzoli Corriere Della Sera	$0	–	-16,070	–	-0.02%	–
ET	Exit	Energy Transfer Equity LP	$0	–	-12,000	–	-0.13%	–
RDSA	Exit	Royal Dutch Shell Plc Adr	$0	–	-3,497	–	-0.13%	–
AIG	Exit	American Intl Group New	$0	–	-3,500	–	-0.13%	–
TER	Exit	Teradyne Inc	$0	–	-6,150	–	-0.14%	–
HEINY	Exit	Heineken N V Adr F	$0	–	-5,000	–	-0.15%	–
LULU	Exit	Lululemon Athletica Inc	$0	–	-4,069	–	-0.15%	–
FMC	Exit	Fmc Corp New	$0	–	-3,200	–	-0.17%	–
DE	Exit	Deere & Co	$0	–	-2,350	–	-0.18%	–
MGRC	Exit	Mcgrath Rentcorp	$0	–	-6,750	–	-0.18%	–
FIS	Exit	Fidelity Natl Info Svcs	$0	–	-3,265	–	-0.18%	–
GPK	Exit	Graphic Packaging Corp	$0	–	-22,250	–	-0.19%	–
ABB	Exit	Abb Ltd Sponsored Adr	$0	–	-14,000	–	-0.21%	–
BK	Exit	Bank Of NY Mellon Cp New	$0	–	-6,911	–	-0.22%	–
ADP	Exit	Automatic Data Processing	$0	–	-3,400	–	-0.22%	–
KEX	Exit	Kirby Corporation	$0	–	-6,000	–	-0.24%	–
FMS	Exit	Fresenius Medical Care Ag & Co	$0	–	-8,385	–	-0.25%	–
CABO	Exit	Cable One Inc.	$0	–	-575	–	-0.25%	–
WYND	Exit	Wyndham Worldwide Corp	$0	–	-4,099	–	-0.26%	–
BA	Exit	Boeing Co	$0	–	-1,800	–	-0.28%	–
EFX	Exit	Equifax Inc	$0	–	-4,500	–	-0.29%	–
MMM	Exit	3m Company	$0	–	-2,400	–	-0.30%	–
XOM	Exit	Exxon Mobil Corporation	$0	–	-6,280	–	-0.31%	–
FBHS	Exit	Fortune Brands Home & Security	$0	–	-7,887	–	-0.32%	–
GE	Exit	General Electric Company	$0	–	-24,050	–	-0.35%	–
NSC	Exit	Norfolk Southern Corp	$0	–	-4,805	–	-0.38%	–
ABT	Exit	Abbott Laboratories	$0	–	-13,120	–	-0.42%	–
HMHC	Exit	Houghton Mifflin Harcourt Comp	$0	–	-58,300	–	-0.42%	–
FCAU	Exit	Fiat Chrysler Automobiles N.V.	$0	–	-44,800	–	-0.48%	–
PG	Exit	Procter & Gamble	$0	–	-9,049	–	-0.50%	–
JNJ	Exit	Johnson & Johnson	$0	–	-6,511	–	-0.51%	–
DEO	Exit	Diageo Plc-Sponsored Adr	$0	–	-6,480	–	-0.52%	–
UTX	Exit	United Technologies Corp	$0	–	-7,526	–	-0.53%	–
LBRDK	Exit	Liberty Broadband Corp. CL C	$0	–	-10,045	–	-0.58%	–
IBM	Exit	Intl Business Machines	$0	–	-7,563	–	-0.66%	–
EPD	Exit	Enterprise Prd Prtnrs LP	$0	–	-42,340	–	-0.66%	–
ABBV	Exit	Abbvie Inc	$0	–	-13,120	–	-0.70%	–
LEN	Exit	Lennar Corp Cl A	$0	–	-23,275	–	-0.74%	–
GFF	Exit	Griffon Corp	$0	–	-55,525	–	-0.74%	–
LMT	Exit	Lockheed Martin Corp	$0	–	-4,200	–	-0.78%	–
	Exit	Liberty Media-Formula One C	$0	–	-46,565	–	-1.07%	–
NVO	Exit	Novo-Nordisk A-S Adr	$0	–	-37,930	–	-1.10%	–
GOOGL	Exit	Alphabet Inc. Class A	$0	–	-1,939	–	-1.14%	–
GOOG	Exit	Alphabet Inc. Class C	$0	–	-2,160	–	-1.25%	–
SJM	Exit	J M Smucker Co	$0	–	-20,378	–	-1.29%	–
CCL	Exit	Carnival Corp New F	$0	–	-33,207	–	-1.29%	–
HRS	Exit	Harris Corp	$0	–	-16,770	–	-1.33%	–
LUV	Exit	Southwest Airlines Co	$0	–	-39,675	–	-1.34%	–
HHC	Exit	Howard Hughes Corp	$0	–	-19,105	–	-1.36%	–
LBRDA	Exit	Liberty Broadband Corp. CL A	$0	–	-25,040	–	-1.42%	–
BATRK	Exit	Liberty Media-Braves C	$0	–	-96,425	–	-1.47%	–
LSXMK	Exit	Liberty Media - SiriusXM C	$0	–	-66,460	–	-1.67%	–
MA	Exit	Mastercard Inc	$0	–	-19,850	–	-1.69%	–
	Exit	Liberty Global Cl A	$0	–	-87,342	–	-1.78%	–
TOL	Exit	Toll Brothers Inc	$0	–	-77,700	–	-1.94%	–
MANU	Exit	Manchester UTD PLC	$0	–	-187,400	–	-2.03%	–
HRI	Exit	Herc Holdings Inc.	$0	–	-69,377	–	-2.05%	–
CHTR	Exit	Charter Communications	$0	–	-9,409	–	-2.06%	–
AXP	Exit	American Express Company	$0	–	-39,137	–	-2.13%	–
SYF	Exit	Synchrony Financial	$0	–	-116,595	–	-2.18%	–
DAL	Exit	Delta Airlines Inc.	$0	–	-82,604	–	-2.40%	–
MSGS	Exit	Madison Square Garden Co.	$0	–	-19,787	–	-2.55%	–
SBUX	Exit	Starbucks Corp	$0	–	-86,450	–	-2.79%	–
UNP	Exit	Union Pacific Corp	$0	–	-46,943	–	-3.28%	–
AAPL	Exit	Apple Inc	$0	–	-37,148	–	-3.44%	–
AXTA	Exit	Axalta Coating Systems Ltd	$0	–	-244,320	–	-4.25%	–
PSX	Exit	Phillips 66	$0	–	-96,254	–	-5.30%	–
COST	Exit	Costco Whsl Corp	$0	–	-60,530	–	-5.98%	–
V	Exit	Visa Inc Cl A Class A	$0	–	-156,807	–	-9.93%	–
BRKB	Exit	Berkshire Hathaway B	$0	–	-132,915	–	-14.66%	–

Q3 2017

			Value		Shares		↓ Weighting
BRKB	Buy	Berkshire Hathaway B	$24,366,000	+8.3%	132,915	+0.1%	14.66%	+4.1%
V	Sell	Visa Inc Cl A Class A	$16,502,000	+11.0%	156,807	-1.1%	9.93%	+6.7%
COST	Sell	Costco Whsl Corp	$9,944,000	+2.4%	60,530	-0.3%	5.98%	-1.5%
PSX	Buy	Phillips 66	$8,818,000	+11.6%	96,254	+0.8%	5.30%	+7.3%
AXTA	Buy	Axalta Coating Systems Ltd	$7,066,000	-9.1%	244,320	+0.7%	4.25%	-12.6%
AAPL	Buy	Apple Inc	$5,725,000	+8.0%	37,148	+0.9%	3.44%	+3.8%
UNP	Sell	Union Pacific Corp	$5,444,000	+3.9%	46,943	-2.4%	3.28%	-0.1%
SBUX	Buy	Starbucks Corp	$4,643,000	-7.6%	86,450	+0.3%	2.79%	-11.2%
MSGS	Buy	Madison Square Garden Co.	$4,236,000	+9.1%	19,787	+0.4%	2.55%	+4.9%
DAL	Buy	Delta Airlines Inc.	$3,983,000	-7.8%	82,604	+2.8%	2.40%	-11.4%
SYF	New	Synchrony Financial	$3,620,000	–	116,595	–	2.18%	–
AXP	Sell	American Express Company	$3,540,000	+5.7%	39,137	-1.6%	2.13%	+1.6%
HRI	Sell	Herc Holdings Inc.	$3,408,000	+22.7%	69,377	-1.8%	2.05%	+18.0%
MANU	Buy	Manchester UTD PLC	$3,373,000	+17.2%	187,400	+5.8%	2.03%	+12.6%
TOL	Sell	Toll Brothers Inc	$3,222,000	+2.0%	77,700	-2.8%	1.94%	-2.0%
	Sell	Liberty Global Cl A	$2,962,000	+0.0%	87,342	-5.3%	1.78%	-3.8%
LSXMK	Buy	Liberty Media - SiriusXM C	$2,783,000	+0.6%	66,460	+0.2%	1.67%	-3.3%
BATRK	Sell	Liberty Media-Braves C	$2,437,000	+5.2%	96,425	-0.2%	1.47%	+1.1%
LBRDA	Sell	Liberty Broadband Corp. CL A	$2,358,000	+7.0%	25,040	-2.5%	1.42%	+2.8%
HHC	Buy	Howard Hughes Corp	$2,253,000	-3.0%	19,105	+1.1%	1.36%	-6.7%
LUV	Buy	Southwest Airlines Co	$2,221,000	-9.0%	39,675	+1.0%	1.34%	-12.5%
HRS	Buy	Harris Corp	$2,208,000	+20.7%	16,770	+0.0%	1.33%	+16.0%
CCL	Sell	Carnival Corp New F	$2,144,000	-3.7%	33,207	-2.2%	1.29%	-7.5%
SJM	Sell	J M Smucker Co	$2,138,000	-12.7%	20,378	-1.5%	1.29%	-16.1%
GOOG	Buy	Alphabet Inc. Class C	$2,072,000	+6.0%	2,160	+0.5%	1.25%	+2.0%
GOOGL	Sell	Alphabet Inc. Class A	$1,888,000	+4.2%	1,939	-0.5%	1.14%	+0.2%
	Buy	Liberty Media-Formula One C	$1,774,000	+14.9%	46,565	+10.5%	1.07%	+10.5%
GFF	Sell	Griffon Corp	$1,233,000	-3.6%	55,525	-4.7%	0.74%	-7.4%
LEN	Buy	Lennar Corp Cl A	$1,229,000	+37.0%	23,275	+38.3%	0.74%	+31.7%
EPD	Sell	Enterprise Prd Prtnrs LP	$1,104,000	-4.4%	42,340	-0.7%	0.66%	-8.2%
IBM	Sell	Intl Business Machines	$1,097,000	-8.1%	7,563	-2.6%	0.66%	-11.6%
LBRDK	Sell	Liberty Broadband Corp. CL C	$957,000	+9.4%	10,045	-0.4%	0.58%	+5.1%
UTX	Buy	United Technologies Corp	$874,000	+160.1%	7,526	+173.7%	0.53%	+150.5%
HMHC	Sell	Houghton Mifflin Harcourt Comp	$703,000	-4.5%	58,300	-2.5%	0.42%	-8.2%
FBHS	Sell	Fortune Brands Home & Security	$530,000	-4.3%	7,887	-7.1%	0.32%	-8.1%
XOM	Sell	Exxon Mobil Corporation	$515,000	-1.5%	6,280	-3.1%	0.31%	-5.2%
WYND	Sell	Wyndham Worldwide Corp	$432,000	+1.2%	4,099	-3.6%	0.26%	-2.6%
FMS	Sell	Fresenius Medical Care Ag & Co	$410,000	-3.5%	8,385	-4.6%	0.25%	-7.1%
BK	New	Bank Of NY Mellon Cp New	$366,000	–	6,911	–	0.22%	–
GPK	New	Graphic Packaging Corp	$310,000	–	22,250	–	0.19%	–
LULU	Sell	Lululemon Athletica Inc	$253,000	-4.2%	4,069	-7.9%	0.15%	-7.9%
TER	New	Teradyne Inc	$229,000	–	6,150	–	0.14%	–
RDSA	New	Royal Dutch Shell Plc Adr	$212,000	–	3,497	–	0.13%	–
	Sell	Rizzoli Corriere Della Sera	$25,000	+4.2%	16,070	-5.6%	0.02%	0.0%
MFCB	Exit	MFC Bancorp LTD	$0	–	-32,767	–	-0.04%	–
GVA	Exit	Granite Construction Inc.	$0	–	-4,635	–	-0.14%	–
WFC	Exit	Wells Fargo & Co	$0	–	-4,175	–	-0.14%	–
LOW	Exit	Lowe's Companies, Inc.	$0	–	-9,300	–	-0.45%	–
DVA	Exit	Davita Inc	$0	–	-85,220	–	-3.46%	–

Q2 2017

			Value		Shares		↓ Weighting
BRKB	New	Berkshire Hathaway B	$22,491,000	–	132,795	–	14.08%	–
V	New	Visa Inc Cl A Class A	$14,862,000	–	158,482	–	9.30%	–
COST	New	Costco Whsl Corp	$9,708,000	–	60,700	–	6.08%	–
PSX	New	Phillips 66	$7,898,000	–	95,514	–	4.94%	–
AXTA	New	Axalta Coating Systems Ltd	$7,772,000	–	242,585	–	4.86%	–
DVA	New	Davita Inc	$5,519,000	–	85,220	–	3.46%	–
AAPL	New	Apple Inc	$5,301,000	–	36,805	–	3.32%	–
UNP	New	Union Pacific Corp	$5,239,000	–	48,103	–	3.28%	–
SBUX	New	Starbucks Corp	$5,025,000	–	86,175	–	3.14%	–
DAL	New	Delta Airlines Inc.	$4,320,000	–	80,385	–	2.70%	–
MSGS	New	Madison Square Garden Co.	$3,881,000	–	19,712	–	2.43%	–
AXP	New	American Express Company	$3,350,000	–	39,767	–	2.10%	–
CHTR	New	Charter Communications	$3,169,000	–	9,409	–	1.98%	–
TOL	New	Toll Brothers Inc	$3,159,000	–	79,960	–	1.98%	–
	New	Liberty Global Cl A	$2,961,000	–	92,182	–	1.85%	–
MANU	New	Manchester UTD PLC	$2,879,000	–	177,150	–	1.80%	–
HRI	New	Herc Holdings Inc.	$2,777,000	–	70,627	–	1.74%	–
LSXMK	New	Liberty Media - SiriusXM C	$2,767,000	–	66,360	–	1.73%	–
SJM	New	J M Smucker Co	$2,449,000	–	20,693	–	1.53%	–
LUV	New	Southwest Airlines Co	$2,440,000	–	39,266	–	1.53%	–
MA	New	Mastercard Inc	$2,411,000	–	19,850	–	1.51%	–
HHC	New	Howard Hughes Corp	$2,322,000	–	18,900	–	1.45%	–
BATRK	New	Liberty Media-Braves C	$2,316,000	–	96,625	–	1.45%	–
CCL	New	Carnival Corp New F	$2,227,000	–	33,957	–	1.39%	–
LBRDA	New	Liberty Broadband Corp. CL A	$2,204,000	–	25,690	–	1.38%	–
GOOG	New	Alphabet Inc. Class C	$1,954,000	–	2,150	–	1.22%	–
HRS	New	Harris Corp	$1,829,000	–	16,764	–	1.14%	–
GOOGL	New	Alphabet Inc. Class A	$1,812,000	–	1,949	–	1.13%	–
NVO	New	Novo-Nordisk A-S Adr	$1,627,000	–	37,930	–	1.02%	–
	New	Liberty Media-Formula One C	$1,544,000	–	42,150	–	0.97%	–
GFF	New	Griffon Corp	$1,279,000	–	58,275	–	0.80%	–
IBM	New	Intl Business Machines	$1,194,000	–	7,763	–	0.75%	–
LMT	New	Lockheed Martin Corp	$1,166,000	–	4,200	–	0.73%	–
EPD	New	Enterprise Prd Prtnrs LP	$1,155,000	–	42,640	–	0.72%	–
ABBV	New	Abbvie Inc	$951,000	–	13,120	–	0.60%	–
LEN	New	Lennar Corp Cl A	$897,000	–	16,825	–	0.56%	–
LBRDK	New	Liberty Broadband Corp. CL C	$875,000	–	10,085	–	0.55%	–
JNJ	New	Johnson & Johnson	$861,000	–	6,511	–	0.54%	–
PG	New	Procter & Gamble	$789,000	–	9,049	–	0.49%	–
DEO	New	Diageo Plc-Sponsored Adr	$776,000	–	6,480	–	0.49%	–
HMHC	New	Houghton Mifflin Harcourt Comp	$736,000	–	59,800	–	0.46%	–
LOW	New	Lowe's Companies, Inc.	$721,000	–	9,300	–	0.45%	–
GE	New	General Electric Company	$650,000	–	24,050	–	0.41%	–
ABT	New	Abbott Laboratories	$638,000	–	13,120	–	0.40%	–
EFX	New	Equifax Inc	$618,000	–	4,500	–	0.39%	–
NSC	New	Norfolk Southern Corp	$585,000	–	4,805	–	0.37%	–
FBHS	New	Fortune Brands Home & Security	$554,000	–	8,487	–	0.35%	–
XOM	New	Exxon Mobil Corporation	$523,000	–	6,480	–	0.33%	–
MMM	New	3m Company	$500,000	–	2,400	–	0.31%	–
FCAU	New	Fiat Chrysler Automobiles N.V.	$476,000	–	44,800	–	0.30%	–
WYND	New	Wyndham Worldwide Corp	$427,000	–	4,250	–	0.27%	–
FMS	New	Fresenius Medical Care Ag & Co	$425,000	–	8,785	–	0.27%	–
CABO	New	Cable One Inc.	$409,000	–	575	–	0.26%	–
KEX	New	Kirby Corporation	$401,000	–	6,000	–	0.25%	–
BA	New	Boeing Co	$356,000	–	1,800	–	0.22%	–
ADP	New	Automatic Data Processing	$348,000	–	3,400	–	0.22%	–
ABB	New	Abb Ltd Sponsored Adr	$349,000	–	14,000	–	0.22%	–
UTX	New	United Technologies Corp	$336,000	–	2,750	–	0.21%	–
DE	New	Deere & Co	$290,000	–	2,350	–	0.18%	–
FIS	New	Fidelity Natl Info Svcs	$279,000	–	3,265	–	0.18%	–
LULU	New	Lululemon Athletica Inc	$264,000	–	4,419	–	0.16%	–
HEINY	New	Heineken N V Adr F	$244,000	–	5,000	–	0.15%	–
FMC	New	Fmc Corp New	$234,000	–	3,200	–	0.15%	–
MGRC	New	Mcgrath Rentcorp	$234,000	–	6,750	–	0.15%	–
WFC	New	Wells Fargo & Co	$231,000	–	4,175	–	0.14%	–
GVA	New	Granite Construction Inc.	$224,000	–	4,635	–	0.14%	–
AIG	New	American Intl Group New	$219,000	–	3,500	–	0.14%	–
ET	New	Energy Transfer Equity LP	$216,000	–	12,000	–	0.14%	–
MFCB	New	MFC Bancorp LTD	$58,000	–	32,767	–	0.04%	–
SAUC	New	Diversifield Restaurant Holdin	$26,000	–	10,000	–	0.02%	–
	New	Rizzoli Corriere Della Sera	$24,000	–	17,023	–	0.02%	–
BDVB	New	Bagger Davis Burger	$2,000	–	10,000	–	0.00%	–
BBEPQ	New	Breitburn Energy Partners LP	$1,000	–	20,000	–	0.00%	–
REVUQ	New	Education Holdings 1 Xxx Bankr	$0	–	16,400	–	0.00%	–

Q4 2016

			Value		Shares		↓ Weighting
REVUQ	Exit	Education Holdings 1 Xxx Bankr	$0	–	-16,850	–	0.00%	–
BBEPQ	Exit	Breitburn Energy Partners LP	$0	–	-20,000	–	-0.00%	–
SAUC	Exit	Diversifield Restaurant Holdin	$0	–	-10,000	–	-0.01%	–
	Exit	Rizzoli Corriere Della Sera	$0	–	-22,054	–	-0.02%	–
MFCB	Exit	MFC Bancorp LTD	$0	–	-33,164	–	-0.04%	–
KIN	Exit	Kindred Biosciences Inc	$0	–	-13,900	–	-0.05%	–
F	Exit	Ford Motor Company New	$0	–	-10,000	–	-0.08%	–
FCAU	Exit	Fiat Chrysler Automobiles N.V.	$0	–	-19,300	–	-0.08%	–
ET	Exit	Energy Transfer Equity LP	$0	–	-12,000	–	-0.13%	–
HW	Exit	Headwaters Inc	$0	–	-12,000	–	-0.13%	–
AIG	Exit	American Intl Group New	$0	–	-3,500	–	-0.14%	–
HEINY	Exit	Heineken N V Adr F	$0	–	-5,000	–	-0.14%	–
MGRC	Exit	Mcgrath Rentcorp	$0	–	-7,150	–	-0.15%	–
SHLOQ	Exit	Shiloh Industries Inc	$0	–	-32,500	–	-0.15%	–
BA	Exit	Boeing Co	$0	–	-1,800	–	-0.16%	–
WSM	Exit	Williams Sonoma Inc	$0	–	-4,915	–	-0.17%	–
TV	Exit	Grupo Televisa	$0	–	-11,448	–	-0.19%	–
UTX	Exit	United Technologies Corp	$0	–	-2,940	–	-0.20%	–
ADP	Exit	Automatic Data Processing	$0	–	-3,400	–	-0.20%	–
CABO	Exit	Cable One Inc.	$0	–	-595	–	-0.23%	–
GSK	Exit	Glaxo Smithkline Plc	$0	–	-8,667	–	-0.25%	–
FIS	Exit	Fidelity Natl Info Svcs	$0	–	-4,877	–	-0.25%	–
KNL	Exit	Knoll Inc	$0	–	-17,175	–	-0.26%	–
WFC	Exit	Wells Fargo & Co	$0	–	-9,063	–	-0.26%	–
AGN	Exit	Allergan Inc	$0	–	-1,825	–	-0.28%	–
MMM	Exit	3m Company	$0	–	-2,400	–	-0.28%	–
HMHC	Exit	Houghton Mifflin Harcourt Comp	$0	–	-34,400	–	-0.30%	–
LEN	Exit	Lennar Corp Cl A	$0	–	-10,950	–	-0.31%	–
NSC	Exit	Norfolk Southern Corp	$0	–	-5,005	–	-0.32%	–
LILA	Exit	Liberty Global PLC Lilac A	$0	–	-19,707	–	-0.36%	–
FBHS	Exit	Fortune Brands Home & Security	$0	–	-9,425	–	-0.36%	–
INGR	Exit	Ingredion Inc	$0	–	-4,145	–	-0.36%	–
ABT	Exit	Abbott Laboratories	$0	–	-13,334	–	-0.37%	–
XOM	Exit	Exxon Mobil Corporation	$0	–	-6,865	–	-0.40%	–
EFX	Exit	Equifax Inc	$0	–	-4,500	–	-0.40%	–
	Exit	Opus Bank	$0	–	-20,000	–	-0.47%	–
GE	Exit	General Electric Company	$0	–	-24,050	–	-0.47%	–
ABBV	Exit	Abbvie Inc	$0	–	-13,334	–	-0.56%	–
LBRDK	Exit	Liberty Broadband Corp. CL C	$0	–	-12,030	–	-0.57%	–
PG	Exit	Procter & Gamble	$0	–	-10,459	–	-0.62%	–
WYND	Exit	Wyndham Worldwide Corp	$0	–	-13,995	–	-0.62%	–
JNJ	Exit	Johnson & Johnson	$0	–	-8,261	–	-0.64%	–
LULU	Exit	Lululemon Athletica Inc	$0	–	-16,242	–	-0.65%	–
LMT	Exit	Lockheed Martin Corp	$0	–	-4,200	–	-0.66%	–
AME	Exit	Ametek Inc	$0	–	-22,005	–	-0.70%	–
GFF	Exit	Griffon Corp	$0	–	-67,025	–	-0.75%	–
HHC	Exit	Howard Hughes Corp	$0	–	-10,140	–	-0.77%	–
KEX	Exit	Kirby Corporation	$0	–	-18,755	–	-0.77%	–
IBM	Exit	Intl Business Machines	$0	–	-7,963	–	-0.84%	–
ZAYO	Exit	Zayo Group Holdings Inc.	$0	–	-45,525	–	-0.89%	–
FMS	Exit	Fresenius Medical Care Ag & Co	$0	–	-31,172	–	-0.90%	–
ILMN	Exit	Illumina Inc	$0	–	-7,644	–	-0.92%	–
HRS	Exit	Harris Corp	$0	–	-15,560	–	-0.94%	–
NVS	Exit	Novartis AG	$0	–	-18,707	–	-0.98%	–
GOOG	Exit	Alphabet Inc. Class C	$0	–	-1,925	–	-0.99%	–
GOOGL	Exit	Alphabet Inc. Class A	$0	–	-2,024	–	-1.08%	–
EPD	Exit	Enterprise Prd Prtnrs LP	$0	–	-58,940	–	-1.08%	–
RHHBY	Exit	Roche Holding Ltd	$0	–	-54,650	–	-1.12%	–
LBRDA	Exit	Liberty Broadband Corp. CL A	$0	–	-26,065	–	-1.21%	–
QLYS	Exit	Qualys Inc	$0	–	-48,995	–	-1.24%	–
AAPL	Exit	Apple Inc	$0	–	-16,608	–	-1.24%	–
MA	Exit	Mastercard Inc	$0	–	-19,850	–	-1.34%	–
USB	Exit	U S Bancorp Del New	$0	–	-49,768	–	-1.41%	–
CHTR	Exit	Charter Communications	$0	–	-11,078	–	-1.98%	–
NVO	Exit	Novo-Nordisk A-S Adr F 1 Adr R	$0	–	-96,280	–	-2.65%	–
AXP	Exit	American Express Company	$0	–	-73,377	–	-3.10%	–
UNP	Exit	Union Pacific Corp	$0	–	-51,958	–	-3.35%	–
	Exit	Liberty Global Cl A	$0	–	-150,395	–	-3.40%	–
SBUX	Exit	Starbucks Corp	$0	–	-98,329	–	-3.52%	–
AXTA	Exit	Axalta Coating Systems Ltd	$0	–	-196,600	–	-3.67%	–
DVA	Exit	Davita Inc	$0	–	-91,403	–	-3.99%	–
SJM	Exit	J M Smucker Co New	$0	–	-48,735	–	-4.37%	–
PSX	Exit	Phillips 66	$0	–	-82,649	–	-4.40%	–
DE	Exit	Deere & Co	$0	–	-98,227	–	-5.54%	–
COST	Exit	Costco Whsl Corp New	$0	–	-66,545	–	-6.71%	–
V	Exit	Visa Inc Cl A Class A	$0	–	-177,876	–	-9.72%	–
BRKB	Exit	Berkshire Hathaway B New Class	$0	–	-127,382	–	-12.16%	–

Q3 2016

			Value		Shares		↓ Weighting
BRKB	Buy	Berkshire Hathaway B New Class	$18,403,000	+9.0%	127,382	+9.3%	12.16%	+3.0%
V	Buy	Visa Inc Cl A Class A	$14,710,000	+14.0%	177,876	+2.3%	9.72%	+7.8%
COST	Buy	Costco Whsl Corp New	$10,149,000	-0.4%	66,545	+2.5%	6.71%	-5.9%
DE	Buy	Deere & Co	$8,384,000	+9.3%	98,227	+3.7%	5.54%	+3.3%
PSX	Buy	Phillips 66	$6,657,000	+31.0%	82,649	+29.1%	4.40%	+23.8%
SJM	Buy	J M Smucker Co New	$6,606,000	-8.9%	48,735	+2.4%	4.37%	-13.9%
DVA	Buy	Davita Inc	$6,039,000	-6.8%	91,403	+9.1%	3.99%	-11.9%
AXTA	Buy	Axalta Coating Systems Ltd	$5,558,000	+17.5%	196,600	+10.2%	3.67%	+11.0%
SBUX	Sell	Starbucks Corp	$5,324,000	-5.4%	98,329	-0.2%	3.52%	-10.6%
	Sell	Liberty Global Cl A	$5,141,000	+16.1%	150,395	-1.3%	3.40%	+9.7%
UNP	Buy	Union Pacific Corp	$5,067,000	+12.9%	51,958	+1.0%	3.35%	+6.7%
AXP	Buy	American Express Company	$4,699,000	+8.9%	73,377	+3.3%	3.10%	+2.9%
NVO	Buy	Novo-Nordisk A-S Adr F 1 Adr R	$4,004,000	-11.4%	96,280	+14.6%	2.65%	-16.3%
CHTR	Sell	Charter Communications	$2,991,000	+18.0%	11,078	-0.1%	1.98%	+11.5%
USB	Sell	U S Bancorp Del New	$2,135,000	-28.1%	49,768	-32.4%	1.41%	-32.0%
AAPL	Buy	Apple Inc	$1,878,000	+18.3%	16,608	+0.0%	1.24%	+11.8%
QLYS	New	Qualys Inc	$1,871,000	–	48,995	–	1.24%	–
LBRDA	Sell	Liberty Broadband Corp. CL A	$1,829,000	+17.5%	26,065	-0.5%	1.21%	+11.1%
RHHBY	Buy	Roche Holding Ltd	$1,693,000	+414.6%	54,650	+447.9%	1.12%	+386.5%
EPD	Buy	Enterprise Prd Prtnrs LP	$1,629,000	+6.0%	58,940	+12.2%	1.08%	+0.2%
NVS	Buy	Novartis AG	$1,477,000	+11.5%	18,707	+16.5%	0.98%	+5.3%
HRS	Buy	Harris Corp	$1,425,000	+64.4%	15,560	+49.7%	0.94%	+55.4%
ILMN	Sell	Illumina Inc	$1,389,000	+23.1%	7,644	-4.8%	0.92%	+16.3%
ZAYO	Buy	Zayo Group Holdings Inc.	$1,353,000	+147.8%	45,525	+132.9%	0.89%	+134.0%
IBM	Sell	Intl Business Machines	$1,265,000	-5.3%	7,963	-9.5%	0.84%	-10.5%
KEX	Buy	Kirby Corporation	$1,166,000	+97.3%	18,755	+97.9%	0.77%	+86.7%
HHC	Buy	Howard Hughes Corp	$1,161,000	+7.6%	10,140	+7.4%	0.77%	+1.6%
AME	Sell	Ametek Inc	$1,051,000	-50.4%	22,005	-52.0%	0.70%	-53.1%
LMT	Sell	Lockheed Martin Corp	$1,007,000	-3.9%	4,200	-0.5%	0.66%	-9.3%
WYND	Buy	Wyndham Worldwide Corp	$942,000	+20.8%	13,995	+27.9%	0.62%	+14.3%
PG	Sell	Procter & Gamble	$939,000	+2.1%	10,459	-3.8%	0.62%	-3.4%
LBRDK	Sell	Liberty Broadband Corp. CL C	$860,000	+17.0%	12,030	-1.8%	0.57%	+10.5%
EFX	New	Equifax Inc	$606,000	–	4,500	–	0.40%	–
XOM	Sell	Exxon Mobil Corporation	$599,000	-8.4%	6,865	-1.6%	0.40%	-13.3%
INGR	Sell	Ingredion Inc	$552,000	-5.6%	4,145	-8.3%	0.36%	-10.8%
FBHS	Sell	Fortune Brands Home & Security	$548,000	-9.3%	9,425	-9.6%	0.36%	-14.2%
LILA	New	Liberty Global PLC Lilac A	$544,000	–	19,707	–	0.36%	–
LEN	Buy	Lennar Corp Cl A	$464,000	+25.7%	10,950	+36.9%	0.31%	+19.0%
HMHC	Sell	Houghton Mifflin Harcourt Comp	$461,000	-39.7%	34,400	-29.7%	0.30%	-42.9%
AGN	New	Allergan Inc	$420,000	–	1,825	–	0.28%	–
WFC	Sell	Wells Fargo & Co	$401,000	-14.5%	9,063	-8.6%	0.26%	-19.2%
KNL	New	Knoll Inc	$392,000	–	17,175	–	0.26%	–
FIS	Buy	Fidelity Natl Info Svcs	$376,000	+76.5%	4,877	+68.9%	0.25%	+66.4%
GSK	Sell	Glaxo Smithkline Plc	$374,000	-1.8%	8,667	-1.4%	0.25%	-7.1%
TV	Sell	Grupo Televisa	$294,000	-33.3%	11,448	-32.3%	0.19%	-37.0%
WSM	New	Williams Sonoma Inc	$251,000	–	4,915	–	0.17%	–
BA	New	Boeing Co	$237,000	–	1,800	–	0.16%	–
MGRC	New	Mcgrath Rentcorp	$227,000	–	7,150	–	0.15%	–
AIG	New	American Intl Group New	$208,000	–	3,500	–	0.14%	–
HW	New	Headwaters Inc	$203,000	–	12,000	–	0.13%	–
ET	New	Energy Transfer Equity LP	$201,000	–	12,000	–	0.13%	–
FCAU	New	Fiat Chrysler Automobiles N.V.	$124,000	–	19,300	–	0.08%	–
MFCB	Sell	MFC Bancorp LTD	$68,000	-6.8%	33,164	-1.1%	0.04%	-11.8%
	Buy	Rizzoli Corriere Della Sera	$23,000	+21.1%	22,054	+1.4%	0.02%	+15.4%
BBEPQ	New	Breitburn Energy Partners LP	$1,000	–	20,000	–	0.00%	–
REVUQ	Sell	Education Holdings 1 Xxx Bankr	$0	–	16,850	-1.7%	0.00%	–
RDSA	Exit	Royal Dutch Shell Plc Adr	$0	–	-3,697	–	-0.14%	–
T	Exit	A T & T Inc	$0	–	-4,885	–	-0.15%	–
MLFNF	Exit	Maple Leaf Foods Inc	$0	–	-10,050	–	-0.15%	–
ZOES	Exit	Zoes Kitchen Inc.	$0	–	-8,725	–	-0.22%	–
KSU	Exit	Kansas City Southern	$0	–	-7,620	–	-0.48%	–
COF	Exit	Capital One Financial Cp	$0	–	-14,070	–	-0.62%	–
CVS	Exit	CVS Corp	$0	–	-41,317	–	-2.77%	–

Q2 2016

			Value		Shares		↓ Weighting
BRKB	New	Berkshire Hathaway B New Class	$16,878,000	–	116,567	–	11.80%	–
V	New	Visa Inc Cl A Class A	$12,898,000	–	173,896	–	9.02%	–
COST	New	Costco Whsl Corp New	$10,193,000	–	64,910	–	7.13%	–
DE	New	Deere & Co	$7,674,000	–	94,693	–	5.37%	–
SJM	New	J M Smucker Co New	$7,250,000	–	47,570	–	5.07%	–
DVA	New	Davita Inc	$6,477,000	–	83,772	–	4.53%	–
SBUX	New	Starbucks Corp	$5,628,000	–	98,529	–	3.94%	–
PSX	New	Phillips 66	$5,081,000	–	64,040	–	3.55%	–
AXTA	New	Axalta Coating Systems Ltd	$4,732,000	–	178,350	–	3.31%	–
NVO	New	Novo-Nordisk A-S Adr F 1 Adr R	$4,519,000	–	84,030	–	3.16%	–
UNP	New	Union Pacific Corp	$4,490,000	–	51,458	–	3.14%	–
	New	Liberty Global Cl A	$4,428,000	–	152,375	–	3.10%	–
AXP	New	American Express Company	$4,316,000	–	71,037	–	3.02%	–
CVS	New	CVS Corp	$3,956,000	–	41,317	–	2.77%	–
USB	New	U S Bancorp Del New	$2,969,000	–	73,620	–	2.08%	–
CHTR	New	Charter Communications	$2,535,000	–	11,087	–	1.77%	–
AME	New	Ametek Inc	$2,118,000	–	45,805	–	1.48%	–
MA	New	Mastercard Inc	$1,748,000	–	19,850	–	1.22%	–
AAPL	New	Apple Inc	$1,587,000	–	16,601	–	1.11%	–
LBRDA	New	Liberty Broadband Corp. CL A	$1,556,000	–	26,190	–	1.09%	–
EPD	New	Enterprise Prd Prtnrs LP	$1,537,000	–	52,540	–	1.08%	–
GOOGL	New	Alphabet Inc. Class A	$1,424,000	–	2,024	–	1.00%	–
FMS	New	Fresenius Medical Care Ag & Co	$1,358,000	–	31,172	–	0.95%	–
IBM	New	Intl Business Machines	$1,336,000	–	8,803	–	0.93%	–
GOOG	New	Alphabet Inc. Class C	$1,332,000	–	1,925	–	0.93%	–
NVS	New	Novartis AG	$1,325,000	–	16,057	–	0.93%	–
LULU	New	Lululemon Athletica Inc	$1,200,000	–	16,242	–	0.84%	–
GFF	New	Griffon Corp	$1,130,000	–	67,025	–	0.79%	–
ILMN	New	Illumina Inc	$1,128,000	–	8,033	–	0.79%	–
HHC	New	Howard Hughes Corp	$1,079,000	–	9,440	–	0.76%	–
LMT	New	Lockheed Martin Corp	$1,048,000	–	4,222	–	0.73%	–
JNJ	New	Johnson & Johnson	$1,002,000	–	8,261	–	0.70%	–
PG	New	Procter & Gamble	$920,000	–	10,869	–	0.64%	–
COF	New	Capital One Financial Cp	$894,000	–	14,070	–	0.62%	–
HRS	New	Harris Corp	$867,000	–	10,395	–	0.61%	–
ABBV	New	Abbvie Inc	$826,000	–	13,334	–	0.58%	–
WYND	New	Wyndham Worldwide Corp	$780,000	–	10,945	–	0.54%	–
HMHC	New	Houghton Mifflin Harcourt Comp	$764,000	–	48,900	–	0.53%	–
GE	New	General Electric Company	$757,000	–	24,050	–	0.53%	–
LBRDK	New	Liberty Broadband Corp. CL C	$735,000	–	12,245	–	0.51%	–
KSU	New	Kansas City Southern	$686,000	–	7,620	–	0.48%	–
	New	Opus Bank	$676,000	–	20,000	–	0.47%	–
XOM	New	Exxon Mobil Corporation	$654,000	–	6,975	–	0.46%	–
FBHS	New	Fortune Brands Home & Security	$604,000	–	10,425	–	0.42%	–
KEX	New	Kirby Corporation	$591,000	–	9,475	–	0.41%	–
INGR	New	Ingredion Inc	$585,000	–	4,520	–	0.41%	–
ZAYO	New	Zayo Group Holdings Inc.	$546,000	–	19,550	–	0.38%	–
ABT	New	Abbott Laboratories	$524,000	–	13,334	–	0.37%	–
WFC	New	Wells Fargo & Co	$469,000	–	9,913	–	0.33%	–
TV	New	Grupo Televisa	$441,000	–	16,918	–	0.31%	–
NSC	New	Norfolk Southern Corp	$426,000	–	5,005	–	0.30%	–
MMM	New	3m Company	$420,000	–	2,400	–	0.29%	–
GSK	New	Glaxo Smithkline Plc	$381,000	–	8,792	–	0.27%	–
LEN	New	Lennar Corp Cl A	$369,000	–	8,000	–	0.26%	–
RHHBY	New	Roche Holding Ltd	$329,000	–	9,975	–	0.23%	–
ZOES	New	Zoes Kitchen Inc.	$316,000	–	8,725	–	0.22%	–
ADP	New	Automatic Data Processing	$312,000	–	3,400	–	0.22%	–
CABO	New	Cable One Inc.	$304,000	–	595	–	0.21%	–
UTX	New	United Technologies Corp	$301,000	–	2,940	–	0.21%	–
SHLOQ	New	Shiloh Industries Inc	$237,000	–	32,500	–	0.17%	–
HEINY	New	Heineken N V Adr F	$232,000	–	5,000	–	0.16%	–
MLFNF	New	Maple Leaf Foods Inc	$215,000	–	10,050	–	0.15%	–
FIS	New	Fidelity Natl Info Svcs	$213,000	–	2,887	–	0.15%	–
T	New	A T & T Inc	$211,000	–	4,885	–	0.15%	–
RDSA	New	Royal Dutch Shell Plc Adr	$204,000	–	3,697	–	0.14%	–
F	New	Ford Motor Company New	$126,000	–	10,000	–	0.09%	–
MFCB	New	MFC Bancorp LTD	$73,000	–	33,539	–	0.05%	–
KIN	New	Kindred Biosciences Inc	$49,000	–	13,900	–	0.03%	–
	New	Rizzoli Corriere Della Sera	$19,000	–	21,749	–	0.01%	–
SAUC	New	Diversifield Restaurant Holdin	$15,000	–	10,000	–	0.01%	–
REVUQ	New	Education Holdings 1 Xxx Bankr	$0	–	17,150	–	0.00%	–

Q4 2015

			Value		Shares		↓ Weighting
REVUQ	Exit	Education Holdings 1 Xxx Bankr	$0	–	-17,150	–	0.00%	–
KIN	Exit	Kindred Biosciences Inc	$0	–	-16,750	–	-0.06%	–
F	Exit	Ford Motor Company New	$0	–	-10,000	–	-0.09%	–
MFCB	Exit	Mfc Industrial Ltd F	$0	–	-54,567	–	-0.11%	–
HEINY	Exit	Heineken N V Adr F	$0	–	-5,000	–	-0.14%	–
RDSA	Exit	Royal Dutch Shell Plc Adr	$0	–	-4,481	–	-0.14%	–
KEX	Exit	Kirby Corporation	$0	–	-4,000	–	-0.17%	–
FIS	Exit	Fidelity Natl Info Svcs	$0	–	-3,762	–	-0.17%	–
LILA	Exit	Liberty Global PLC Lilac A	$0	–	-7,769	–	-0.18%	–
ADP	Exit	Automatic Data Processing	$0	–	-3,400	–	-0.19%	–
SHLOQ	Exit	Shiloh Industries Inc	$0	–	-36,500	–	-0.20%	–
EFX	Exit	Equifax Inc	$0	–	-3,200	–	-0.21%	–
REXI	Exit	Resource Amer Inc Cl A	$0	–	-48,000	–	-0.22%	–
KO	Exit	Coca Cola Company	$0	–	-8,120	–	-0.22%	–
MMM	Exit	3m Company	$0	–	-2,400	–	-0.23%	–
ZOES	Exit	Zoes Kitchen Inc.	$0	–	-8,725	–	-0.24%	–
UTX	Exit	United Technologies Corp	$0	–	-3,940	–	-0.24%	–
	Exit	Navigator Holdings Ltd	$0	–	-26,990	–	-0.25%	–
MLFNF	Exit	Maple Leaf Foods Inc	$0	–	-22,800	–	-0.26%	–
SEMG	Exit	Semgroup Corp	$0	–	-10,230	–	-0.30%	–
BWA	Exit	Borg Warner Inc	$0	–	-11,250	–	-0.32%	–
INGR	Exit	Ingredion Inc	$0	–	-5,510	–	-0.33%	–
UNP	Exit	Union Pacific Corp	$0	–	-5,750	–	-0.35%	–
NSC	Exit	Norfolk Southern Corp	$0	–	-6,675	–	-0.35%	–
ABT	Exit	Abbott Laboratories	$0	–	-13,334	–	-0.37%	–
FBHS	Exit	Fortune Brands Home & Security	$0	–	-12,700	–	-0.41%	–
XOM	Exit	Exxon Mobil Corporation	$0	–	-8,625	–	-0.44%	–
GE	Exit	General Electric Company	$0	–	-25,586	–	-0.44%	–
LBRDK	Exit	Liberty Broadband Corp. CL C	$0	–	-12,720	–	-0.44%	–
ABBV	Exit	Abbvie Inc	$0	–	-13,334	–	-0.50%	–
TV	Exit	Grupo Televisa	$0	–	-28,585	–	-0.51%	–
PG	Exit	Procter & Gamble	$0	–	-10,519	–	-0.52%	–
	Exit	Opus Bank	$0	–	-20,000	–	-0.52%	–
JNJ	Exit	Johnson & Johnson	$0	–	-8,261	–	-0.53%	–
LMT	Exit	Lockheed Martin Corp	$0	–	-4,288	–	-0.61%	–
AXTA	Exit	Axalta Coating Systems Ltd	$0	–	-35,275	–	-0.61%	–
KSU	Exit	Kansas City Southern	$0	–	-10,645	–	-0.66%	–
HHC	Exit	Howard Hughes Corp	$0	–	-8,945	–	-0.70%	–
DVA	Exit	Davita Inc	$0	–	-15,292	–	-0.76%	–
GOOG	Exit	Alphabet Inc. Class C	$0	–	-1,877	–	-0.78%	–
DISCK	Exit	Discovery Comm Inc.	$0	–	-48,700	–	-0.81%	–
INAP	Exit	Internap Network Services Corp	$0	–	-195,300	–	-0.82%	–
KLXI	Exit	KLX Inc.	$0	–	-35,055	–	-0.86%	–
GOOGL	Exit	Alphabet Inc. Class A	$0	–	-1,976	–	-0.86%	–
IBM	Exit	Intl Business Machines	$0	–	-9,103	–	-0.90%	–
FMS	Exit	Fresenius Medical Care Ag & Co	$0	–	-35,747	–	-0.95%	–
EPD	Exit	Enterprise Prd Prtnrs LP	$0	–	-63,722	–	-1.08%	–
MA	Exit	Mastercard Inc	$0	–	-19,850	–	-1.22%	–
PSX	Exit	Phillips 66	$0	–	-23,435	–	-1.23%	–
VOYA	Exit	Voya Financial Inc.	$0	–	-49,525	–	-1.31%	–
AAPL	Exit	Apple Inc	$0	–	-17,841	–	-1.35%	–
WYND	Exit	Wyndham Worldwide Corp	$0	–	-30,180	–	-1.48%	–
COF	Exit	Capital One Financial Cp	$0	–	-29,975	–	-1.49%	–
MSA	Exit	MSA Safety Inc.	$0	–	-72,535	–	-1.98%	–
WFM	Exit	Whole Foods Market Inc	$0	–	-103,395	–	-2.24%	–
LBRDA	Exit	Liberty Broadband Corp. CL A	$0	–	-66,445	–	-2.34%	–
VZ	Exit	Verizon Communications	$0	–	-82,189	–	-2.45%	–
AXP	Exit	American Express Company	$0	–	-54,993	–	-2.79%	–
GM	Exit	General Motors Co	$0	–	-145,988	–	-3.00%	–
NVO	Exit	Novo-Nordisk A-S Adr F 1 Adr R	$0	–	-82,680	–	-3.07%	–
USB	Exit	U S Bancorp Del New	$0	–	-124,755	–	-3.50%	–
IACI	Exit	Iac/Interactivecorp	$0	–	-78,830	–	-3.52%	–
SJM	Exit	J M Smucker Co New	$0	–	-49,657	–	-3.87%	–
SBUX	Exit	Starbucks Corp	$0	–	-101,634	–	-3.95%	–
PCP	Exit	Precision Castparts Corp	$0	–	-28,065	–	-4.41%	–
	Exit	Liberty Global Cl A	$0	–	-162,985	–	-4.79%	–
DE	Exit	Deere & Co	$0	–	-105,515	–	-5.34%	–
COST	Exit	Costco Whsl Corp New	$0	–	-63,193	–	-6.25%	–
V	Exit	Visa Inc Cl A Class A	$0	–	-180,592	–	-8.60%	–
BRKB	Exit	Berkshire Hathaway B New Class	$0	–	-109,585	–	-9.77%	–

Q3 2015

			Value		Shares		↓ Weighting
BRKB	Buy	Berkshire Hathaway B New Class	$14,290,000	+73.1%	109,585	+80.7%	9.77%	+89.8%
COST	Buy	Costco Whsl Corp New	$9,136,000	+7.2%	63,193	+0.2%	6.25%	+17.6%
DE	Buy	Deere & Co	$7,808,000	-23.3%	105,515	+0.6%	5.34%	-15.9%
PCP	New	Precision Castparts Corp	$6,447,000	–	28,065	–	4.41%	–
SBUX	Buy	Starbucks Corp	$5,777,000	+6.5%	101,634	+0.5%	3.95%	+16.9%
SJM	Buy	J M Smucker Co New	$5,665,000	+5.6%	49,657	+0.3%	3.87%	+15.7%
IACI	Buy	Iac/Interactivecorp	$5,145,000	-17.6%	78,830	+0.6%	3.52%	-9.6%
USB	Buy	U S Bancorp Del New	$5,116,000	+109.9%	124,755	+122.2%	3.50%	+130.2%
GM	Sell	General Motors Co	$4,383,000	-11.8%	145,988	-2.1%	3.00%	-3.2%
VZ	Sell	Verizon Communications	$3,576,000	-36.9%	82,189	-32.4%	2.45%	-30.8%
LBRDA	Sell	Liberty Broadband Corp. CL A	$3,418,000	+0.7%	66,445	-0.2%	2.34%	+10.5%
WFM	New	Whole Foods Market Inc	$3,272,000	–	103,395	–	2.24%	–
MSA	Sell	MSA Safety Inc.	$2,899,000	-27.8%	72,535	-12.4%	1.98%	-20.8%
WYND	Sell	Wyndham Worldwide Corp	$2,170,000	-14.0%	30,180	-2.0%	1.48%	-5.7%
AAPL	Buy	Apple Inc	$1,968,000	-6.8%	17,841	+5.9%	1.35%	+2.2%
PSX	New	Phillips 66	$1,801,000	–	23,435	–	1.23%	–
EPD	Sell	Enterprise Prd Prtnrs LP	$1,587,000	-32.6%	63,722	-19.1%	1.08%	-26.1%
IBM	Sell	Intl Business Machines	$1,320,000	-13.3%	9,103	-2.7%	0.90%	-4.8%
GOOGL	New	Alphabet Inc. Class A	$1,261,000	–	1,976	–	0.86%	–
KLXI	Buy	KLX Inc.	$1,253,000	-7.4%	35,055	+14.4%	0.86%	+1.5%
DISCK	Buy	Discovery Comm Inc.	$1,183,000	-20.9%	48,700	+1.2%	0.81%	-13.2%
GOOG	New	Alphabet Inc. Class C	$1,142,000	–	1,877	–	0.78%	–
KSU	New	Kansas City Southern	$967,000	–	10,645	–	0.66%	–
AXTA	New	Axalta Coating Systems Ltd	$894,000	–	35,275	–	0.61%	–
TV	Buy	Grupo Televisa	$744,000	-26.3%	28,585	+9.9%	0.51%	-19.2%
XOM	Sell	Exxon Mobil Corporation	$641,000	-12.4%	8,625	-2.0%	0.44%	-3.9%
FBHS	Buy	Fortune Brands Home & Security	$603,000	+6.5%	12,700	+2.8%	0.41%	+16.7%
UNP	New	Union Pacific Corp	$508,000	–	5,750	–	0.35%	–
SEMG	Sell	Semgroup Corp	$442,000	-48.7%	10,230	-5.5%	0.30%	-43.8%
	Sell	Navigator Holdings Ltd	$360,000	-61.6%	26,990	-45.5%	0.25%	-57.9%
SHLOQ	Buy	Shiloh Industries Inc	$296,000	-35.7%	36,500	+2.8%	0.20%	-29.6%
LILA	New	Liberty Global PLC Lilac A	$262,000	–	7,769	–	0.18%	–
HEINY	New	Heineken N V Adr F	$204,000	–	5,000	–	0.14%	–
MFCB	Sell	Mfc Industrial Ltd F	$156,000	-33.6%	54,567	-6.0%	0.11%	-27.2%
WMT	Exit	Wal-Mart Stores Inc	$0	–	-3,000	–	-0.13%	–
A309PS	Exit	Directv	$0	–	-2,450	–	-0.14%	–
HSP	Exit	Hospira	$0	–	-2,635	–	-0.15%	–
BAX	Exit	Baxter International Inc	$0	–	-7,767	–	-0.34%	–
ARCC	Exit	Ares Capital Corporation	$0	–	-49,100	–	-0.50%	–
GOOG	Exit	Google Inc Class C	$0	–	-1,877	–	-0.61%	–
GOOGL	Exit	Google Inc Class A	$0	–	-1,976	–	-0.66%	–
FLS	Exit	Flowserve Corp	$0	–	-36,380	–	-1.20%	–
MTW	Exit	Manitowoc Co Inc	$0	–	-104,350	–	-1.28%	–
VMI	Exit	Valmont Industries Inc	$0	–	-23,543	–	-1.74%	–
KKR	Exit	KKR & Co LP	$0	–	-158,750	–	-2.26%	–
BKD	Exit	Brookdale Senior Living Inc.	$0	–	-115,040	–	-2.49%	–
VIAB	Exit	Viacom Inc Cl B New	$0	–	-113,116	–	-4.56%	–

Q2 2015

			Value		Shares		↓ Weighting
V	New	Visa Inc Cl A Class A	$12,127,000	–	180,592	–	7.56%	–
DE	New	Deere & Co	$10,181,000	–	104,905	–	6.35%	–
	New	Liberty Global Cl A	$8,813,000	–	162,985	–	5.50%	–
COST	New	Costco Whsl Corp New	$8,521,000	–	63,093	–	5.31%	–
BRKB	New	Berkshire Hathaway B New Class	$8,256,000	–	60,655	–	5.15%	–
VIAB	New	Viacom Inc Cl B New	$7,312,000	–	113,116	–	4.56%	–
IACI	New	Iac/Interactivecorp	$6,242,000	–	78,355	–	3.89%	–
VZ	New	Verizon Communications	$5,670,000	–	121,644	–	3.54%	–
SBUX	New	Starbucks Corp	$5,422,000	–	101,134	–	3.38%	–
SJM	New	J M Smucker Co New	$5,367,000	–	49,507	–	3.35%	–
GM	New	General Motors Co	$4,968,000	–	149,063	–	3.10%	–
NVO	New	Novo-Nordisk A-S Adr F 1 Adr R	$4,528,000	–	82,680	–	2.82%	–
AXP	New	American Express Company	$4,274,000	–	54,993	–	2.66%	–
MSA	New	MSA Safety Inc.	$4,016,000	–	82,785	–	2.50%	–
BKD	New	Brookdale Senior Living Inc.	$3,992,000	–	115,040	–	2.49%	–
KKR	New	KKR & Co LP	$3,627,000	–	158,750	–	2.26%	–
LBRDA	New	Liberty Broadband Corp. CL A	$3,393,000	–	66,570	–	2.12%	–
VMI	New	Valmont Industries Inc	$2,799,000	–	23,543	–	1.74%	–
COF	New	Capital One Financial Cp	$2,637,000	–	29,975	–	1.64%	–
WYND	New	Wyndham Worldwide Corp	$2,523,000	–	30,805	–	1.57%	–
USB	New	U S Bancorp Del New	$2,437,000	–	56,155	–	1.52%	–
EPD	New	Enterprise Prd Prtnrs LP	$2,356,000	–	78,812	–	1.47%	–
VOYA	New	Voya Financial Inc.	$2,301,000	–	49,525	–	1.44%	–
AAPL	New	Apple Inc	$2,112,000	–	16,841	–	1.32%	–
MTW	New	Manitowoc Co Inc	$2,045,000	–	104,350	–	1.28%	–
FLS	New	Flowserve Corp	$1,916,000	–	36,380	–	1.20%	–
MA	New	Mastercard Inc	$1,856,000	–	19,850	–	1.16%	–
INAP	New	Internap Network Services Corp	$1,807,000	–	195,300	–	1.13%	–
IBM	New	Intl Business Machines	$1,522,000	–	9,358	–	0.95%	–
DISCK	New	Discovery Comm Inc.	$1,495,000	–	48,100	–	0.93%	–
FMS	New	Fresenius Medical Care Ag & Co	$1,487,000	–	35,747	–	0.93%	–
KLXI	New	KLX Inc.	$1,353,000	–	30,655	–	0.84%	–
HHC	New	Howard Hughes Corp	$1,284,000	–	8,945	–	0.80%	–
DVA	New	Davita Inc	$1,215,000	–	15,292	–	0.76%	–
GOOGL	New	Google Inc Class A	$1,067,000	–	1,976	–	0.66%	–
TV	New	Grupo Televisa	$1,010,000	–	26,010	–	0.63%	–
GOOG	New	Google Inc Class C	$977,000	–	1,877	–	0.61%	–
	New	Navigator Holdings Ltd	$938,000	–	49,540	–	0.58%	–
ABBV	New	Abbvie Inc	$896,000	–	13,334	–	0.56%	–
SEMG	New	Semgroup Corp	$861,000	–	10,830	–	0.54%	–
PG	New	Procter & Gamble	$823,000	–	10,519	–	0.51%	–
ARCC	New	Ares Capital Corporation	$808,000	–	49,100	–	0.50%	–
JNJ	New	Johnson & Johnson	$805,000	–	8,261	–	0.50%	–
LMT	New	Lockheed Martin Corp	$797,000	–	4,288	–	0.50%	–
XOM	New	Exxon Mobil Corporation	$732,000	–	8,800	–	0.46%	–
	New	Opus Bank	$724,000	–	20,000	–	0.45%	–
GE	New	General Electric Company	$680,000	–	25,586	–	0.42%	–
ABT	New	Abbott Laboratories	$654,000	–	13,334	–	0.41%	–
LBRDK	New	Liberty Broadband Corp. CL C	$651,000	–	12,720	–	0.41%	–
BWA	New	Borg Warner Inc	$639,000	–	11,250	–	0.40%	–
NSC	New	Norfolk Southern Corp	$583,000	–	6,675	–	0.36%	–
FBHS	New	Fortune Brands Home & Security	$566,000	–	12,350	–	0.35%	–
BAX	New	Baxter International Inc	$543,000	–	7,767	–	0.34%	–
SHLOQ	New	Shiloh Industries Inc	$460,000	–	35,500	–	0.29%	–
INGR	New	Ingredion Inc	$440,000	–	5,510	–	0.27%	–
UTX	New	United Technologies Corp	$437,000	–	3,940	–	0.27%	–
MLFNF	New	Maple Leaf Foods Inc	$430,000	–	22,800	–	0.27%	–
REXI	New	Resource Amer Inc Cl A	$404,000	–	48,000	–	0.25%	–
MMM	New	3m Company	$370,000	–	2,400	–	0.23%	–
ZOES	New	Zoes Kitchen Inc.	$357,000	–	8,725	–	0.22%	–
KO	New	Coca Cola Company	$319,000	–	8,120	–	0.20%	–
EFX	New	Equifax Inc	$311,000	–	3,200	–	0.19%	–
KEX	New	Kirby Corporation	$307,000	–	4,000	–	0.19%	–
ADP	New	Automatic Data Processing	$273,000	–	3,400	–	0.17%	–
RDSA	New	Royal Dutch Shell Plc Adr	$255,000	–	4,481	–	0.16%	–
MFCB	New	Mfc Industrial Ltd F	$235,000	–	58,068	–	0.15%	–
HSP	New	Hospira	$234,000	–	2,635	–	0.15%	–
FIS	New	Fidelity Natl Info Svcs	$232,000	–	3,762	–	0.14%	–
A309PS	New	Directv	$227,000	–	2,450	–	0.14%	–
WMT	New	Wal-Mart Stores Inc	$213,000	–	3,000	–	0.13%	–
F	New	Ford Motor Company New	$150,000	–	10,000	–	0.09%	–
KIN	New	Kindred Biosciences Inc	$114,000	–	16,750	–	0.07%	–
REVUQ	New	Education Holdings 1 Xxx Bankr	$0	–	17,150	–	0.00%	–

Q4 2014

			Value		Shares		↓ Weighting
REVUQ	Exit	Education Holdings 1 Xxx Bankr	$0	–	-18,550	–	0.00%	–
F	Exit	Ford Motor Company New	$0	–	-10,000	–	-0.10%	–
HEINY	Exit	Heineken N V Adr F	$0	–	-5,600	–	-0.14%	–
FIS	Exit	Fidelity Natl Info Svcs	$0	–	-3,762	–	-0.14%	–
WMT	Exit	Wal-Mart Stores Inc	$0	–	-3,000	–	-0.15%	–
EFX	Exit	Equifax Inc	$0	–	-3,200	–	-0.16%	–
SHLOQ	Exit	Shiloh Industries Inc	$0	–	-14,600	–	-0.16%	–
ADP	Exit	Automatic Data Processing	$0	–	-3,400	–	-0.19%	–
RASF	Exit	R A I T Financial Tr New	$0	–	-41,026	–	-0.20%	–
ZOES	Exit	Zoes Kitchen Inc.	$0	–	-10,260	–	-0.21%	–
CVX	Exit	Chevron Corporation	$0	–	-2,670	–	-0.21%	–
A309PS	Exit	Directv	$0	–	-3,725	–	-0.21%	–
MMM	Exit	3m Company	$0	–	-2,400	–	-0.23%	–
KO	Exit	Coca Cola Company	$0	–	-8,120	–	-0.23%	–
RDSA	Exit	Royal Dutch Shell Plc Adr	$0	–	-4,631	–	-0.23%	–
MFCB	Exit	Mfc Industrial Ltd F	$0	–	-56,970	–	-0.27%	–
UTX	Exit	United Technologies Corp	$0	–	-3,940	–	-0.28%	–
DNOW	Exit	NOW Inc	$0	–	-14,212	–	-0.29%	–
INGR	Exit	Ingredion Inc	$0	–	-5,985	–	-0.30%	–
KEX	Exit	Kirby Corporation	$0	–	-4,000	–	-0.31%	–
BAX	Exit	Baxter International Inc	$0	–	-7,442	–	-0.35%	–
REXI	Exit	Resource Amer Inc Cl A	$0	–	-57,775	–	-0.36%	–
ABT	Exit	Abbott Laboratories	$0	–	-13,334	–	-0.37%	–
BWA	Exit	Borg Warner Inc	$0	–	-11,250	–	-0.39%	–
ABBV	Exit	Abbvie Inc	$0	–	-13,334	–	-0.51%	–
	Exit	Dorian LPG LTD	$0	–	-43,650	–	-0.52%	–
LMT	Exit	Lockheed Martin Corp	$0	–	-4,388	–	-0.53%	–
GE	Exit	General Electric Company	$0	–	-31,921	–	-0.54%	–
NSC	Exit	Norfolk Southern Corp	$0	–	-7,375	–	-0.55%	–
GLOG	Exit	Gaslog Ltd F	$0	–	-39,450	–	-0.58%	–
JNJ	Exit	Johnson & Johnson	$0	–	-8,261	–	-0.58%	–
PG	Exit	Procter & Gamble	$0	–	-10,836	–	-0.60%	–
SEMG	Exit	Semgroup Corp	$0	–	-11,130	–	-0.62%	–
GOOG	Exit	Google Inc Class C	$0	–	-1,995	–	-0.76%	–
GOOGL	Exit	Google Inc Class A	$0	–	-1,995	–	-0.78%	–
DVA	Exit	Davita Inc	$0	–	-16,072	–	-0.78%	–
FMS	Exit	Fresenius Medical Care Ag & Co	$0	–	-34,447	–	-0.79%	–
INAP	Exit	Internap Network Services Corp	$0	–	-204,425	–	-0.94%	–
HHC	Exit	Howard Hughes Corp	$0	–	-9,522	–	-0.95%	–
MA	Exit	Mastercard Inc	$0	–	-19,950	–	-0.98%	–
C	Exit	Citigroup Inc	$0	–	-29,205	–	-1.00%	–
AAPL	Exit	Apple Inc	$0	–	-15,841	–	-1.06%	–
KTOS	Exit	Kratos Def & Sec Sol New	$0	–	-247,235	–	-1.08%	–
VOYA	Exit	Voya Financial Inc.	$0	–	-55,940	–	-1.45%	–
NCR	Exit	Ncr Corp	$0	–	-69,525	–	-1.54%	–
COF	Exit	Capital One Financial Cp	$0	–	-30,950	–	-1.68%	–
ESL	Exit	Esterline Technologies Corp	$0	–	-23,577	–	-1.74%	–
WYND	Exit	Wyndham Worldwide Corp	$0	–	-32,620	–	-1.76%	–
CSTM	Exit	Constellium N.V.	$0	–	-126,668	–	-2.07%	–
SJM	Exit	J M Smucker Co New	$0	–	-37,112	–	-2.44%	–
SBUX	Exit	Starbucks Corp	$0	–	-51,822	–	-2.60%	–
NVO	Exit	Novo-Nordisk A-S Adr F 1 Adr R	$0	–	-82,680	–	-2.61%	–
KKR	Exit	KKR & Co LP	$0	–	-187,050	–	-2.77%	–
NOV	Exit	National Oilwell Varco	$0	–	-59,517	–	-3.01%	–
MSA	Exit	Mine Safety Inc.	$0	–	-93,124	–	-3.05%	–
EPD	Exit	Enterprise Prd Prtnrs LP	$0	–	-115,296	–	-3.08%	–
XOM	Exit	Exxon Mobil Corporation	$0	–	-50,304	–	-3.14%	–
AXP	Exit	American Express Company	$0	–	-56,803	–	-3.30%	–
UPS	Exit	United Parcel Service B Class	$0	–	-50,682	–	-3.31%	–
HSP	Exit	Hospira	$0	–	-100,240	–	-3.46%	–
DE	Exit	Deere & Co	$0	–	-68,616	–	-3.73%	–
TEVA	Exit	Teva Pharm Inds Ltd Adrf Spons	$0	–	-105,561	–	-3.77%	–
VZ	Exit	Verizon Communications	$0	–	-123,029	–	-4.08%	–
VIAB	Exit	Viacom Inc Cl B New	$0	–	-86,066	–	-4.40%	–
LBTYA	Exit	Liberty Global Cl A	$0	–	-157,525	–	-4.45%	–
IBM	Exit	Intl Business Machines	$0	–	-41,013	–	-5.17%	–
COST	Exit	Costco Whsl Corp New	$0	–	-63,668	–	-5.30%	–
V	Exit	Visa Inc Cl A Class A	$0	–	-45,753	–	-6.48%	–

Q3 2014

			Value		Shares		↓ Weighting
V	Sell	Visa Inc Cl A Class A	$9,762,000	+0.1%	45,753	-1.1%	6.48%	+4.3%
COST	Sell	Costco Whsl Corp New	$7,979,000	+7.7%	63,668	-1.1%	5.30%	+12.2%
IBM	Buy	Intl Business Machines	$7,785,000	+16.9%	41,013	+11.7%	5.17%	+21.8%
LBTYA	Buy	Liberty Global Cl A	$6,701,000	+2.7%	157,525	+6.7%	4.45%	+7.0%
VIAB	Buy	Viacom Inc Cl B New	$6,622,000	-7.7%	86,066	+4.1%	4.40%	-3.8%
VZ	Buy	Verizon Communications	$6,150,000	+55.6%	123,029	+52.3%	4.08%	+62.1%
TEVA	Sell	Teva Pharm Inds Ltd Adrf Spons	$5,674,000	+1.6%	105,561	-0.9%	3.77%	+5.8%
DE	Buy	Deere & Co	$5,626,000	+2.6%	68,616	+13.3%	3.73%	+6.9%
HSP	Sell	Hospira	$5,215,000	-0.0%	100,240	-1.3%	3.46%	+4.2%
UPS	Sell	United Parcel Service B Class	$4,982,000	-5.2%	50,682	-1.0%	3.31%	-1.2%
AXP	Sell	American Express Company	$4,973,000	-8.8%	56,803	-1.2%	3.30%	-5.0%
XOM	Buy	Exxon Mobil Corporation	$4,731,000	+32.1%	50,304	+41.4%	3.14%	+37.7%
EPD	Buy	Enterprise Prd Prtnrs LP	$4,646,000	+2.3%	115,296	+98.8%	3.08%	+6.6%
MSA	Sell	Mine Safety Inc.	$4,600,000	-16.2%	93,124	-2.5%	3.05%	-12.7%
NOV	Sell	National Oilwell Varco	$4,529,000	-8.6%	59,517	-1.1%	3.01%	-4.8%
KKR	Buy	KKR & Co LP	$4,171,000	-7.2%	187,050	+1.2%	2.77%	-3.4%
NVO	Sell	Novo-Nordisk A-S Adr F 1 Adr R	$3,937,000	+1.2%	82,680	-1.8%	2.61%	+5.4%
SBUX	Sell	Starbucks Corp	$3,910,000	-3.3%	51,822	-0.8%	2.60%	+0.8%
SJM	Sell	J M Smucker Co New	$3,674,000	-9.4%	37,112	-2.5%	2.44%	-5.7%
CSTM	Sell	Constellium N.V.	$3,117,000	-23.7%	126,668	-0.6%	2.07%	-20.5%
WYND	Buy	Wyndham Worldwide Corp	$2,651,000	+62.7%	32,620	+51.6%	1.76%	+69.6%
ESL	Sell	Esterline Technologies Corp	$2,623,000	-4.9%	23,577	-1.6%	1.74%	-0.9%
COF	Sell	Capital One Financial Cp	$2,526,000	-2.3%	30,950	-1.1%	1.68%	+1.8%
NCR	Buy	Ncr Corp	$2,323,000	+1.1%	69,525	+6.2%	1.54%	+5.3%
VOYA	Sell	Voya Financial Inc.	$2,187,000	+4.6%	55,940	-2.8%	1.45%	+8.9%
KTOS	Buy	Kratos Def & Sec Sol New	$1,622,000	-15.2%	247,235	+0.8%	1.08%	-11.7%
C	New	Citigroup Inc	$1,513,000	–	29,205	–	1.00%	–
MA	Sell	Mastercard Inc	$1,475,000	-0.6%	19,950	-1.2%	0.98%	+3.6%
HHC	Sell	Howard Hughes Corp	$1,428,000	-7.6%	9,522	-2.8%	0.95%	-3.8%
INAP	Sell	Internap Network Services Corp	$1,411,000	-7.1%	204,425	-5.1%	0.94%	-3.2%
FMS	New	Fresenius Medical Care Ag & Co	$1,195,000	–	34,447	–	0.79%	–
DVA	New	Davita Inc	$1,176,000	–	16,072	–	0.78%	–
SEMG	Sell	Semgroup Corp	$927,000	+2.9%	11,130	-2.6%	0.62%	+7.1%
PG	Sell	Procter & Gamble	$907,000	+1.7%	10,836	-4.6%	0.60%	+6.0%
GLOG	Sell	Gaslog Ltd F	$868,000	-35.2%	39,450	-6.1%	0.58%	-32.5%
NSC	Sell	Norfolk Southern Corp	$823,000	+6.5%	7,375	-1.7%	0.55%	+11.0%
	Buy	Dorian LPG LTD	$778,000	-11.9%	43,650	+13.7%	0.52%	-8.2%
BWA	Sell	Borg Warner Inc	$592,000	-21.4%	11,250	-2.6%	0.39%	-18.1%
REXI	Sell	Resource Amer Inc Cl A	$538,000	-2.2%	57,775	-1.7%	0.36%	+2.0%
BAX	Buy	Baxter International Inc	$534,000	+106.2%	7,442	+107.8%	0.35%	+114.5%
INGR	Buy	Ingredion Inc	$454,000	+4.1%	5,985	+2.9%	0.30%	+8.3%
DNOW	Sell	NOW Inc	$432,000	-17.1%	14,212	-1.2%	0.29%	-13.6%
MFCB	Sell	Mfc Industrial Ltd F	$405,000	-8.6%	56,970	-1.6%	0.27%	-4.6%
KO	Sell	Coca Cola Company	$346,000	-3.9%	8,120	-4.6%	0.23%	+0.4%
A309PS	Sell	Directv	$322,000	-96.7%	3,725	-96.7%	0.21%	-96.5%
ZOES	New	Zoes Kitchen Inc.	$316,000	–	10,260	–	0.21%	–
RASF	Sell	R A I T Financial Tr New	$305,000	-17.6%	41,026	-8.4%	0.20%	-14.4%
ADP	Buy	Automatic Data Processing	$282,000	+7.6%	3,400	+3.0%	0.19%	+12.0%
SHLOQ	Buy	Shiloh Industries Inc	$248,000	-2.0%	14,600	+6.6%	0.16%	+2.5%
WMT	Sell	Wal-Mart Stores Inc	$229,000	-3.8%	3,000	-5.3%	0.15%	0.0%
PFE	Exit	Pfizer Incorporated	$0	–	-7,100	–	-0.13%	–
USB	Exit	U S Bancorp Del New	$0	–	-5,225	–	-0.14%	–
	Exit	Fiat S.p.A.	$0	–	-193,175	–	-1.22%	–

Q2 2014

			Value		Shares		↓ Weighting
V	New	Visa Inc Cl A Class A	$9,749,000	–	46,268	–	6.21%	–
A309PS	New	Directv	$9,706,000	–	114,180	–	6.18%	–
COST	New	Costco Whsl Corp New	$7,411,000	–	64,358	–	4.72%	–
VIAB	New	Viacom Inc Cl B New	$7,174,000	–	82,716	–	4.57%	–
IBM	New	Intl Business Machines	$6,659,000	–	36,733	–	4.24%	–
LBTYA	New	Liberty Global Cl A	$6,528,000	–	147,620	–	4.16%	–
TEVA	New	Teva Pharm Inds Ltd Adrf Spons	$5,586,000	–	106,561	–	3.56%	–
MSA	New	Mine Safety Inc.	$5,489,000	–	95,499	–	3.50%	–
DE	New	Deere & Co	$5,486,000	–	60,586	–	3.49%	–
AXP	New	American Express Company	$5,455,000	–	57,503	–	3.47%	–
UPS	New	United Parcel Service B Class	$5,254,000	–	51,182	–	3.35%	–
HSP	New	Hospira	$5,217,000	–	101,565	–	3.32%	–
NOV	New	National Oilwell Varco	$4,957,000	–	60,192	–	3.16%	–
EPD	New	Enterprise Prd Prtnrs LP	$4,541,000	–	57,998	–	2.89%	–
KKR	New	KKR & Co LP	$4,497,000	–	184,850	–	2.86%	–
CSTM	New	Constellium N.V.	$4,085,000	–	127,408	–	2.60%	–
SJM	New	J M Smucker Co New	$4,057,000	–	38,067	–	2.58%	–
SBUX	New	Starbucks Corp	$4,042,000	–	52,242	–	2.57%	–
VZ	New	Verizon Communications	$3,953,000	–	80,799	–	2.52%	–
NVO	New	Novo-Nordisk A-S Adr F 1 Adr R	$3,891,000	–	84,230	–	2.48%	–
XOM	New	Exxon Mobil Corporation	$3,581,000	–	35,569	–	2.28%	–
ESL	New	Esterline Technologies Corp	$2,757,000	–	23,952	–	1.76%	–
COF	New	Capital One Financial Cp	$2,585,000	–	31,300	–	1.65%	–
NCR	New	Ncr Corp	$2,298,000	–	65,475	–	1.46%	–
VOYA	New	Voya Financial Inc.	$2,091,000	–	57,540	–	1.33%	–
KTOS	New	Kratos Def & Sec Sol New	$1,913,000	–	245,300	–	1.22%	–
	New	Fiat S.p.A.	$1,907,000	–	193,175	–	1.22%	–
WYND	New	Wyndham Worldwide Corp	$1,629,000	–	21,515	–	1.04%	–
HHC	New	Howard Hughes Corp	$1,546,000	–	9,797	–	0.98%	–
INAP	New	Internap Network Services Corp	$1,519,000	–	215,450	–	0.97%	–
MA	New	Mastercard Inc	$1,484,000	–	20,200	–	0.94%	–
AAPL	New	Apple Inc	$1,472,000	–	15,841	–	0.94%	–
GLOG	New	Gaslog Ltd F	$1,339,000	–	42,000	–	0.85%	–
GOOGL	New	Google Inc Class A	$1,166,000	–	1,995	–	0.74%	–
GOOG	New	Google Inc Class C	$1,148,000	–	1,995	–	0.73%	–
SEMG	New	Semgroup Corp	$901,000	–	11,430	–	0.57%	–
PG	New	Procter & Gamble	$892,000	–	11,356	–	0.57%	–
	New	Dorian LPG LTD	$883,000	–	38,400	–	0.56%	–
JNJ	New	Johnson & Johnson	$864,000	–	8,261	–	0.55%	–
GE	New	General Electric Company	$839,000	–	31,921	–	0.53%	–
NSC	New	Norfolk Southern Corp	$773,000	–	7,500	–	0.49%	–
BWA	New	Borg Warner Inc	$753,000	–	11,550	–	0.48%	–
ABBV	New	Abbvie Inc	$753,000	–	13,334	–	0.48%	–
LMT	New	Lockheed Martin Corp	$705,000	–	4,388	–	0.45%	–
REXI	New	Resource Amer Inc Cl A	$550,000	–	58,775	–	0.35%	–
ABT	New	Abbott Laboratories	$545,000	–	13,334	–	0.35%	–
DNOW	New	NOW Inc	$521,000	–	14,384	–	0.33%	–
KEX	New	Kirby Corporation	$469,000	–	4,000	–	0.30%	–
UTX	New	United Technologies Corp	$455,000	–	3,940	–	0.29%	–
MFCB	New	Mfc Industrial Ltd F	$443,000	–	57,898	–	0.28%	–
INGR	New	Ingredion Inc	$436,000	–	5,815	–	0.28%	–
RDSA	New	Royal Dutch Shell Plc Adr	$381,000	–	4,631	–	0.24%	–
RASF	New	R A I T Financial Tr New	$370,000	–	44,792	–	0.24%	–
KO	New	Coca Cola Company	$360,000	–	8,510	–	0.23%	–
CVX	New	Chevron Corporation	$349,000	–	2,670	–	0.22%	–
MMM	New	3m Company	$344,000	–	2,400	–	0.22%	–
ADP	New	Automatic Data Processing	$262,000	–	3,300	–	0.17%	–
BAX	New	Baxter International Inc	$259,000	–	3,582	–	0.16%	–
SHLOQ	New	Shiloh Industries Inc	$253,000	–	13,700	–	0.16%	–
WMT	New	Wal-Mart Stores Inc	$238,000	–	3,167	–	0.15%	–
EFX	New	Equifax Inc	$232,000	–	3,200	–	0.15%	–
USB	New	U S Bancorp Del New	$226,000	–	5,225	–	0.14%	–
PFE	New	Pfizer Incorporated	$211,000	–	7,100	–	0.13%	–
FIS	New	Fidelity Natl Info Svcs	$206,000	–	3,762	–	0.13%	–
HEINY	New	Heineken N V Adr F	$201,000	–	5,600	–	0.13%	–
F	New	Ford Motor Company New	$172,000	–	10,000	–	0.11%	–
REVUQ	New	Education Holdings 1 Xxx Bankr	$0	–	18,550	–	0.00%	–

Q4 2013

			Value		Shares		↓ Weighting
REVUQ	Exit	Education Hold 1 Inc	$0	–	-18,550	–	0.00%	–
KTOS	Exit	Kratos Defense & Sec Solution	$0	–	-25,300	–	-0.16%	–
DOLE	Exit	Dole Food Company Inc	$0	–	-15,470	–	-0.16%	–
EFX	Exit	Equifax Inc	$0	–	-3,600	–	-0.16%	–
F	Exit	Ford Motor Co	$0	–	-13,543	–	-0.17%	–
WMT	Exit	Wal-Mart Stores Inc	$0	–	-3,167	–	-0.18%	–
ADP	Exit	Automatic Data Processing	$0	–	-3,300	–	-0.18%	–
MMM	Exit	3M Company	$0	–	-2,400	–	-0.22%	–
RDSA	Exit	Royal Dutch Shell Plc ADR	$0	–	-4,631	–	-0.23%	–
RASF	Exit	Rait Financial Trust	$0	–	-45,192	–	-0.24%	–
MFCB	Exit	MFC Industrial Ltd	$0	–	-40,888	–	-0.26%	–
KEX	Exit	Kirby Corporation	$0	–	-4,000	–	-0.26%	–
PFE	Exit	Pfizer Inc	$0	–	-12,208	–	-0.26%	–
KO	Exit	Coca Cola Co	$0	–	-9,312	–	-0.26%	–
CVX	Exit	Chevron Corporation	$0	–	-2,970	–	-0.27%	–
UTX	Exit	United Technologies	$0	–	-3,940	–	-0.32%	–
CVA	Exit	Covanta Holding Corp	$0	–	-20,070	–	-0.32%	–
ABT	Exit	Abbott Laboratories	$0	–	-13,334	–	-0.33%	–
REXI	Exit	Resource America Inc	$0	–	-66,835	–	-0.40%	–
LMT	Exit	Lockheed Martin Corp	$0	–	-4,388	–	-0.42%	–
NSC	Exit	Norfolk Southern Co	$0	–	-7,400	–	-0.43%	–
ABBV	Exit	Abbvie Inc	$0	–	-13,334	–	-0.45%	–
BWA	Exit	Borg Warner Automotive Inc	$0	–	-6,125	–	-0.46%	–
HEINY	Exit	Heineken NV ADR	$0	–	-17,590	–	-0.47%	–
TWI	Exit	Titan Int'l Inc	$0	–	-42,650	–	-0.47%	–
GLOG	Exit	Gaslog Ltd	$0	–	-42,000	–	-0.47%	–
SEMG	Exit	SemGroup Corporation	$0	–	-11,730	–	-0.50%	–
JNJ	Exit	Johnson & Johnson	$0	–	-8,336	–	-0.54%	–
GE	Exit	General Electric Co	$0	–	-31,176	–	-0.56%	–
CWGL	Exit	Crimson Wine Group Ltd	$0	–	-78,380	–	-0.56%	–
AAPL	Exit	Apple Inc	$0	–	-1,713	–	-0.61%	–
XOM	Exit	Exxon Mobil Corp	$0	–	-9,919	–	-0.64%	–
PEP	Exit	Pepsico Inc	$0	–	-11,666	–	-0.70%	–
PG	Exit	Procter & Gamble Co	$0	–	-12,406	–	-0.70%	–
BPY	Exit	Brookfield Property Partners L	$0	–	-49,200	–	-0.71%	–
BFS	Exit	Saul Centers Inc	$0	–	-26,580	–	-0.92%	–
MA	Exit	Mastercard Inc	$0	–	-2,025	–	-1.02%	–
HHC	Exit	Howard Hughes Corp	$0	–	-14,002	–	-1.18%	–
VOYA	Exit	Ing U.S., Inc.	$0	–	-57,540	–	-1.26%	–
GOOGL	Exit	Google Inc-CL A	$0	–	-1,998	–	-1.31%	–
COF	Exit	Capital One Financial Corp	$0	–	-31,100	–	-1.60%	–
CCOI	Exit	Cogent Communications Group	$0	–	-66,625	–	-1.61%	–
HUN	Exit	Huntsman Corp	$0	–	-109,600	–	-1.69%	–
FMS	Exit	Fresenius Medical Care AG & Co	$0	–	-70,485	–	-1.71%	–
AIG	Exit	American International Group	$0	–	-47,570	–	-1.73%	–
NVO	Exit	Novo Nordisk A/S ADR	$0	–	-16,696	–	-2.12%	–
TRCO	Exit	Tribune Company	$0	–	-46,455	–	-2.20%	–
PSX	Exit	Phillips 66	$0	–	-52,870	–	-2.29%	–
TEVA	Exit	Teva Pharmaceutical Industries	$0	–	-81,255	–	-2.30%	–
IBM	Exit	Intl Business Machines Corp	$0	–	-19,240	–	-2.67%	–
EPD	Exit	Enterprise Product Partners	$0	–	-58,898	–	-2.69%	–
KKR	Exit	KKR & Co. LP	$0	–	-182,450	–	-2.81%	–
HSP	Exit	Hospira Inc	$0	–	-99,900	–	-2.94%	–
SJM	Exit	JM Smucker Co/The	$0	–	-38,103	–	-3.00%	–
SU	Exit	Suncor Energy Inc	$0	–	-112,980	–	-3.03%	–
SBUX	Exit	Starbucks Corp	$0	–	-52,787	–	-3.04%	–
AXP	Exit	American Express Co	$0	–	-57,424	–	-3.25%	–
NOV	Exit	National OilWell Varco	$0	–	-59,030	–	-3.46%	–
DE	Exit	Deere & Co	$0	–	-60,621	–	-3.70%	–
MSA	Exit	Mine Safety Appliances Co	$0	–	-96,572	–	-3.74%	–
FOXA	Exit	Twenty-First Century Fox Inc A	$0	–	-169,975	–	-4.27%	–
VIAB	Exit	Viacom Inc-Class B	$0	–	-78,005	–	-4.89%	–
A309PS	Exit	Directv	$0	–	-120,665	–	-5.40%	–
COST	Exit	Costco Wholesale Corp	$0	–	-66,028	–	-5.70%	–
V	Exit	Visa Inc-Class A Shares	$0	–	-65,694	–	-9.41%	–

Q3 2013

			Value		Shares		↓ Weighting
V	Sell	Visa Inc-Class A Shares	$12,554,000	+4.4%	65,694	-0.2%	9.41%	+6.0%
COST	Buy	Costco Wholesale Corp	$7,604,000	+4.3%	66,028	+0.1%	5.70%	+5.9%
A309PS	Buy	Directv	$7,213,000	-2.3%	120,665	+0.7%	5.40%	-0.8%
VIAB	Buy	Viacom Inc-Class B	$6,520,000	+23.0%	78,005	+0.1%	4.89%	+25.0%
FOXA	New	Twenty-First Century Fox Inc A	$5,696,000	–	169,975	–	4.27%	–
DE	Buy	Deere & Co	$4,934,000	+28.3%	60,621	+28.1%	3.70%	+30.3%
NOV	Buy	National OilWell Varco	$4,611,000	+132.4%	59,030	+105.0%	3.46%	+136.0%
SU	New	Suncor Energy Inc	$4,042,000	–	112,980	–	3.03%	–
HSP	Buy	Hospira Inc	$3,918,000	+3.1%	99,900	+0.7%	2.94%	+4.7%
KKR	Buy	KKR & Co. LP	$3,755,000	+4.9%	182,450	+0.2%	2.81%	+6.6%
EPD	Sell	Enterprise Product Partners	$3,595,000	-2.8%	58,898	-1.0%	2.69%	-1.2%
IBM	Sell	Intl Business Machines Corp	$3,563,000	-15.6%	19,240	-12.9%	2.67%	-14.3%
TEVA	New	Teva Pharmaceutical Industries	$3,070,000	–	81,255	–	2.30%	–
PSX	Sell	Phillips 66	$3,057,000	-14.7%	52,870	-13.1%	2.29%	-13.4%
TRCO	Buy	Tribune Company	$2,931,000	+11.1%	46,455	+0.2%	2.20%	+12.8%
NVO	Buy	Novo Nordisk A/S ADR	$2,825,000	+11.0%	16,696	+1.7%	2.12%	+12.8%
AIG	Sell	American International Group	$2,313,000	+1.2%	47,570	-6.9%	1.73%	+2.8%
FMS	Buy	Fresenius Medical Care AG & Co	$2,282,000	-4.0%	70,485	+4.6%	1.71%	-2.5%
HUN	Buy	Huntsman Corp	$2,259,000	+24.8%	109,600	+0.3%	1.69%	+26.7%
CCOI	Sell	Cogent Communications Group	$2,149,000	-1.9%	66,625	-14.4%	1.61%	-0.4%
COF	Buy	Capital One Financial Corp	$2,138,000	+12.1%	31,100	+2.4%	1.60%	+13.9%
GOOGL	Sell	Google Inc-CL A	$1,750,000	-52.5%	1,998	-52.3%	1.31%	-51.8%
VOYA	Buy	Ing U.S., Inc.	$1,681,000	+8.5%	57,540	+0.5%	1.26%	+10.1%
HHC	Sell	Howard Hughes Corp	$1,573,000	-2.2%	14,002	-2.4%	1.18%	-0.7%
BFS	Sell	Saul Centers Inc	$1,229,000	+1.0%	26,580	-2.9%	0.92%	+2.6%
BPY	Sell	Brookfield Property Partners L	$953,000	-33.8%	49,200	-30.6%	0.71%	-32.8%
PEP	Sell	Pepsico Inc	$927,000	-10.1%	11,666	-7.5%	0.70%	-8.7%
AAPL	Sell	Apple Inc	$817,000	+10.6%	1,713	-8.1%	0.61%	+12.3%
CWGL	Sell	Crimson Wine Group Ltd	$749,000	+11.6%	78,380	-0.6%	0.56%	+13.3%
SEMG	Sell	SemGroup Corporation	$669,000	+2.6%	11,730	-3.1%	0.50%	+4.2%
GLOG	Sell	Gaslog Ltd	$627,000	+11.6%	42,000	-4.3%	0.47%	+13.3%
TWI	Sell	Titan Int'l Inc	$624,000	-30.8%	42,650	-20.2%	0.47%	-29.7%
NSC	New	Norfolk Southern Co	$572,000	–	7,400	–	0.43%	–
REXI	Sell	Resource America Inc	$537,000	-6.9%	66,835	-1.5%	0.40%	-5.6%
CVA	Buy	Covanta Holding Corp	$429,000	+18.8%	20,070	+11.2%	0.32%	+20.7%
PFE	Buy	Pfizer Inc	$351,000	+13.2%	12,208	+10.4%	0.26%	+14.8%
MFCB	Sell	MFC Industrial Ltd	$343,000	-12.9%	40,888	-16.2%	0.26%	-11.7%
RASF	Sell	Rait Financial Trust	$320,000	-30.3%	45,192	-26.0%	0.24%	-29.2%
RDSA	Buy	Royal Dutch Shell Plc ADR	$304,000	+6.3%	4,631	+3.3%	0.23%	+8.1%
F	Sell	Ford Motor Co	$228,000	-20.0%	13,543	-26.6%	0.17%	-18.6%
DOLE	Sell	Dole Food Company Inc	$211,000	-66.9%	15,470	-69.1%	0.16%	-66.5%
DD	Exit	E I Du Pont De Nemours	$0	–	-11,143	–	-0.43%	–
ABB	Exit	Abb Ltd Sponsored ADR	$0	–	-54,125	–	-0.86%	–
MOS	Exit	Mosaic Co	$0	–	-72,106	–	-2.86%	–
XYL	Exit	Xylem Inc	$0	–	-151,911	–	-3.02%	–
LULU	Exit	Lululemon Athletica Inc	$0	–	-67,975	–	-3.28%	–
	Exit	Sodastream International Ltd	$0	–	-79,735	–	-4.27%	–

Q2 2013

			Value		Shares		↓ Weighting
V	New	Visa Inc-Class A Shares	$12,029,000	–	65,824	–	8.88%	–
A309PS	New	Directv	$7,385,000	–	119,815	–	5.45%	–
COST	New	Costco Wholesale Corp	$7,290,000	–	65,933	–	5.38%	–
	New	Sodastream International Ltd	$5,793,000	–	79,735	–	4.27%	–
VIAB	New	Viacom Inc-Class B	$5,299,000	–	77,895	–	3.91%	–
MSA	New	Mine Safety Appliances Co	$4,495,000	–	96,572	–	3.32%	–
LULU	New	Lululemon Athletica Inc	$4,452,000	–	67,975	–	3.28%	–
AXP	New	American Express Co	$4,293,000	–	57,424	–	3.17%	–
IBM	New	Intl Business Machines Corp	$4,224,000	–	22,100	–	3.12%	–
XYL	New	Xylem Inc	$4,092,000	–	151,911	–	3.02%	–
SJM	New	JM Smucker Co/The	$3,930,000	–	38,103	–	2.90%	–
MOS	New	Mosaic Co	$3,880,000	–	72,106	–	2.86%	–
DE	New	Deere & Co	$3,845,000	–	47,326	–	2.84%	–
HSP	New	Hospira Inc	$3,802,000	–	99,250	–	2.80%	–
EPD	New	Enterprise Product Partners	$3,697,000	–	59,493	–	2.73%	–
GOOGL	New	Google Inc-CL A	$3,684,000	–	4,185	–	2.72%	–
PSX	New	Phillips 66	$3,583,000	–	60,820	–	2.64%	–
KKR	New	KKR & Co. LP	$3,578,000	–	182,000	–	2.64%	–
SBUX	New	Starbucks Corp	$3,458,000	–	52,787	–	2.55%	–
TRCO	New	Tribune Company	$2,637,000	–	46,345	–	1.95%	–
NVO	New	Novo Nordisk A/S ADR	$2,544,000	–	16,416	–	1.88%	–
FMS	New	Fresenius Medical Care AG & Co	$2,376,000	–	67,370	–	1.75%	–
AIG	New	American International Group	$2,285,000	–	51,120	–	1.69%	–
CCOI	New	Cogent Communications Group	$2,190,000	–	77,800	–	1.62%	–
NOV	New	National OilWell Varco	$1,984,000	–	28,795	–	1.46%	–
COF	New	Capital One Financial Corp	$1,907,000	–	30,365	–	1.41%	–
HUN	New	Huntsman Corp	$1,810,000	–	109,300	–	1.34%	–
HHC	New	Howard Hughes Corp	$1,609,000	–	14,352	–	1.19%	–
VOYA	New	Ing U.S., Inc.	$1,550,000	–	57,265	–	1.14%	–
BPY	New	Brookfield Property Partners L	$1,440,000	–	70,915	–	1.06%	–
BFS	New	Saul Centers Inc	$1,217,000	–	27,380	–	0.90%	–
ABB	New	Abb Ltd Sponsored ADR	$1,172,000	–	54,125	–	0.86%	–
MA	New	Mastercard Inc	$1,163,000	–	2,025	–	0.86%	–
PEP	New	Pepsico Inc	$1,031,000	–	12,611	–	0.76%	–
PG	New	Procter & Gamble Co	$955,000	–	12,406	–	0.70%	–
TWI	New	Titan Int'l Inc	$902,000	–	53,450	–	0.67%	–
XOM	New	Exxon Mobil Corp	$896,000	–	9,919	–	0.66%	–
AAPL	New	Apple Inc	$739,000	–	1,863	–	0.54%	–
GE	New	General Electric Co	$723,000	–	31,176	–	0.53%	–
JNJ	New	Johnson & Johnson	$716,000	–	8,336	–	0.53%	–
CWGL	New	Crimson Wine Group Ltd	$671,000	–	78,830	–	0.50%	–
SEMG	New	SemGroup Corporation	$652,000	–	12,105	–	0.48%	–
DOLE	New	Dole Food Company Inc	$638,000	–	50,045	–	0.47%	–
DD	New	E I Du Pont De Nemours	$585,000	–	11,143	–	0.43%	–
REXI	New	Resource America Inc	$577,000	–	67,835	–	0.43%	–
GLOG	New	Gaslog Ltd	$562,000	–	43,900	–	0.42%	–
HEINY	New	Heineken NV ADR	$560,000	–	17,590	–	0.41%	–
ABBV	New	Abbvie Inc	$551,000	–	13,334	–	0.41%	–
BWA	New	Borg Warner Automotive Inc	$528,000	–	6,125	–	0.39%	–
LMT	New	Lockheed Martin Corp	$476,000	–	4,388	–	0.35%	–
ABT	New	Abbott Laboratories	$465,000	–	13,334	–	0.34%	–
RASF	New	Rait Financial Trust	$459,000	–	61,092	–	0.34%	–
MFCB	New	MFC Industrial Ltd	$394,000	–	48,771	–	0.29%	–
KO	New	Coca Cola Co	$374,000	–	9,312	–	0.28%	–
UTX	New	United Technologies	$366,000	–	3,940	–	0.27%	–
CVA	New	Covanta Holding Corp	$361,000	–	18,045	–	0.27%	–
CVX	New	Chevron Corporation	$351,000	–	2,970	–	0.26%	–
KEX	New	Kirby Corporation	$318,000	–	4,000	–	0.24%	–
PFE	New	Pfizer Inc	$310,000	–	11,053	–	0.23%	–
RDSA	New	Royal Dutch Shell Plc ADR	$286,000	–	4,481	–	0.21%	–
F	New	Ford Motor Co	$285,000	–	18,443	–	0.21%	–
MMM	New	3M Company	$262,000	–	2,400	–	0.19%	–
WMT	New	Wal-Mart Stores Inc	$236,000	–	3,167	–	0.17%	–
ADP	New	Automatic Data Processing	$227,000	–	3,300	–	0.17%	–
EFX	New	Equifax Inc	$212,000	–	3,600	–	0.16%	–
KTOS	New	Kratos Defense & Sec Solution	$164,000	–	25,300	–	0.12%	–
REVUQ	New	Education Hold 1 Inc	$0	–	18,550	–	0.00%	–

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Export Norman Fields, Gottscho Capital Management, LLC's holdings