Thomas Gayner - Markel Group Inc.
Period:    Q1 2026
Portfolio date:    31 Mar 2026
No. of stocks:    129
Portfolio value:    $11,938,885,174
Holdings Activity Buys Sells    History
History Stock Activity Share change % change to portfolio
Q1 2026
SPGI - S&P Global Inc. Reduce 21.90% 33,000 0.14
UNH - United Health Group Inc. Reduce 29.43% 7,800 0.02
TGT - Target Corp. Sell 100.00% 133,000 0.10
CHH - Choice Hotels Int. Inc. Sell 100.00% 115,500 0.09
TRU - TransUnion Sell 100.00% 2,000 0.00
Q4 2025
META - Meta Platforms Inc. Reduce 11.41% 31,978 0.19
ADI - Analog Devices Reduce 12.37% 144,426 0.29
TRU - TransUnion Reduce 98.02% 99,050 0.07
FDX - FedEx Corp. Sell 100.00% 213,000 0.41
ADBE - Adobe Inc. Sell 100.00% 14,000 0.04
Q3 2025
ADM - Archer-Daniels-Midland Reduce 4.32% 68,000 0.03
IQV - IQVIA Holdings Inc. Reduce 5.52% 2,742 0.00
MMM - 3M Co. Sell 100.00% 118,250 0.15
OI - O-I Glass Inc Sell 100.00% 473,700 0.06
CE - Celanese Corp. Sell 100.00% 81,300 0.04
GPK - Graphic Packaging Hldg Co. Sell 100.00% 174,000 0.03
BALL - Ball Corp. Sell 100.00% 51,000 0.02
INTU - Intuit Inc. Sell 100.00% 2,720 0.02
IT - Gartner Inc. Sell 100.00% 5,700 0.02
WTW - Willis Towers Watson plc Sell 100.00% 8,627 0.02
BUD - Anheuser-Busch InBev Sell 100.00% 11,000 0.01
CSGP - CoStar Group Inc. Sell 100.00% 18,600 0.01
EL - Estee Lauder Cos. Sell 100.00% 15,000 0.01
Q2 2025
WSO - Watsco Inc. Reduce 4.29% 25,331 0.11
UNH - United Health Group Inc. Reduce 5.40% 1,514 0.01
IQV - IQVIA Holdings Inc. Reduce 15.47% 9,084 0.01
OI - O-I Glass Inc Reduce 45.81% 400,400 0.04
MMM - 3M Co. Reduce 59.74% 175,500 0.23
GPK - Graphic Packaging Hldg Co. Reduce 62.27% 287,225 0.07
CABO - Cable One Inc Sell 100.00% 11,900 0.03
Q1 2025
CABO - Cable One Inc Reduce 76.62% 39,000 0.12
Q4 2024
CMCSA - Comcast Corp. Reduce 11.04% 119,361 0.05
CABO - Cable One Inc Reduce 15.24% 9,150 0.03
WHR - Whirlpool Corp. Sell 100.00% 157,619 0.15
AMT - American Tower Corp. Sell 100.00% 51,910 0.11
DNB - Dun & Bradstreet Hldgs Inc Sell 100.00% 115,000 0.01
SOLV - Solventum Corp Sell 100.00% 750 0.00
Q3 2024
SCHW - Charles Schwab Corp. Reduce 1.17% 15,966 0.01
EFX - Equifax Inc. Reduce 25.55% 25,000 0.06
WHR - Whirlpool Corp. Reduce 44.12% 124,430 0.12
SOLV - Solventum Corp Reduce 98.98% 72,687 0.04
RTX - RTX Corp. Sell 100.00% 224,000 0.22
EA - Electronic Arts Inc Sell 100.00% 49,800 0.07
CBRL - Cracker Barrel Old Country Store, Inc. Sell 100.00% 111,000 0.05
CVS - CVS Health Corp. Sell 100.00% 47,000 0.03
HGTY.WS - Hagerty Inc Sell 100.00% 540,000 0.01
ULS - Ul Solutions Inc Class A Sell 100.00% 36,000 0.01
Q2 2024
EA - Electronic Arts Inc Reduce 38.37% 31,000 0.04
CVS - CVS Health Corp. Reduce 85.84% 285,000 0.22
SRCL - Stericycle Inc Sell 100.00% 38,000 0.02
Q1 2024
SRCL - Stericycle Inc Reduce 94.32% 630,700 0.34
IFF - International Flavors & Fragrances Inc. Sell 100.00% 23,000 0.02
Q4 2023
BNY - Bank of New York Mellon Corp. Reduce 66.74% 243,750 0.13
ICE - Intercontinental Exchange Inc. Reduce 84.52% 27,957 0.03
ATVI - Activision Blizzard Inc Sell 100.00% 650,600 0.74
LBRDA - Liberty Broadband Corp. CL A Sell 100.00% 196,750 0.22
LBRDK - Liberty Broadband Corp. CL C Sell 100.00% 149,859 0.17
LM0H - Liberty Media Corp Del Sell 100.00% 98,000 0.04
VNT - Vontier Corp. Sell 100.00% 110,853 0.04
LBTYA - Liberty Global Ltd CL A Sell 100.00% 168,000 0.03
LM0G - Liberty Media Corp Del Sell 100.00% 80,000 0.03
Q3 2023
LBRDA - Liberty Broadband Corp. CL A Reduce 4.14% 8,500 0.01
LBTYA - Liberty Global Ltd CL A Reduce 6.15% 11,000 0.00
LBRDK - Liberty Broadband Corp. CL C Reduce 12.93% 22,254 0.02
SONY - Sony Group Corp. Reduce 41.74% 47,996 0.05
LSXMK - Liberty Media Corp Del Sell 100.00% 522,000 0.20
LSXMA - Liberty Media Corp Del Sell 100.00% 426,000 0.17
HCSG - Healthcare Services Group, Inc. Sell 100.00% 308,000 0.05
SKWD - Skyward Specialty Ins Group Sell 100.00% 60,064 0.02
Q2 2023
BAM - Brookfield Asset Management Reduce 0.00% 5 0.00
SRCL - Stericycle Inc Reduce 0.35% 2,371 0.00
HCSG - Healthcare Services Group, Inc. Reduce 39.37% 200,000 0.04
SEIC - SEI Investments Reduce 70.60% 416,000 0.30
ESAB - ESAB Corp. Sell 100.00% 348,356 0.26
MRVL - Marvell Technology Inc. Sell 100.00% 160,000 0.09
PYPL - PayPal Holdings Inc. Sell 100.00% 59,877 0.06
Q1 2023
ESAB - ESAB Corp. Reduce 7.93% 30,001 0.02
HCSG - Healthcare Services Group, Inc. Reduce 57.68% 692,500 0.11
LINEUR - Linde Plc Sell 100.00% 98,400 0.43
REGN - Regeneron Pharmaceuticals Sell 100.00% 30,500 0.30
NFLX - Netflix Inc. Sell 100.00% 43,000 0.17
ENOV - Enovis Corp. Sell 100.00% 178,356 0.13
AXTA - Axalta Coating Systems Ltd. Sell 100.00% 28,442 0.01
DCT - Duck Creek Technologies Inc Sell 100.00% 25,250 0.00
Q4 2022
ENOV - Enovis Corp. Reduce 52.86% 200,000 0.14
REGN - Regeneron Pharmaceuticals Reduce 62.02% 49,800 0.51
BAM.A - Brookfield Asset Mgmt Inc Sell 100.00% 8,715,741 5.28
TPL - Texas Pacific Land Corporati Sell 100.00% 7,900 0.21
TRUP - Trupanion Inc. Sell 100.00% 21,377 0.02
UA - Under Armour CL C Sell 100.00% 38,691 0.00
Q3 2022
TRUP - Trupanion Inc. Reduce 83.98% 112,023 0.10
MTSI - MACOM Technology Solutions Holdings, Inc. Sell 100.00% 69,000 0.05
Q2 2022
ECL - Ecolab Inc. Reduce 11.32% 35,000 0.07
EFX - Equifax Inc. Reduce 44.43% 55,600 0.16
Y - Alleghany Corp Md Sell 100.00% 4,328 0.04
Q1 2022
AG31 - Apollo Global Mgmt I Sell 100.00% 1,012,500 0.85
MHK - Mohawk Industries Sell 100.00% 221,000 0.47
ALB - Albemarle Corp Sell 100.00% 76,000 0.21
MCHP - Microchip Technology Sell 100.00% 112,000 0.11
SHAK - Shake Shack Inc. Sell 100.00% 30,600 0.03
Q4 2021
IFF - International Flavors & Fragrances Inc. Reduce 71.78% 58,500 0.10
C - Citigroup Inc. Sell 100.00% 21,020 0.02
ILMN - Illumina Inc. Sell 100.00% 4,000 0.02
CRM - Salesforce.com Sell 100.00% 1,753 0.01
DHI - D.R. Horton Sell 100.00% 13,999 0.01
LEN.B - Lennar Corp. CL B Sell 100.00% 13,000 0.01
MTCH - Match Group Inc. Sell 100.00% 3,560 0.01
PYPL - PayPal Holdings Inc. Sell 100.00% 1,830 0.01
TWTR - Twitter Inc Sell 100.00% 10,500 0.01
ROP - Roper Technologies Inc. Sell 100.00% 820 0.00
PPLI - People Inc. Sell 100.00% 2,454 0.00
Q3 2021
IFF - International Flavors & Fragrances Inc. Reduce 47.76% 74,500 0.14
MXIM - Maxim Integrated Pro Sell 100.00% 252,000 0.34
WIX - Wix.com Ltd. Sell 100.00% 1,200 0.00
NFLX - Netflix Inc. Sell 100.00% 430 0.00
Q2 2021
EA - Electronic Arts Inc Sell 100.00% 126,100 0.24
Q1 2021
ADM - Archer-Daniels-Midland Reduce 1.01% 15,000 0.01
MCHP - Microchip Technology Reduce 65.64% 107,000 0.22
OI - O-I Glass Inc Reduce 74.68% 354,000 0.06
GWRE - Guidewire Software Inc. Sell 100.00% 13,000 0.03
Q4 2020
MTCH - Match Group Inc. Reduce 0.03% 1 0.00
AAPL - Apple Inc. Reduce 0.33% 4,000 0.01
JPM - JPMorgan Chase & Co. Reduce 0.37% 800 0.00
C - Citigroup Inc. Reduce 8.84% 2,000 0.00
MHK - Mohawk Industries Reduce 25.08% 74,000 0.12
Q3 2020
HNIB - InterActiveCorp Sell 100.00% 1,650 0.01
Q2 2020
DE - Deere & Co. Reduce 24.86% 250,100 0.65
LEN.B - Lennar Corp. CL B Reduce 49.42% 12,700 0.00
DHI - D.R. Horton Reduce 57.12% 18,648 0.01
KMX - CarMax Inc. Sell 100.00% 4,913,070 5.00
MAR - Marriott Int'l. Sell 100.00% 1,592,769 2.25
WBA - Walgreens Boots Alliance Inc Sell 100.00% 1,782,500 1.54
ADP - Automatic Data Processing Inc. Sell 100.00% 530,700 1.37
ELV - Elevance Health Inc. Sell 100.00% 174,000 0.75
APO - Apollo Global Management Sell 100.00% 1,012,500 0.64
TRV - Travelers Companies Inc. Sell 100.00% 315,000 0.59
LYV - Live Nation Inc. Sell 100.00% 488,700 0.42
UTX - United Technologies Sell 100.00% 224,000 0.40
LUV - Southwest Airlines Sell 100.00% 545,000 0.37
PH - Parker-Hannifin Sell 100.00% 118,600 0.29
BA - Boeing Co. Sell 100.00% 94,400 0.27
CHH - Choice Hotels Int. Inc. Sell 100.00% 213,000 0.25
DAL - Delta Air Lines Inc. Sell 100.00% 460,500 0.25
MCK - McKesson Corp. Sell 100.00% 63,100 0.16
LM09 - Liberty Media Group C Sell 100.00% 259,500 0.13
LM05 - Liberty Media Group A Sell 100.00% 229,500 0.11
PAG - Penske Automotive Group Sell 100.00% 72,000 0.04
AN - AutoNation Inc. Sell 100.00% 46,860 0.02
AAL - American Airlines Group Sell 100.00% 55,000 0.01
BKNG - Booking Holdings Inc. Sell 100.00% 10,250 0.01
LEN - Lennar Corp. Sell 100.00% 5,900 0.00
Q1 2020
WBA - Walgreens Boots Alliance Inc Reduce 13.37% 275,000 0.23
ELV - Elevance Health Inc. Reduce 22.32% 50,000 0.21
PEP - PepsiCo Inc. Reduce 34.34% 50,000 0.10
UNH - United Health Group Inc. Sell 100.00% 599,000 2.47
41IS - Unilever PLC ADR Sell 100.00% 1,527,600 1.23
SMG - Scotts Miracle-Gro Co. Sell 100.00% 422,000 0.63
HAS - Hasbro Inc. Sell 100.00% 364,000 0.54
DLTR - Dollar Tree Inc. Sell 100.00% 123,100 0.16
CDK - CDK Global Inc Sell 100.00% 176,897 0.14
DISCK - Discovery Communications Sell 100.00% 117,000 0.05
KHC - Kraft Heinz Co. Sell 100.00% 68,000 0.03
BUD - Anheuser-Busch InBev Sell 100.00% 13,000 0.01
Q4 2019
WBA - Walgreens Boots Alliance Inc Reduce 4.32% 93,000 0.08
DISCK - Discovery Communications Reduce 82.72% 560,000 0.21
AG31 - Apollo Global Management - A Sell 100.00% 1,012,500 0.58
Q3 2019
SRCL - Stericycle Inc Reduce 0.26% 1,500 0.00
SHAK - Shake Shack Inc. Reduce 8.81% 2,900 0.00
DISCK - Discovery Communications Reduce 42.43% 499,000 0.22
APO - Apollo Global Management Sell 100.00% 1,012,500 0.54
CME - CME Group Sell 100.00% 135,000 0.41
OAK - Oaktree Capital Group LLC Sell 100.00% 362,000 0.28
9ST - Sensata Technologies Holding Sell 100.00% 82,000 0.06
NXPI - NXP Semiconductors NV Sell 100.00% 29,000 0.04
LILA - Liberty LiLAC Group A Sell 100.00% 19,720 0.01
SYF - Synchrony Financial Sell 100.00% 10,556 0.01
GT - Goodyear Tire & Rubber Co. Sell 100.00% 20,000 0.00
Q2 2019
SCHW - Charles Schwab Corp. Reduce 0.01% 100 0.00
META - Meta Platforms Inc. Reduce 1.77% 2,550 0.01
BKNG - Booking Holdings Inc. Reduce 20.00% 1,250 0.00
OAK - Oaktree Capital Group LLC Reduce 66.03% 703,500 0.59
CMG - Chipotle Mexican Grill Inc Sell 100.00% 8,200 0.10
VZ - Verizon Communications Sell 100.00% 93,000 0.09
Q1 2019
DE - Deere & Co. Reduce 8.17% 89,500 0.26
Q4 2018
UNH - United Health Group Inc. Reduce 9.65% 64,000 0.29
CMG - Chipotle Mexican Grill Inc Reduce 69.85% 19,000 0.15
PX - Praxair Inc. Sell 100.00% 94,400 0.26
ACNT - Synalloy Corporation Sell 100.00% 414,804 0.16
HSY - Hershey Co. Sell 100.00% 24,100 0.04
SYF - Synchrony Financial Sell 100.00% 7,706 0.00
Q3 2018
9ST - Sensata Technologies Holding Reduce 51.19% 86,000 0.08
WPC - W. P. Carey Inc. Sell 100.00% 700,200 0.87
COF - Capital One Financial Sell 100.00% 75,000 0.13
GT - Goodyear Tire & Rubber Co. Sell 100.00% 135,000 0.06
MAT - Mattel Inc. Sell 100.00% 204,000 0.06
6683 - General Electric Sell 100.00% 95,000 0.02
Q2 2018
WPC - W. P. Carey Inc. Reduce 26.31% 250,000 0.30
BBU - Brookfield Business Partners Sell 100.00% 101,594 0.07
RBA - Ritchie Bros Sell 100.00% 114,000 0.07
FLS - Flowserve Corp. Sell 100.00% 67,000 0.06
GILD - Gilead Sciences Sell 100.00% 33,000 0.05
IBM - International Business Machines Corp. Sell 100.00% 15,700 0.05
BATRK - Atlanta Braves Holdings Inc. Series C Sell 100.00% 99,788 0.04
BDX - Becton Dickinson Sell 100.00% 9,000 0.04
BAX - Baxter International Inc. Sell 100.00% 22,000 0.03
UA - Under Armour CL C Sell 100.00% 110,000 0.03
BATRA - Atlanta Braves Holdings Inc. Series A Sell 100.00% 42,600 0.02
BMY - Bristol-Myers Squibb Sell 100.00% 10,000 0.01
HEI - Heico Corp Sell 100.00% 4,687 0.01
HRL - Hormel Foods Corp. Sell 100.00% 19,000 0.01
MRK - Merck & Co. Sell 100.00% 5,600 0.01
NVS - Novartis AG Sell 100.00% 3,700 0.01
Q1 2018
FDS - FactSet Research Systems Reduce 29.27% 48,000 0.18
MCO - Moody's Corp. Reduce 31.03% 90,000 0.25
MOO - Monsanto Co Sell 100.00% 396,700 0.89
PCAR - PACCAR Inc. Sell 100.00% 118,300 0.16
PDCO - Patterson Companies Inc. Sell 100.00% 168,000 0.12
AGN - Allergan, Inc. Sell 100.00% 33,000 0.10
COL - Rockwell Collins Inc Sell 100.00% 37,000 0.10
BU3 - Bunge Limited Sell 100.00% 71,800 0.09
VFC - V.F. Corp. Sell 100.00% 30,800 0.04
1LGD - Liberty Global PLC Lilac Sell 100.00% 14,720 0.01
PCLN - Priceline Group Inc Sell 100.00% 200 0.01
Q4 2017
XOM - Exxon Mobil Corp. Sell 100.00% 544,800 0.90
SLB - Schlumberger Ltd. Sell 100.00% 4,000 0.01
Q3 2017
XOM - Exxon Mobil Corp. Reduce 42.34% 400,000 0.70
CLB - Core Laboratories Inc. Sell 100.00% 110,000 0.24
NXPI - NXP Semiconductors NV Sell 100.00% 35,000 0.08
Q2 2017
SLB - Schlumberger Ltd. Reduce 99.40% 658,500 1.17
Q1 2017
ORCL - Oracle Corp. Sell 100.00% 638,000 0.60
LLTC - Linear Technology Corp Sell 100.00% 206,000 0.31
CSX - CSX Corp. Sell 100.00% 140,000 0.12
MJN - Mead Johnson Nutrition Sell 100.00% 32,300 0.06
Q4 2016
HOG - Harley-Davidson Sell 100.00% 305,000 0.42
EMR - Emerson Electric Sell 100.00% 158,000 0.22
CMI - Cummins Inc. Sell 100.00% 37,500 0.13
Q3 2016
1LGD - Liberty Global PLC Lilac Reduce 0.03% 4 0.00
CPRT - Copart Inc. Sell 100.00% 965,000 1.26
NOV - Nov Inc. Sell 100.00% 610,000 0.55
COF - Capital One Financial Sell 100.00% 126,000 0.21
CRRTQ - Carbo Ceramics Inc Sell 100.00% 215,000 0.08
BCR - CR Bard Sell 100.00% 9,000 0.06
Q2 2016
ACNT - Synalloy Corporation Reduce 39.93% 275,677 0.06
FHI - Federated Investors Sell 100.00% 739,000 0.58
MAT - Mattel Inc. Sell 100.00% 636,000 0.58
LM02 - Liberty Media Corp Class C Sell 100.00% 522,000 0.54
LM0 - Liberty Media Sell 100.00% 426,000 0.45
PG - Procter & Gamble Sell 100.00% 127,000 0.29
HAL - Halliburton Co. Sell 100.00% 244,000 0.24
AANUSD - Aaron's Inc Sell 100.00% 326,000 0.22
WAIR - Wesco Aircraft Holdings Sell 100.00% 287,000 0.11
UPBD - Upbound Group Inc. Sell 100.00% 238,000 0.10
ROST - Ross Stores Inc. Sell 100.00% 46,000 0.07
AMT - American Tower Corp. Sell 100.00% 20,000 0.06
DNOW - NOW Inc. Sell 100.00% 118,500 0.06
CULP - Culp Inc Sell 100.00% 30,227 0.02
GWR - Genesee and Wyoming Sell 100.00% 11,000 0.02
Q1 2016
FHI - Federated Investors Reduce 3.27% 25,000 0.02
ACNT - Synalloy Corporation Reduce 12.08% 94,862 0.02
UPS - United Parcel Service Sell 100.00% 793,500 2.10
FDX - FedEx Corp. Sell 100.00% 32,000 0.13
DCI - Donaldson Co. Sell 100.00% 48,000 0.04
1LGD - Liberty Global PLC Lilac Sell 100.00% 5,100 0.01
PJT - PJT Partners Inc A Sell 100.00% 12,175 0.01
RUSHA - Rush Enterprises Inc. Sell 100.00% 15,000 0.01
STRZA - Starz Liberty Capital Sell 100.00% 12,000 0.01
STT - State Street Corp. Sell 100.00% 4,500 0.01
Q4 2015
FHI - Federated Investors Reduce 61.97% 1,245,000 0.97
6683 - General Electric Sell 100.00% 2,963,000 2.00
WMT - Walmart Inc. Sell 100.00% 1,098,000 1.91
BUD - Anheuser-Busch InBev Sell 100.00% 425,000 1.21
INTC - Intel Corp. Sell 100.00% 991,000 0.80
MCD - McDonald's Corp. Sell 100.00% 181,000 0.48
GGQ1 - Google Class A Sell 100.00% 12,500 0.21
GGQ7 - Google Class C Sell 100.00% 12,531 0.20
LVS - Las Vegas Sands Corp. Sell 100.00% 48,000 0.05
DAR - Darling Ingredients Inc. Sell 100.00% 65,000 0.02
Q3 2015
FHI - Federated Investors Reduce 5.86% 125,000 0.11
HUB - Chubb Corp Sell 100.00% 314,000 0.76
Q2 2015
MSFT - Microsoft Corp. Sell 100.00% 318,000 0.33
CSCO - Cisco Systems Sell 100.00% 23,000 0.02
LGIH - LGI Homes, Inc Sell 100.00% 17,000 0.01
Q1 2015
KMX - CarMax Inc. Reduce 1.01% 50,000 0.09
MSFT - Microsoft Corp. Reduce 61.12% 500,000 0.59
FRFHF - Fairfax Financial Holdings Ltd. Sell 100.00% 279,459 3.74
EXPD - Expeditors Int'l Sell 100.00% 137,000 0.16
BRO - Brown & Brown Inc. Sell 100.00% 165,628 0.14
NICK - Nicholas Financial Sell 100.00% 45,000 0.02
Q4 2014
BRO - Brown & Brown Inc. Reduce 54.70% 200,000 0.19
BRK.A - Berkshire Hathaway CL A Reduce 74.49% 803 4.84
WAG - Walgreen Sell 100.00% 2,135,000 3.69
TEVA - Teva Pharmaceutical Industries Ltd. Sell 100.00% 444,000 0.70
KO - Coca Cola Co. Sell 100.00% 130,000 0.16
IGT - International Game Technology Sell 100.00% 215,000 0.11
SIAL - Sigma Aldrich Sell 100.00% 18,000 0.07
TGT - Target Corp. Sell 100.00% 33,000 0.06
LAB - Standard Biotools Inc Sell 100.00% 15,000 0.04
Q3 2014
TEVA - Teva Pharmaceutical Industries Ltd. Reduce 36.02% 250,000 0.39
IGT - International Game Technology Reduce 76.50% 700,000 0.33
NTRS - Northern Trust Corp. Sell 100.00% 140,000 0.27
3393199Q - Anheuser Busch Sell 100.00% 10,000 0.03
HCCI - Heritage Crystal Clean Inc Sell 100.00% 46,003 0.03
UTI - Universal Technical Institute, Inc. Sell 100.00% 33,800 0.01
Q2 2014
UTI - Universal Technical Institute, Inc. Reduce 31.02% 15,200 0.01
HCCI - Heritage Crystal Clean Inc Reduce 70.14% 108,038 0.06
COF - Capital One Financial Sell 100.00% 178,000 0.44
CVX - Chevron Corp. Sell 100.00% 98,000 0.37
L - Loews Corp. Sell 100.00% 210,000 0.29
E - ENI Spa ADR Sell 100.00% 167,000 0.27
MOS - Mosaic Co. Sell 100.00% 155,000 0.25
BPY - Brookfield Property Partners Sell 100.00% 168,439 0.10
APD - Air Products & Chemicals Sell 100.00% 24,000 0.09
POT - Potash Corp Sell 100.00% 80,000 0.09
F1E - Fidelity National Financial Sell 100.00% 76,000 0.08
CLMT - Calumet Sell 100.00% 20,000 0.02
Q1 2014
TROW - T. Rowe Price Group Reduce 0.20% 500 0.00
WPC - W. P. Carey Inc. Reduce 0.31% 3,000 0.01
NKE - NIKE Inc. Reduce 0.33% 400 0.00
BUD - Anheuser-Busch InBev Reduce 0.39% 1,600 0.01
CAT - Caterpillar Inc. Reduce 0.41% 1,000 0.00
ADM - Archer-Daniels-Midland Reduce 0.56% 7,800 0.01
WAG - Walgreen Reduce 0.58% 12,450 0.02
BAM.A - Brookfield Asset Management Reduce 0.59% 19,025 0.02
PAYX - Paychex Inc. Reduce 0.60% 900 0.00
DEO - Diageo ADR Reduce 0.73% 8,820 0.04
COST - Costco Co. Reduce 0.76% 300 0.00
INTC - Intel Corp. Reduce 0.77% 7,700 0.01
PEP - PepsiCo Inc. Reduce 0.77% 1,000 0.00
ADP - Automatic Data Processing Inc. Reduce 0.83% 4,400 0.01
MMM - 3M Co. Reduce 0.83% 1,700 0.01
TEVA - Teva Pharmaceutical Industries Ltd. Reduce 0.84% 5,900 0.01
MSFT - Microsoft Corp. Reduce 0.86% 7,100 0.01
BF.A - Brown-Forman Corp. CL A Reduce 0.94% 3,990 0.01
BF.B - Brown-Forman Corp. Reduce 0.94% 997 0.00
XOM - Exxon Mobil Corp. Reduce 0.97% 8,466 0.03
AXP - American Express Reduce 0.99% 3,500 0.01
FHI - Federated Investors Reduce 1.01% 21,700 0.02
BRK.B - Berkshire Hathaway CL B Reduce 1.02% 15,650 0.06
JNJ - Johnson & Johnson Reduce 1.10% 6,400 0.02
UTX - United Technologies Reduce 1.12% 600 0.00
KMX - CarMax Inc. Reduce 1.26% 63,218 0.10
ITIC - Investors Title Co. Reduce 1.30% 2,800 0.01
KO - Coca Cola Co. Reduce 1.44% 1,900 0.00
BRK.A - Berkshire Hathaway CL A Reduce 1.46% 16 0.09
UNH - United Health Group Inc. Reduce 1.47% 8,900 0.02
ORCL - Oracle Corp. Reduce 1.48% 9,500 0.01
DIS - Walt Disney Co. Reduce 1.59% 24,000 0.06
HD - Home Depot Reduce 1.70% 15,900 0.04
GHC - Graham Holdings Co. Reduce 1.89% 100 0.00
MCD - McDonald's Corp. Reduce 2.00% 3,700 0.01
BPY - Brookfield Property Partners Reduce 2.42% 4,185 0.00
NSC - Norfolk Southern Corp. Reduce 2.54% 2,400 0.01
UPS - United Parcel Service Reduce 2.76% 20,300 0.07
WMT - Walmart Inc. Reduce 2.83% 32,000 0.08
GD - General Dynamics Reduce 2.86% 11,400 0.04
MAR - Marriott Int'l. Reduce 2.95% 39,664 0.06
EMR - Emerson Electric Reduce 3.01% 4,900 0.01
LOW - Lowe's Cos. Reduce 3.64% 20,400 0.03
ACN - Accenture Reduce 3.85% 4,400 0.01
APD - Air Products & Chemicals Reduce 4.00% 1,000 0.00
F1E - Fidelity National Financial Reduce 4.64% 3,700 0.00
ITW - Illinois Tool Works Reduce 4.64% 11,200 0.03
COF - Capital One Financial Reduce 5.02% 9,400 0.02
MOO - Monsanto Co Reduce 7.56% 2,700 0.01
L - Loews Corp. Reduce 10.64% 25,000 0.04
IGT - International Game Technology Reduce 11.31% 116,700 0.07
HCCI - Heritage Crystal Clean Inc Reduce 40.64% 105,459 0.07
CLMT - Calumet Reduce 61.54% 32,000 0.02
AHGP - Alliance Holdings GP Sell 100.00% 166,500 0.32
AMZN - Amazon.com Inc. Sell 100.00% 314,000 0.20
IBM - International Business Machines Corp. Sell 100.00% 24,200 0.15
BNY - Bank of New York Mellon Corp. Sell 100.00% 111,603 0.13
APOL - Apollo Group Sell 100.00% 105,000 0.09
OKE - ONEOK Inc. Sell 100.00% 10,000 0.02
EPD - Enterprise Products Partners LP Sell 100.00% 6,300 0.01
SYY - Sysco Corp. Sell 100.00% 10,300 0.01
Q4 2013
FHI - Federated Investors Reduce 0.01% 300 0.00
TEVA - Teva Pharmaceutical Industries Ltd. Reduce 0.01% 100 0.00
WPC - W. P. Carey Inc. Reduce 0.02% 200 0.00
JNJ - Johnson & Johnson Reduce 0.03% 200 0.00
LOW - Lowe's Cos. Reduce 0.05% 300 0.00
ADP - Automatic Data Processing Inc. Reduce 0.08% 400 0.00
CAT - Caterpillar Inc. Reduce 0.08% 200 0.00
WAG - Walgreen Reduce 0.08% 1,750 0.00
EMR - Emerson Electric Reduce 0.12% 200 0.00
ITIC - Investors Title Co. Reduce 0.12% 250 0.00
DEO - Diageo ADR Reduce 0.14% 1,705 0.01
BPY - Brookfield Property Partners Reduce 0.16% 276 0.00
KMX - CarMax Inc. Reduce 0.16% 8,231 0.01
ACN - Accenture Reduce 0.17% 200 0.00
BUD - Anheuser-Busch InBev Reduce 0.19% 803 0.00
DIS - Walt Disney Co. Reduce 0.21% 3,235 0.01
MCD - McDonald's Corp. Reduce 0.22% 413 0.00
NVO - Novo Nordisk A S Reduce 0.23% 500 0.00
GD - General Dynamics Reduce 0.24% 961 0.00
ORCL - Oracle Corp. Reduce 0.25% 1,600 0.00
BRK.B - Berkshire Hathaway CL B Reduce 0.27% 4,100 0.02
PDCO - Patterson Companies Inc. Reduce 0.28% 400 0.00
UPS - United Parcel Service Reduce 0.31% 2,259 0.01
HD - Home Depot Reduce 0.34% 3,150 0.01
SCHW - Charles Schwab Corp. Reduce 0.40% 4,019 0.00
AXP - American Express Reduce 0.49% 1,737 0.00
ITW - Illinois Tool Works Reduce 0.66% 1,610 0.00
KO - Coca Cola Co. Reduce 0.75% 1,000 0.00
COST - Costco Co. Reduce 1.01% 400 0.00
L - Loews Corp. Reduce 2.37% 5,700 0.01
IGT - International Game Technology Reduce 12.80% 151,466 0.10
SYY - Sysco Corp. Reduce 21.29% 2,786 0.00
BNY - Bank of New York Mellon Corp. Reduce 57.34% 150,000 0.16
OKE - ONEOK Inc. Reduce 90.91% 100,000 0.19
CRRTQ - Carbo Ceramics Inc Sell 100.00% 236,000 0.83
ANRZQ - Alpha Natural Resources Sell 100.00% 242,000 0.05
CNXE - Consol Energy Sell 100.00% 30,000 0.04
Q3 2013
BF.A - Brown-Forman Corp. CL A Reduce 0.04% 150 0.00
MMM - 3M Co. Reduce 0.05% 100 0.00
PDCO - Patterson Companies Inc. Reduce 0.14% 200 0.00
BNY - Bank of New York Mellon Corp. Reduce 0.36% 943 0.00
JNJ - Johnson & Johnson Reduce 0.37% 2,150 0.01
BRK.A - Berkshire Hathaway CL A Reduce 0.45% 5 0.03
GD - General Dynamics Reduce 0.45% 1,797 0.01
ITW - Illinois Tool Works Reduce 0.45% 1,095 0.00
IGT - International Game Technology Reduce 0.51% 6,097 0.00
KO - Coca Cola Co. Reduce 0.82% 1,100 0.00
HD - Home Depot Reduce 0.92% 8,748 0.03
DIS - Walt Disney Co. Reduce 1.12% 17,200 0.04
BRK.B - Berkshire Hathaway CL B Reduce 1.22% 18,838 0.08
CAT - Caterpillar Inc. Reduce 1.22% 3,000 0.01
UPS - United Parcel Service Reduce 1.26% 9,447 0.03
BPY - Brookfield Property Partners Reduce 1.27% 2,222 0.00
DEO - Diageo ADR Reduce 1.33% 16,350 0.07
KMX - CarMax Inc. Reduce 1.46% 74,752 0.13
COST - Costco Co. Reduce 1.49% 600 0.00
NVO - Novo Nordisk A S Reduce 1.51% 3,400 0.02
MAR - Marriott Int'l. Reduce 1.57% 21,399 0.03
RLI - RLI Corp. Reduce 1.73% 10,598 0.03
ORCL - Oracle Corp. Reduce 1.88% 12,300 0.01
PM - Philip Morris Intl. Reduce 1.89% 2,200 0.01
LOW - Lowe's Cos. Reduce 2.10% 12,000 0.02
SCHW - Charles Schwab Corp. Reduce 2.25% 23,097 0.02
MCD - McDonald's Corp. Reduce 2.30% 4,349 0.02
ACN - Accenture Reduce 2.55% 3,000 0.01
CNXE - Consol Energy Reduce 3.23% 1,000 0.00
AXP - American Express Reduce 3.72% 13,699 0.04
APD - Air Products & Chemicals Reduce 3.85% 1,000 0.00
EMR - Emerson Electric Reduce 3.95% 6,700 0.01
ITIC - Investors Title Co. Reduce 5.17% 11,800 0.03
SYY - Sysco Corp. Reduce 44.03% 10,296 0.01
PCL - Plum Creek Lumber MLP Sell 100.00% 325,300 0.57
ELME - Washington Real Estate Investm Sell 100.00% 9,200 0.01
F1E - Fidelity National Financial Sell 100.00% 9,800 0.01
QTRRF - Quaterra Resources Sell 100.00% 200,000 0.00
Q2 2013
WPC - W. P. Carey Inc. Reduce 0.02% 200 0.00
AXP - American Express Reduce 0.05% 199 0.00
WMT - Walmart Inc. Reduce 0.06% 696 0.00
GD - General Dynamics Reduce 0.10% 397 0.00
RLI - RLI Corp. Reduce 0.13% 800 0.00
DEO - Diageo ADR Reduce 0.16% 1,999 0.01
BRK.B - Berkshire Hathaway CL B Reduce 0.17% 2,700 0.01
WAG - Walgreen Reduce 0.17% 3,660 0.01
BRK.A - Berkshire Hathaway CL A Reduce 0.18% 2 0.01
ANRZQ - Alpha Natural Resources Reduce 0.21% 500 0.00
MCD - McDonald's Corp. Reduce 0.21% 399 0.00
KMX - CarMax Inc. Reduce 0.23% 11,700 0.02
HD - Home Depot Reduce 0.28% 2,697 0.01
INTC - Intel Corp. Reduce 0.28% 2,342 0.00
PDCO - Patterson Companies Inc. Reduce 0.34% 500 0.00
DIS - Walt Disney Co. Reduce 0.40% 6,200 0.01
LOW - Lowe's Cos. Reduce 0.40% 2,300 0.00
ITW - Illinois Tool Works Reduce 0.45% 1,095 0.00
MAR - Marriott Int'l. Reduce 0.45% 6,159 0.01
COST - Costco Co. Reduce 0.49% 200 0.00
IGT - International Game Technology Reduce 0.52% 6,198 0.00
ORCL - Oracle Corp. Reduce 0.53% 3,500 0.00
NVO - Novo Nordisk A S Reduce 0.57% 1,300 0.01
BUD - Anheuser-Busch InBev Reduce 0.60% 2,398 0.01
EMR - Emerson Electric Reduce 0.88% 1,500 0.00
SCHW - Charles Schwab Corp. Reduce 1.37% 14,297 0.01
APD - Air Products & Chemicals Reduce 1.52% 400 0.00
JNJ - Johnson & Johnson Reduce 1.67% 9,900 0.03
CNXE - Consol Energy Reduce 3.13% 1,000 0.00
MSFT - Microsoft Corp. Reduce 3.74% 29,990 0.03
PCL - Plum Creek Lumber MLP Reduce 7.14% 25,000 0.05
F1E - Fidelity National Financial Reduce 21.60% 2,700 0.00
SYY - Sysco Corp. Reduce 92.56% 290,896 0.40
EOG - EOG Resources Sell 100.00% 83,500 0.42
ART - Artio Global Investors Sell 100.00% 2,968,400 0.31
STT - State Street Corp. Sell 100.00% 40,400 0.09
BU3 - Bunge Limited Sell 100.00% 9,000 0.03
Q1 2013
XOM - Exxon Mobil Corp. Reduce 0.03% 215 0.00
FHI - Federated Investors Reduce 0.05% 1,000 0.00
WAG - Walgreen Reduce 0.05% 1,000 0.00
MSFT - Microsoft Corp. Reduce 0.06% 500 0.00
ACN - Accenture Reduce 0.08% 100 0.00
INTC - Intel Corp. Reduce 0.12% 1,000 0.00
RLI - RLI Corp. Reduce 0.15% 904 0.00
BRK.A - Berkshire Hathaway CL A Reduce 0.18% 2 0.01
ITW - Illinois Tool Works Reduce 0.20% 500 0.00
LOW - Lowe's Cos. Reduce 0.21% 1,200 0.00
WPC - W. P. Carey Inc. Reduce 0.21% 2,000 0.00
ITIC - Investors Title Co. Reduce 0.22% 500 0.00
DEO - Diageo ADR Reduce 0.29% 3,519 0.02
CAT - Caterpillar Inc. Reduce 0.33% 800 0.00
DIS - Walt Disney Co. Reduce 0.34% 5,200 0.01
NVO - Novo Nordisk A S Reduce 0.40% 900 0.01
KMX - CarMax Inc. Reduce 0.42% 21,802 0.04
PCL - Plum Creek Lumber MLP Reduce 0.45% 1,600 0.00
UPS - United Parcel Service Reduce 0.47% 3,496 0.01
EOG - EOG Resources Reduce 0.48% 400 0.00
BAM.A - Brookfield Asset Management Reduce 0.49% 15,050 0.02
BRK.B - Berkshire Hathaway CL B Reduce 0.51% 7,987 0.03
6683 - General Electric Reduce 0.56% 13,379 0.01
BUD - Anheuser-Busch InBev Reduce 0.61% 2,450 0.01
HD - Home Depot Reduce 0.65% 6,262 0.02
MAR - Marriott Int'l. Reduce 0.77% 10,639 0.02
PG - Procter & Gamble Reduce 0.87% 300 0.00
AXP - American Express Reduce 1.01% 3,763 0.01
APD - Air Products & Chemicals Reduce 3.30% 900 0.00
F1E - Fidelity National Financial Reduce 10.71% 1,500 0.00
SYY - Sysco Corp. Reduce 45.00% 257,130 0.36
ART - Artio Global Investors Reduce 47.87% 2,725,600 0.23
LII - Lennox International Sell 100.00% 253,500 0.59
CLMS - Calamos Asset Management Sell 100.00% 230,000 0.11
DLCA - Dell Inc Sell 100.00% 250,000 0.11
NICK - Nicholas Financial Sell 100.00% 183,500 0.10
XRAY - DENTSPLY SIRONA Inc. Sell 100.00% 35,400 0.06
MKC - McCormick & Co. Sell 100.00% 17,000 0.05
BBSI - Barrett Business Systems Sell 100.00% 20,500 0.03
RFP - Resolute Forest Products Sell 100.00% 15,375 0.01
Q4 2012
INTC - Intel Corp. Reduce 0.04% 300 0.00
BAM.A - Brookfield Asset Management Reduce 0.07% 2,196 0.00
PDCO - Patterson Companies Inc. Reduce 0.07% 100 0.00
CAT - Caterpillar Inc. Reduce 0.08% 200 0.00
MCD - McDonald's Corp. Reduce 0.10% 199 0.00
BRK.B - Berkshire Hathaway CL B Reduce 0.12% 1,900 0.01
EMR - Emerson Electric Reduce 0.12% 200 0.00
MMM - 3M Co. Reduce 0.17% 350 0.00
DEO - Diageo ADR Reduce 0.18% 2,178 0.01
KMX - CarMax Inc. Reduce 0.21% 10,762 0.01
DIS - Walt Disney Co. Reduce 0.24% 3,667 0.01
BUD - Anheuser-Busch InBev Reduce 0.27% 1,100 0.00
HD - Home Depot Reduce 0.29% 2,798 0.01
WMT - Walmart Inc. Reduce 0.33% 3,698 0.01
NVO - Novo Nordisk A S Reduce 0.35% 800 0.01
MAR - Marriott Int'l. Reduce 0.36% 4,925 0.01
6683 - General Electric Reduce 0.41% 9,875 0.01
XOM - Exxon Mobil Corp. Reduce 0.43% 3,549 0.02
IGT - International Game Technology Reduce 0.48% 5,596 0.00
SCHW - Charles Schwab Corp. Reduce 0.51% 5,196 0.00
ADP - Automatic Data Processing Inc. Reduce 0.52% 2,700 0.01
AXP - American Express Reduce 0.53% 1,999 0.01
ITW - Illinois Tool Works Reduce 0.80% 1,990 0.01
ACN - Accenture Reduce 0.84% 1,000 0.00
IBM - International Business Machines Corp. Reduce 0.99% 200 0.00
KO - Coca Cola Co. Reduce 1.27% 1,600 0.00
APD - Air Products & Chemicals Reduce 1.44% 400 0.00
F1E - Fidelity National Financial Reduce 14.11% 2,300 0.00
SYY - Sysco Corp. Reduce 24.64% 186,796 0.27
Y - Alleghany Corporation Reduce 94.96% 81,500 0.24
TROW - T. Rowe Price Group Reduce 95.61% 239,500 0.71
VODD - Vodafone Group Sell 100.00% 20,000 0.03
Q3 2012
ADP - Automatic Data Processing Inc. Reduce 0.04% 200 0.00
AXP - American Express Reduce 0.08% 299 0.00
HD - Home Depot Reduce 0.09% 897 0.00
MMM - 3M Co. Reduce 0.10% 200 0.00
KMX - CarMax Inc. Reduce 0.11% 5,785 0.01
DEO - Diageo ADR Reduce 0.13% 1,666 0.01
MAR - Marriott Int'l. Reduce 0.16% 2,253 0.00
CAT - Caterpillar Inc. Reduce 0.18% 434 0.00
DIS - Walt Disney Co. Reduce 0.18% 2,800 0.01
INTC - Intel Corp. Reduce 0.18% 1,500 0.00
EMR - Emerson Electric Reduce 0.23% 400 0.00
BAM.A - Brookfield Asset Management Reduce 0.24% 7,571 0.01
XOM - Exxon Mobil Corp. Reduce 0.24% 1,999 0.01
BUD - Anheuser-Busch InBev Reduce 0.25% 1,000 0.00
WMT - Walmart Inc. Reduce 0.26% 2,897 0.01
PDCO - Patterson Companies Inc. Reduce 0.27% 400 0.00
6683 - General Electric Reduce 0.28% 6,789 0.01
BRK.B - Berkshire Hathaway CL B Reduce 0.30% 4,625 0.02
NVO - Novo Nordisk A S Reduce 0.35% 800 0.01
MCD - McDonald's Corp. Reduce 0.42% 799 0.00
ITW - Illinois Tool Works Reduce 0.47% 1,162 0.00
ELME - Washington Real Estate Investm Reduce 1.77% 166 0.00
SYY - Sysco Corp. Reduce 3.89% 30,695 0.05
F1E - Fidelity National Financial Reduce 88.30% 123,000 0.11
UPS - United Parcel Service Reduce 90.64% 672,889 2.65
WU - Western Union Co. Sell 100.00% 390,000 0.33
VAC - Marriott Vacations Worldwide Sell 100.00% 133,115 0.21
MO - Altria Group Inc. Sell 100.00% 117,400 0.20
WSO - Watsco Inc. Sell 100.00% 40,000 0.15
LEN.B - Lennar Corp. CL B Sell 100.00% 101,700 0.12
MCF - Contango Oil & Gas Sell 100.00% 40,500 0.12
EXP - Eagle Materials Inc. Sell 100.00% 58,500 0.11
DWA - Dreamworks Animation SKG, Inc Sell 100.00% 98,000 0.09
MOS - Mosaic Co. Sell 100.00% 33,000 0.09
LPX - Louisiana-Pacific Corp. Sell 100.00% 117,000 0.06
BRP - Brookfield Residential Sell 100.00% 98,500 0.05
YUM - Yum! Brands Inc. Sell 100.00% 3,200 0.01
Q2 2012
BUD - Anheuser-Busch InBev Reduce 0.02% 100 0.00
JNJ - Johnson & Johnson Reduce 0.05% 300 0.00
GD - General Dynamics Reduce 0.07% 297 0.00
IGT - International Game Technology Reduce 0.09% 1,032 0.00
ADP - Automatic Data Processing Inc. Reduce 0.12% 600 0.00
MMM - 3M Co. Reduce 0.25% 500 0.00
PCL - Plum Creek Lumber MLP Reduce 0.28% 1,000 0.00
HD - Home Depot Reduce 0.49% 4,682 0.01
VAC - Marriott Vacations Worldwide Reduce 0.57% 762 0.00
EMR - Emerson Electric Reduce 0.58% 1,000 0.00
AXP - American Express Reduce 0.90% 3,399 0.01
IBM - International Business Machines Corp. Reduce 0.98% 200 0.00
BNY - Bank of New York Mellon Corp. Reduce 2.41% 5,660 0.01
ELME - Washington Real Estate Investm Reduce 3.10% 300 0.00
F1E - Fidelity National Financial Reduce 79.79% 550,000 0.49
FHI - Federated Investors Reduce 99.53% 2,137,000 2.37
ITC - ITC Holdings Corp Sell 100.00% 83,200 0.32
POOL - Pool Corp. Sell 100.00% 95,000 0.18
VL2 - NuStar GP Holdings Sell 100.00% 6,000 0.01
Q1 2012
HD - Home Depot Reduce 0.11% 1,097 0.00
EOG - EOG Resources Reduce 0.12% 100 0.00
BNY - Bank of New York Mellon Corp. Reduce 0.40% 943 0.00
ITW - Illinois Tool Works Reduce 0.40% 994 0.00
PCL - Plum Creek Lumber MLP Reduce 0.42% 1,500 0.00
BUD - Anheuser-Busch InBev Reduce 0.54% 2,200 0.01
JNJ - Johnson & Johnson Reduce 0.67% 3,800 0.01
BAM.A - Brookfield Asset Management Reduce 0.71% 21,906 0.03
BRK.B - Berkshire Hathaway CL B Reduce 0.77% 12,090 0.05
EMR - Emerson Electric Reduce 0.80% 1,400 0.00
LOW - Lowe's Cos. Reduce 0.90% 5,000 0.01
6683 - General Electric Reduce 0.92% 22,289 0.02
KMX - CarMax Inc. Reduce 0.94% 48,947 0.09
NVO - Novo Nordisk A S Reduce 0.96% 2,200 0.01
DEO - Diageo ADR Reduce 1.03% 12,860 0.06
SYY - Sysco Corp. Reduce 1.04% 8,296 0.01
CAT - Caterpillar Inc. Reduce 1.26% 3,100 0.02
RLI - RLI Corp. Reduce 1.28% 7,884 0.03
UPS - United Parcel Service Reduce 1.28% 9,496 0.04
KO - Coca Cola Co. Reduce 1.56% 1,000 0.00
MO - Altria Group Inc. Reduce 1.87% 2,200 0.00
PM - Philip Morris Intl. Reduce 1.89% 2,200 0.01
MAR - Marriott Int'l. Reduce 2.03% 28,617 0.05
AXP - American Express Reduce 2.58% 10,000 0.03
MCD - McDonald's Corp. Reduce 2.66% 5,099 0.03
ACN - Accenture Reduce 3.33% 4,000 0.01
ITIC - Investors Title Co. Reduce 3.93% 9,000 0.02
VAC - Marriott Vacations Worldwide Reduce 4.87% 6,858 0.01
ELME - Washington Real Estate Investm Reduce 21.83% 2,700 0.00
APD - Air Products & Chemicals Reduce 41.67% 2,000 0.01
MCF - Contango Oil & Gas Reduce 49.59% 30,000 0.10
ITC - ITC Holdings Corp Reduce 51.96% 90,000 0.39
F1E - Fidelity National Financial Reduce 59.23% 1,001,500 0.92
VL2 - NuStar GP Holdings Reduce 97.68% 252,500 0.49
ABT - Abbott Labs Sell 100.00% 90,000 0.29
PG - Procter & Gamble Sell 100.00% 43,200 0.17
DST - DST Systems, Inc Sell 100.00% 28,000 0.07
Q4 2011
HD - Home Depot Reduce 0.04% 380 0.00
DEO - Diageo ADR Reduce 0.08% 1,041 0.01
PCL - Plum Creek Lumber MLP Reduce 0.08% 300 0.00
BRK.A - Berkshire Hathaway CL A Reduce 0.10% 1 0.01
BRK.B - Berkshire Hathaway CL B Reduce 0.10% 1,550 0.01
NVO - Novo Nordisk A S Reduce 0.11% 250 0.00
KMX - CarMax Inc. Reduce 0.15% 7,734 0.01
ITW - Illinois Tool Works Reduce 0.16% 394 0.00
AXP - American Express Reduce 0.17% 669 0.00
EMR - Emerson Electric Reduce 0.17% 300 0.00
MAR - Marriott Int'l. Reduce 0.17% 2,370 0.00
GD - General Dynamics Reduce 0.18% 697 0.00
DIS - Walt Disney Co. Reduce 0.19% 3,000 0.01
BUD - Anheuser-Busch InBev Reduce 0.20% 800 0.00
CAT - Caterpillar Inc. Reduce 0.20% 500 0.00
UPS - United Parcel Service Reduce 0.23% 1,697 0.01
ACN - Accenture Reduce 0.33% 400 0.00
EOG - EOG Resources Reduce 0.36% 300 0.00
SYY - Sysco Corp. Reduce 0.45% 3,596 0.01
F1E - Fidelity National Financial Reduce 0.60% 10,150 0.01
SLB - Schlumberger Ltd. Reduce 0.86% 600 0.00
6683 - General Electric Reduce 0.91% 22,415 0.02
SCHW - Charles Schwab Corp. Reduce 1.21% 11,600 0.01
APD - Air Products & Chemicals Reduce 2.04% 100 0.00
IGT - International Game Technology Reduce 2.26% 25,699 0.02
ELME - Washington Real Estate Investm Reduce 5.90% 775 0.00
ABT - Abbott Labs Reduce 30.50% 39,500 0.13
PG - Procter & Gamble Reduce 31.86% 20,200 0.08
VL2 - NuStar GP Holdings Reduce 53.78% 300,800 0.60
WMT - Walmart Inc. Reduce 89.14% 955,479 3.21
EPD - Enterprise Products Partners LP Reduce 97.15% 215,000 0.55
CPB - Campbell's Co. Sell 100.00% 72,900 0.15
LEN - Lennar Corp. Sell 100.00% 57,000 0.05
ECA - Encana Corp Sell 100.00% 28,000 0.03
Q3 2011
KMX - CarMax Inc. Reduce 0.10% 5,163 0.01
BRK.B - Berkshire Hathaway CL B Reduce 0.12% 1,950 0.01
RLI - RLI Corp. Reduce 0.17% 1,070 0.00
IGT - International Game Technology Reduce 0.21% 2,445 0.00
BAM.A - Brookfield Asset Management Reduce 0.22% 6,745 0.01
DEO - Diageo ADR Reduce 0.26% 3,200 0.01
GD - General Dynamics Reduce 0.26% 996 0.00
MCD - McDonald's Corp. Reduce 0.36% 700 0.00
6683 - General Electric Reduce 0.41% 9,974 0.01
F1E - Fidelity National Financial Reduce 0.41% 7,000 0.01
SLB - Schlumberger Ltd. Reduce 0.43% 300 0.00
MAR - Marriott Int'l. Reduce 0.53% 7,549 0.02
SYY - Sysco Corp. Reduce 0.53% 4,296 0.01
ACN - Accenture Reduce 0.82% 1,000 0.00
ITW - Illinois Tool Works Reduce 0.99% 2,495 0.01
KO - Coca Cola Co. Reduce 1.54% 1,000 0.00
VL2 - NuStar GP Holdings Reduce 4.28% 25,000 0.05
APD - Air Products & Chemicals Reduce 7.55% 400 0.00
EPD - Enterprise Products Partners LP Reduce 11.23% 28,000 0.07
ELME - Washington Real Estate Investm Reduce 93.93% 203,367 0.38
WTM - White Mountains Insurance Sell 100.00% 75,530 1.79
CLX - Clorox Co. Sell 100.00% 16,000 0.06
KMB - Kimberly-Clark Sell 100.00% 16,200 0.06
Q2 2011
BAM.A - Brookfield Asset Management Reduce 0.00% 147 0.00
DEO - Diageo ADR Reduce 0.01% 98 0.00
MAR - Marriott Int'l. Reduce 0.02% 268 0.00
CAT - Caterpillar Inc. Reduce 0.03% 66 0.00
XOM - Exxon Mobil Corp. Reduce 0.06% 399 0.00
DIS - Walt Disney Co. Reduce 0.07% 1,000 0.00
NVO - Novo Nordisk A S Reduce 0.09% 200 0.00
WAG - Walgreen Reduce 0.09% 200 0.00
MCD - McDonald's Corp. Reduce 0.10% 199 0.00
ITW - Illinois Tool Works Reduce 0.13% 329 0.00
VL2 - NuStar GP Holdings Reduce 0.17% 1,000 0.00
EPD - Enterprise Products Partners LP Reduce 0.20% 500 0.00
RLI - RLI Corp. Reduce 0.24% 1,500 0.01
IGT - International Game Technology Reduce 0.28% 3,207 0.00
KMX - CarMax Inc. Reduce 0.28% 14,814 0.03
KO - Coca Cola Co. Reduce 0.31% 200 0.00
6683 - General Electric Reduce 0.43% 10,726 0.01
PDCO - Patterson Companies Inc. Reduce 1.73% 2,400 0.00
CPB - Campbell's Co. Reduce 2.02% 1,500 0.00
AXP - American Express Reduce 2.22% 8,796 0.02
F1E - Fidelity National Financial Reduce 2.38% 41,729 0.03
WTM - White Mountains Insurance Reduce 7.36% 6,000 0.13
ELME - Washington Real Estate Investm Reduce 46.87% 190,967 0.35
PCL - Plum Creek Lumber MLP Reduce 57.71% 204,700 0.52
FCYA - Forest City Enterprises Class Sell 100.00% 11,400 0.01
Q1 2011
DIS - Walt Disney Co. Reduce 0.07% 995 0.00
F1E - Fidelity National Financial Reduce 0.10% 1,694 0.00
SYY - Sysco Corp. Reduce 0.10% 796 0.00
DEO - Diageo ADR Reduce 0.16% 2,000 0.01
MCD - McDonald's Corp. Reduce 0.16% 299 0.00
WAG - Walgreen Reduce 0.18% 400 0.00
6683 - General Electric Reduce 0.27% 6,592 0.01
ACN - Accenture Reduce 0.33% 400 0.00
NVO - Novo Nordisk A S Reduce 0.43% 1,000 0.01
KO - Coca Cola Co. Reduce 0.46% 300 0.00
APD - Air Products & Chemicals Reduce 3.70% 200 0.00
HD - Home Depot Reduce 97.93% 946,802 1.97
AMB - Fortune Brands Sell 100.00% 45,900 0.16
Q4 2010
MCD - McDonald's Corp. Reduce 0.05% 99 0.00
GD - General Dynamics Reduce 0.09% 342 0.00
NVO - Novo Nordisk A S Reduce 0.09% 200 0.00
UPS - United Parcel Service Reduce 0.09% 602 0.00
PCL - Plum Creek Lumber MLP Reduce 0.11% 400 0.00
DEO - Diageo ADR Reduce 0.13% 1,592 0.01
DIS - Walt Disney Co. Reduce 0.13% 2,000 0.00
F1E - Fidelity National Financial Reduce 0.13% 2,292 0.00
LOW - Lowe's Cos. Reduce 0.13% 400 0.00
SYY - Sysco Corp. Reduce 0.16% 1,297 0.00
MAR - Marriott Int'l. Reduce 0.21% 3,009 0.01
BAM.A - Brookfield Asset Management Reduce 0.23% 7,206 0.01
AXP - American Express Reduce 0.27% 1,066 0.00
IGT - International Game Technology Reduce 0.39% 4,499 0.00
KMX - CarMax Inc. Reduce 0.90% 47,153 0.09
APD - Air Products & Chemicals Reduce 3.57% 200 0.00
6683 - General Electric Reduce 31.90% 1,160,709 1.23
FCYA - Forest City Enterprises Class Reduce 41.14% 7,967 0.01
9893105Q - Enterprise GP Holdings Sell 100.00% 167,200 0.64
NSRGY - Nestle Sell 100.00% 100,100 0.35
PYD - Prepaid Legal Services Sell 100.00% 15,000 0.06
CMCSA - Comcast Corp. Sell 100.00% 10,800 0.01
Q3 2010
AXP - American Express Reduce 0.01% 49 0.00
RLI - RLI Corp. Reduce 0.02% 150 0.00
IGT - International Game Technology Reduce 0.04% 498 0.00
ITW - Illinois Tool Works Reduce 0.04% 94 0.00
SYY - Sysco Corp. Reduce 0.05% 396 0.00
GD - General Dynamics Reduce 0.06% 247 0.00
PCL - Plum Creek Lumber MLP Reduce 0.06% 200 0.00
DEO - Diageo ADR Reduce 0.07% 900 0.00
JNJ - Johnson & Johnson Reduce 0.07% 400 0.00
MCD - McDonald's Corp. Reduce 0.08% 150 0.00
BAM.A - Brookfield Asset Management Reduce 0.09% 2,747 0.00
BRK.B - Berkshire Hathaway CL B Reduce 0.09% 1,400 0.01
KMX - CarMax Inc. Reduce 0.09% 4,700 0.01
UPS - United Parcel Service Reduce 0.09% 642 0.00
WAG - Walgreen Reduce 0.09% 200 0.00
DIS - Walt Disney Co. Reduce 0.11% 1,700 0.00
MAR - Marriott Int'l. Reduce 0.13% 1,860 0.00
6683 - General Electric Reduce 0.15% 5,363 0.01
SLB - Schlumberger Ltd. Reduce 0.15% 100 0.00
LOW - Lowe's Cos. Reduce 0.16% 500 0.00
F1E - Fidelity National Financial Reduce 0.18% 3,243 0.00
PDCO - Patterson Companies Inc. Reduce 0.22% 300 0.00
IBM - International Business Machines Corp. Reduce 0.24% 50 0.00
NVO - Novo Nordisk A S Reduce 0.28% 650 0.00
EMR - Emerson Electric Reduce 0.57% 1,000 0.00
COST - Costco Co. Reduce 0.86% 350 0.00
ACN - Accenture Reduce 1.06% 1,300 0.00
CMCSA - Comcast Corp. Reduce 6.49% 750 0.00
FCYA - Forest City Enterprises Class Reduce 97.70% 824,400 0.67
HD - Home Depot Reduce 97.93% 947,745 1.92
Q2 2010
BRK.B - Berkshire Hathaway CL B Reduce 0.01% 160 0.00
DEO - Diageo ADR Reduce 0.03% 389 0.00
BF.A - Brown-Forman Corp. CL A Reduce 0.04% 100 0.00
JNJ - Johnson & Johnson Reduce 0.04% 200 0.00
BAM.A - Brookfield Asset Management Reduce 0.05% 1,695 0.00
GD - General Dynamics Reduce 0.10% 397 0.00
VL2 - NuStar GP Holdings Reduce 0.17% 1,000 0.00
RLI - RLI Corp. Reduce 0.19% 1,200 0.00
KMX - CarMax Inc. Reduce 0.69% 36,600 0.06
WTM - White Mountains Insurance Reduce 10.90% 9,970 0.24
TROW - T. Rowe Price Group Reduce 23.45% 59,900 0.23
CMCSA - Comcast Corp. Reduce 77.44% 39,650 0.05
CTAS - Cintas Corp. Sell 100.00% 70,000 0.13
Q1 2010
6683 - General Electric Reduce 0.01% 193 0.00
DIS - Walt Disney Co. Reduce 0.01% 194 0.00
DEO - Diageo ADR Reduce 0.02% 200 0.00
IGT - International Game Technology Reduce 0.02% 199 0.00
SYY - Sysco Corp. Reduce 0.03% 246 0.00
AXP - American Express Reduce 0.05% 199 0.00
UPS - United Parcel Service Reduce 0.07% 497 0.00
BRK.A - Berkshire Hathaway CL A Reduce 0.11% 1 0.01
MAR - Marriott Int'l. Reduce 0.18% 2,514 0.00
KMX - CarMax Inc. Reduce 0.26% 13,800 0.02
PCL - Plum Creek Lumber MLP Reduce 0.28% 1,000 0.00
GD - General Dynamics Reduce 0.47% 1,861 0.01
INTC - Intel Corp. Reduce 0.47% 1,200 0.00
WTM - White Mountains Insurance Reduce 2.14% 2,000 0.05
CMCSA - Comcast Corp. Reduce 5.36% 2,900 0.00
HD - Home Depot Reduce 97.94% 949,739 2.00
BRYG - Berkshire Hathaway Class B Sell 100.00% 31,418 7.53
AFL - AFLAC Inc. Sell 100.00% 105,000 0.35
CME - CME Group Sell 100.00% 13,595 0.33
SAP - SAP SE Sell 100.00% 97,500 0.33
MAN - ManpowerGroup Sell 100.00% 80,000 0.32
SLG - SL Green Corp Sell 100.00% 45,500 0.17
Q4 2009
IGT - International Game Technology Reduce 0.04% 498 0.00
BAM.A - Brookfield Asset Management Reduce 0.05% 1,425 0.00
DIS - Walt Disney Co. Reduce 0.05% 700 0.00
GD - General Dynamics Reduce 0.05% 198 0.00
DEO - Diageo ADR Reduce 0.06% 798 0.00
6683 - General Electric Reduce 0.07% 2,693 0.00
BF.B - Brown-Forman Corp. Reduce 0.07% 50 0.00
FCYA - Forest City Enterprises Class Reduce 0.07% 600 0.00
F1E - Fidelity National Financial Reduce 0.10% 1,800 0.00
BRK.A - Berkshire Hathaway CL A Reduce 0.11% 1 0.01
UPS - United Parcel Service Reduce 0.13% 896 0.00
KMX - CarMax Inc. Reduce 0.21% 11,007 0.02
INTC - Intel Corp. Reduce 0.24% 600 0.00
SLG - SL Green Corp Reduce 4.61% 2,200 0.01
CMCSA - Comcast Corp. Reduce 16.25% 10,500 0.01
BAC - Bank of America Corp. Sell 100.00% 709,489 0.94
Q3 2009
BAM.A - Brookfield Asset Management Reduce 0.03% 1,000 0.00
6683 - General Electric Reduce 0.04% 1,491 0.00
F1E - Fidelity National Financial Reduce 0.04% 700 0.00
DEO - Diageo ADR Reduce 0.06% 700 0.00
DIS - Walt Disney Co. Reduce 0.07% 1,000 0.00
KMX - CarMax Inc. Reduce 0.07% 3,500 0.01
UPS - United Parcel Service Reduce 0.08% 597 0.00
JNJ - Johnson & Johnson Reduce 0.09% 500 0.00
GD - General Dynamics Reduce 0.15% 597 0.00
LOW - Lowe's Cos. Reduce 0.33% 1,000 0.00
CME - CME Group Reduce 0.55% 75 0.00
BNY - Bank of New York Mellon Corp. Reduce 10.58% 24,354 1.37
ABT - Abbott Labs Reduce 77.75% 103,800 0.37
HD - Home Depot Reduce 97.97% 964,732 2.25
5050 - Exxon Corporation Sell 100.00% 379,193 2.62
GS - Goldman Sachs Group Sell 100.00% 10,000 0.15
YUM - Yum! Brands Inc. Sell 100.00% 24,200 0.08
BIP - Brookfield Infrastructure Part Sell 100.00% 60,827 0.07
PGR - Progressive Corp. Sell 100.00% 46,516 0.07
Q2 2009
DEO - Diageo ADR Reduce 0.03% 398 0.00
F1E - Fidelity National Financial Reduce 0.05% 800 0.00
BAC - Bank of America Corp. Reduce 0.06% 399 0.00
BAM.A - Brookfield Asset Management Reduce 0.06% 1,800 0.00
KMX - CarMax Inc. Reduce 0.07% 4,000 0.01
5050 - Exxon Corporation Reduce 0.08% 300 0.00
IGT - International Game Technology Reduce 0.09% 998 0.00
HD - Home Depot Reduce 0.10% 996 0.00
AXP - American Express Reduce 0.12% 498 0.00
RLI - RLI Corp. Reduce 0.20% 1,250 0.01
CMCSA - Comcast Corp. Reduce 2.27% 1,500 0.00
BRYG - Berkshire Hathaway Class B Sell 100.00% 31,443 9.59
BRK.A - Berkshire Hathaway CL A Sell 100.00% 898 8.42
ADP - Automatic Data Processing Inc. Sell 100.00% 306,100 1.16
Y - Alleghany Corporation Sell 100.00% 4,080 0.12
COP - ConocoPhillips Sell 100.00% 10,000 0.04
CVA - Covanta Holding Corp Sell 100.00% 24,019 0.03
CX - Cemex Sell 100.00% 30,000 0.02
NYX - NYSE Euronext Sell 100.00% 10,000 0.02
FR - First Industrial Realty Trust Inc. Sell 100.00% 51,700 0.01
Q1 2009
BIP - Brookfield Infrastructure Part Reduce 0.01% 9 0.00
BAM.A - Brookfield Asset Management Reduce 0.02% 500 0.00
DEO - Diageo ADR Reduce 0.03% 400 0.00
F1E - Fidelity National Financial Reduce 0.03% 500 0.00
MAR - Marriott Int'l. Reduce 0.04% 500 0.00
BRYG - Berkshire Hathaway Class B Reduce 0.07% 21 0.01
FCYA - Forest City Enterprises Class Reduce 0.07% 600 0.00
GD - General Dynamics Reduce 0.08% 298 0.00
ITW - Illinois Tool Works Reduce 0.08% 194 0.00
WMT - Walmart Inc. Reduce 0.08% 673 0.00
KMX - CarMax Inc. Reduce 0.09% 4,600 0.00
HD - Home Depot Reduce 0.15% 1,462 0.00
CME - CME Group Reduce 0.36% 50 0.00
5050 - Exxon Corporation Reduce 0.47% 1,800 0.01
CMCSA - Comcast Corp. Reduce 1.12% 750 0.00
6683 - General Electric Reduce 91.92% 3,357,031 5.02
Q4 2008
JNJ - Johnson & Johnson Reduce 0.06% 300 0.00
BRYG - Berkshire Hathaway Class B Reduce 0.10% 32 0.01
6683 - General Electric Reduce 0.11% 4,160 0.01
DEO - Diageo ADR Reduce 0.13% 1,697 0.01
KMX - CarMax Inc. Reduce 0.13% 6,852 0.01
ADP - Automatic Data Processing Inc. Reduce 0.16% 500 0.00
MAR - Marriott Int'l. Reduce 0.17% 2,320 0.00
UPS - United Parcel Service Reduce 0.21% 1,496 0.01
BAC - Bank of America Corp. Reduce 0.22% 1,586 0.00
ITIC - Investors Title Co. Reduce 0.22% 500 0.00
GD - General Dynamics Reduce 0.23% 897 0.00
IGT - International Game Technology Reduce 0.24% 2,762 0.00
ELME - Washington Real Estate Investm Reduce 0.25% 1,000 0.00
RLI - RLI Corp. Reduce 0.33% 2,074 0.01
SYY - Sysco Corp. Reduce 0.33% 2,596 0.01
WMT - Walmart Inc. Reduce 0.35% 2,900 0.01
CME - CME Group Reduce 0.36% 50 0.00
AXP - American Express Reduce 0.50% 1,999 0.00
HD - Home Depot Reduce 2.95% 29,996 0.05
WTM - White Mountains Insurance Reduce 6.78% 6,800 0.21
PCL - Plum Creek Lumber MLP Reduce 57.87% 206,000 0.69
NYX - NYSE Euronext Reduce 66.67% 20,000 0.05
CMCSA - Comcast Corp. Reduce 92.48% 821,950 1.08
LF1 - LandAmerica Financial Group Sell 100.00% 1,382,700 2.26
MRSH - Marsh Sell 100.00% 898,776 1.92
CINF - Cincinnati Financial Sell 100.00% 210,906 0.40
CNS - Cohen & Steers, Inc. Sell 100.00% 95,800 0.18
8215820Q - Allied Capital Sell 100.00% 134,299 0.10
NCRB - News Corporation Sell 100.00% 55,300 0.05
CORSQ - Corus Bankshares Sell 100.00% 97,000 0.03
MSFT - Microsoft Corp. Sell 100.00% 7,990 0.01
Q3 2008
DEO - Diageo ADR Reduce 0.01% 166 0.00
AXP - American Express Reduce 0.02% 65 0.00
RLI - RLI Corp. Reduce 0.24% 1,501 0.01
YUM - Yum! Brands Inc. Reduce 0.41% 100 0.00
MSFT - Microsoft Corp. Reduce 3.62% 300 0.00
MRSH - Marsh Reduce 10.07% 100,630 0.18
WTM - White Mountains Insurance Reduce 15.22% 18,000 0.53
CINF - Cincinnati Financial Reduce 29.91% 90,000 0.16
BNY - Bank of New York Mellon Corp. Reduce 30.82% 91,697 0.24
8215820Q - Allied Capital Reduce 42.78% 100,400 0.09
AFL - AFLAC Inc. Reduce 48.78% 100,000 0.43
CORSQ - Corus Bankshares Reduce 50.76% 100,000 0.03
NCRB - News Corporation Reduce 67.34% 114,000 0.12
C - Citigroup Inc. Sell 100.00% 205,500 0.24
BP - BP plc Sell 100.00% 11,548 0.06
1849855D - Meadowbrook Insurance Company Sell 100.00% 130,000 0.05
VLY - Valley National Bancorp Sell 100.00% 29,641 0.03
Q2 2008
6683 - General Electric Reduce 0.07% 2,591 0.01
UPS - United Parcel Service Reduce 0.19% 1,297 0.01
F1E - Fidelity National Financial Reduce 0.21% 3,500 0.00
ELME - Washington Real Estate Investm Reduce 0.22% 900 0.00
ITIC - Investors Title Co. Reduce 0.26% 600 0.00
SYY - Sysco Corp. Reduce 0.32% 2,497 0.00
DEO - Diageo ADR Reduce 0.36% 4,500 0.02
ITW - Illinois Tool Works Reduce 0.41% 1,000 0.00
KMX - CarMax Inc. Reduce 0.41% 22,000 0.02
BRK.A - Berkshire Hathaway CL A Reduce 0.44% 4 0.03
HD - Home Depot Reduce 0.56% 5,697 0.01
IGT - International Game Technology Reduce 0.61% 6,900 0.02
BAC - Bank of America Corp. Reduce 0.65% 4,685 0.01
RLI - RLI Corp. Reduce 0.96% 6,072 0.02
BIP - Brookfield Infrastructure Part Reduce 1.10% 674 0.00
CMCSA - Comcast Corp. Reduce 1.44% 12,950 0.01
YUM - Yum! Brands Inc. Reduce 2.02% 500 0.00
MSFT - Microsoft Corp. Reduce 5.69% 500 0.00
WTM - White Mountains Insurance Reduce 9.21% 12,000 0.33
MRSH - Marsh Reduce 11.52% 130,150 0.18
BNY - Bank of New York Mellon Corp. Reduce 24.20% 94,996 0.23
CINF - Cincinnati Financial Reduce 31.02% 135,330 0.30
CORSQ - Corus Bankshares Reduce 37.85% 120,000 0.07
8215820Q - Allied Capital Reduce 38.29% 145,616 0.15
AFL - AFLAC Inc. Reduce 39.19% 132,120 0.49
NCRB - News Corporation Reduce 41.75% 121,350 0.13
1849855D - Meadowbrook Insurance Company Reduce 55.37% 161,300 0.07
VLY - Valley National Bancorp Reduce 76.59% 96,966 0.11
C - Citigroup Inc. Reduce 84.84% 1,150,402 1.42
3393199Q - Anheuser Busch Sell 100.00% 1,553,704 4.24
ISCA - International Speedway Sell 100.00% 58,650 0.14
AAIG - American International Group Sell 100.00% 42,955 0.11
FTU - Wachovia Sell 100.00% 12,797 0.02
Q1 2008
FCYA - Forest City Enterprises Class Reduce 0.08% 666 0.00
ITIC - Investors Title Co. Reduce 0.09% 200 0.00
JNJ - Johnson & Johnson Reduce 0.14% 744 0.00
ADP - Automatic Data Processing Inc. Reduce 0.20% 600 0.00
BRYG - Berkshire Hathaway Class B Reduce 0.20% 63 0.02
IBM - International Business Machines Corp. Reduce 0.24% 50 0.00
RLI - RLI Corp. Reduce 0.25% 1,562 0.00
BNY - Bank of New York Mellon Corp. Reduce 0.26% 1,037 0.00
BF.A - Brown-Forman Corp. CL A Reduce 0.28% 800 0.00
DEO - Diageo ADR Reduce 0.40% 5,122 0.02
AXP - American Express Reduce 0.59% 2,360 0.01
6683 - General Electric Reduce 0.65% 23,930 0.05
PCL - Plum Creek Lumber MLP Reduce 0.97% 3,500 0.01
KMX - CarMax Inc. Reduce 1.01% 55,014 0.06
CMCSA - Comcast Corp. Reduce 1.12% 10,200 0.01
F1E - Fidelity National Financial Reduce 1.36% 22,800 0.02
VLY - Valley National Bancorp Reduce 1.46% 1,876 0.00
3393199Q - Anheuser Busch Reduce 1.52% 24,033 0.07
HD - Home Depot Reduce 1.58% 16,463 0.02
UPS - United Parcel Service Reduce 1.58% 11,200 0.04
SYY - Sysco Corp. Reduce 1.67% 13,244 0.02
ELME - Washington Real Estate Investm Reduce 1.77% 7,300 0.01
BAC - Bank of America Corp. Reduce 1.87% 13,600 0.03
VL2 - NuStar GP Holdings Reduce 2.26% 10,600 0.02
NCRB - News Corporation Reduce 3.71% 11,200 0.01
CORSQ - Corus Bankshares Reduce 5.09% 17,000 0.01
WTM - White Mountains Insurance Reduce 6.46% 9,000 0.25
MRSH - Marsh Reduce 11.03% 140,038 0.20
C - Citigroup Inc. Reduce 11.32% 173,038 0.27
FRFHF - Fairfax Financial Holdings Ltd. Reduce 12.52% 40,000 0.61
8215820Q - Allied Capital Reduce 13.28% 58,225 0.07
AFL - AFLAC Inc. Reduce 16.74% 67,800 0.23
1849855D - Meadowbrook Insurance Company Reduce 17.62% 62,300 0.03
CINF - Cincinnati Financial Reduce 19.33% 104,563 0.22
FTU - Wachovia Reduce 38.48% 8,006 0.02
MSFT - Microsoft Corp. Reduce 55.13% 10,800 0.02
ISCA - International Speedway Reduce 65.22% 110,000 0.24
MBI - MBIA Inc. Sell 100.00% 589,767 0.59
TIF - Tiffany Sell 100.00% 80,600 0.20
UMH - UMH Properties Inc. Sell 100.00% 13,000 0.01