13F-HR 1 report4.txt FOR PERIOD ENDING 3/31/04 1: FORM 13F INFORMATION TABLE

TITLE OF VALUE SHARES/ SH/ PUT/ INVSTMT OTHER Voting Authority NAME OF ISSUER CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS Sole/Shared/None Abbott Laboratories COM 002824100 ~~468~~482 1110,~~020~~420 SH Sole None Sole Sole Sole Affiliated Computer Srv.COM 008190100 650 12,525 SH Sole None Sole Sole Sole Alliance Capital LP 01855A101 ~~653~~1,187 1932,~~500~~275 SH Sole None Sole Sole Sole Altria Group, Inc. COM 02209S103 ~~330~~378 76,~~550~~950 SH Sole None Sole Sole Sole American Express Co. COM 25816109 230 4,450 SH Sole None Sole Sole Sole American Int'l Group COM 026874107 12,~~913~~485 3334,~~161~~841 SH Sole None Sole Sole Sole Berkshire Hathaway COM 084670108 12,~~950~~425 26 SH Sole None Sole Sole Sole ~~Cabot~~Berkshire ~~Corp.~~Hathaway "B" COM ~~127055101~~084670207 ~~460~~323 ~~16,134~~104 SH Sole None ~~Sole~~sole Sole Sole Cardinal Health Inc. COM 14149Y108 1,~~156~~729 1925,~~800~~100 SH Sole None Sole Sole Sole Ciphergen Biosystems COM 17252Y104 ~~636~~420 5150,~~536~~037 SH Sole None Sole Sole Sole Citigroup Inc. COM 172967101 21,~~041~~828 4435,~~848~~368 SH Sole None Sole Sole Sole Duke Realty Corporation REIT 264411505 1,~~002~~171 3433,~~340~~740 SH Sole None Sole Sole Sole Dupont COM 26613X101 205 4,868 SH Sole None Sole Sole Sole Exxon Mobil Corp. COM 361128101 ~~331~~1,365 932,~~056~~822 SH Sole None Sole Sole Sole Federal Nat'l Mortgage COM 313586109 486 6,550 SH Sole None Sole Sole Sole Ford Motor Credit Co. PFD 345397202 1,~~547~~366 6252,~~650~~450 SH Sole None Sole Sole Sole Forest Labs COM 345838106 429 6,000 SH Sole None Sole Sole Sole General Electric COM 369604103 ~~338~~43,795 111,~~370~~336 SH Sole None Sole Sole Sole ~~IBM~~Home Depot COM ~~459200101~~437076102 ~~656~~457 712,~~428~~247 SH Sole None Sole Sole Sole ~~Johnson~~IBM &COM ~~Johnson~~459200101 930 10,128 SH Sole None Sole Sole Sole Intel COM ~~459200101~~458140100 ~~485~~350 912,~~800~~900 SH Sole None Sole Sole Sole ~~Leapfrog~~Johnson ~~Enterprises~~& Johnson COM ~~52186N106~~459200101 ~~712~~453 188,~~760~~950 SH Sole None Sole Sole Sole ~~Magellan~~Leapfrog ~~Midstream~~Enterprises LPCOM ~~559080106~~52186N106 ~~759~~343 1617,~~580~~775 SH Sole None Sole Sole Sole MBNA Cap. Series D PFD 55266J200 ~~466~~288 1710,600 SH Sole None Sole Sole Sole Medtronic Inc COM 585055106 1,~~025~~759 2136,850 SH Sole None Sole Sole Sole Merck & Co. COM 589331107 ~~261~~371 58,~~175~~400 SH Sole None Sole Sole Sole Merrill Merchants Banc COM 59021H103 ~~540~~258 2810,~~347~~000 SH Sole None Sole Sole Sole Microsoft ~~Corp.~~ COM ~~594918104~~594917104 ~~602~~608 2124,~~660~~400 SH Sole None Sole Sole Sole ~~Pizer~~Northern Borders,LP LP 664785102 286 6,800 SH Sole None Sole Sole Sole PFizer Inc. COM 717081103 12,~~120~~190 3662,~~875~~490 SH Sole None Sole Sole Sole Proctor & Gamble Co. COM 742718109 245 2,345 SH Sole None Sole Sole Sole Redwood Trust,Inc. COM 758075402 ~~271~~391 6,~~400~~300 SH Sole None Sole Sole Sole Royal Bank of Scotland PFD 780097606 ~~319~~318 11,700 SH Sole None Sole Sole Sole Royal Dutch Pete CO NY ADR 780257804 249 5,240 SH Sole None Sole Sole Sole SBS Broadcasting COM L8137F102 1,~~119~~415 4431,975 SH Sole None Sole Sole Sole ~~Service~~State ~~Bancorp,Inc.~~Street Bank COM ~~81756x103~~857477103 ~~253~~187 103,~~275~~600 SH Sole None Sole Sole Sole Teva Pharmaceutical COM 881624209 1,~~427~~733 2427,~~960~~350 SH Sole None Sole Sole Sole United Technologies COM 913017109 262 3,040 SH Sole None Sole Sole Sole Washington Mutual Inc COM 939322103 1,~~442~~470 3634,~~640~~440 SH Sole None Sole Sole Sole Washington Post Co COM 939322103 23,~~570~~290 3,~~866~~720 SH Sole None Sole Sole Sole

TOTALS: 78,967 701,112 /TEXT /DOCUMENT /SUBMISSION 1st Qtr.2004

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