Parsad

Vito worked for Hamblin-Watsa previously. He's a superb investor! Read the articles enclosed with this post. People have very short memories when markets start to move up. Today investors can do no wrong and everywhere you look there is one genius fund manager after another. They are willing to accept lesser premiums for increased risk...Maida doesn't invest that way. Cheers!

Fantastic, engrossing article by Michael Lewis for Vanity Fair on Ireland's economic woes. Thanks to David for sending me the link! Cheers! http://www.vanityfair.com/business/features/2011/03/michael-lewis-ireland-201103?currentPage=all

Here are the charge and arrest sheets for the two hedge fund managers charged recently. Some interesting stuff in there. Also, guess whose favorite FBI Agent is leading the charge...B.J. Kang once again! Go get'em BJ. Cheers!

Nowhere is this more true than in the invasion and occupation of Iraq/Afghanistan. The whole world watches in stunned disbelief, as America bankrupts herself in this criminal stupidity. Hey I said the same thing years ago on the Motley Fool BRK Board before the actual invasion, and I was pretty much lynched. How many lives have been lost? Both military and Iraqi/Afghani civilians. Yet, the son of a bitch who started the whole thing is hiding out somewhere in a cave, and no one has found him yet. I would much rather have seen hit squads sent out to assassinate Al Qaeda operatives (think Mossad), rather than invade Iraq. Cheers!

The irony in the whole story is that Biglari ousted Friendly CEO for misappropriating shareholder money for airplanes, vacations and such. Now he is doing the same. The difference is that he is doing it with shareholder approval. This is not fact, but stuff that is being said at the moment. Shareholders at the AGM may want to ask about the validity of such comments, or if the company is actually leasing/renting corporate jets and who is flying on the company tab. Cheers!

You're probably correct, but passivity can sometimes allow guys like Hitler to run amok! Cheers!

If the shareholders don't kick Biglari out, he will end up completely controlling BH and SNS. Would be very, very difficult unless you get Gabelli on your side. I think you could get enough votes if a legitimate large shareholder ran a proxy fight against him before he increases his ownership. But that window is closing quickly as he adds more shares and voting classes. It's already too late for this year's AGM, so that gives him a year to increase his ownership or do something to make shareholders forget. Although, shareholders and franchisees attending could certainly make it an interesting meeting by asking hard questions. I feel sorry for the franchisees...in one way he saved their bacon by turning the company around, and then now he's running it like a dictatorship and alienating many of them. Maybe the way to the CEO is to ask the directors the hard questions and ask them to be accountable. It might force them to pressure Sardar to reflect on many of his decisions. Cheers!

Yup! That's dead on. Cheers!

Wouldn't it have been cheaper to just put Berkowitz on the board? Would he not have been able to generate more shareholder value than Morgan Stanley? What a joke! Why do CEO's do this? Is it because they don't have enough things to blow the company's money on? Cheers!

Yup! I'm actually surprised that they aren't getting major redemption requests at this point. Cheers!

I don't see him having a massive implosion. But I do see him getting control of BH over time, with little oversight by the board into the initiatives that will be implemented. Cheers!

We thought we had a mouse in the house this winter. I caught it and since then I have caught 12 more..... Al, what are you saying then? That you expect to catch one really big mouse at the end, after you've arranged plea bargains with the other 12! ;D And how much cheese did that take? Cheers!

I hope it was the Pontiac! Cheers!

Does Steak'n Shake now have a corporate jet, or do they lease/charter a corporate jet? That's what I heard...a Vegas trip for friends. Not sure if they did it while including a visit to the new store, but I've heard that there was a trip made in a corporate jet to Vegas recently with friends. Cheers!

I think it's about time there were some independent board members added to Biglari Holdings. Independent board members who own shares in the company. I think this board is becoming very complacent and allowing the CEO to do whatever he wants. You see one press release for Fremont, then another press release on compensation. One press release on CCA Industries, and then one on the reverse split. It's like one for you and one for me...one for you and one for me! Confuse and obfuscate! Oh, he's going after another company...oh no, he's actually strengthening his control. Oh, another company he's going after...oh, actually nope another control clause. Perhaps, it's time for a large shareholder to run a proxy fight and get on the board. Has anyone else here heard that BH now has access to a G5? Is this true? Maybe time for shareholders to ask some hard questions of the management and board at the next AGM. Cheers!

Thought he said the class B shares would have no voting rights. Then I have no idea why he's doing this. Waste a thousand dollars on a press release, and several thousand (if not more) dollars on legal fees? For what? I'm glad the board is doing their job. Cheers!

Most definitely. They are working these guys for any information they can provide them to get SAC and Cohen. They are just building the case and it will take time. You can't go after him without a solid case with full corroborating evidence. He'll just drag it through court for ten years...he has the money. Is it just coincidence, that virtually every arrest and charge over the last year and a half, has a former connection to SAC? Cheers!

The lawyers have jumped on Fremont's board for ignoring the BH offer: http://www.reuters.com/finance/stocks/keyDevelopments?rpc=66&symbol=FMMH.PK&timestamp=20110202225700 http://pr-usa.net/index.php?option=com_content&task=view&id=612243&Itemid=29

Article on the 75th Anniversary of the ING Leaders Trust Fund. Cheers! http://www.istockanalyst.com/article/viewarticle/articleid/4872031

Normally, I wouldn't put any article like this on here, but I thought that some other boardmembers would enjoy it. In particular, the sacrifice these brothers are making for their country. Hope they all come back ok! Cheers! http://afghanistan.blogs.cnn.com/2011/02/08/a-real-life-band-of-brothers/?hpt=C1

Actually, the one comment I do want to make, which hasn't been made is that he could be doing this because they plan on issuing stock for some acquisitions. I would imagine he's going to change or retain the voting structure of the "A" shares, while reducing the voting rights of the new class that may be used for acquisitions. He's not going to issue more shares and dilute his own voting rights. Cheers!

Francois is a terrific guy and good investor. I've known him for several years. Cheers!

No comment! Seems like a waste of time. Cheers!

Hmmm...I wonder who the Feds are aiming for? Perhaps, someone who blows obscene amounts on sharks in formaldehyde? Cheers!

Hmmm...pretty different images, huh! Surprise, surprise. Why did I think that Einhorn's original presentation was just overblown hype? I agree that there may be some possible writedowns, and they may have been slow in doing so, but is there permanent impairment? Einhorn suggests yes, while Berkowitz suggests no. I believe the latter! This was the same thing these turkeys were saying about Fairfax. Run the business into the ground, regardless of whether it can actually survive or not. Think "The Story of Dendreon" on Deepcapture. Unsavory ethics in my opinion and unsavory associations. Cheers!