Parsad

For those that have not read the Deepcapture's expose "The Story of Dendreon", there really are some dirty bits about some well known characters in the financial industry. Some of the connections between various firms is actually quite mind-boggling. In Chapter 12, we find out about various connections including convicted felon Sam Antar, Herb Greenberg and Roddy Boyd. Anyone who has been on this board or its predecessor are quite familiar with Greenberg and Boyd. Their names are up there with Peter Eavis, Fabrice Taylor, John Gwynn and Jim Chanos. Boyd's father actually runs a large hedge fund with close connections to Milken. http://www.deepcapture.com/michael-milken-60000-deaths-and-the-story-of-dendreon-chapter-12-of-15/ In Chapter 13, we find out that Renaissance Technologies current CFO was formerly the CFO for Steve Cohen's SAC Capital. Many on here know that my thoughts on Renaissance's results from their proprietary trading suffer from a case of severe disbelief. I had no idea that James Rowen had any relationship with SAC Capital. http://www.deepcapture.com/michael-milken-60000-deaths-and-the-story-of-dendreon-chapter-13-of-15/ Chapters 14 & 15 finish up the story and the final outcome of what happened. Cheers! http://www.deepcapture.com/michael-milken-60000-deaths-and-the-story-of-dendreon-chapter-14-of-15/ http://www.deepcapture.com/michael-milken-60000-deaths-and-the-story-of-dendreon-chapter-15-of-15/

Wow, I haven't read that interview in a few years and had forgotten alot of it. That was actually a fantastic interview! ;D Cheers!

Hi Folks, After Zorro mentioned doing so in a previous post, I gave the idea of a separate board for Steak'n Shake some thought. While it is a bit premature relative to the track records at Berkshire and Fairfax, with the amount of boardmembers now participating through Biglari vehicles...The Lion Fund, Western Sizzlin and Steak'n Shake...I felt that it may be appropriate to have a separate board. The other reason why I think it is appropriate to give Sardar a board, is that many of us have always wished we could have watched Buffett, Watsa, Lampert, Steinberg & Cummings, etc when they were in the early stages of development of their holding company vehicles. This is one of the few examples in the last few years, where boardmembers from the MSN BRK Board and the Corner of Berkshire & Fairfax Board, have witnessed each little step as they've progressed. We've actually been privy to a terrific case study in corporate activism, capital allocation, structuring of transactions, leadership, turnaround procedures, financing, franchising and expansion of operations. I believe a separate board will allow boardmembers to scrutinize and understand the successes and failures at Steak'n Shake as they begin their acquisitive expansion period. Sardar has always been very supportive of our message boards, from the very first interview he did years ago, to the kindness he shows to boardmembers at various meetings. We are fortunate to be in a position to watch and learn from his progress. Cheers!

Hi Folks, After Zorro mentioned doing so in a previous post, I gave the idea of a separate board for Steak'n Shake some thought. While it is a bit premature relative to the track records at Berkshire and Fairfax, with the amount of boardmembers now participating through Biglari vehicles...The Lion Fund, Western Sizzlin and Steak'n Shake...I felt that it may be appropriate to have a separate board. The other reason why I think it is appropriate to give Sardar a board, is that many of us have always wished we could have watched Buffett, Watsa, Lampert, Steinberg & Cummings, etc when they were in the early stages of development of their holding company vehicles. This is one of the few examples in the last few years, where boardmembers from the MSN BRK Board and the Corner of Berkshire & Fairfax Board, have witnessed each little step as they've progressed. We've actually been privy to a terrific case study in corporate activism, capital allocation, structuring of transactions, leadership, turnaround procedures, financing, franchising and expansion of operations. I believe a separate board will allow boardmembers to scrutinize and understand the successes and failures at Steak'n Shake as they begin their acquisitive expansion period. Sardar has always been very supportive of our message boards, from the very first interview he did years ago, to the kindness he shows to boardmembers at various meetings. We are fortunate to be in a position to watch and learn from his progress. Cheers!

Very nice notes from NFI. Cheers!

The next shoe to drop in 2010, along with Alt-A and Opt-A refinancings. Surprisingly, Blodget keeps it simple and straight forward. Thanks for the article Alan. Cheers! http://www.businessinsider.com/henry-blodget-commercial-real-estate-loans-going-bad-at-frightening-rate-2009-8

Berkshire released their quarterly holdings today: http://www.sec.gov/Archives/edgar/data/1067983/000095012309035453/v53429ae13fvhr.txt Article on some of the changes: http://finance.yahoo.com/news/Berkshire-reports-Becton-rb-2560083979.html?x=0&.v=2 Cheers!

Thanks David! Looking forward to your notes. You probably met Zach Kiefer, one of the very young fellows there. Zach and his entire family are partners in our fund. Great family! He also has some notes which he'll share with us. I believe Ragnar has some notes that he will put up on his board and link onto here as well. So I think everyone will almost feel like we were there...except for all the fun you guys had for the photographs and the closing! Cheers!

Francis' 13-F for the 2nd Q is out. Cheers! http://www.sec.gov/Archives/edgar/data/1389403/000095012309035094/d68838e13fvhr.txt

Mohnish's 13-F for the 2nd Q is out. Cheers! http://www.sec.gov/Archives/edgar/data/1173334/000095012309035327/c53107e13fvhr.txt

There is a WEST filing with a very brief slide show regarding the merger. I'm sure Sardar discussed each slide in a little more detail. One of the slides near the end shows WEST's structure, which is probably somewhat like what we will see at SNS. Cheers! http://www.sec.gov/Archives/edgar/data/930686/000092189509002268/defa14a207689_08132009.htm

The one thing I was always amazed by when Peter Cundill managed money was that he had only one down year in over twenty years. Cheers!

I've always admired Li Ka-shing. Very astute and bright businessman. I don't like the fact that he gave too much power of his company to his two boys Victor and Richard, but otherwise he's well worth listening to. Cheers! http://www.bloomberg.com/apps/news?pid=20601039&sid=aHS2XesH_lJw

It's restaurant style, so you tip the server at the end. I think Steak'n Shake is somewhere in the middle between sit down and self-serve. Cheers!

No don't worry, I had a big waffle breakfast with a nice cup of joe this morning! I'm kind of full right now. ;D Cheers!

I've been to Red Robin's alot. Their burgers are one of the best for the price. I also love their fries, which are more like English or New Zealand chips! They are a well run company, but they are suffering a bit in the last year as they are in a slightly higher tier than a Steak'n Shake or other sit-down burger joints, but much cheaper than most mid-priced restaurant chains...pretty much in the Applebee's category in pricing. Sardar wants Steak'n Shake to use a model somewhere between Red Robin's and Chik-Fil-A. Cheers!

Ragnar, was that you in the grey suit on the left hand side of the Nasdaq video? Cheers!

Here's the NYSE Opening. Not nearly as much fun as their Nasdaq closing! Cheers! http://www.nyse.com/events/1250071647354.html

Actually, I think I said in an earlier post that Robyn Mabe was on his left-hand side. I believe that is actually Sardar's wife. Only a husband and wife would match their tie and jacket! ;D Robyn is on the left-hand side closer to the end of the photograph. Cheers!

Very nice video and speech. Looks like everyone had fun during the photoshoot. Cheers!

There is no one upset. This guy's firm specializes in starting class action lawsuits in "Securities Fraud" or "Takeover cases". Take a look at his "FAQ's on Takeover Cases". http://www.howardsmithlaw.com/Takeover.html His #3 point says that corporate directors own so much stock that they do a transaction that is self-serving and not beneficial to all shareholders. How is that possible in this case, if the WEST shareholders are receiving SNS shares, and Biglari and Cooley are shareholders in both WEST and SNS, as well as through their investments in TLF. It's a rubbish lawsuit! These guys try to bluff the corporation into making a larger offer while convincing other shareholders to join the lawsuit. In the end, it's often cheaper for the corporation to up the bid a bit and settle the suit, while the lawyer takes his cut from the shareholders. The guy's a leech! Cheers!

IOU's stop September 4th. Cheers! http://money.cnn.com/2009/08/13/news/economy/california_to_end_iou_september_4/index.htm?cnn=yes

I think the Chinese acquisition idea is probably gaining more traction. Prem said in the last conference call that they were hoping to close on a Chinese deal. Perhaps, the cash is being used for multiple transactions...debt, Chinese acquisition, Odyssey acquisition? We'll find out soon enough. Cheers!

Hi Ok22, I'm sure others can answer those questions, and they will. If I answer all of those, and the SNS questions in the previous post about cash flows, there would be no reason for anyone to invest with us. ;D I've been told by other managers that the reason we don't raise more capital is because in the past I've put everything on here. I'll let you do the digging with input from others. That's the best way for people to learn and become comfortable with their own assessments. Cheers!

Could be right Stubble. I'm sure we'll find out the answer during the next conference call...if not sooner. Cheers!