Parsad

Are you a BH shareholder? I'm not sure his actions suggest anything of the sort. He specifically chose to not challenge any of the incentive payments, the Rights Offerings, or anything else. His actions are acquiring 10% of the company over the last few years - not diminishing his stake in any significant way (in fact growing it slightly over the last year) - and then only challenging one aspect of Biglari - the mirror voting/abstention issue. If Gabelli had any of the problems you suggest, it seems unlikely to me he would build a 10% stake and then write a letter such as this one without even so much as mentioning compensation or incentive payments. Gabelli can't comment on Biglari's compensation, because Gabelli's own compensation is even more egregious! At 10% of pre-tax profits with no hurdle or high watermark, Gabelli makes Sardar's compensation look like peanuts. GAMCO also has the very same dual-class structure Sardar wanted, so Gabelli is only able to make this one corporate governance point...the pot would be calling the kettle black on any other objection. Cheers!

+1! But then why would Gabelli doubt the intentions of such a wonderful, ethical and determined CEO? This is Gabelli we are talking about...he's pulled some stuff in his own time in terms of compensation. Cheers!

I started the predecessor board to this site on February 20, 2002. Me and a few friends from Omaha...that was it! Thanks for all of your support and your friendship! All the best, Sanjeev Parsad Manager

Hi Folks, Tickets are completely sold out...all 140 tickets gone!! Please email me at cornerofberkshireandfairfax@gmail.com to be put on a waiting list for cancelled tickets. First come, first serve on the list. Last year, we had about 8 cancellations and those tickets went to the waiting list. If anyone is interested in corporate sponsorship of prizes, or any donors for prizes, please contact me at cornerofberkshireandfairfax@gmail.com. Cheers!

Hi Folks, Tickets are completely sold out...all 140 tickets gone!! Please email me at cornerofberkshireandfairfax@gmail.com to be put on a waiting list for cancelled tickets. First come, first serve on the list. Last year, we had about 8 cancellations and those tickets went to the waiting list. If anyone is interested in corporate sponsorship of prizes, or any donors for prizes, please contact me at cornerofberkshireandfairfax@gmail.com.

Factually inaccurate, clueless about why operational results seem as if they are deteriorating, deliberately misleading when making comparisons with predecessor management by ignoring a significant part of the value creation since Sardar took the helm. To top it all off, the obligatory potshot at the company's use of private jets. They've been reading too much of this board, or are being assisted by folks who do. Best, Ragu What the hell does that mean? Have I ever modified or deleted anything you and Gio wrote on here? Would they not read what you wrote as well and formulate an independent opinion? Or are you saying that people disregard the completely rational arguments you make, and back this nonsensical and irrational stance that has totally misunderstood Biglari Holdings, its CEO, and their board of directors. That a rational person would never be able to make that argument? Frankly, I don't think Groveland has a good shot at this. Too small a stake, done a bit hastily, against someone who would go through a hell of a lot before he gives up control...for better or worse! But they may get a seat on this captive board...heck, they may luck out and get two! And if they do...good for them and Biglari Holdings' shareholders! Cheers!

Ha, ha! We probably should have included that we chose to change auditors, but we didn't even think of it. We just needed a mid-size firm to help us with everything that is going on and about to happen in the next few months. Anthony was pretty good, but a very small shop. If you did not see it already, on January 30th, we filed on SEDAR regarding our AGM date. That is a combined SGM AGM, but I can't discuss what will be happening in the SGM. The circular will be coming out towards the end of the month discussing the meeting. Cheers!

It's a disclosure that Canadian public companies put in, because generally if you want the information to be disclosed in the U.S., the security has to be registered under the Securities Act of 1933...which gets far more expensive! So, they put that disclaimer in and circulate to Canadian newswires, but a lot of Canadian releases get picked up by Yahoo, Google, etc. Cheers!

4th London Value Investor Conference on 20th May 2015 - Until 31st January there is an earlybird discount available using the code "LVIC-JAN". This rate will save you £180. - Special Q&A session with Neil Woodford, which will provide an opportunity for delegates to ask Neil a question. - Terrific line up of speakers including Charles Brandes, Jonathan Ruffer, Dato' CHEAH Cheng Hye and Hassan Elmasry. - The organisers will give you a full refund until 1st April 2015 if your plans change. To take advantage of this offer, please visit www.londonvalueinvestor.com and use the discount code. Cheers!

Please read the MD&A as well. It will give a clearer picture of what is happening...in particular the included pro-forma statement. The year-end was about a month after I was appointed CEO...you'll see a lot more changes in the financials quarter by quarter in 2015. Cheers and thanks to our shareholders and supporters!

70% sold now folks! I will not be able to help you when it is sold out...we will only have a waiting list for cancellations. Also, due to the fact we will probably be combining Norm's pre-dinner with the Upper Canada room opening earlier at 4:30pm, we may have to reduce the seat count by about 15-20, to create enough room for people to mingle...so we are closer to 80% sold out if that happens! Just not enough space for the pre-dinner anymore at the Railroad Car bar, unless we rent another small room/ballroom. Also, many people like to stay at the Ben Graham Value Investing Conference right until 4pm or so. Cheers!

A couple of events in Omaha for those interested during Berkshire weekend. The Charlie Munger Summit http://www.valueinvestorconference.com/#summit Omaha Value Dinner w/Tom Russo http://www.valueinvestorconference.com/#dinner Cheers!

A couple of events in Omaha for those interested during Berkshire weekend. The Charlie Munger Summit http://www.valueinvestorconference.com/#summit Omaha Value Dinner w/Tom Russo http://www.valueinvestorconference.com/#dinner Cheers!

Tie Southern California Event: http://socal.tie.org/fireside-chat-investment-gurus/ Mohnish is one of the speakers. He said he also rode 26 miles today! Sheesh. Cheers!

Where does this guy find the time for all of these interviews and lectures? Then, he reads all of those books on his bookshelves, somehow squeezes himself into spandex to ride his bike, and still runs Pabrai Funds, Dakshana and Dhandho...not to mention write a few books! :) Cheers! http://www.btvin.com/videos/watch/10563/demystifying-stock-market-investing http://www.btvin.com/videos/watch/10562/%e2%80%9cdemographics-of-india-promising-for-the-future%e2%80%9d

My apologies! Once the auditor and audit committee start updating tax notes, etc, it drags out. Everything is done, but they also want to provide pro-forma numbers in the MD&A, amongst other additional disclosures...so that's what is taking so long now. Don't expect too much in the annual report. I took over as CEO a month before the year-end. The pro-forma will give you some idea, but the comparative between the annual report and 1st Q 2015, 2nd Q 2015, etc will be much more significant. I'll also be putting out an annual letter in the next 60 days, so hopefully that will add a fair amount of color depending on what I can/cannot say at that time. Originally, I wanted to write it now, but I'm restricted on the color I can give you guys until certain things are executed and disclosed. I expect those things to be underway within the next 60 days, so I should be able to talk about it in the letter. Thanks for your patience! Cheers!

Here is the second half of the interview. Cheers! http://fivegoodquestions.co/season-1/s1e9

Wow! $15K for property taxes in Arlington...crazy. You guys better have the best sewer system, roads, transit and city services than anyone else I know. Cheers!

Details for George's annual conference. Cheers! April 15, 2015 Ben Graham Centre’s 2015 Value Investing Conference The Ben Graham Centre for Value Investing will hold its 2015 Value Investing Conference at The Fairmont Royal York in downtown Toronto. For more details and to register: http://www.bengrahaminvesting.ca/Outreach/2015_Conference.htm

Details for George's annual conference. Cheers! April 15, 2015 Ben Graham Centre’s 2015 Value Investing Conference The Ben Graham Centre for Value Investing will hold its 2015 Value Investing Conference at The Fairmont Royal York in downtown Toronto. For more details and to register: http://www.bengrahaminvesting.ca/Outreach/2015_Conference.htm

Any idiot could tell you that opening these stores in non-core markets would have some problems. And then you open stores in Cannes and Ibiza! It would be like opening up a See's Candies in Monaco, when you haven't even tackled the mid-west which is probably aching for some See's, not to mention more Steak'n Shakes. I was certain that the "by Biglari" signage on the new Steak'n Shakes would have guaranteed success and increased same store sales. Cheers!

Get y'er tickets! 40% sold...don't call me on April 10th to see if I have any tickets left. Cheers!

Hi Folks, Just a reminder to get your tickets ahead of time. I don't want to be taking a ton of calls last minute and telling people that we are out of tickets already like last year! 40% sold already! Cheers!

Seminar on Value Investing and the Search for Value July 20-24, 2015 Toronto, ON This seminar, taught by Dr. George Athanassakos (Professor of Finance and the Ben Graham Chair in Value Investing at the Ivey Business School, Western University), is geared towards financial professionals and individual investors seeking to enhance their knowledge of value creation, valuation and value investing theory and practice. Mr. Andrew Brenton, CEO and co-founder, Turtle Creek Asset Management, will be a guest speaker on July 24. For more information see, http://valueinvestingeducation.com/seminars.htm

No, it's actually January 28th...120 days from the year end...on the CSE and TSXV. I was originally mistaken thinking it was 90 days...TSX big board. But we will be filling in early January since we are pretty much done. We had almost everything wrapped up before Christmas, but a couple of audit items were delayed. We felt that we wanted to give the audit committee adequate time to review everything, so we put it off till after the holidays, otherwise they would have only had 2-3 days to review, rather than the full week we had originally planned. Cheers!