OracleofCarolina

There are some notes in this thread

Wonder when shareholders will get an update on the direction of the company? Is Zed Therapeutics still going public?? Goevisit or Purposely gaining any traction/revenue?

I think gurufocus ran an article

slides are up for the 2021 annual meeting https://s1.q4cdn.com/579586326/files/doc_presentations/2021/Fairfax_Financial_AGM_April_2021.pdf

Any one have the slides from the AGM?

https://backend.otcmarkets.com/otcapi/company/financial-report/276907/content great 2020 for PGNT, COVID seemed to help their businesses, stock went up significantly on Thursday after the release of letter

and Zed Therapeutics

https://www.amazon.com/Speculators-Mosaic-Robert-Leppo/dp/1080007431/ref=sr_1_1?crid=V5KN9JY0IXZ7&dchild=1&keywords=speculators+mosaic&qid=1615654158&sprefix=speculator%2Caps%2C268&sr=8-1 brief easy read, I hadnt heard of Robert Leppo before reading the book. He has some fun tales of trading stocks, commodities, and venture capital and even playing poker over the past 50 years.

The company paid Biglari Enterprises $8.4 million in service fees during 2020, the same as in 2019... And of course you NEED an organic farm in the Cote d'Azur to maintain the SnS brand. Tomatoes and Strawberries man! He also received almost $1 million in incentive fees from the Lion Fund in 2020, plus his normal salary so cleared $10 million If the BH stock really pops in 2021, he is going to get a massive incentive fee from the Lion Fund

Agree with most of your thoughts - except you are using the market cap that includes all of the shares that Biglari Holdings owns in itself in the Lion Funds yet you are excluding the value of those share when you say "The Lion Fund minus the BH shares." There are two approaches to this, in my view, either one makes sense. One is to exclude the "self-owned BH shares" from the market cap and exclude their value from the value of BH/Lion Fund's investments. Or, to include all of those self-owned shares in the market cap and then also include them in the value of BH's investments. The post above includes those shares in the market cap but excludes their value in the investments. I do not think that is consistent or an accurate view of this. The market cap, if you exclude those BH self-owned shares, is about half of the figure in your post. ah yes, thanks for this, you are right , so this thing is even more discounted than I thought.

http://www.biglariholdings.com/financials/2020/Reports/Biglari%20Holdings%20Annual%20Report%202020.pdf Friday's close was $585.54 for the A shares and $125.54 for the B shares, I get a market cap around $381 million What do you get for $381 million? Steak N Shake with no debt(worth 90 million lets say), Western Sizzlin, 1st Guard, Southern Pioneer, Southern Oil, Maxim, you would think all of those would be worth at least $275 million and then the Lion Fund minus the BH shares is about $419 million minus the taxes if he sold all of Cracker Barrel is about $375 million(this is 12/31 so worth even more now) I am guessing he used the cash and securities at the corporate level to come up with the 102 million to pay off the debt So 375 million + 275 million = 650 million, so about a 40% discount for corporate governance ,right??

it will be interesting to see how Sardar gathered up the $102 million to pay off the debt. Seems like we would have seen a filing if he sold some Cracker Barrel, maybe he did another pre-paid forward variable contract on the stock...maybe he found a financing partner??

Steak ’n Shake Inc. purchased and retired the remaining balance of its $220 million loan due next month, according to people with knowledge of the payment, averting a potential bankruptcy filing. The company completed its repurchase from lenders on Feb. 19, said the people, who asked not to be named discussing private transactions. Steak ’n Shake and advisers including FTI Consulting Inc. and the law firm Latham & Watkins were preparing for a potential Chapter 11 filing earlier this month while the company negotiated with holders of the debt, Bloomberg previously reported. Those investors included Fortress Investment Group. Steak ’n Shake and its advisers declined to comment.

http://ballantynestrong.com/wp-content/uploads/2021/02/BTN-INVESTOR-PRESENTATION-v.7b.pdf Hey, Took a look at Ballantyne Strong and there is a Fairfax connection. BTN owns 30% of a company called GreenFirst Forest Products, https://gffp.ca/wp-content/uploads/2020/11/Itasca-GreenFirst_11_9_2020.pdf Paul Rivett, former president of Fairfax, is on the board there along with Rick Doman. Canadian lumber mill bought out of bankruptcy, could be interesting.

Cheers to Mohnish Pabrai!!!....not only an amazing businessman but amazing philanthropist! What he is doing with Dakshana is inspiring. https://dakshana.org/wp-content/uploads/2020/12/AR-19.pdf Yes, his returns haven't kept pace with the S&P index this decade...he can have a couple of good years and change the numbers drastically