Kuhndan

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If the one fellow wasn’t related to Buffett, would we be talking about this company?

No, only the assets of Steak n Shake. Biglari talked about not fearing failure at the annual meeting. I think that’s what he was talking about. Take off the assets and liabilities of SNS leaves debt free company with meaning cash and securities and the remaining operating businesses.

Great stuff, thanks for posting!

Good point. Buffett himself says that if you include the equities in your intrinsic value calculation, you do not include any value for the insurance companies.

Must have talked to Sandra Biglari rather than his grandfather about that bonus plan

I took a stab at valuing Berkshire in a recent Seeking Alpha article based upon Buffett’s comments in his 2018 annual letter. I continue to think it is a great value. https://seekingalpha.com/article/4296869-berkshire-hathaway-forest-selling-discount

Haven’t had any personal debt since 1996. You can’t go broke if you don’t owe anyone.

I haven’t received this year’s annual report. Curious if other shareholders on the board have received theirs and if so when?

My guess is they will save $400,000-$500,000 by going dark.

The final straw for me was when they changed the administrative fees for The Lion Fund. Basically mimics a 2 and 20 payment plan. He has really only purchased two stocks, Cracker Barrel and BH, which does’t seem to warrant $6 - $7 million a year. Throw in all of the conflict issues, royalty agreement, incentive comp agreement at BH, the CCA deal, the rights offering at a much lower price to buy back stock at a much higher to gain control and I lost faith.

Check out this link. https://www.sec.gov/Archives/edgar/data/721447/000120919116128259/xslF345X03/doc4.xml Sardar really doesn’t care, he already made his money on CCA back in 2016. The Lion Fund transferred the shares to Biglari Holdings at $5.75 (see bullet point number 3). Is this a conflict? At the time, CCA was selling for significantly less. The move enabled him to book a gain at the Lion Fund, meanwhile Biglari Holdings shareholders have been waiting to be paid. My guess is Funston doesn’t have the money and he isn’t getting any bites on selling the company any where close to $6.00 a share. Only thing they can do is wait. Not a good look.

I love Barron’s. Dropped Business Week. Good information and love it comes out on Saturday so you have some investing news to read over the weekend.

#22 Holmes is notoriously secretive, and while she's been criticized by industry peers as such, insists she must protect her technology from the prying eyes of competitors. I guess there was a reason she was so secretive.

Columbus is flying under the radar. Amazon already employees 6000 in Central Ohio