accutronman Posted January 1, 2016 Author Share Posted January 1, 2016 Analysis of BH: http://seekingalpha.com/article/3721336-biglari-holdings-some-things-do-change Link to comment Share on other sites More sharing options...
TheValueDude Posted January 8, 2016 Share Posted January 8, 2016 http://www.capitalnewyork.com/article/media/2016/01/8586909/maxim-name-owner-sardar-biglari-editor-chief this is disappointing news Link to comment Share on other sites More sharing options...
innerscorecard Posted January 8, 2016 Share Posted January 8, 2016 "his personal holding company, Biglari Holdings" Link to comment Share on other sites More sharing options...
Jurgis Posted January 8, 2016 Share Posted January 8, 2016 It's good to be the King! Link to comment Share on other sites More sharing options...
Partner24 Posted January 8, 2016 Share Posted January 8, 2016 It's good to be the King! lol Link to comment Share on other sites More sharing options...
Guest Grey512 Posted January 8, 2016 Share Posted January 8, 2016 If you live long enough, you see a bit of everything. Link to comment Share on other sites More sharing options...
thepupil Posted January 8, 2016 Share Posted January 8, 2016 I closed out my BH against CBRL trade in December at about a 0% return...this doesn't make me eager to put it back on... Link to comment Share on other sites More sharing options...
TwoCitiesCapital Posted January 8, 2016 Share Posted January 8, 2016 You know...everytime this gets cheap enough to make me reconsider my issues with S.B. and consider taking a small stake, he does something to remind me why I'm glad that I've never been a shareholder in the company. Link to comment Share on other sites More sharing options...
intothebreach Posted January 8, 2016 Share Posted January 8, 2016 You know...everytime this gets cheap enough to make me reconsider my issues with S.B. and consider taking a small stake, he does something to remind me why I'm glad that I've never been a shareholder in the company. My thoughts exactly. At this point he might as well rename the magazine Sardar : ) Anybody still invested in BH and believing in a Maxim turnaround could benefit from reading Greenwald's The Curse of the Mogul which offers an interesting framework to analyze media companies. Tough road ahead to put it mildly... Link to comment Share on other sites More sharing options...
RichardGibbons Posted January 9, 2016 Share Posted January 9, 2016 At this point, I feel embarrassed for Biglari. Like the way I felt when I saw the pie scene in American Pie.... Link to comment Share on other sites More sharing options...
Parsad Posted January 9, 2016 Share Posted January 9, 2016 At this point, I feel embarrassed for Biglari. Like the way I felt when I saw the pie scene in American Pie.... I agree! This has been one of the most embarrassing collapses in judgement I have seen, from someone who had such potential as an investor and business person. When no one says "no" this is what happens. I remember when we first wrote the letter to the board of Steak'n Shake, pleading for them not to change the name of the company to Biglari Holdings, we were the only dissenting voice to have sent a letter or said anything in any concrete manner. The vote passed with well over a 90% vote in favour of the change. We sold half our shares at $380+ the next day. Once the compensation change press release came out, we sold the remaining half at $360+ the following week, after a 2-hour discussion with Phil and Sardar in Omaha on why it was a bad idea and they vehemently disagreed. That was the end of our ownership! Cheers! Link to comment Share on other sites More sharing options...
arcticfox Posted January 9, 2016 Share Posted January 9, 2016 Parsad, I appreciate your insight and experience with Sardar. I have two questions that I would be interested in your feedback. 1. Do you believe what he writes in the shareholder letters and lion fund letters? 2. What do you think his end game is? With his ego I would think he would want more recognition than what he has currently which is less than favorable. Link to comment Share on other sites More sharing options...
awindenberger Posted January 11, 2016 Share Posted January 11, 2016 Parsad, I appreciate your insight and experience with Sardar. I have two questions that I would be interested in your feedback. 1. Do you believe what he writes in the shareholder letters and lion fund letters? 2. What do you think his end game is? With his ego I would think he would want more recognition than what he has currently which is less than favorable. Parsad, I would also add the following question: 3. Do you think that Sardar may be purposefully taking actions that make him look bad in investors eyes in order to keep the stock undervalued, and thus make it easier for him to build up the stake he controls more quickly? Link to comment Share on other sites More sharing options...
Ballinvarosig Investors Posted January 11, 2016 Share Posted January 11, 2016 The disconnect between the intrinsic value of BH and the market price seems extreme, even when you factor in the Biglari poison pill. We know the corporate structure is rotten to the core and the market will never recognise full value of BH as a whole, but I'd expect a nice gain in the next year or two if you were to buy at today's price of $330 a share. Link to comment Share on other sites More sharing options...
EricSchleien Posted January 11, 2016 Share Posted January 11, 2016 You're probably right. I just am finding value in this market that are more no-brainers than this. Link to comment Share on other sites More sharing options...
NBL0303 Posted January 11, 2016 Share Posted January 11, 2016 You're probably right. I just am finding value in this market that are more no-brainers than this. Do you mind naming a few of those opportunities? Thanks. Link to comment Share on other sites More sharing options...
Parsad Posted January 11, 2016 Share Posted January 11, 2016 Parsad, 1. Do you believe what he writes in the shareholder letters and lion fund letters? 2. What do you think his end game is? Answers: No and he wants to control as much of the company as he can, with the end game being extremely rich and well-known...dissenters be damned. Cheers! Link to comment Share on other sites More sharing options...
nodnub Posted January 11, 2016 Share Posted January 11, 2016 Hef is offering the playboy mansion for sale-leaseback. Will Sardar make a bid to gain entrance to the parties? ;D http://www.cnbc.com/2016/01/11/playboy-mansion-on-sale-for-200-million--hef-included.html Link to comment Share on other sites More sharing options...
Jurgis Posted January 11, 2016 Share Posted January 11, 2016 Hef is offering the playboy mansion for sale-leaseback. Will Sardar make a bid to gain entrance to the parties? ;D http://www.cnbc.com/2016/01/11/playboy-mansion-on-sale-for-200-million--hef-included.html Come on, house comes with Hef included. Can you imagine the Clash of the Titans ? 8) Link to comment Share on other sites More sharing options...
jimjam Posted February 4, 2016 Share Posted February 4, 2016 Looks like Big bought back 23K shares for a total price of $8.1M over the past 30 days or so: http://www.dataroma.com/m/stock.php?sym=bh jimjam Link to comment Share on other sites More sharing options...
InelegantInvestor Posted February 5, 2016 Share Posted February 5, 2016 Biglari bought 5.3% of Abraxas(AXAS). First glance tells me that net debt is too high and that if oil prices don't move markedly up, this will have a hard time remaining solvent. That said, I only spent a few minutes on it. Anyone see any deeper value here or want to speculate as to why Biglari bought it? Link to comment Share on other sites More sharing options...
BrettNoc Posted February 5, 2016 Share Posted February 5, 2016 Its HQ'd in sAn antonio where bh is. Maybe he knows the mgmt? I took a quick look at their hedges and seems to me like they can make it through 2016 but its close - mgmt and bod all took pay cuts recently - and it dpends on this credit facility terms (only source of debt). Q315 was 6000 bbl/day with realized oil at like $50 and that gen ebitda of $9m against $3m interest exp. No other cash except for $45m apparently avail on the revolver. Hedges for 2016 are 2000 bbl/d at $50 to $84. So maybe they axe off production and live on $45m rev that year. 2017 is hedged for 600 bbl/d at $78 or $14m annual rev if running at lowest production level. I dont know the biz enough to know if those cuts are realistic, but i hear oil services are getting really cheap too. Mgmt is in for like 6% of the stock. So not too much. The other thing is the asset value for AXAS looks sort of appealing. Last Q had the PV10 reserve value at $480m, essentially discounted fcfe, against $120m in credit outstanding = 360 nav on a $100m mkt cap today. The pv10 is calculated on the current oil stripe i think and i suppose its down some from september. Link to comment Share on other sites More sharing options...
wescobrk Posted February 5, 2016 Share Posted February 5, 2016 He controls 50.6% of the stock now so I expect him to be quite active this year as he is free to do what he wants now (dual class structure I would bet is coming very soon). I know this board is quite bifurcated regarding him, but I am actually very excited to see what he does over the coming years. This year should be very interesting. Link to comment Share on other sites More sharing options...
awindenberger Posted February 5, 2016 Share Posted February 5, 2016 Biglari bought 5.3% of Abraxas(AXAS). First glance tells me that net debt is too high and that if oil prices don't move markedly up, this will have a hard time remaining solvent. That said, I only spent a few minutes on it. Anyone see any deeper value here or want to speculate as to why Biglari bought it? Nice catch. I was hoping that Biglari would start looking at the energy complex. Curious to look into this company to see why he picked it. Link to comment Share on other sites More sharing options...
Ballinvarosig Investors Posted February 17, 2016 Share Posted February 17, 2016 http://www.sec.gov/Archives/edgar/data/1334429/000092189516003415/xslForm13F_X01/infotable.xml Biglari opens a position in Valeant. Link to comment Share on other sites More sharing options...
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