The investing community is obsessed with trying to find the next great manager, whether it's in a mutual fund format, a hedge fund or a direct operating company. Unfortunately, in this mad scramble to get in early to the next great thing, often times investors don't take the time to read the small print and understand exactly what they are signing up for.
Seeking Alpha is littered with articles proclaiming that Biglari Holdings (NYSE:BH) is the next Berkshire, that Sardar Biglari is the next Warren Buffett. While I will not debate Sardar's success to date, I would like to point out a number of differences that make me fairly confident this will not be the next Berkshire Hathaway...
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