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Notes from Steak 'n Shake's Investor Day

I still think that there are just too many question marks.

Yes the real estate may be there but the point is that proceeds from its sale make this at most - at most- a wash.

As for the operating business:

There is another company with a great brand, you could say a long and storied history, selling at a market cap to sales of 1:3, in the casual restaurant industry: it's called Krispy Kreme donuts. I'm sure that after about 15 seconds another 5-10 names would pop up that fit this description.

I just don't think that is an automatic homerun, not even close. If additional facts come to light perhaps, but my final word is that this could very well be a dead company by now. Even if it survives, etc., it will not necessarily be great for investors. Restaurants in general usually just don't have great economics for shareholders.

As for Biglari's capital allocation abilities, there's really not much he can do with a bad business, if this is a bad business. What's he going to do, buy more restaurants?

If you strip away the PR I think that there's much less here than a lot of people think.