UncleLongHair

Steak n Shake: Watching and Waiting as Biglari Names Himself CEO

Biglari was not that far on margin with the FRN investment -- there was some margin for a short while, but cash from insurance proceeds were on the way so he effectively only borrowed against that.

I do however agree with most of the rest of User 71887's post. Aside from performance at the Lion Fund, Biglari's single most positive action was the investment in FRN, and it isn't clear what portion of that was luck vs. skill. Aside from that, all he has provided is coining a lot of phrases from Buffett and talking about a strategic plan. Now he's got two large resturant companies without operational management, and probably has his hands full.

Buying 'Em Back at Western Sizzlin'

What is WEST's intrinsic value, and why do you believe it is trading at a discount? The current share price is $12.85. Over the past two years, Biglari sold shares of WEST in rights offerings at split-adjusted prices of $14 and $17. Meanwhile, WEST's largest investment, SNS, which accounts for about 60% of WEST's book value, has declined by 50%. I think it's hard to make the case that WEST's intrinsic value has increased since the rights offering, in fact it has probably declined. Why would Biglari buy back shares that is issued only a year or two ago?