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Just because Sardar Biglari is issuing shares of WEST to buy up another companies common stock, it in no way should suggest that he believes that WEST is trading at a premium to it's intrinsic value... what it would suggest is that he believes the difference between intrinsic value and price of ITEX, Steak n' Shake or what ever company that he is taking a position in, is greater than that of WEST.
Apr 03 19:16 pm
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All Comments by jayhead »Arbitrage Opportunity: Western Sizzlin/Steak 'n Shake Pair Trade [View article]
Capex was slashed on the restaurant portion of WEST because it didn't boost the companies ROE-in that sense, you would want to allocate funds elsewhere.
The situation at SNS is one of great interest, and with 2 seats on the board, they should be able to do a great deal of good, especially with the mandate that they got from shareholders when they were elected (something like 75% of the vote). I like you am long SNS, and think that it will fare quite well for Biglari, and in turn, WEST and all others that are involved in the matter.