Notes from Biglari Holdings’ Annual Meeting ($BH, $CBRL)

The Brooklyn Investor published his notes from the Biglari Holdings (NYSE: BH) annual meeting. I am consistently impressed with Sardar Biglari’s letters which I consider a must read. In these notes, Biglari covers the value of activist investing, Steak n’ Shake performance and his recent fight with Cracker Barrel (discussed here).

Value of ActivismOne chart Biglari showed at the beginning of the annual meeting was what happens to an investment if bought for 50 cents on . . .

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Sardar Biglari: An Aggressive Buffett

Sardar Biglari of Biglari Holdings, Inc (NYSE: BH), the value-fund parent company of Steak-n-Shake and Western Sizzlin’, was profiled in yesterday’s New York Times. I am a huge fan of Biglari’s and highly recommend reading his investor letters, found here.

An upstart investor who has become known for knock-down, drag-out proxy fights, Mr. Biglari, 34, lost an election to the board of Cracker Barrel, the restaurant chain based in Tennessee. The ordeal involved searing letters, a contentious board election . . .

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