Category Archives: Uncategorized

“[Biglari] wants the old Maxim back so he can meet the girls in the edit”

By | October 25, 2015

Turnaround magician and Oracle of HisOwnMind, Biglari Holdings(BH) Chairman and CEO Sardar Biglari continues to struggle with Maxim magazine. The NY Post reports that editor Kate Lanphear is gone, just six months into her attempt to reposition the laddie mag as a luxury magazine.  Her tenure has included the previously unthinkable- featuring a man on the cover of the August… Read More »

Book Review: The Education Of A Value Investor

By | January 25, 2015

There are many books which describe the mechanics of value investing, beginning, of course, with The Intelligent Investor: The Definitive Book on Value Investing. A Book of Practical Counsel (Revised Edition) (Collins Business Essentials) by Benjamin Graham.  One might wonder what Guy Spier’s new book, The Education of a Value Investor: My Transformative Quest for Wealth, Wisdom, and Enlightenment might… Read More »

In Nano Cap Stocks, Sometimes, Management Can Change The Game

By | May 30, 2014

Great piece by Nate over at Oddball Stocks detailing the recent events at First Aviation(FAVS).  Basically, management is forcing outside shareholders to sell out at an arbitrary price below intrinsic value, without a shareholder vote.  As a holder, I am disappointed, but like Nate, my basis is not too far above the buyout price. It’s a relatively cheap… Read More »

Buffett Is Not Buying Heinz- He’s 3G’s Banker

By | February 14, 2013

From the moment the first headlines crossed the wire this morning, the story has been “Berkshire Hathaway(BRKB) Buying Heinz(HNZ)” or “Buffett Buying Heinz”.  That is not at all the case however. 3G Capital, a Brazilian firm known for its investments in Burger King and InBev, is buying Heinz. It will own half the equity and operate the company.… Read More »

Bankrupt Eastman Kodak Sells “Billions Of Dollars” Worth Of Patents For $525 Million After 18 Months Of Trying

By | December 19, 2012

A year ago, we questioned Eastman Kodak’s solvency, and discovered a strange world of what Donald Rumsfeld might have called “dead-enders” who believed in a pot of gold at the end of the Kodachrome rainbow despite all evidence to the contrary.  One rallying cry amongst these folks was huge, multi-billion dollar patent sale that was imminent.  Well, apparently,… Read More »

‘Jockey’ Biglari And His Recalcitrant Horse A Late Scratch-Special Meeting Postponed Again At Last Minute

By | December 14, 2012

Bilgari Holdings(BH) Chairman and CEO Sardar Biglari has, on multiple occasions, let us all know that Biglari Holdings is a ‘jockey stock’ and that he is the ‘jockey’.  It seems though, that the horse’s owners continue to resist his orders.  Biglari first tried to classify the stock in February 2011, but was unsuccessful in that attempt.  More recently,… Read More »

Who Did Buffett’s Berkshire Hathaway Buy Back $1.2 Billion In Shares From? Not Gottesman. Our Guess: Albert Ueltshci

By | December 12, 2012

There is rampant speculation this morning after Berkshire Hathaway(BRKA) announced it had repurchased 9200 class A shares from “the estate of a long-time shareholder”.  Many are reporting, irresponsibly, in our opinion, that the stake comes from David Gottesman. This makes no sense to us for two reasons. First, Mr. Gottesman, being very much alive, has no estate. Secondly,… Read More »

Sardar Biglari’s First Rule Of Corporate Governance: Do As I Say, Not As I Do

By | August 17, 2012

As an activist, Sardar Biglari has taken stakes in various companies, and, when he hasn’t gotten his way, pushed his agenda in the name of good governance.  See, for example, the recent amendment by the Chairman and CEO of Biglari Holdings(BH), of his 13D on Cracker Barrel(CBRL). Emphasis is added: On August 16, 2012, BH delivered a letter… Read More »

Sardar Biglari Adds Another Puppet To Biglari Holdings Board, Fails To Disclose Ties

By | August 15, 2012

Sardar Biglari has found a fifth person to rubber stamp his decisions.  Biglari Holdings(BH) filed an 8-K yesterday noting it had added James Mastrian to its Board, increasing its size to six members. From the filing: On August 14, 2012, the Board of Directors (the “Board”) of Biglari Holdings Inc. (the “Company”) increased the size of the Board… Read More »

Cracker Barrel Adds Another New Board Member; Name Is Still Not Sardar Biglari

By | August 13, 2012

Cracker Barrel Old Country Store(CBRL) announced today that it had added Norman Johnson to its Board of Directors. The company proudly points out that he is the 7th new Board member added in the past 18 months.  Consistent with the company’s position in response to Sardar Biglari’s campaign for a Board seat, Mr. Johnson’s business experience was, most… Read More »