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

By | December 12, 2012
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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
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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
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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
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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 »

Title Insurer Fidelity National Financial Agrees To Purchase… Another Restaurant Chain?

By | August 1, 2012
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If you own a house, it’s very likely you’ve purchased title insurance from Fidelity National Financial(FNF). After all, the company writes more policies than any other.  Increasingly though, it’s likely that you’ve eaten at one of the company’s restaurants.  Yes, you read that correctly. The company has been steadily acquiring restaurant assets, and will generate  over $1.25 billion… Read More »

Marissa Mayer Gets It – New Yahoo CEO Wants More Engineers

By | July 20, 2012
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As a Yahoo(YHOO) shareholder, I was thrilled with the news that Marissa Mayer would become CEO. I share her engineering background, but found it difficult to explain to outsiders exactly how this changed the game for Yahoo, particularly in terms of the company’s ability to attract top engineering talent.  I’ve always had a hard time convincing non-engineering management… Read More »

Trust, But Verify. Big Fees Don’t Guarantee Advice That Should Be Followed. Goldman Sachs ‘Deal’ Destroys Couple’s Life’s Work

By | July 15, 2012
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The New York Times has an incredible story today about the ongoing litigation between James and Janet Baker and Goldman Sachs. The Bakers hired Goldman Sachs to sell the company they had built, Dragon Systems.  Goldman did, and the sale, for $580 million in stock was closed with Lernaut & Hauspie. Just one month later, L&H was found… Read More »

Even The Widest Moat Won’t Stop A Helicopter

By | July 4, 2012
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There is no doubt that the wide moat stands as one of the most durable metaphors of investing. It’s important to remember, however, that a moat will only repel a ground assault. The invention of aircraft pretty much made moats and trenches worthless in warfare. Similarly, moats around businesses can give investors and management  a false sense of… Read More »

Biglari Adds Old Rival To Biglari Holdings Board

By | February 13, 2012
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Sardar Biglari has acquired a reputation as mercurial CEO, engaging in multiple proxy fights and hostile bids for companies he’d like to acquire.  In a particularly prolonged battle, Biglari spent well over a year attempting to acquire Fremont Michigan Insuracorp through his Biglari Holdings(BH) vehicle.  Fremont went so far as to have a Michigan state law passed making… Read More »