http://www.biglariholdings.com/letters/2018/2018.pdf
[Dear Shareholders of Biglari Holdings Inc.:
Biglari Holdings is a collection of businesses. It resembles a museum —not of art but of businesses. Rather than collecting Monets, we collect money from productive assets.Cash is cash regardless of its source, whether it originates from a restaurant chain or from an insurance company.This cash-generating philosophy, measured on the basis of intrinsic value, renders all businesses as economic equivalents.1
As a modern corporation Biglari Holdings is unorthodox, for it is both highly unified and highly decentralized. Its group of operationally independent companies—Steak n Shake,Western Sizzlin, First Guard, and Maxim —is held together by Biglari Holdings’ ownership. The management of business units is decentralized, with financial authority fully concentrated under my control. As the sole capital allocator, I employ neither analysts nor advisors. Because of our corporate architecture, we are able to administer our enterprise of approximately 19,000 employees with a staff of 5 at corporate headquarters.]
Sounds like a real nut. Western Sizzlin’ is another struggling chain that won’t be with us much longer.
Sounds like he could have probably used a few analysts and advisors.