From Biglari Holdings SEC filing – presented without comment.

H/T Brattle Street

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Biglari Holdings Inc. (“BH,” “Biglari Holdings,” or the “Company”) is a holding company owning wholly owned subsidiaries Steak n Shake Operations, Inc. (“Steak n Shake”), Western Sizzlin Corporation (“Western”), First Guard Insurance Company (“First Guard”), and Maxim Inc. (“Maxim”)

  • Our investments are managed by Biglari Capital Corp. (“Biglari Capital”), and we are a limited partner in The Lion Fund, L.P. and The Lion Fund II, L.P. (collectively, “The Lion Fund”)
  • Sardar Biglari has served as Chairman and CEO since late summer of 2008 after he successfully led a campaign to reconstitute the Board of Directors (the “Board”) of Steak n Shake, which would eventually become the base company of Biglari Holdings
  • Sardar Biglari delivered on the promises he made during the proxy campaign and led the remarkable turnaround of Steak n Shake from a money-losing restaurant company on the brink of insolvency to one of the most successful restaurant brands in the U.S. – sustaining 23 consecutive quarters of same-store sales growth and consistently generating strong cash flows
  • The Company today is in the business of allocating capital among a collection of disparate businesses with the longterm objective of maximizing per-share intrinsic value(1)
  • OUR COMPANY IS, VERY SIMPLY, A VEHICLE FOR SHAREHOLDERS TO INVEST IN SARDAR BIGLARI – A PROVEN ENTREPRENEUR, OPERATOR, AND INVESTOR
  • In 2014 we added to our family of businesses with the acquisitions of First Guard and Maxim
  • We currently employ a total of 23,851 people

Biglari Holdings: A Track Record Of Creating Shareholder Value

Biglari Holdings

  • Biglari Holdings is a dynamic enterprise with an entrepreneur at the helm whose objective is to build long-term shareholder value
  • SINCE 2008, SARDAR HAS BEEN EXTREMELY TRANSPARENT ABOUT THE COMPANY’S LONG-TERM OBJECTIVES AND HAS CAUTIONED THAT ONLY LONG-TERM SHAREHOLDERS SHOULD OWN OUR STOCK

“We are seeking long-term shareowners, for we plan to manage the company on the same time frame.” Letter from the Chairman, October 21, 2008 (emphasis added)

“And there is no better barometer of value creation over the very long haul than stock price. You should measure our results over the long term to ascertain the validity of our approach. Rest assured, we will fire ourselves if we fail to create value over time.” Letter from the Chairman, December 8, 2009 (emphasis added)

“We seek to strengthen our competitive position and seize engaging opportunities that lead us knowingly to trade nearterm profits for higher long-term value.” Letter from the Chairman, December 9, 2010 (emphasis added)

“Our communications consistently underwrite our desire to attract only long-term shareholders whom we label as true blue-chip investors. Possessing a long-term orientation is a competitive advantage. For us to invest for the long haul, we know it is imperative that our shareholders invest in BH for the long haul. We will continue to strive to avidly excite the attention of blue-chip shareholders who are unfazed by near-term fluctuations in our stock or by the vagaries of the stock market. Rather, such investors are placing their confidence in us and, like us, judge performance on the basis of long-term value creation.” Letter from the Chairman, December 9, 2010 (emphasis added)

“Consequently, our near-term profits have continued to be penalized, for we are developing and growing our franchise business, which we believe over the long haul will foster significant value.” Letter from the Chairman, December 10, 2011 (emphasis added)

“Shareholders who invest in BH should do so as they would have in a partnership with a ten-year lock-up. But if your time horizon is not expressed in a decade or more, then do not own BH stock.” Letter from the Chairman, December 10, 2011 (emphasis added)

“We are honored to be stewards of your capital, we value your long-term allegiance, and we anticipate a continuing, prosperous partnership.” Letter from the Chairman, December 7, 2012 (emphasis added)

Biglari Holdings

See full PDF below.