Circle of Competence has been writing some great posts on Western Sizzlin’ Corporation, a holding company and restaurant franchiser. Western Sizzlin’ has nearly half of its market cap in 3 investments: Steak ‘n Shake common stock, ITEX Corp common stock, and a real estate venture. The chairman of Western, Sardar Biglari, is of particular interest to me as his letters to shareholders are written in the same style as the letters from Warren Buffet of Berkshire and Ian Cummings of Leucadia.
What this means is that Biglari is up-front with his desire to create value for his shareholders and explains in plain language his methods. Biglari is also up-front with the mistakes he has made and what he will do to correct them. Just from reading his first three letters as chairman, there’s little doubt in my mind that he is a serious value investor and his interests are aligned with those of his shareholders.
I recommend reading these posts written by Circle of Competence about Biglari and Western Sizzlin’:
- dissecting western sizzlin’ corporation
- “looking through” western sizzlin’
- Sardar Biglari Named Steak N Shake Chairman: Shareholders Rejoice
You can find Biglari’s letters at the bottom of Western’s investor relations page.
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