Appears Mr.Biglari has lost credibility . How much has he spent in the last two years tryng for a Board seat ? I think his days as a fearless activist are over. Cracker Barrell pulled out all the dirty laundry for all to see.
Mr. Big has a high IQ for sure. But he is no Buffett. Buffett pays himself only $100,000 a year , has few perks, and did not rename Berkshire Hathaway after himself . Mr. Big Ego renamed Steak N Shake after himself, a crass move, very dumb.
Good luck to all. Interesting to see Big's next move. He is stuck at Cracker Barrel.The days of CBRL moving significantly higher are over.He will never get a seat on the board.
In Buffetts early years he was running a private partnership with incentive compensation similar to a hedge fund. He didn't become the richest person in the world by making $100k a year. It was only after he earned a large sum of money, purchased a significant percentage of BRK, then did he freeze his salary.
SB never stated he was Warren. He adheres to a similar value style. He is disciplined and makes good investments. Okay, so he didn't make it on the board of Cracker. But he did buy the majority of his position much lower- a fantastic investment by any standard.
Buffett only bought Berkshire so he could get revenge on the CEO for cheating him on an eighth of a point. Buffett fired the guy but then didn't know how to run a textile mill. Look at cfi. It can be done. Most of you would go crazy if big did this. Ben Grahams hedge fund bought half of geico and that was the guy who finally settled Buffett down and put him in the right direction. When Buffett left Graham's classroom he was still a wild kid. Give Big some time. Sit on the sidelines for a bit if you need to. I just trade BH with good results but I keep following because in the end it's likely going to be a long-term win.