So, BH owns 4.1 million shares of CBRL. CBRL has risen from 65 to 83 in 2013. BH has not risen at all. So, basically, the book value of BH is up at least $75 million (15%) in 2013, share price up 0. It doesn't take a genious to figure out that at some point the share price of BH will refect the gain. Which brings up the real ?, can I refinance my house before May 17th?
If a company's stock price is undervalued by the market. Management has two direct cures. Pay out a dividend, or buy back the company's stock....better a combination of both. If management fails to to reward shareholders, the company will become vulnerable to hostile shareholder actions. You know, kind of like Biglari did with SNS management, and CBRL management.