In March Biglari bought over 6000 shares close to $500 per share. Even if you dilute it out with the rights offering that is well over $450 per share. So, is $372 today a bargain and is he buying them up?
Biglaris buying is not meaningful from a predictive standpoint. He is required to buy so much stock as a % of his bonus every year. And he gets a huge bonus every year.
The directors, on the other hand, don't have any extra incentive so their buys are a little more meaningful but they are, of course, much smaller amounts.
Any stock that pays a large dividend or has a rights offering like this is subject to some wild fluctuations.
I don't think it means much in the long run.
Hopefully, 5 years from now we will be better off than today. We know Biglari will because he gets a $10 million a year bonus.