Kuhndan

Just curious. How many people were at the meeting?

I received both my Biglari and Berkshire annual reports in the mail yesterday. I opened the Biglari report first and then Berkshire. At first I thought I thought I had received two BH reports. They are both grey and one could pass for the other. What a "coincidence"

Make that three from Columbus, Ohio.

Highly recommend the Old Market area. Probably 2-3 blocks from the arena. Great bars and restaurants. Trip down Farnham past Buffett's house pretty cool although be respective to neighbors.

I think the bonus plan was only in effect for one quarter of the second year. His take would have been much higher and most likely comparable to this past year. Get ready for this year, with the Cracker Barrel gains he will be pushing the cap. That being said, I guess that means he made some money for his shareholders as well.

Checkout ATRI fantastic growth record last six years. Just announced a material shortfall for this year all due to one client which will correct. Stock has dropped signifiicantly. Might be a good entry point for a long term holder.

Thanks I appreciate it!

I see where you did an interview with Sardar Biglari back in 2005. I've look for it online but can't find it. Any chance you might have a link? Thanks in advance.

Dear Mr Buffett was a very tough read. I didn't get anything out of it. I definitely don't recommend.

I loved it.

I'm a subscriber as well. Unfortunately I renewed my subscription right after the last issue. I don't think I am going to see anything for it.

If you go to www.ticonline.com they have a link to all of the Buffett and Graham Newman letters.

Definitely street name. Certificates are too much of a hassle. Make sure you know you broker but you should be insured.

Great write up. I look forward to your next investment idea.

Down 5 percent

I know there is not a lot of love for Sardar on this board, but I must say the dude is putting up some nice numbers. They reported $250 million in cash and investments at quarter end. Based on Cracker Barrel's current market price that increases to $270 million. No matter what happens with the board seat vote I see further upside in cbrl. Steak and Shake continues to perform well and we are now starting to see some visibility into future franchising. Plus, this guy is fun to watch.

Ranges from $35 million to $500 million with the bulk in the $200 to $400 million range.

I thought his latest letter was very well done. He states a compelling case and is actually starting to build a pretty impressive investment track record. Compared to existing management my guess he is going to win his seat. At that point I'll be interested intaking a look a cbrl.

What are the concerns with Biglari? Just curious, lots of noise out there with this guy.

Thanks to everyone who gave me tips for visiting Toronto, Ottawa and Montreal. I must say it was a great visit and I appreciated the tips from the "locals". It was like visiting New York, Washington DC and Paris in a short span. From St. Laurents market, the Grey Line tour, Yorkville, Chinatown in Toronto, the old city, St. Catherines street, Swartzs deli in Montreal and I could go on and on. You have a beautiful country and culture. I found everyone to be incredibly friendly.

Great stuff. Thanks for all the great suggestions.

I'll be in Toronto and Montreal in two weeks for a little R & R. Any suggestions from the locals on places we should go?

Also don't forget that the company will under spend depreciation by approximately $15 million. That will add another $90 to $120 million to your value.

nhall 110, when you say its in the market, do you mean you've confirmed that Jeffers is shopping the deal?

I'm curious, a number of folks here on the board appear to have had some experience with Biglairi. Initially it appears there was considerable hope that he would be the second coming of Warren Buffett and was then disappointed with the compensation package. Given what the company has done since the compensation debacle, have any of you changed your mind that it might be worth a second look? I'll admit, I've been a buyer for some time and particularly recently. I'm interested in any thoughts pro or con. Thanks.