Kuhndan

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.

I hand it to this guy, he is always fun to watch. I like the buy here. We've seen a drop in BH stock in recent weeks. BH holds $50 million of BH stock through the Lion Fund, I wonder if maybe they have been liquidating their BH stock to fund Cracker Barrel, CCA and Penns Miller in addition to their existing cash on hand. Should be interesting.

The song is on the soundtrack to the movie Rudy.

I know there have been times when over a year has past between issues.

I thought the shareholder meeting Office video was great.

Read the Cfa assigned readings and use schweser notes. Cfa is a fantastic program but don't do because you think it's going to help you land a job. Only do it if you love investing. Otherwise its way too much work.

I'll be there

Where were the chicks?

I think if you check board members at other public companies you will see they have similar compensation arrangements including per meeting payments. My guess is this is that far out of line.

Fremont recently line up new bank financing for $7MM. What are the chances they buy back Biglairis stake just to get rid of him? Not sure the insurance commission would let this happen though.

Curious if anyone going to his year's meeting? If so, anyone get together prior to or after? Do you usually stay at the St. Regis. Pretty pricey, any other cheaper alternatives? Thanks

Question regarding the purchase of BH shares through The Lion Fund.... Since The Lion Fund's financial results are consolidated into BH's results, the purchases serve to reduce the company's book value. I know Sardar's incentive compensation arrangement made accommodations for any potential changes in equity for share purchases by the company. I wonder if this also includes the purchases by the investment fund? If not, he would benefit from the lower book value in the denominator on his incentive compensation.