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Separate Board For Steak'n Shake


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Hi Folks,


After Zorro mentioned doing so in a previous post, I gave the idea of a separate board for Steak'n Shake some thought.  While it is a bit premature relative to the track records at Berkshire and Fairfax, with the amount of boardmembers now participating through Biglari vehicles...The Lion Fund, Western Sizzlin and Steak'n Shake...I felt that it may be appropriate to have a separate board.


The other reason why I think it is appropriate to give Sardar a board, is that many of us have always wished we could have watched Buffett, Watsa, Lampert, Steinberg & Cummings, etc when they were in the early stages of development of their holding company vehicles.  This is one of the few examples in the last few years, where boardmembers from the MSN BRK Board and the Corner of Berkshire & Fairfax Board, have witnessed each little step as they've progressed.  We've actually been privy to a terrific case study in corporate activism, capital allocation, structuring of transactions, leadership, turnaround procedures, financing, franchising and expansion of operations. 


I believe a separate board will allow boardmembers to scrutinize and understand the successes and failures at Steak'n Shake as they begin their acquisitive expansion period.  Sardar has always been very supportive of our message boards, from the very first interview he did years ago, to the kindness he shows to boardmembers at various meetings.  We are fortunate to be in a position to watch and learn from his progress.  Cheers!

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