BH Annual letter

[shalab]

>The adjusted book value (accounting for BH's investments in the LF and LF's holdings in BH that are recorded as Treasury stock) that is a fairer reflection of economic reality rose by 9.6%.

 

The owner earnings will be much less as Biglari will take a cut above the hurdle rate.

[Guest Hester]

Geez, the audacity on this guy to tell shareholders in the letter several times to "sell their stock" if their unhappy with this or with that... The guy only owns 2-3% and is redeploying a base of capital that was accumulated under previous management and owners and he dares to tell people to sell the stock if their unhappy?

 

I completely agree. Too many managers think they are the owners and act with disregard to the true owners, the shareholders. It's disgusting that this disease has even infected the bottom ethical rung of the value investing community.

[Liberty]

I completely agree. Too many managers think they are the owners and act with disregard to the true owners, the shareholders. It's disgusting that this disease has even infected the bottom ethical rung of the value investing community.

 

I second that.

 

I would never invest in a company where management seemed to have forgotten its role or who the real owners are.

[Parsad]

I completely agree. Too many managers think they are the owners and act with disregard to the true owners, the shareholders. It's disgusting that this disease has even infected the bottom ethical rung of the value investing community.

 

I second that.

 

I would never invest in a company where management seemed to have forgotten its role or who the real owners are.

 

Well, he's the owner isn't he?  That's why the company is named after him!  ;D  To hell with all those little dweebs called small shareholders.

 

Compare that to someone like Prem, who reads this board to see what his smaller shareholders are thinking, and then provide them information they may deem pertinent in future releases.  Managers/associates flee Biglari Holdings in good times, while Prem retains managers during the worst times any company could face...who do you think is the better leader and espouses Buffett's philosophy?  Cheers! 

[ragu]

The owner earnings will be much less as Biglari will take a cut above the hurdle rate.

 

As per the most recent BH shareholder letter, one of Sardar's stated goals is to compound per-share IV at 15% p.a. over the next decade. It's the first time I've actually seen Sardar mention a number in this regard, so it might be worth paying attention to it.

 

Best,

Ragu