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Biglari Takes Stake in Unico-American!

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Ha, that's the second time Biglari has built a stake in a (in this case former) insurance holding of mine - PMIC was bought out late last year.


While I'm a little stale on UNAM, his stake makes a fair amount of sense from a high level given Biglari's modus operandi and considering how under leveraged the company is - not to mention what has historically been an absurdly profitable insurance operation. Perhaps the idea is to press management to employ a capital structure more in line with peers or maybe he'll do something similar to his actions at PMIC and push for a sale given the small size of the company and all the costs that could theoretically be wrong out by a strategic acquirer? Might be worth revisiting...


For anyone that's interested in UNAM, I've posted the link to my old write-up below





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