Circle of Competence

Continuing my affair with the company, a reader Jeff Moore passed along a set of notes from the Steak N Shake Investor Day a week ago, which I felt all my (former) readers my enjoy reading. The notes are posted here. Jeff has an interesting new blog that I’d recommend to my readers.

My thoughts? Steak ‘N Shake has an honest and capable leader that I’m glad to be partners with. He’s picking the low hanging fruit (easy cost cuts) and setting up a culture of accountability and ownership. These are the necessary steps to turn Steak ‘N Shake into a lean, fit, and strong company. The economy will present a formidable headwind, but Biglari & Co. seem well prepared to endure and prosper in time. 

Disclosure: I and another portfolio I co-manage own Steak N Shake and Western Sizzlin’