About
Biglari Holdings is a diversified holding company founded by Sardar Biglari (Iranian refugee turned entrepreneur), operating Steak 'n Shake, Maxim, First Guard Insurance, Southern Oil, and Western Sizzlin. Biglari gained prominence through a successful 2008 proxy fight for Steak 'n Shake, turning it from losing $100K/day to profiting $100K/day. He has waged 14-year activist campaigns against Cracker Barrel (accumulating 9.3% stake). The company models itself after Berkshire Hathaway, with Biglari personally owning two-thirds of shares and controlling 71% voting interest. Investments per share have compounded 43.8% annually since 2008.
Investment Focus
Biglari employs a Buffett-inspired activist holding company strategy, acquiring undervalued businesses and stakes in underperforming restaurant chains. The firm takes activist positions, wages proxy contests, and implements operational turnarounds to unlock value. As Chairman/CEO, Biglari makes all major investment and capital allocation decisions. The strategy combines long-term concentrated positions with activist pressure on portfolio companies including Cracker Barrel, Jack in the Box, and Ferrari. The Lion Fund hedge fund generates additional returns through activist equity investing.