Late last year Western Sizzlin offered ITEX shareholders the opportunity to exchange 1 share of ITEX for .06623 shares of Western Sizzlin. We believe the growth of ITEX would be faster and more profitable under WEST. We think Western should open the tender again.

I take a look at Western Sizzlin' Corporation, a holding company in the mold of Berkshire Hathaway, and its merits as a long term investment.

The Fat Pitch Financials Portfolio was down 1.21% in April. I held tight as the markets continued to be stormy.

Another update of the Special Situations Real Money Portfolio, my experiment in arbitrage investing. This month I talk about a profitless tender offer and the decline in price of three positions that have been held for several months.

I’m trying not to pick on ITEX CEO Steven White, but he’s not making my life easy. I have a lot of respect for what he has done on the operating side of ITEX, but in what seems to be a growing trend (this is the third time) he’s once again (intentionally?) misleading shareholders. Biglari's long term track record is quite satisfactory.

A bit of the ITEX history, what it is today, and some of the incredible opportunities ahead of it. I was unfamiliar with ITEX before the offer from Western Sizzlin and decided to take a look.

Western Sizzlin is no mere restaurant franchise. This company is run by Sardar Biglari who is transforming the business into an efficient capital allocation machine. I take apart the company's financials and estimate that its intrinsic value is about $28 per share. Read how I do it.