The mid-year performance report for the Fat Pitch Financials Portfolio. The number remain ugly, but not much worse than the S&P 500.

A newspaper editorial that thinks Sardar Biglari can bring Steak n Shake shareholders "a shot at leadership with a common vision for unlocking the brand’s true value."

Western Sizzlin' announced a share buyback authorization today, which is terrific news for shareholders.  In this article I explain why that make sense for WEST and all undervalued companies.

On Thursday night, June 19th, Sardar Biglari was named Chairman of Steak N Shake Corp.  This rings as terrific news for shareholders of both SNS and Western Sizzlin'.

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 following letter was sent to the Board of Directors of the Steak n Shake company.

And follow-up, here: http://seekingalpha.com/article/77880-western-sizzlin-s-secretive-quarter

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

Many investors (NFI included) are questioning why steak n shake doesn’t immediately halt corporate expansion and funnel the money towards share repurchases. Biglari - one of the few board members at the company that seems to understand return on investment - is fighting an uphill battle.

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.

Opportunity in plain sight presentation...

Given the poor performance of Steak n Shake (SNS) it should be no wonder that some shareholders are disgruntled. Below is a letter to the company, by H. Kevin Byun of Denali Investors. He suggests a number of appropriate methods for the company to pursue in order to create shareholder value.

With the company now trading at about $8 per share there seems to be quite a bit of fear. One of the walls that stood in the way of the company’s value was their stubborn and entrenched management. With Biglari's landslide win, change becomes very possible.

Dear Fellow Shareholders:

17 - The number of people who ...
0 - The amount of “institutional memory” I want retained from this board.
$565,520,000 -The amount the company has spent on cap-ex in the last ten years
...