Western Sizzlin Chairman's Letter

Sardar Biglari letter to shareholders reads like one written by a classic value investor. Biglari writes, "In making capital allocation decisions, we were not going to let company history or other institutional constraints influence or determine capital commitment but rather choose to allow capital to gravitate to the greenest pastures. Far too many managers blindly reinvest their shareholders’ capital with the prospect of low returns simply because the history of the company, not the rationality of its managers, dictates commitment."