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Tuesday, May 1, 2012

Recap of Biglari Holdings Annual Meeting


Biglari Holding's (BH) annual meeting was held on April 19, 2012. Approximately 50-75 people attended and it lasted about five hours. I wonder if the early Berkshire Hathaway (BRK.ABRK.B) meetings looked like this. Like Berkshire Hathaway's Q&A segment, some questions are always repetitious. For example, one person questioned Sardar Biglari about the succession plans if an unfortunate event happened to the jockey of the horse. Granted no one's mortality is guaranteed but the question seems quite preposterous considering Sardar Biglari is only 34 years old.
The meeting started with the standard formalities and then Sardar Biglari spent about 20 minutes with opening statements. He showed a 5-10 minute clip displaying the grand opening of Steak 'n Shake in New York City. There was a humorous segment with David Letterman reminiscing about Steak 'n Shake during his childhood days. David Letterman was salivating on screen at the thought of a steakburger and milkshake. The new Steak 'n Shake opened right next door to the Late Show theater. In the next clip, David Letterman orders two steakburgers, fries, and milkshakes. It gets delivered to the studio so David Letterman and Paul Shaffer devour the food.
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