date:Dec 27, 2013
panys earning power is far too low in your hands.
To illustrate, we had to drive the board and management to license products to third parties, Mr. Biglari said. Now that you see the benefits to the business, management claims the idea was part of its plan. But we have no interest in gaining credit; our interest lies in making money. Yet it is obvious you will have difficulty growing earnings through operating performance henceforth. We are convinced you are leaving a ton of value on the table.