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Just over five years ago, I penned my first Seeking Alpha article, highlighting Sardar Biglari's long term record of value creation. At the time, Biglari Holdings (BH) was in the midst of a proxy contest between Sardar Biglari and Groveland Capital. Biglari won that contest, and over the last five years took steps to cement full control of the company.
The last five years have not been enjoyable for most shareholders. The stock is down over 50% while the S&P 500 is up 75%. Operating results at Steak 'n Shake, the company's