I first read about Luby's as a potential investment in a piece by the Safety in Value newsletter on Seeking Alpha titled "Luby's Is An Restauranteur With A Big Real Estate Portfolio." Restaurants are an easy business to understand - everybody has been to one. But, making money in the restaurant business is all about execution - and executing well is challenging and requires unflinching focus.
Psychology and understanding human behavior and preferences impact the top line, while diligent accounting and cost management control the expenses, and culture and team management is needed to hold