Who is the real Sardar Biglari — young Warren Buffett acolyte and champion of the way things ought to be, or self-dealing corporate raider?
Biglari burst onto the scene five years ago. He first gained control of restaurant chain Western Sizzlin, then forced second target Friendly Ice Cream into the embrace of private equity. His quest for board representation at money-losing Midwestern icon Steak ‘n Shake culminated in his eventual appointment as chairman and CEO in mid-2008. Value investors cheered.
The cheering has since quieted. Certainly, Biglari oversaw a commendable turnaround at Steak ‘n Shake, converting the restaurant into a cash-producing machine. Carry on reading.