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Biglari Holdings - No Steak, Shake or Sizzle

Biglari Holdings (BH) is getting smoked once again today. This restaurant chain / wannabe roll-up conglomerate reported very disappointing results on Friday after the market close. BH earned $3.84 versus $1.58 last year and the sole covering analysts’ expectations of $5.97. I have warned that this company is a disaster in the making and have short positions on. The stock has lost just over 1/3 of its value since peaking in early April at $418.  

BH was a short pick for my newsletter, The LakeView Restaurant & Food Chain Report several weeks ago. Is it too late to short BH? I believe that this stock could trade into the 100s, especially if the chairman makes another nonsensical offer for stock of another company. The company should earn between $15 and $16 dollars in FY10. What kind of multiple would you want to put on this stock? Does it deserve a multiple like McDonald’s (MCD) or Yum Brands (YUM)? I think not. BH deserves a multiple of 10 to 12 and I am being generous. 

At the time of this Blog entry Scott Rothbort, his family and or clients of LakeView Asset Management, LLC was long shares of MCD and short shares of BH--- although positions can change at any time.

For more information on investing with LakeView Asset Management, LLC please visit the company's website

You can subscribe to The LakeView Restaurant and Food Chain Report newsletter at

Posted By Scott Rothbort at May 24, 2010

Scott Rothbort

About Me :




Scott Rothbort has over 20 years of experience in the financial services industry. In 2002, Rothbort founded LakeView Asset Management, LLC, a registered investment advisor based in Millburn, N.J., which offers customized individually managed separate accounts, including proprietary long/short strategies to its high net worth clientele. He also is the founder and manager of the social networking educational website and a frequent contributor the where he also writes a weekly article as The Finance Professor

Immediately prior to that, Rothbort worked at Merrill Lynch for 10 years, where he was instrumental in building the global equity derivative business and managed the global equity swap business from its inception. Rothbort previously held international assignments in Tokyo, Hong Kong and London while working for Morgan Stanley and County NatWest Securities.

Rothbort holds an MBA in finance and international business from the Stern School of Business of New York University and a BS in economics and accounting from the Wharton School of Business of the University of Pennsylvania. He is a Term Professor of Finance and the Chief Market Strategist for the Stillman School of Business of Seton Hall University.

For more information about Scott Rothbort and LakeView Asset Management, LLC, visit the company's Web site at


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