My initial reaction is to put in too hard pile but I must admit his letters resonate with me and exhibit sound capital allocation decisions.

biglariholdings.com: BIGLARI HOLDINGS INC.

I am tempted.

That is precisely the tactic he used.

He copied Buffett to such an extent that he used the same font, plagiarized language, saying exactly what value investors would want to hear and he drew a segment of the Buffett followers. The company ticker is BH (does it remind you of another company?) He is smart and hardworking. No doubt. But a crook.

I am a nuanced kind of guy. Even between the major political parties, I am 60% one side and 40% other side on many issues. Even efficient market hypothesis I am half way between value investors and indexers.

But in this instance, the evidence is so overwhelming that it is easy to put things in clear black and white.

When investing in a company and evaluating management my scale is Buffett/Mark Leonard on one side and Biglari at the other end of spectrum.

I love this board and its members and it is immensely helpful to me over I dont how long (20 years?). I dont share much (shame on me), but this is one area I have done my work and can offer my opinion.