Biglari Holdings (BH) 2012 Shareholder Letter

One or the most interesting shareholder letters to read. Sardar Biglari, the CEO, of Biglari Hldings (BH), is a pretty flamboyant investor. He is an activist value investor with claws. He is not afraid to pick a fight with management to shake things up.

Here is his 2012 Annual Shareholder Letter

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