Biglari and the Question of How Much Focus a Holding Needs

Biglari Holdings is an American holding company based in San Antonio, Texas, founded by entrepreneur Sardar Biglari, which holds a broadly diversified portfolio of investments across various sectors. Its subsidiaries include well-known restaurant brands such as Steak n Shake and Western Sizzlin, insurance companies like First Guard Insurance and Southern Pioneer, media and licensing businesses such as Maxim, as well as oil and gas activities through Southern Oil and Abraxas Petroleum. The holding company centrally manages capital allocation and...