BH

Steak ‘n Shake's Cooking Method Change: The restaurant chain has switched from seed oils to beef tallow for frying, receiving praise from Health and Human Services Secretary Robert F. Kennedy Jr., who encourages this cooking method as part of his "Make America Healthy Again" initiative.

Public Reaction and Interest: A recent survey indicated that about one-third of respondents are more likely to try food cooked in beef tallow, while another third expressed indifference towards the cooking method, suggesting a growing interest in healthier cooking practices among consumers.

Kennedy's Praise for Steak 'n Shake: Robert F. Kennedy Jr. commended Steak 'n Shake for switching from seed oils to beef tallow for cooking their French fries, which he believes enhances the healthiness of food and aligns with his "Make America Healthy Again" initiative.

Impact on Restaurant Popularity: The restaurant's embrace of this change has led to increased attention and search interest, as evidenced by social media engagement and a spike in Google searches related to their new cooking method, suggesting potential positive financial outcomes for Biglari Holdings.

Steak ‘n Shake's Cooking Method Change: The restaurant chain Steak ‘n Shake is transitioning to cooking its fries in beef tallow, a move encouraged by Robert F. Kennedy Jr., the head of Health and Human Services, aiming to eliminate seed oils from their food preparation.

Consumer Reactions and Anticipation: The switch is expected to be closely monitored for customer feedback on taste, with some, including Elon Musk, suggesting that fries cooked in beef tallow taste significantly better than those prepared with traditional methods.

Annual Shareholders Meeting Announcement: Biglari Holdings will hold its 2025 Annual Shareholders Meeting on April 16, 2025, at the Majestic Theatre in San Antonio, Texas, starting at 1:00 p.m. Central Time.

Company Overview: Biglari Holdings Inc. is a diversified holding company with subsidiaries involved in various sectors including insurance, media, restaurants, and oil and gas.

CEO Stock Purchase: Biglari's CEO, Sardar Biglari, purchased 3,300 shares of common stock on December 17th for a total of $1.5 million.

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Insider Trading Activity: Sardar Biglari, Chairman and CEO of $BH, purchased 239 shares on December 12, 2024, increasing his holdings to 1,319,162 shares. In the past six months, all 32 insider trades reported were purchases, with no sales.

Institutional Investor Movements: In the latest quarter, 32 institutional investors increased their positions in $BH stock while 28 reduced theirs, indicating a mixed sentiment among larger stakeholders.

Insider Trading Activity: Sardar Biglari, Chairman and CEO of $BH, purchased 2,167 shares on December 5, 2024, increasing his holdings to 1,318,923 shares. In the past six months, all 26 insider trades reported were purchases, with no sales recorded.

Institutional Investor Movements: In the latest quarter, 32 institutional investors increased their positions in $BH stock while 28 reduced theirs, indicating mixed sentiment among larger shareholders.

Iron Ore Price Forecast: BMI has reduced its 2024 iron ore price forecast from $120/tonne to $110/tonne due to weak demand in Mainland China, with current prices at Qingdao Port around $88/tonne, the lowest since November 2022.

Market Impact and Future Trends: The decline in iron ore prices has resulted in a $100B loss in market capitalization for major producers, while production remains strong, limiting potential price recovery; long-term forecasts suggest a continued downtrend, predicting prices could drop to $78/tonne by 2033.

Financial Performance Overview: Biglari Holdings Inc. reported a net loss of $48,190 for Q2 2024, compared to a profit of $1,936 in Q2 2023, with pre-tax operating earnings increasing from $10,037 to $19,704 year-over-year.

Investment Impact and Business Focus: The company emphasizes that fluctuations in investment gains or losses should not overshadow the performance of its operating businesses, which include diverse sectors such as insurance, restaurants, and oil and gas.

• Biglari Holdings (NYSE:BH) released its first-quarter results for 2024.
• The company reported earnings per share of $79.56 and revenue of $89.45 million.

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Amendment to Schedule 13D: The filing constitutes Amendment No. 48 to the Schedule 13D for Biglari Holdings Inc., detailing recent acquisitions by the Lion Fund, which purchased 3,543 shares at a total cost of approximately $3.55 million.

Ownership Breakdown: As of November 15, 2024, the Lion Fund owns about 60.8% of the outstanding shares, while BCC and Mr. Biglari have beneficial ownership stakes that bring their combined influence to approximately 73.2% of the shares outstanding.

SEC Form 4 Overview: SEC Form 4 is a document that insiders of publicly traded companies must file to report their transactions in the company's securities, including purchases and sales.

Purpose of SEC Form 4: The form aims to provide transparency and prevent insider trading by ensuring that the public is informed about the trading activities of company executives and significant shareholders.