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A franchise model is the closest thing to a perpetual motion machine in business. Collect royalties forever on someone else’s capital.
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I model everything I do after Warren Buffett. If that’s arrogant, so be it. There’s no better model.
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Taking over Steak n Shake at 31 was either the bravest or the dumbest thing I’ve ever done. The stock price says it was the former.
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My compensation is aligned with shareholder returns. If the stock goes up, I get paid. If it doesn’t, I don’t. That’s fair.
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The market undervalues holding companies because most investors can’t do the math. That’s their problem, not mine.