Sardar Biglari

Biography

Sardar Biglari was born in Tehran in 1977; his family settled in San Antonio, Texas, in 1984, and he studied at Trinity University. He founded Biglari Capital, the general partner of The Lion Fund, and is chairman and chief executive of Biglari Holdings, a San Antonio holding company that owns Steak n Shake. He became chairman and chief executive of Steak n Shake in 2008 and has run long activist campaigns, notably at Cracker Barrel.

In their own words

Biglari Capital’s largest US holdings

From the Q2 2026 13F, worth $1.2bn in total. See every holding and change

1. Biglari HoldingsBH79.7%
2. FerrariRACE10.8%
3. El Pollo Loco HoldingsLOCO5.4%
4. Jack in the BoxJACK2.2%
5. Wynn ResortsWYNN1.2%
6. CarmaxKMX0.6%
7. Berkshire HathawayBRK.B0.1%
8. Bausch Health CompaniesBHC0.0%
9. Cracker Barrel Old Country StoreCBRL0.0%
10. Taiwan Semiconductor ManufacturingTSM0.0%