NEW YORK ( TheStreet) -- "I'm here to make everyone some damn money," said Biglari Holdings (BH) CEO Sardar Biglari at yesterday's shareholder meeting in New York. As I reported last month, I consider the BH annual meeting to be a must-attend event. I was not disappointed.Biglari is a walking sound bite. That's not a negative, it's an observation. He is also a walking encyclopedia, quoting from Benjamin Graham's Intelligent Investor and Adam's Smith's Wealth of Nations; and not just the sentiments of each author, but also the exact page numbers where each was found. (I did not verify that he was actually correct with the page numbers, or was just blowing smoke, but am sure that someone who attended the meeting will.)
On the subject of the Affordable Care Act (ACA) that has many restaurants scaling back employees' hours, Biglari called it a "non-event," and that his bigger worries include an increase in the minimum wage and the price of beef. He was about as animated on this issue as I've seen him. Biglari stated that the ACA at most would cost the company $5.6 million, while an increase in the minimum wage to $9 an hour would cost $12 million, and a move to $10 an hour $27 million. On the subject of Cracker Barrel (CRBL) -- of which Biglari Holdings owns 20% and has sought and failed to obtain board seats -- Biglari is not giving up. He likened the experience of owning CBRL to going on vacation, and coming home to find that the maid has changed the locks. "Who owns this damn place anyway?" said Biglari, expressing his frustration, in a somewhat rare show of emotion.