Founders Call: Live from Steak ‘n Shake

We've featured Biglari Holdings (BH), an under-the-radar small-cap growth play (and parent of Steak 'n Shake), twice over the last few months. Here's why this company could be our next stock pick...

Author

Andy Swan
June 11, 2025

Fifteen years ago, a software developer out of Florida purchased two Papa John’s (PZZA) pizzas with Bitcoin (BTC). It was the first documented transaction of its kind: Bitcoin for real-world goods.  

Yesterday, Landon and I walked right into the Steak ‘n Shake (BH) down the street from LikeFolio’s office and used Bitcoin to purchase two triple steakburger meals with fries and a chocolate milkshake. 

I’m a regular at this Steak ‘n Shake. And with Landon in town, we couldn't pass up the opportunity to do a little due diligence... boots-on-the-ground style.

This stock is becoming a serious contender for the MegaTrends model portfolio. Today, we’ll show you why — check out this week’s Founders Call below.

Where Crispy French Fries, Tesla Test Drives, and Bitcoin Buys Collide 

Steak ‘n Shake was a mess a few years ago – with shrinking store counts, weak same-store sales, and declining profitability. But Biglari Holdings (Steak ‘n Shake’s parent company that also has exposure to restaurant holdings, insurance premiums, and oil and gas) made a bet: Strip down the business model, ditch full-service dining, and hand operations over to franchise partners who have real skin in the game. 

It worked. Productivity per employee has more than doubled. After years of losses, Steak ‘n Shake started turning a profit again in 2023. 

Now, Steak ‘n Shake is going full tilt on three surprising trends that are catching the attention of consumers and investors alike: 

  • Enabling seamless Bitcoin transactions... 

  • Hosting Tesla (TSLA) nights... 

  • And tapping into America’s growing appetite for beef tallow, a throwback to how fries used to be cooked before seed oils took over. 

With BH’s next earnings report due in August, now is the time to do our due diligence.

LikeFolio data suggests Steak ‘n Shake’s unique approach is paying off... and if the data we’re tracking in real time keeps up, we could be looking at our next big MegaTrends winner — just like OKLO and HIMS!

Congrats to These MegaTrends Moneymakers 

In last week’s Gut Check, we asked you to let us know how our MegaTrends model portfolio picks are treating you – from the new energy play, Oklo (OKLO), to the tiny autonomous trucker, Aurora Innovation (AUR), to stalwarts like Robinhood Markets (HOOD) and Tesla (TSLA). And once again, you answered the call in force!  

Congratulations to these incredible MegaTrends investors making big moves with our recommendations: 

  • David M. is up +83.6% on OKLO, working on building a position in AUR, and tracking the five small-cap stocks from our recent bonus report for entry – great idea! 

  • Rick H. is up about +67% on HOOD since mid-March and looking to invest in AUR next, based on the numbers and future outlook. 

  • Andrew F. has traded HOOD and SoundHound AI (SOUN) several times over the last two years for +20% gains, as well as OKLO and Stride (LRN) for +15% gains, all by leveraging technical analysis to time his entries. Andrew plans to add AUR to his portfolio again and thinks our research on The Trade Desk (TTD) is compelling enough to re-enter a position. We love to hear that! 

  • Stan W. bought OKLO about a week prior to President Trump's nuclear executive order and sold a quarter of his shares after watching the position rise +120% in less than two months. He’s now “happily watching the remaining shares remain above the 100% gain threshold” and adding AUR shares while they're down, too. Smart move! 

  • Karen W. regrets not purchasing OKLO before its rally but is sitting on an impressive +100% gain on HOOD – nice work! She’s also holding onto a sizable number of AUR shares from a purchase a few months back.  

  • Catharine P. has been riding the ups and downs of the TSLA wave but believes wholeheartedly in its potential as a long-term investment. She's up +22% on the stock right now but says that gain has been considerably higher before and expects it to be again. We couldn’t agree more! 

  • Aaron D. has netted +106% on OKLO shares since April 28, banked +151% buying Oscar Health (OSCR) calls ahead of its last earnings report, cashed out a +136% profit on Tesla calls in May (in just five days!), and has a number of other trades waiting to play out. Please report back and let us know how they go! 

  • And Davy S. let us know he started buying Bitcoin (BTC) in 2021, continues to buy small allotments in HOOD and the Fidelity ETF, and plans to keep his Bitcoin as a long-term investment like so many other MegaTrends subscribers we’ve heard from. Keep up the good work – your strategy is right on point!    

Thank you all for sharing your successes with us. We love hearing your results directly, so please keep us in the loop on these trades as you collect your profits.  

If you aren’t a MegaTrends subscriber but want to be, learn more here or reply to this email and we will help get you connected.