Call it a tale of two companies.
Nowhere has the “go woke, go broke” mantra been more pronounced than in the contrasting strategies presented by MAHA-friendly Steak ’n Shake and the insufferably virtue-signaling Nike.
The difference between the scrappy burger joint and the tone-deaf sportswear giant not only offers an interesting case study in how to succeed at business, but also the perfect allegory for the present ideological rift between right-wing populists and left-wing elitists.
SHAKING UP THE FAST-FOOD INDUSTRY
Founded originally in 1934, Steak ’n Shake has long languished in fast-food mediocrity, in terms of its business model if not its food.
A recent YouGov survey of the most famous dining brands ranked the Indiana-based chain, with around 400 restaurants, No. 67 for name recognition, just ahead of top rival Shake Shack. It fared slightly better in terms of popularity but still was unable to break the top 50.
However, a viral marketing campaign, accompanied by a major menu revamp, could change all of that.
🔥 WOW! After going all-in on MAGA and MAHA, popular chain Steak 'n Shake's sales are reportedly SOARING — Daily Mail
— Eric Daugherty (@EricLDaugh) September 7, 2026
The chain went full grass-fed and grass-finished beef burgers nationwide, 100% beef tallow fries, cane sugar cola, Grade A Wisconsin butter and A2 whole milk
It… pic.twitter.com/Qaq17Qj3Jm
“Since 2025, the Indianapolis-based chain has mounted an audacious turnaround strategy that embraces President Trump’s brand of patriotism, and the Make America Healthy Again movement championed by Health Secretary Robert F. Kennedy Jr.,” noted the Wall Street Journal.
The makeover, led by leading investor and Maxim magazine owner Sardar Biglari, included hiring Michael Boes in April as its “chief MAHA officer.”
Boes previously served as senior adviser to Admiral Brian Christine, the Trump administration’s assistant secretary for health under RFK Jr.
According to a press release, Boes worked with USDA officials on the newly revised food pyramid.
“Appointing a Chief MAHA Officer is a sign of our continued commitment to make Steak 'n Shake the great differentiator in fast food,” Biglari said.
“Michael is ideally suited for such a role, with his deep understanding of nutrition and his experience at the highest level of health policymaking," he added. "To put it simply, good-tasting food should also be good for you.”
Under Boes’ stewardship, changes have included using grass-fed beef and replacing its vegetable oil with beef tallow, replacing high-fructose corn syrup with sugar cane, removing the microwaves from its kitchens, and even accepting Bitcoin as a favored form of payment.
The Original Steakburger vs Replica pic.twitter.com/PLvhrbdIEQ
— Steak 'n Shake (@SteaknShake) August 25, 2026
The Journal noted that the strategy was yielding measurable results, according to recent filings from Biglari Holdings that showed same-store sales up 14 percent in the first half of 2026 and average restaurant visits growing by 6 percent after facing a decline in 2024.
The chain still faces challenges, including the increased costs that come with its focus on quality, as well as continuing to reverse the declines that saddled it with about $220 million in long-term debt.
But better food and the brand loyalty it stands to cultivate from its anti-woke marketing make it an auspicious investment opportunity.
“For decades, Steak ’n Shake subsisted in the middle of the U.S. fast-food pack,” the Journal wrote. “The ingredient revamp helps it stand out without relying solely on discounts.”
JUST STOP IT
Meanwhile, the news of Nike’s deindexing from the S&P 100 closes a loop more than five years in the making.
BREAKING: Nike is set to be removed from the S&P 100 after nearly 18 years.
— I Meme Therefore I Am 🇺🇸 (@ImMeme0) September 5, 2026
The stock is now down almost 80% from its 2021 peak, turning one of the market’s most iconic consumer brands into one of its biggest recent disappointments. pic.twitter.com/3uJNIxcg4j
The company has lost nearly 80 percent of its value since its 2021 peak. And so it’s worth taking a moment to reflect just how all of this started.
It was not by Nike making a simple miscalculation in the interest of broadening its customer base — the fatal flaw that would go on to befall Bud Light and others in the fog of “Woke 1.”
Nike was the trailblazer, the intended prototype for a new type of marketing that leftists hoped would yield greater returns through its “Believe in something. Even if it means sacrificing everything” campaign.
The campaign prominently featured divisive, anti-American muck-flinger Colin Kaepernick, a failed NFL quarterback who had been let go the previous year after six middling seasons.
Benched by 49ers coach Chip Kelly in late 2016 for performance reasons, Kaepernick might have used the opportunity to reflect on how to reclaim his role. Instead, he used it to reflect on the many ways he, as a mixed-race person, had been oppressed during his privileged upbringing by affluent, white parents in the California suburbs.
Colin Kaepernick is one of the most pathetic athletes of all time.
— Lee Kuan Yimby (@LeeKuanYimby) September 7, 2026
He was adopted by two loving white parents who he, turned his back on and threw under the bus as "exhibiting racist behavior" for raising him.
He was a good NFL player, and for whatever reason he was no longer… https://t.co/euKsIGo4aH pic.twitter.com/lIFM7d9nX5
Eventually, Kaepernick’s anthem-kneeling became too great a distraction for the NFL. But with the 30th anniversary of its iconic “Just Do It” ad campaign approaching, Nike saw an opportunity. Rather than read the room with the recent election of Donald Trump, it opted to become the official Asian-sweatshop-produced uniform for the anti-MAGA resistance.
Branding and design studio TC Creatives echoed the consensus view of so-called marketing experts who hoped the athletic apparel company could astroturf its way into major gains by insulting the right-wing segment of its demographic.
“Nike’s decision to feature Kaepernick is met by both praise and aversion across the country,” TC Creatives said in a Sept. 4, 2018 blog post. “Since the advertisement launched yesterday (Labor Day 2018), Nike has received $43 million in media coverage. Its share price has also dropped 3%, costing the company $3.75 billion in market cap. Is Nike sacrificing everything?”
The so-called experts resoundingly concluded that it was a stroke of genius.
“This is something many companies try to do, some failing miserably ... However, Nike seems to continuously hit the mark, giving a masterclass in brand values,” TC Creatives wrote.
Nike’s strategy succeeded until November 2021, as it continued a meteoric ascent, topping off at around $178 per share before a precipitous decline.
It currently trades around $38 — the lowest Nike’s stock has dipped since 2014 — marking a plunge, to date, of around $200 billion in overall value.
While some will see a “buy low” opportunity, Forbes noted that “[t]he S&P 100 removal adds something different to the discussion. The issue is less about shoes or quarterly earnings than about ownership, expectations, and what happens to a former market favorite after years of disappointment.”
In fairness to Nike and its new CEO, Elliott Hill, a longtime Nike veteran brought in to right the ship after its disastrous four-year tumble, the decline is attributable to a multitude of factors, including a focus on direct shipping over retail shopping, new competition, a slowdown of international sales and, of course, Bidenomics.
Yet, the constant throughout has been Nike’s insistence on aggressively alienating customers whose values do not align, even as newcomers to the industry like lululemon surpass it in emphasizing product quality.
The comparison between Nike and Steak ’N Shake is hardly perfect. Nike is still a $60 billion corporation while Steak ’N Shake sits around $400 million. One examined the long-term impacts, while the other is a success story yet to be written.
But what is clear is that while Nike deemed its customers expendable, forcing them to meet it at its radical leftist dividing line, Steak ’n Shake’s strategy is focused on making improvements that will benefit customers of all stripes — much like the MAGA movement it is modeled after.
Editor's Note: President Trump is leading America into the "Golden Age" as Democrats desperately try to stop it.
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