Joshua Kennon is a Managing Director of
Kennon-Green & Co., a private asset management firm specializing in global value investing for affluent and high net worth individuals, families, and institutions. Nothing in this article or on this site, which is Mr. Kennon's personal blog, is intended to be, nor should it be construed as, investment advice, a recommendation, or an offer to buy or sell a security or securities. Investing can result in losses, sometimes significant losses. Prior to taking any action involving your finances or portfolio, you should consult with your own qualified professional advisor(s), such as an investment advisor, tax specialist, and/or attorney, who can help you consider your unique needs, circumstances, risk tolerance, and other relevant factors.
Eight years ago, a 14 year old boy in Arizona was statutorily raped by a 20 year old woman. Under the guidelines of the state in which the rape occurred, no one under 15 years old, under any condition, can consent. As a result of the rape, the rapist got pregnant. She never informed the victim.…
I had so much work to do today, but I’m going to be up all night finishing it because I … uh … may have spent six or seven hours playing Tales of Xillia 2, which was released last week. When I woke up, I just didn’t feel like going anywhere or doing anything so I threw on comfortable clothes, grabbed a cup of coffee, made myself a plate of white cheddar, honey, and golden raisins on baguette slices, paired it with a big glass of milk, and went to the living room to lose myself in the world of Rieze Maxia and Elympios.
Slow-Roasted Vegetables, French Onion Soup, Fresh Bread, Aged White Cheddar, and Plum Cheesecake We spent the day at home working on a project we need to get done for the one of the businesses. As usual, we’re big believers in concurrent time management so we used the opportunity to test slow cook recipes and soups because they…
In 1912, one of Sweden’s greatest inventors, physicist Gustaf Dalén, was blinded during an accident involving pressure containment for his gas accumulators. He had created a device for use in unmanned lighthouses. This device lit itself at night and extinguished in the morning, improving marine safety, thereby saving countless lives and immeasurable property. Despite the setback of…
For reasons I cannot entirely articulate, I find that I have a problem with the subsidized hardware business model. There is something about it I find either insidious or distasteful.
The question I tackle this time: “If asset intensive businesses are inferior investments, why would any rational investor ever buy one?”
A reader wanted to know about a blog post I wrote on my Investing for Beginners site at About.com back on October 9th, 2008 during the depths of the financial crisis. Thankfully, I was able to recover it and repost it as it had been de-indexed and removed by the network as part of its routine content changes. I doubt that will be possible much longer as so much of that content is simply lost.
I mentioned the infamous Bob Jones University student handbook in an earlier post after explaining it was the school from which one of the extremist authors I was reading as part of a self-imposed cultural studies program graduated back in 1950. It was the university that famously insisted God didn’t want blacks intermingling with whites and refused…
I don’t talk about it very often, but one of the charitable organizations close to my heart are community food banks and soup kitchens. These non-profits collect groceries for those who can’t afford to feed themselves or their children, allowing them to avoid hunger. They resonate with something very deep in my core, maybe because I…
A few of you know I’m in the middle of my 1970-1990 counter-evidence study, in which I dive into books on both extremes of the so-called culture wars, reading everything from radical feminists to conservative preachers to understand some of the things that were happening in the United States at the time from the perspective…