Epiphany Moments that Change Your Worldview
Epiphany moments are powerful things that can change the way you manage your life, the direction of your career, or how you look at the world.
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.
A Letter from Josh & Aaron
As many of you noticed, Aaron and I went radio silent more than a month ago. This was entirely due to the fact that we are spending nearly every waking moment in the final stages of establishing Kennon-Green & Co., the asset management firm that we hope to have open within the next sixty to ninety days if all goes as planned.
Mondelez Makes Bid To Acquire The Hershey Company
Mondelez International, maker of Cadbury Chocolate and Oreo Cookies, has launched a takeover bid for The Hershey Company. Long-term owners should not be happy about it.
The United Kingdom Exits the European Union
I’ve avoided speaking about the Brexit situation because I ultimately believe that it is not my place to tell British citizens how their country should be run even though I am a stakeholder in their success. While there are what I could consider extraordinarily high probabilities that the decision to leave the European Union will lead to lower GDP, the fact remains that GDP isn’t everything. Money, and the economy, exists to serve a civilization.
The Quartet of Financial Independence – Cash Flow, Profitability, Net Worth, and Liquidity
The quartet of financial independence is made up of cash flow, liquidity, profitability, and net worth. Each requires management and should not be neglected if you want to build lasting value for you and your family.
Give Yourself Permission To Be Disliked
In life and in business, you have to know who you are, what you stand for, what you believe, and how you will proceed. Trying to be all things to all people is a recipe for disaster that leaves no one happy and sabotages your success.
Nestlé Dividend Day 2016
Nestlé dividend day has come and gone for both the owners of the Swiss shares directly in Zurich and the holders of the ADR here in the United States. The board continued its tradition of hiking the dividend.
The Secrets of Highly Productive People
Highly productive people tend to have several characteristics and traits in common, including focus, drive, and ambition. What causes them?
What Is a Franchise?
The word “franchise” is used to describe an arrangement in which one business, the franchisor, allows another business, the franchisee, to use its name, trademarks, trade secrets, intellectual property, branding, operating systems, and internal support resources in a specific geographic area, sometimes with an exclusivity provision that guarantees no other franchises will be granted within a specific buffer zone so the franchisees aren’t cannibalizing sales from each other, in exchange for some sort of payment.
The Folly of Investing in 50-and-100-Year Bonds
Benjamin Graham once wisely observed that more money has been lost by investors “reaching for yield” than stolen at the barrel-end of a gun. During periods of anemic interest rates on fixed-income securities, bank deposits, and cash equivalents, a combination of impatience, action bias, and desperation causes savers to do what they would otherwise consider extraordinarily foolish.