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.
Mental Model: The Revolution of Satisfied Expectations The Revolution of Satisfied Expectations: “Research conducted by Daniel Kahneman of Princeton University, and by others who have come to approximately the same conclusion, shows that most people judge their well-being not by measuring where they stand but rather based on whether they think their circumstances and income…
John Robinson of the University of Maryland and Geoffrey Godbey of Penn State University have done research showing that “Americans now have more free time than at any point in the nation’s history.” They calculate that since 1960, the average American has gained 5 hours of free time per week even after adjusting for women entering the work force.
I love Apple’s products and what Apple has accomplished over the past few years. However, it is amazing to see how little even journalists understand the way companies or valued or how to properly compare the total return generated by one business over a given period of time to another business.
In his dairy, John Quincy Adams wrote, “La molesse est douce, et sa suite est cruelle.”, which translates into, “Idleness is sweet, and its consequences are cruel.”
Last Thursday, we had a homemade balsamic chicken pizza with Ricotta cheese and sautéed onions; an original creation thanks to our dinner guest!
As part of their plan to completely derail all dietary restraint, Jocelyn and Aaron plotted against me today. The result was the baking of two distinct styles of delicious cookies; one a white chocolate oatmeal cookie with cranberries and the other a white chocolate oatmeal cookie with cherries.
Aaron and I got to be the lucky recipients of an original recipe creation by Jocelyn tonight. The amazing thing was, each serving had only 500 calories after measuring the ingredients and portion sizes.
We added Breakfast of Tycoons to the official Carl Barks collection. We’ve been selectively acquiring more and more of his stuff when the price is attractive and it just fits with all of the framed stock certificates and financial artwork.
Mental Model: The Drunkard’s Search The Drunkard’s Search: The tendency for people to search in the easiest places, rather than the ones that are the most likely to yield results. The name comes from the idea of a drunkard seeking his car keys under a street lamp because the light is better instead of where…
I mentioned yesterday in the article on Dairy Queen franchise owners that after graduating from college, Aaron and I had looked into putting capital to work by opening several franchises in the town where we grew up.