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.
I am a huge fan of the work of biographer Ron Chernow (many of you know him for writing Titan: The Life of John D. Rockefeller, Sr., which is the best biography on the oil giant that has ever been published). Back in 2004, he wrote a biography of Alexander Hamilton. If you don’t have a copy, you should buy one and read it. My edition is marked-up, highlighted, cross-referenced, and scribbled upon. Through 800 or so pages, he lays out the story of one of America’s founding fathers.
While I picked up some shares of Johnson & Johnson stock for one of our personal accounts today and worked on the launch of the global asset management business, Aaron decided to make a stuffed pepper recipe he told me last night he wanted to try. I’m so glad he did because they are incredible. You need to make them yourself.
A few of you have expressed interest in the behind-the-scenes process of launching the global asset management business Aaron and I are establishing to provide a mechanism to take on outside funds alongside our own; a natural extension of what we’ve been doing for so many years privately…
Johnson & Johnson is one of the most successful businesses in global history but its rise to preeminence resulted in an ugly family battle that left a wake of victims behind the misbehavior of two deeply flawed brothers.
After writing the post on investing in the oil majors (if you can call it that – I’m genuinely sorry about reaching almost 6,100 words as I didn’t plan on making it so lengthy) – explaining how you’re being paid to absorb volatility over very long periods of time that other people don’t want on their…
I’ve received a significant number of requests over the past few months asking that I discuss what is happening with oil, natural gas, pipeline, and refining companies; to explain how I look at the situation and the sorts of things Aaron and I discuss when we’re allocating our own capital or the capital of those who have entrusted their assets to us. It’s a big topic with a lot of niche considerations but I want to take some time today to address the oil majors; the handful of mega-capitalization behemoths such as ExxonMobil, Chevron, Royal Dutch Shell, Total, ConocoPhillips / Phillips 66, and BP.
My brother’s white coat ceremony for medical school was this past Saturday! We went to cheer him on as he was assigned to his docent, with the internal medicine experience up first. (Though he’s part of the class of 2019, I think he’s graduating in 2018 because of however his particular academic experience and credit history happened to coalesce. I’m not entirely clear on how the mechanics work. Whatever it is, it won’t be long before we’re calling him “Dr. Kennon”.)
After so many years of investing, interacting with people, and writing about stocks, mutual funds, index funds, and portfolio management, I have five theories that help explain investor behavior.
I spent all day working on the new business we’re launching, trying to figure out the pricing structure I want to use and the cut-offs I want to enforce before we get ready to file the regulatory paperwork, while Aaron oversaw the re-platforming of the sporting goods company. We came together around dinner time to…
On a recent late-night restocking run to the store, Aaron and I were walking down an aisle when we suddenly spotted something that, outside of a handful of enclaves, has been missing in action or relegated to back corners for decades: A product called Noxzema. For almost three-quarters of a century, the stuff was ubiquitous, found in nearly every home and an absolute must-have on any shopping trip taken by nearly any American family. The business story behind the Noxema fortune is a fascinating one.
