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’m Building a Ghost Ship Portfolio for Someone; A Sort of Index Fund on Steroids

I’m putting together a retirement portfolio for several people I know.  One of them is proving to be a fun intellectual exercise.  Essentially, the mandate calls for me creating a ghost ship of a portfolio that, once it has set sail, will drift almost untouched for the next 30+ years when it will be gifted to the children at the end of the life expectancy of the owner.  Beginning in 7 to 10 years, the owner will start taking 3% to 4% distributions to augment an otherwise secure retirement.  The portfolio is to be allocated 70% to a collection of 70 to 100 blue chip stocks, 25% to high-grade bonds, and 5% to cash or cash equivalents.

Baking Apple Pies in the Oven

Happy (Early) Thanksgiving Everyone!

Aaron asked me if I would make a couple of my apple pies for Thanksgiving with my family tomorrow.  It’s been awhile since I baked this particular pie recipe.  He brought it up three or four times, each entreaty accompanied by ever-escalating puppy dog eyes, so I knew he wanted me to do it even though I was planning on making some sort of specialty cake in the spirit of the honey lemon bee hive dessert I baked a few years ago; maybe a giant pumpkin or spice cake, in the (appropriately enough) shape of a pumpkin, with a cream cheese glaze drizzled over it; even better, perhaps a chocolate peanut butter bundt cake!  (Normally, I like vanilla cake with buttercream frosting but who doesn’t like chocolate and peanut butter?!)

Il Lazzarone Pizza St Joseph Missouri

You Should Try the Wood-Fired Italian Neapolitan Pizza at Il Lazzarone

We met up with friends at a new wood-fired Italian Neapolitan pizza restaurant that opened 45 minutes north of Kansas City called Il Lazzarone.  This is the same group with which we regularly try new restaurants, though I’ve been terrible about posting them all over the years.  We sat inside for hours talking about everything from economics, rental…