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 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.
I mentioned yesterday that I baked a caramel pecan apple pie. We had some surplus homemade pastry dough and granny smith apples from the two granny smith apple pies I made on Thanksgiving, using my favorite apple pie recipe. I wanted to try something different, and needed to find another apple pie recipe that didn’t require a top crust as I had just enough to cover the bottom of a pie pan to use the leftovers. I began the search, ultimately settling upon a perfectly rated derivation from a publisher called Taste of Home.
A lot of you have written me over the years about picking up your own French Oven or Dutch Oven given that they last forever, are one of the best tools to have in the kitchen, are so versatile, and can make cooking certain types of recipes much easier. I never deviate on my past…
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?!)
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…
A reader asks, “Unless I missed it, I believe it has been many years since you talked about your foundation (foundations?) and the passive investment approach you use for it/them. Do you still buy index funds? Has anything changed? I enjoy hearing about that part of your life and am thinking about setting up something similar.”
It’s been a long time since I’ve talked really about Nestlé SA other than mentioning it in passing last week. It was on my mind this morning, so I wanted to revisit it and talk about the business.
One of the things that has stuck with me, and I’ve been contemplating for the past twenty-four hours, is the passage on alienability of beneficiary’s interest, particularly as in regard to spendthrift trusts.
Mail Bag: Do You Think Polygamy Will Be Legalized in the United States? Over the past few years, I’ve received a lot of questions about the role of polygamy in American society and, in some cases, whether I think it will ever return and whether I think it should be legalized following its restriction in the…
I’ve been busy with family stuff lately, and, as part of that, taken several trips to the grocery store over the past few days. I was standing in the produce section looking at the fruits and vegetables when I experienced a sense of awe. It’s a human tendency to take for granted the things into which one is born but it really is incredible when you take time to reflect upon, and appreciate, the inheritance we all enjoy because of the men and women who came before us.