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.

Education and Affluence

New Study Finds The Ability to Delay Gratification Correlates with the Reliability of Adults in a Child’s Life

Whether or not a person is capable of waiting for rewards, and thus succeeding in things that require long-term planning such as investing, money management, completing higher education, and sticking with difficult projects for the promise of richer payouts, may not be due to willpower alone.  In a new study, researchers Celeste Kidd, Holly Palmeri,…

Starbucks IPO

A 20-Year Case Study of an Investment in the Starbucks IPO

I’ve done case studies in the past of slower growing, highly profitable businesses such as Clorox, Nestlé, Coca-Cola, Procter & Gamble, and Colgate-Palmolive among them.  We’ve also discussed case studies of some initial public offerings, such as an investment in Tiffany & Company twenty-five years ago.  I thought it might be interesting to look at another…

Nestle Headquarters Stock Investors from Google Earth

A Case Study of Nestlé SA Shareholder Returns With and Without Dividends Reinvested

Personally, my household owns shares of Nestlé SA, the Swiss-based chocolate, water, coffee, condensed milk, packaged food, and nutrition giant.  I’ve never been able to get as much of it as I want due to valuation1, but whenever the stock is within striking distance of my conservatively estimated calculation of intrinsic value, I write a…

Gold Coins and Gold Bullion Investments

Investing In Productive Assets Always Beats Gold and Gold Always Beats Fiat Currency In the Long-Run

It is a fairly regular occurrence for me to get messages from individuals who advocate a portfolio consisting entirely, or almost entirely, of gold, held for the long-term.  They usually follow the same pattern, are from the same demographic, and come through the contact form.  This morning, there was a comment left about gold and I decided…

Acqua di Parma Fragrances and Colognes

Acqua di Parma Is a Good Case Study of Reviving an Old Brand to Create a Story that Resonates with Consumers

After the Guerlain fragrance purchases earlier, I ended up buying several new bottles of Acqua di Parma, including the Colonia, Colonia Intensa, and Blu Mediterraneo Bergamotto di Calabria in the Italy Pavilion of Epcot at Walt Disney World.  Again, I realized that most of the people who were in the store with me probably didn’t…