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.
That is the average lifespan in the United States today: 27,375 days. If you are typical, that is what was deposited in your “time bank” when you were born. Every day, whether or not you want to, you make a withdrawal of 1 day. When the days run out, you die. Game over.
Have you ever met someone, or seen someone on television, who has insane, completely irrational beliefs? These beliefs could be scientific. They could be religious. They could be political. They could be racial. They could be philosophical. The particular manifestation doesn’t matter. An example would be the stoning to death of a woman accused…
The atmosphere at the Country Club Plaza feels like a celebration tonight because the best baseball players in the country are staying at The Intercontinental for the 2012 Major League Baseball All-Star Game. The fountains have been dyed blue, in honor (we presume) of the hometown Kansas City Royals, it looks like there is going to…
This fourth of July, I started the day at a family dinner pool party, spent the early afternoon watching BBC’s Sherlock with my grandmother who instantly fell in love with it, and tonight, I will be in my home study playing Civilization V Gods & Kings probably until 4 or 5 a.m. However, I have discovered…
Following the 25-year case study of Tiffany & Company, I have been thinking a lot about diamonds. From the economic pricing model to the cartel that controls diamond prices, not a day has gone by since that post when I have not studied gemstones, or the jewelry business, in some capacity, often for several hours at…
It’s long been said that it is more important to avoid bad investments than it is to find good investments. “A single bad deal can wipe out a lifetime of work,” or so the sentiment goes. There is a great truth in that. It was the first thing I thought of this morning when I read the Wall Street Journal coverage of the Bank of America / Countrywide Mortgage merger four years ago.
Texas knows cattle. Yesterday, I had the best cheeseburger I have ever had in my life. Literally. This evening, we did dinner at Bob’s Steak and Chop House in the Omni Hotel in downtown Dallas, Texas. Two of us went with a New York Strip and two with the filet mignon and I have to…
I’m in for a night of crunching financials on spreadsheets to try and figure out if a potential opportunity we came to Texas to examine is feasible or wise at various price ranges. It’s going to be a long night, so everyone ordered up milk and cookies to sustain us until the wee hours of…
My family and I stopped by the Neiman Marcus flagship store in downtown Dallas for several hours this afternoon between business commitments to look at tableware, crystal, and fragrances. The store is wonderful. I won’t get into the housewares I found (my favorite being a pewter accented serving pitcher adorned with sculpted fruits for when…
We are finally in Dallas. As far as cities go, I love Dallas. I’m thrilled with Dallas. It, like me, is fiscally conservative and socially liberal. There is plenty of high-end shopping. There are world-class restaurants. Several major airports are within driving distance. Unlike my former home in the New York metro area, I can still…