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.

Remembered

How Would You Like to Be Remembered?

In an interview called “JK Rowling: A Year in Her Life”, that covered the period during the last year when she finished the final Harry Potter book, the interviewer asked Rowling, “How would you like to be remembered?”.  Her response was poignant. As someone who did the best she could with the talent she had.…

Thomas Kinkade The Cross Painting

Much to the Chagrin of the Art Establishment, the Numbers Indicate that Thomas Kinkade Is the Most Successful and Relevant Artist in Human History

I was enjoying a discussion with someone about hyperrealism around the time I wrote last night about my love for the works of Eric Christensen, Pedro Campos, Steve Mills, and Nathan Taylor, when they kept insisting that stil life paintings, particularly those that are close to a photograph, lack emotion.  (I completely disagree – the…

What Man Has Done, Man May Do

What Man Has Done, Man May Do

What man has done, man may do. – Proverb On May 6th, 1954, at Oxford University’s Iffley Road Track, Roger Bannister became the first recorded man in history to run a mile – exactly 5,280 feet – in less than 4 minutes.  His time, 3:59:04, was thought unachievable.  Men had tried countless times and failed.…

German Mark Inflation

The Money Illusion – Why Thinking About Things In Nominal Currency Can Destroy Your Net Worth

In 1928, Irving Fisher published The Money Illusion (seriously, buy it – it’s only $7.95), which discussed the human fallacy of thinking about things in the nominal currency of your home country instead of in terms of purchasing power.  The concept phrase “money illusion” was coined by legendary investor and economist John Maynard Keynes. The…

Graham Newman Corporation Stockholders

The Compensation System for Benjamin Graham at the Graham-Newman Corporation

The Graham-Newman Corporation was a stock company that essentially served as a hedge fund through which legendary investor Benjamin Graham managed money for his shareholders.  It is the same firm where Warren Buffett worked in his twenties before moving back to Omaha and establishing the original seven partnerships upon which his fortune is based. According…