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.

Intrinsic Value Book Featured

When It Comes to Books, I Don’t Care How Much Money I Spend or Waste Ruining Them

I’m a big reader.  Huge.  My library consists of thousands of titles, mostly all of which are non-fiction (biographies, finance, business, economics, psychology, history, ethics, etc.)  If I were to reproduce it, the cost would be somewhere between $12,000 and $30,000 depending on  how difficult it was to get your hands on many of the…

Mental Model by Joshua Kennon

Mental Model: Using the Primary Mission of Your Life to Determine the Hierarchy of Priorities Between Task and Relationship

Mental Model: Using the Primary Mission of Your Life to Determine the Hierarchy of Priorities Between Task and Relationship One of my mentors from early in my career shared a mental model that has been a fantastic guideline and framework through which I’ve conducted my life.  It involves determining the hierarchy between personal relationships and…

Oakfield My View House from Balcony

Sometimes, I Feel Like I Live in Oakfield from Fable II (or “The Utility of Home Ownership”)

In the most recent Berkshire Hathaway shareholder letter, Warren Buffett remarked that the three best investments he ever made included his home in Omaha (the other two were wedding rings).  He conceded that he would have had more money if he had instead rented and invested the cash, but the utility of the home far outweighed the opportunity cost. Now that I am in my late twenties, I understand what he meant.

Berkshire Hathaway Stock Investment

Berkshire Hathaway Shares Are Trading at the Lowest Valuation In Nearly a Decade

Berkshire Hathaway shares are now trading at around the lowest valuation relative to earnings and assets that they have since the dot-com bubble in the late 1990s. How is that possible? As the famed holding company of Warren Buffett has added businesses such as Burlington Northern Santa Fe, the stock price has treaded water so each dollar invested at today’s price represents more profit and equity than it did in the past.