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.

Lottery Winners Go Bankrupt Just as Often as Non-Lottery Winners

A lot of times, people convince themselves that if “they just had a little more money” they wouldn’t be in the financial dire straits they are.  Their bills would be paid.  They wouldn’t have financial stress.  The problem is, everyone else with any sense in their life is likely thinking, “Yeah, you’ll be right back in this situation in a few years” but no one wants to say it aloud.

Mental Model by Joshua Kennon

Mental Model: Veblen Goods

Mental Model: Veblen Goods In today’s installment of our mental models catalog, we are going to discuss Veblen goods, which are a special type of item that would appear, at first glance, to violate the law of supply and demand relationships to prices. Veblen goods are a type of commodity, product or service for which…

Everyone Is an Atheist

We Are All Atheists, Every One of Us

On April 11th, 1823, Thomas Jefferson wrote a letter to John Adams. In the private correspondence, the man generally regarded to be one of the three most brilliant founding fathers confided to his fellow founder and former President, “And the day will come when the mystical generation of Jesus, by the supreme being as his father in the womb of a virgin will be classed with the fable of the generation of Minerva in the brain of Jupiter”.

The Cult of Majority Democracy

The Cult of the Majority (or You Don’t Have a Right to Vote for the President of the United States)

Countless Americans mistakenly believe that the constitution says we are a nation, “of the people, by the people, and for the people”. Though it’s a nice sentiment, many don’t realize that the line came halfway through the nation’s history in the Gettysburg Address by President Lincoln and isn’t part of our constitutional framework at all.