Investing is the process of putting aside money today in exchange for more money in the future. This process involves risk but, when well managed, can help grow your wealth over time due to the power of compounding. This is the investing archive that includes articles published on JoshuaKennon.com. If you are looking for more great content, visit Joshua’s Investing for Beginners site at About.com, a division of The New York Times.

Kennon-Green & Co. Global Asset Management, Wealth Management, and Investment Advisory

Jack Daniel's Tennessee Whiskey Brown-Forman Stock Report

Brown-Forman Is One of the Best Businesses I’ve Ever Seen

In recent days, I have been immersing myself in the annual reports and other filings of a company called Brown-Forman.  The company, which manufactures Jack Daniel’s whiskey, Chambord vodka, Korbel Champagnes, and other brands of spirits, is still controlled by the family that has owned it for more than a century, with two classes of stock trading on the New York Stock Exchange.

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S&P 500 Dividend Reinvestment Inflation-Adjusted Data

A Look at Inflation-Adjusted S&P 500 Data for 1960 Through 2010 and Dividend Reinvestment vs. Non Dividend Reinvestment

I am working on my What is a mutual fund? category at About.com and a thought struck me.  I wanted to go back and look at the most recent investing lifetime (the 50 year period between 1960 and 2010).  I imagined that an investor could have bought the S&P 500 stock market index (obviously you can’t…

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General Electric Stock from the 1940s

Stocks vs Bonds vs Gold Returns for the Past 200 Years

I write a lot about investing in stock and investing in bonds over at Investing for Beginners at About.com, a division of The New York Times. There is a reason I tend to be far more favorable to equity investments (stocks) than fixed income investments (bonds) when it comes to long-term investing and why much…

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Benjamin Graham Value Investing Allegory

Benjamin Graham Intrinsic Value Formula

A Look At How the Father of Value Investing Calculated the Intrinsic Value of an Ordinary Share of Common Stock Benjamin Graham, the rich investor, professor, and mentor to Warren Buffett, once proposed a quick back-of-the-envelope intrinsic value formula for investors to determine if their stocks were at least somewhat rationally priced.  He encouraged investors…

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Wal-Mart Stores Stock Earnings Yield versus United States Treasury Bond Yields

Earnings Yields vs. Treasury Bond Yields as a Stock Market Valuation Technique

Using Wal-Mart Stores as an Example of Earnings Yields vs. Treasury Bond Yields I was up until 5 a.m. this morning reading through the past few years’ of Wal-Mart Stores, Inc. annual reports, filings with the SEC, analyst reports, transcripts, and other documents.  It is about time to have the businesses make another contribution to…

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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.

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Kennon-Green & Co. Global Asset Management, Wealth Management, and Investment Advisory