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

Jamal Mashburn Owns Papa John's and Outback Steakhouses

Why Aren’t More Athletes Like Jamal Mashburn or Ulysses Bridgeman, Jr.?

The Internet is buzzing with a clip from Terrell Owens’ reality show on VH1.  In a recent installment of the program, T.O. begins to cry about the money troubles he faces after discovering that his finances aren’t adding up, his credit score is in the 500’s, he has mortgages due on real estate and he…

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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…

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Not All Your Investments Will Work Out at First … Just Look at The Buffalo Evening News and Berkshire Hathaway

In 1977, Berkshire Hathaway invested nearly 25% of its net worth into Buffalo Evening News, a newspaper in upstate New York. Buffett and Munger paid $32.5 million for the company, which had only earned $1.7 million pre-tax in 1976. The theory was the paper could launch a Sunday edition and increase profits substantially. A judge…

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The Cost of Owning a Car: The Average American Spends 58.5¢ Per Mile Driven, or $8,776 Per Year Per Car

[mainbodyad]It always struck me as particularly stupid when people complained about the cost of gasoline, even when I was a teenager with very little money just learning about how investing worked. It seemed perfectly obvious to me that if an increase of $1 per gallon cut into your standard of living, you were living so…

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“Tell Us How He Made It!” A Story of Warren Buffett, William Randolph Hearst, and Money

There is an apocryphal story about Warren Buffett that I always found useful. [mainbodyad]Years ago, when he was supposedly touring Heart Castle, the gargantuan San Simeon, California estate of American newspaper tycoon William Randolph Hearst, the tour guide spent hours highlighting the enormous scale and no-expense-spared luxuries.  He talked about how much money was spent…

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Making $100,000 Per Year as a College Student

How We Made $100,000 a Year as Full-Time College Students

I found some of our old tax filings from last decade!  It turns out that around our college days, living together in the apartment complex next to the Quakerbridge Mall in Princeton, New Jersey, our combined household income was somewhere between $80,000 and $100,000 even though neither of us had full-time jobs and we were both students attending school on music scholarships.  (This is the same apartment that I showed you a few months ago.)  The difference between the two figures depends on whether you count unrealized capital gains as “income” since our net worth was increasing but it didn’t reflect in our taxes at the time.

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How to Measure Your Wealth

Years ago, I vaguely remember hearing someone comment that it was interesting how differently we measure wealth today compared to British society at the end of the 19th century.  This made me realize that most people don’t even know there is a difference; that there are primarily two ways you can think about measuring your wealth and which you choose for your own household will influence how you behave, the capital structure you employ, and even how you think about risk.

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