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

The Best Kind of October Afternoon: Reading Annual Reports By the Fireplace and Playing Video Games for Hours

Early morning, a giant package arrived from FedEx containing the historical annual reports of a company I’ve been studying for the past couple of weeks.  I’ve built positions in most of the accounts under my purview, including my household portfolios.  Even though I have read the financials in PDF format, I want to go back through the hardcopy, line-by-line, and make sure there is nothing I am missing.

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I’ve Made the Perfect Fall Sandwich – Black Pepper Turkey Panini on Wheat Bread with Cranberry Chutney and Smoked Apple Gouda Cheese

The October panini study continues and I hit upon a huge winner today!  It is like autumn distilled into a sandwich.  It involves the same eight wheat bread I used yesterday in the blue cheese and plain turkey version, only the meat is a black pepper-edged smoked turkey, with slices of apple-smoked gouda cheese, mayonaise, cranberry chutney, arugula, and a drizzle of olive oil.  It would be perfect if you have a cup of spiced cider or apple slices on the side.  

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A 20-Year Case Study of an Investment in the Starbucks IPO

I’ve done case studies in the past of slower growing, highly profitable businesses such as Clorox, Nestlé, Coca-Cola, Procter & Gamble, and Colgate-Palmolive among them.  We’ve also discussed case studies of some initial public offerings, such as an investment in Tiffany & Company twenty-five years ago.  I thought it might be interesting to look at another…

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A Case Study of Nestlé SA Shareholder Returns With and Without Dividends Reinvested

Personally, my household owns shares of Nestlé SA, the Swiss-based chocolate, water, coffee, condensed milk, packaged food, and nutrition giant.  I’ve never been able to get as much of it as I want due to valuation1, but whenever the stock is within striking distance of my conservatively estimated calculation of intrinsic value, I write a…

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A History of The Clorox Company and a Case Study of the 26-Year Investment Record

One of the additions I have been considering adding to the KRIP is The Clorox Company.  However, it appears somewhat overvalued right now, offering a lower earnings yield and slower sales growth compared to the S&P 500 if you view the index itself as a single stock, which doesn’t bode well on a relative basis.  That…

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Investing In Productive Assets Always Beats Gold and Gold Always Beats Fiat Currency In the Long-Run

It is a fairly regular occurrence for me to get messages from individuals who advocate a portfolio consisting entirely, or almost entirely, of gold, held for the long-term.  They usually follow the same pattern, are from the same demographic, and come through the contact form.  This morning, there was a comment left about gold and I decided…

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