Thoughts on Business, Politics, and Life from a Private Investor
For the past two or three weeks, I've found myself experiencing a strong sense of déjà vu. So many aspects of the world, and capital markets, today feel similar to the period following when Aaron and I graduated college; the time during which we built our early economic foundation. Housing prices. Mortgage rates. Conflict in the Middle East, particularly Gaza. Spikes in gasoline prices. Value…
One of the questions I get constantly, both in-person and online, is how we went about arranging our household once we became parents. We put so much thought into it, and it's clearly of interest to folks, that I thought I'd take a moment over my morning coffee and write a brief high-level overview of how we approached this if only for a quick reference guide in the hope it is helpful to someone.…
The Legend of Zelda, the Berkshire Hathaway shareholder letter, technology upgrades ... all the making of an excellent weekend. The post Beating the Original Legend of Zelda with the Kids, Apple Now Allows You To Merge Your Old iTunes Accounts, the Berkshire Hathaway Shareholder Letter Was Released, and More appeared first on Joshua Kennon .
As a big fan of different sub-genres of folk music, I was thrilled with Avi Kaplan's new release, Peace Somehow. I've had it on repeat throughout the day. The post Peace Somehow, All Is Well, and Tracks in the Snow appeared first on Joshua Kennon .
As I sit here working at my desk at 1:35 a.m., December 20th, 2024, I'm listening to a recording session of Levels by the Robert Glasper Trio feeling exhausted, but grateful, for a phenomenal year. Decisions made over the past 18 to 24 months bore extraordinary fruit. I've also been thinking about something Charlie Munger said shortly before his passing. The post You Really Should Listen to the…
I have a bunch of earnings reports to read and as I work from home, I can't get Scarlatti's Sonata in D minor, K.64 / L. 58 / P. 33 out of my head. He wrote it sometime around the year 1740 and it was printed in Volume II of a book of keyboard sonatas he published in 1742. Harpsichord, clavichord, piano, guitar ... it just sounds so catchy no matter the instrument on which it is performed. The…
Our real estate purchases in and around New Albany, Ohio continue. In addition to the two houses we already bought, we are under contract to acquire a commercial property. We've also started moving the pieces to someday have more kids. The post We Continue to Put Down Roots, Both Deep and Wide, in New Albany appeared first on Joshua Kennon .
I could hardly sleep Friday night because of excitement. It felt like Christmas as a kid, when all that joy, happiness, and anticipation are bundled together. Only much, much greater. Imagine you had been waiting on Christmas to arrive for more than thirty years. Many of you watched me put off this purchase for decades as I prioritized investing over consumption, but it is now here: Aaron and I…
The paradox of 2024 for investors is that the stock market keeps getting more expensive but individual blue chip stocks are getting cheaper. I'd argue this has created a wonderful environment for long-term value investors. The post Blue Chip Stocks Crash as the Stock Market Gets More Expensive appeared first on Joshua Kennon .
When we were originally furnishing our Missouri house, I came across a desk that I wanted to buy. However, I decided to invest the money, instead. Twelve years later, I discovered it, again, and, being older, determined this time around I was going to buy it. I will almost assuredly start, and finish, each day reading at this desk. The post After a 4,484 Day Wait, I Finally Bought the Theodore…
We are launching a podcast in the near-future, the landscaping is coming along nicely, and we continue making progress on transitioning to a more traditional design aesthetic as we buy up antique furniture on the secondary market. The post Spring in Ohio, the Podcast, and an Update on the War on Minimalism appeared first on Joshua Kennon .
The past month has been an adventure in many ways. From celebrating Dorian's 3rd birthday, to an unexpected trip to the Emergency Room, searching for commercial office space, and making it through usual crunch of tax season, it feels like a lot has happened in a short period. The post A Broken Arm, Dorian s 3rd Birthday Party, Tax Day, and Thoughts on Commercial Leases in Columbus Versus Newport…
We continue to make progress on the house in New Albany. The Louis XV piece I mentioned arrived from the antiques dealer and I won two paintings at auction today. Meanwhile, I found two potential investments I really want to own but need to wait on the price. The post The Louis XV Console Arrived, Art as an Investment, a Strong U.S. Dollar, and Other Saturday Afternoon Thoughts appeared first on…
First quarter 2024 was one of the best of our lives and careers. We are making progress everywhere, companies across multiple sectors in corporate America are doing great, we're starting to really cook some amazing food, again, I have begun taking advantage of the collapse in furniture prices, and, yes, the second installment of Final Fantasy VII's remake was released. The post Cooking, Pineapple…
Giving up all that avocado toast and those lattes seems to have added up in the end because Millennials are now wealthier than Baby Boomers were at the same age. However, there is some important nuance: The difference between Millennials who are doing well and those who are not is wider than it was when Baby Boomers were in their prime. The post Millennials Are Now As Wealthy as Baby Boomers Were…
After a long search, we have selected New Albany, Ohio as our personal and business headquarters with all operations shifting in 2024. If you haven't heard of New Albany, yet, you will. Sooner rather than later. Over the coming years, it will be home to one of the largest microchip manufacturing facilities on the planet. The post We Have Been Quietly Buying Real Estate in the New Albany, Ohio Area…
As the United States returns to a normalized interest rate environment, things are going to get interesting. A few of my personal thoughts on the situation in which we, as a country, now find ourselves. The post Thoughts on the United States Returning to a Normalized Interest Rate Environment, the Housing Market, and Related Topics appeared first on Joshua Kennon .
In recent weeks, Aaron and I have come to realize our life is in the middle of another major transition; one so large and transformative that we have come to call it the "Second Founding" as a shorthand to describe the complete overall that is in the midst of unfolding. It's quick. It's efficient. We both know what we mean when we say it. In a sense, it feels very much not like we are starting…
Buried thousands of pages within its newly-enacted buget, the State of Ohio just quietly created a new Ohio Homeownership Savings Account program that allows individuals and married couples in the Buckeye State to take a tax deduction in exchange for saving for the purchase of a house. I think this could be the start of something interesting, especially if it takes off across other states and/or…
After careful consideration, Aaron and I decided that the Kennon-Green Co. office will feature mixed media works by Carol Benson-Cobb, a wonderful artist located in Dallas, Texas. The post We ve Chosen Carol Benson-Cobb Works for Kennon-Green Co. appeared first on Joshua Kennon .
After a long period of neglect, Nintendo launched Metroid Dread, a return to the classic side-scroller model for the legendary franchise. Developed by Spanish video game studio MercurySteam, the sales figures are extraordinary. The post Nintendo s Metroid Dread Blows Out Franchise Sales Figures appeared first on Joshua Kennon .
Aaron and I are ecstatic to share with you that our second son, Graham Forester Kennon-Green, was born through gestational surrogacy earlier this month. Unlike his brother, Dorian, who arrived at the full 40 weeks weighing 7 lbs. 5 ounces back in April, Graham arrived three weeks ahead of schedule at 37 weeks and 1 day, weighing in at 8 lbs. 3 ounces. The post Our Second Child, Graham Forester…
Fueled by a combination of reinvested profits (realized and unrealized gains, dividends, and interest), net client contributions, and new private client relationships, our wealth management business has recently found itself entrusted with more than $105 million in capital. This growth, combined with having a new baby and my desire to be able to walk to work in a matter of minutes, has resulted in…
Aaron and I are ecstatic to share with you that our son, Dorian Alexander Kennon-Green, was born in mid-April. After a gestational surrogacy journey that began several years ago, it all paid off when he came into the world in perfect health, weighing 7 lbs. 5 ounces. As I have told friends and family, he was born with a head full of hair, and, to our great fortune and blessing, a temperament that…
The second car we ordered back in November finally arrived in time for the birth of the first baby, which is now only weeks away. This marked our first hybrid electric vehicle and, so far, we are loving it. The post We Are Making the Transition to Cleaner Energy: A Look at the 2021 Lincoln Aviator Black Label Grand Touring SUV appeared first on Joshua Kennon .
The news has been filled with stories about GameStop and other stocks with high "short" interests being squeezed in recent weeks so there is no point in me rehashing the specifics. There is a lot I could cover about the actual procedure for how trades settle, how short squeezes happen, who is innocent and guilty, and a host of other relevant topics. Enough ink has been spilled, digital and print,…
As I write this message, it is January 2nd, 2021. Today marks the second day of the new year, the thirteenth day since the start of winter, and the 13,987th day of my life. The holiday weekend afforded me something I haven't had in a long time: a moment of respite as much of the world shut down for celebration. Well-rested, I'm ready to jump into the New Year. Here is an inside look at some of the…
Merry Christmas! I hope all of you are doing well and that your celebrations were filled with happiness, laughter, and good food! For our part, this year marked the 20th Christmas that Aaron and I have spent together. Like every one of those other Christmases, it was one of the best days of my life (despite the unusual circumstances and challenges this year has brought). We decided that with the…
One afternoon last week, we decided to test a new Dutch Oven Tortellini Soup with Italian Sausage recipe while drinking eggnog and listening to Christmas music. It provided leftovers for several days, making our lives easier during the newest shelter-in-place lockdown in California. The post Listening to Christmas Music and Cooking a Dutch Oven Tortellini Soup with Italian Sausage and Bread…
Aaron and I are beyond thrilled that in a little more than four months, we will welcome our first child into the Kennon-Green family! Here is an update about the process and a few pictures of what we've been up to as we prepare for his arrival. The post We re Pregnant And the First Baby Boy is Due in the Spring! appeared first on Joshua Kennon .
We recently discovered that in 2017, the SpaceLab9 booth at New York Comic Con sold an extremely limited edition Elder Scrolls V: Skyrim Ultimate Vinyl collection etched to look like the famous sweet rolls from the game. The collection, which was limited to only 95 copies, contains the full 52-tracks found in the game. The moment we learned it existed, we knew we had to have it. After some…
Keeping an eye on numerous individual companies, as well as a broad array of economic data, I am far more optimistic about the next ten years than I was this time last month. Yes, there will still be challenges, but it looks like much of the worst-case scenario has been averted. Now, it's about navigating the problems we will encounter due to the specific policy decisions made in the midst of the…
We started to see toilet paper (multiple varieties, sizes, etc.) as well as occasional bottles of Lysol appear at local stores, and beaches are once again full with people running, sailboats in the distance, and folks riding their bicycles. Many of the independent retail shops have reopened, and restaurants are beginning to accept diners, again. The post The Return to Normalcy Has Begun in…
Over the past year, one of my favorite tracks to listen to while I work is an instrumental piece by Iranian-born composer, producer, instrumentalist, and performer Sami Yusuf. In referring to his genre of music, Yusuf calls it “Spiritique”, which blends Eastern and Western sounds into something new and different. The post Music Recommendation: Breeze by Sami Yusuf appeared first on Joshua Kennon .
Several incredibly talented people collaborated on a disco-style track called "Kill the Lights" that Aaron and I have been listening to on endless repeat. The build-up to the chorus and explosion of happiness is great, especially when the volume is turned up, the sun is shining, and you're getting stuff done. You can't help but dance. It's probably going to be the song we remember most from Spring…
Unreal Engine 5 – one of the big video game development engines upon which the modern gaming industry is built – has been revealed. It looks spectacular. This is going to allow much smaller studios to develop titles that would have only been possible with far higher budgets and resources only a few years ago. The post Unreal Engine 5 Has Been Revealed (and Other Thoughts and Updates) appeared…
Over the past few weeks, an interesting, and rather dramatic, development has occurred: A good minority of the population, often those in possession of what they deem to be stable incomes and sufficient savings, or who are otherwise cradled by some sort of safety net so they need not worry about homelessness and destitution, have moved the goalposts of the lockdowns from "flatten the curve to buy…
Given that so many of our family and friends can't travel to see us during this pandemic, Aaron and I wanted to share an early access glimpse into our asset management firm's new home. It's not the same as seeing it in person but it should at least give you an idea of where we will be spending a lot of our time in the coming years as we allocate capital and scale operations. The post A…
Following our recent discussion in the past post on COVID-19, some good news has emerged: In a recent interview, Dr. Anthony Fauci stated that, although there was no way to know for certain and he didn't want to be held to it given the ever-changing nature of the situation, he now estimates that the death toll from COVID-19 will be in the 100,000 to 200,000 range. This is a dramatic reduction from…
We need to have a hard conversation. These conversations are not natural, or even comfortable, for a lot of people but at this time, in this moment, it is necessary. To that end, I am going to be candid and may even offend several of you. That is not my intention. Rather, I think it is important for us to be honest about what we are facing, the trade-off calculations that are going to have to be…
Along with 1 out of 2 Americans, including the entirety of the rest of the State of California, Aaron and I have been sheltering-in-place and practicing social distancing. Given that we spent a vast portion of our lives together living semi-retired, this is not a significant change for us. If anything, it feels like a return to our Missouri days, especially considering that after two years in the…
I've been watching, with increasing interest, the catastrophic market decline that has been playing out in antique case goods, furniture, decor, and other related historical items. This category of assets, which had been on a steady, upward climb for nearly thirty years prior to the Great Recession, has been in a free-for-all, nosediving with such violence that the implosion is breathtaking in…
One of the things I've most disliked over the past three years since starting our asset management firm is that I've had little to no time to show you what is going on in our lives. Entire trips, events, special occasions, holiday celebrations, birthday parties, concerts ... things that would have been documented have fallen by the wayside because the time it would take to prepare the photos,…
As we celebrated my 37th birthday today, I thought about three questions that Aaron and I have used in managing our lives that help us live better, avoid mistakes, and improve our outcomes. I wanted to share them so they might help you in your own journey. The post Three Questions That Can Dramatically Improve Your Life Thoughts and Reflections on My 37th Birthday appeared first on Joshua Kennon .
You Should Visit Moulin, a Parisian-Style Cafe in Newport Beach One of the things we enjoyed discovering before the pandemic was Moulin, an authentic French café and bakery located in Newport Beach. Moulin itself is located in a shopping center and has plenty of outdoor seating with tables covered by red umbrellas. Inside, there are The post You Should Visit Moulin, a Parisian-Style Cafe in…
The masterpiece Middlemarch, a Study of Provincial Life is considered by many literary critics and academics to be the greatest novel written in the history of the English language. A work of historical fiction, the story is set during the years 1829-1832 and follows the lives of the inhabitants of a fictional town, Middlemarch, as threads, both visible and invisible, weave the fate of their their…
So many of our clients, friends, and acquaintances bike, including for pleasure, exercise, and/or commuting to work, and we had grown so accustomed to seeing people on their bikes all the time out here given the near year-round perfect weather, Aaron and I decided that one of these days we were going to visit a nearby bike store in Costa Mesa, California. Yesterday, we finally checked this off our…
Walk into a French café and you might discover a dish called Croque Monsieur, which translates as "Mr. Crunch". Add a sunny-side up egg on top and it becomes a Croque Madame, or "Mrs. Crunch", the gender shift occurring because the egg resembles the sort of hat women would frequently wear in a by-gone era. Croque Monsieur and Croque Madame can range from the easy and convenient to the rich and…
One of the benefits of our relocation to the West Coast was going through boxes and containers dating back to early childhood, discovering things that we didn't realize we had; toys from our nursery, birthday cards from elementary school, choral music from high school and college. This included migrating old computer archives before destroying the physical drives, resulting in large amounts of…
We spent our Saturday morning reading and enjoying cinnamon roll French toast at the Oak Grill at the Fashion Island Hotel in Newport Beach. The post Cinnamon Roll French Toast at the Oak Grill in Newport Beach appeared first on Joshua Kennon .