Private Client Letters

The wealth our private clients entrust to our fiduciary stewardship is often irreplaceable capital; money accumulated and compounded as a result of a lifetime, or many lifetimes, of prudence, discipline, and intelligent decisions. Accordingly, the Managing Directors of the firm feel it is important for clients to understand what they own, why they own it, and how we see it fitting into the broader context of their portfolio, the market, and the economy.

One way we seek to achieve that objective is through the publication of private client letters. Unlike the firm’s private blog, the Timeline, that is accessible only to clients when logged into the system, or shorter commentary that is occasionally published within quarterly private client reports, the private client letters are long-form communications meant to get into considerable detail about the topics, and enterprises, being discussed.

Beginning with 3rd Quarter 2022, the firm’s intention is for private client letters to be released for publication no later than 21 days following the end of the quarter; i.e., April 21st, July 21st, October 21st, and January 21st, respectively. Depending upon the content, they may or may not be released to the public on the same day or at all.

2022
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3rd Quarter 2022PDf Icon Coming Soon


Historical Archives of Private Client Letters During State Registration Period

Effective July 15th, 2022, Kennon-Green & Co. transitioned to registration with the U.S. Securities and Exchange Commission (“SEC”) as a result of its growth in assets under management causing it to be classified as a “large advisory firm”. Registration with the SEC does not imply a certain level of skill or training. Those interested in learning about the firm’s history, and investment philosophy, during the period between its acceptance of private clients in late 2016 and transition to SEC registration in the summer of 2022 – that is, when it was a state-registered advisory firm and grew assets under management from $0 to $117,817,702, all of which was managed on a discretionary basis – are welcome to read selected private client letters and other communications published here for historical record.

Please note that during this period of explosive growth, the firm relocated from the Midwest to Southern California and, at various times, was registered with the States of Missouri, Texas, California, and Michigan. The expansion in operations was so rapid, and the private client base intimate enough, that, for several years, the Managing Directors would sometimes not release a private client letter during a quarter but, instead, publish updates on the Timeline blog within the private client portal, write commentary within private client quarterly reports, and/or engage in direct communication such as telephone calls and in-person meetings for clients that reached out and requested such discussions. Some of these communications may only be available to the firm’s private clients and not released to the public. These missives are intended as a courtesy to highlight our investment philosophy; to demonstrate how we seek to help our clients protect, preserve, and grow their wealth. We hope you find them valuable.

2022
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1st Quarter 2022PDf Icon Coming Soon

2021
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1st Quarter 2021PDf Icon Coming Soon

2020
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2019
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2018
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2017
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2016
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Special Commentary on Chipotle Mexican GrillPDf Icon Coming Soon

All private client letters written by Joshua A. Kennon are copyrighted by The Kennon-Green Trust. All Rights Reserved.