Thinking Aloud Archive

When we believe that we have something of interest to say, we write papers that offer a different perspective on an issue or conventional wisdom. We call this Thinking Aloud.

The Joys of Pessimism

I’m a pessimist. I see the down side in everything – gloom and doom everywhere, pitfalls & traps...Read more

Effective Decision Making

It is well known in the industry that investment research is an integral part of a strong investment process...Read more

The Uncertainty Principle

We at Kennox have serious concerns that new regulations and laws are being written at present which add...Read more

Kennox’s Core Principles

Kennox Asset Management is an independent company with the directors owning 97% of the shares...Read more

Value Anomaly

Why are there so few value investors here in the UK? For clarity’s sake, we use the term “value investing”...Read more

Why Hold Cash

In the Kennox Strategic Value Fund, we tell investors that we will have up to 20% cash....Read more

On Capitalism

Capitalism is constantly criticised in the media, in literature, and very ostentatiously.....Read more

Peak Earnings

There are several concepts associated with value investing: margin of safety, hunting...Read more

What is Risk?

Risk is losing money, nothing else. There are other measures and analyses of risk...Read more

The Role of Macro

We are often asked what is more important, the bottom up or the top down...Read more

Time to go to Cash? Think Again

Flashback to June 2009: After a slight falter, markets seem to be continuing their inexorable rise...Read more

Portfolio Management

Portfolio management, conceptually, is about risk and return and about correlation...Read more

Dividends vs Buy Backs

There are two economic reasons to own share: capital gains and dividends....Read more

Bubbles – Then and Now

Bubbles have been a recurring phenomenon throughout modern economic history...Read more

Crunch Analysis

We are in a tricky spot right now in the global economy. This is not one person's...Read more

A Tirade Against Protectionism

Recent stories of rises in tariffs on food have caught our attention, as several countries...Read more

Why Hold Gold

There are at least three classic reasons for holding gold as part of a portfolio...Read more

Central Banking Strategy Watch

We mentioned to a friend that our favourite game at present is "Central Bank Strategy Watch"...Read more