Quote

Investing is an activity of forecasting the yield over the life of the asset speculation is the activity of forecasting the psychology of the market.

John Maynard Keynes

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John Maynard Keynes
Age: 62 †
Born: 1883
Born: June 5
Died: 1946
Died: April 21
Businessperson
Diplomat
Economist
Mathematician
Non-Fiction Writer
Philosopher
Politician
Professor
Lord Keynes
Baron Keynes of Tilton
Psychology
Investing
Market
Forecasting
Activity
Asset
Business
Speculation
Life
Assets
Finance
Yield

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The difficulty lies, not in the new ideas, but in escaping from the old ones.
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The numeric system was invented to help man to put order in the chaos of the world.
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I was suffering from my chronic delusion that one good share is safer than ten bad ones, and I am always forgetting that hardly anyone else shares this particular delusion.
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The disruptive powers of excessive national fecundity may have played a greater part in bursting the bonds of convention than either the power of ideas or the errors of autocracy.
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If economists could manage to get themselves thought of as humble, competent people on a level with dentists, that would be splendid.
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The duty of saving became nine-tenths of virtue and the growth of the cake the object of true religion.
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All the political parties alike have their origins in past ideas and not in new ideas and none more conspicuously so than the Marxists .
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The great events of history are often due to secular changes in the growth of population and other fundamental economic causes, which, escaping by their gradual character the notice of contemporary observers, are attributed to the follies of statesmen or the fanaticism of atheists .
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The day is not far off when the economic problem will take the back seat where it belongs, and the arena of the heart and the head will be occupied or reoccupied, by our real problems - the problems of life and of human relations, of creation and behavior and religion.
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The central principle of investment is to go contrary to the general opinion, on the grounds that if everyone agreed about its merits, the investment is inevitably too dear and therefore unattractive.
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The destruction of the inducement to invest by an excessive liquidity-preference was the outstanding evil, the prime impediment to the growth of wealth, in the ancient and medieval worlds.
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...By combining a popular hatred of the class of entrepreneurs with the blow already given to social security by the violent and arbitrary disturbance of contract,... governments are fast rendering impossible a continuance of the social and economic order of the nineteenth century.
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The importance of money flows from it being a link between the present and the future.
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It is investment, i.e. the increased production of material wealth in the shape of capital goods, which alone increases national wealth.
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Adam Smith and Malthus and Ricardo ! There is something about these three figures to evoke more than ordinary sentiments from us their children in the spirit.
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The right remedy for the trade cycle is not to be found in abolishing booms and thus keeping us permanently in a semi-slump but in abolishing slumps and thus keeping us permanently in a quasi-boom.
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In a regime of Free Trade and free economic intercourse it would be of little consequence that iron lay on one side of a political frontier, and labour, coal, and blast furnaces on the other. But as it is, men have devised ways to impoverish themselves and one another and prefer collective animosities to individual happiness.
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Perhaps a day might come when there would be at last be enough to go round, and when posterity could enter into the enjoyment of our labors.
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There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency.
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