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... a speculator is one who runs risks of which he is aware and an investor is one who runs risks of which he is unaware.

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
Investing
Aware
Speculator
Risk
Speculators
Running
Investor
Unaware
Investors
Risks
Runs

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The principle objectives in life are love, the creation and enjoyment if aesthetic experience, the pursuit of knowledge. Love comes a long way first.
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This long run is a misleading guide to current affairs. In the long run we are all dead. Economists set themselves too easy, too useless a task if in tempestuous seasons they can only tell us that when the storm is long past the ocean is flat again.
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When I find new information I change my mind What do you do?
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The important thing for Government is not to do things which individuals are doing already, and to do them a little better or a little worse but to do those things which at present are not done at all.
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It would not be foolish to contemplate the possibility of a far greater progress still.
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The importance of money flows from it being a link between the present and the future.
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Galton's eccentric, sceptical, observing, flashing, cavalry-leader type of mind led him eventually to become the founder of the most important, significant and, I would add, genuine branch of sociology which exists, namely eugenics.
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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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I wish I'd drunk more champagne.
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Words ought to be a little wild, for they are the assault of thoughts on the unthinking.
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Gold is a relic from a time when government's were less trustworthy in these matters (currency debasement) than they are now.
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I expect to see the State, which is in a position to calculate the marginal efficiency of capital-goods on long views and on the basis of the general social advantage, taking an ever greater responsibility for directly organizing investments.
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Nothing mattered except states of mind, chiefly our own.
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When the accumulation of wealth is no longer of high social importance, there will be great changes in the code of morals. We shall be able to rid ourselves of many of the pseudo-moral principles which have hag-ridden us for two hundred years, by which we have exulted some of the most distasteful of human qualities into the highest virtues.
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Experience shows that what happens is always the thing against which one has not made provision in advance.
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If I am right in supposing it to be comparatively easy to make capital-goods so abundant that the marginal efficiency of capital is zero, this may be the most sensible way of gradually getting rid of many of the objectionable features of capitalism.
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Men will not always die quietly.
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The considerations upon which expectations of prospective yields are based are partly existing facts which we can assume to be known more or less for certain, and partly future events which can only be forecasted with more or less confidence.
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Capitalism is the astounding belief that the most wickedest of men will do the most wickedest of things for the greatest good of everyone.
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The division of the spoils between the victors will also provide employment for a powerful office, whose doorsteps the greedy adventurers and jealous concession hunters of twenty or thirty nations will crowd and defile.
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