-
The old saying holds. Owe your banker £1000 and you are at his mercy; owe him £1 million and the position is reversed.
John Maynard Keynes -
A conventional valuation which is established as the outcome of the mass psychology of a large number of ignorant individuals is liable to change violently as the result of a sudden fluctuation of opinion due to factors which do not really make much difference to the prospective yield; since there will be no strong roots of conviction to hold it steady.
John Maynard Keynes
-
It is a good thing to make mistakes so long as you're found out quickly.
John Maynard Keynes -
As time goes on, I get more and more convinced that the right method in investment is to put fairly large sums into enterprises which one thinks one knows something about and in the management of which one thoroughly believes. It is a mistake to think that one limits one's risk by spreading too much between enterprises about which one knows little and has no reason for special confidence. . . . One's knowledge and experience are definitely limited and there are seldom more than two or three enterprises at any given time in which I personally feel myself entitled to put full confidence.
John Maynard Keynes -
In truth, the gold standard is already a barbarous relic.
John Maynard Keynes -
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.
John Maynard Keynes -
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.
John Maynard Keynes -
There is no harm in being sometimes wrong - especially if one is promptly found out.
John Maynard Keynes
-
The engine which drives enterprise is not thrift, but profit.
John Maynard Keynes -
The master-economist must possess a rare combination of gifts. He must reach a high standard in several different directions and must combine talents not often found together. He must be mathematician, historian, statesman, philosopher - in some degree. He must understand symbols and speak in words. He must contemplate the particular in terms of the general, and touch abstract and concrete in the same flight of thought. He must study the present in the light ofthe past for the purposes of the future...
John Maynard Keynes -
The outstanding faults of the economic society in which we live are its failure to provide for full employment and its arbitrary and inequitable distribution of wealth and incomes.
John Maynard Keynes -
... 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 -
Everything is always decided for reasons other than the real merits of the case...
John Maynard Keynes -
The next move is with the head, and fists must wait.
John Maynard Keynes
-
To suppose that safety-first consists in having a small gamble in a large number of different companies where I have no information to reach a good judgment, as compared with a substantial stake in a company where one's information is adequate, strikes me as a travesty of investment policy.
John Maynard Keynes -
Obstinacy can bring only a penalty and no reward.
John Maynard Keynes -
The immense accumulations of fixed capital which, to the great benefit of mankind, were built up during the half century before the war, could never have come about in a Society where wealth was divided equitably.
John Maynard Keynes -
Thus, the weight of my criticism is directed against the inadequacy of the theoretical foundations of the laissez-faire doctrine upon which I was brought up and for many years I taught...
John Maynard Keynes -
I can be influenced by what seems to me to be justice and good sense; but the class war will find me on the side of the educated bourgeoisie.
John Maynard Keynes -
It is a mistake to think that one limits one’s risk by spreading too much between enterprises about which one knows little and has no reason for special confidence.
John Maynard Keynes
-
It would not be foolish to contemplate the possibility of a far greater progress still.
John Maynard Keynes -
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.
John Maynard Keynes -
It is the duty of the long-term investor to endure great losses with equanimity.
John Maynard Keynes -
It is generally agreed that casinos should, in the public interest, be inaccessible and expensive. And perhaps the same is true of Stock Exchanges.
John Maynard Keynes