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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

When the facts change, I change my mind.
JOHN MAYNARD KEYNES

Change Fact Inspirational Mindset Myself Open
The political problem of mankind is to combine three things: economic efficiency, social justice and individual liberty.
JOHN MAYNARD KEYNES

Economy Kind Liberty Man Politics Problem Society
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.
JOHN MAYNARD KEYNES

Better Government Important Individual Present Worst
Whenever you save five shillings you put a man out of work for a day.
JOHN MAYNARD KEYNES

Day Save Work Yourself
The forces of the nineteenth century have run their course and are exhausted.
JOHN MAYNARD KEYNES

Course Exhaust Focus Run
It is astonishing what foolish things one can temporarily believe if one thinks too long alone, particularly in economics.
JOHN MAYNARD KEYNES

Believe Economics Fools Temporary
A sound banker, alas, is not one who foresees danger and avoids it, but one who, when he is ruined, is ruined in a conventional way along with his fellows, so that no one can really blame him.
JOHN MAYNARD KEYNES

Avoid Bank Blame Dangerous Himself Ruin Sound
There is no intrinsic reason for the scarcity of capital.
JOHN MAYNARD KEYNES

Capital Reason Scarcity
The key to selecting the winner isn’t choosing the face you think is the most beautiful but rather the face other people will pick
JOHN MAYNARD KEYNES

Face People Selection Thinking Winner
Education: the inculcation of the incomprehensible into the indifferent by the incompetent.
JOHN MAYNARD KEYNES

Different Education Incompetent
Canada is a place of infinite promise. We like the people, and if one ever had to emigrate, this would be the destination, not the U.S.A. The hills, lakes and forests make it a place of peace and repose of the mind, such as one never finds in the U.S.A.
JOHN MAYNARD KEYNES

Destination Infinite Nature Peace Place Promise
Once we allow ourselves to be disobedient to the test of an accountant’s profit, we have begun to change our civilization.
JOHN MAYNARD KEYNES

Allow Beginning Change Civilization Disobedient Profit
Worldly wisdom teaches that it is better for reputation to fail conventionally than to succeed unconventionally.
JOHN MAYNARD KEYNES

Convention Failure Teaching Wisdom World
If you owe your bank a hundred pounds, you have a problem. But if you owe a million, it has.
JOHN MAYNARD KEYNES

Bank Problem Wealth Yourself
Markets can remain irrational longer than you can remain solvent.
JOHN MAYNARD KEYNES

Fade Market Yourself
The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is generally understood. Indeed, the world is ruled by little else.
JOHN MAYNARD KEYNES

Easy Economist Ideas Politics Rule World

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.

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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.

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