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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.

John Maynard Keynes

I am sure that the power of vested interests is vastly exaggerated compared with the gradual encroachment of ideas.
JOHN MAYNARD KEYNES

Ideas Interest Myself Power
Once doubt begins it spreads rapidly.
JOHN MAYNARD KEYNES

Beginning Doubt Fast Spread
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
In truth, the gold standard is already a barbarous relic.
JOHN MAYNARD KEYNES

Gold Standard Truth
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

Affair Current Death Guide Ocean Past Run Storm
The markets are moved by animal spirits, and not by reason.
JOHN MAYNARD KEYNES

Animal Market Move Reason Spirit
All the political parties alike have their origins in past ideas and not in new ideas and none more conspicuously so than the Marxists .
JOHN MAYNARD KEYNES

Ideas Origin Party Politics
The engine which drives enterprise is not thrift, but profit.
JOHN MAYNARD KEYNES

Drive Profit Thrift
Worldly wisdom teaches that it is better for reputation to fail conventionally than to succeed unconventionally.
JOHN MAYNARD KEYNES

Convention Failure Teaching Wisdom World
When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done.
JOHN MAYNARD KEYNES

Activity Country Development Job
I know of only three people who really understand money. A professor at another university. One of my students. And a rather junior clerk at the Bank of England.
JOHN MAYNARD KEYNES

Bank Known Myself People Understand University
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.
JOHN MAYNARD KEYNES

Delusion Forget Goodness Suffering
The duty of “saving” became nine-tenths of virtue and the growth of the cake the object of true religion.
JOHN MAYNARD KEYNES

Growth Object Religion Save True Virtue
I find myself more and more relying for a solution of our problems on the invisible hand which I tried to eject from economic thinking twenty years ago.
JOHN MAYNARD KEYNES

Finding Hands Invisible Myself Solution Trying
Practical men who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist. Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back.
JOHN MAYNARD KEYNES

Believe Economy Intellectual Man Myself Practice Quite Slave
There is no intrinsic reason for the scarcity of capital.
JOHN MAYNARD KEYNES

Capital Reason Scarcity

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 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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