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It is the duty of the long-term investor to endure great losses with equanimity.

John Maynard Keynes

The difficulty lies, not in the new ideas, but in escaping from the old ones.
JOHN MAYNARD KEYNES

Deep Difficult Effort Escape Ideas Inspirational Lying Old
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
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
The treasury could fill old bottles with banknotes and bury them, and leave it to private enterprises on well-tried principles of laissez-faire to dig the notes up again.
JOHN MAYNARD KEYNES

Bury Enterprise Principle Private Treasure
I believe myself to be writing a book on economic theory which will largely revolutionize – not, I suppose, at once but in the course of the next ten years – the way the world thinks about economic problems.
JOHN MAYNARD KEYNES

Believe Economics Problem Revolution Thinking World Writing
We will not have any more crashes in our time.
JOHN MAYNARD KEYNES

Crash Ourselves Time
The boom, not the slump, is the right time for austerity at the Treasury.
JOHN MAYNARD KEYNES

Right Time Treasure
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
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 love of money as a possession. Will be recognised for what it is, a somewhat disgusting morbidity.
JOHN MAYNARD KEYNES

Disgusting Love Money Possession Recognition
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

Attractive General Ground Investment Opinion Principle
Ideas, knowledge, art, hospitality, travel – these are things which should in their nature be international. But let goods be homespun whenever it is reasonably and conveniently possible and above all let finance be primarily national.
JOHN MAYNARD KEYNES

Art Finance Hospitality Ideas International Knowledge National Possible
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

Forecast Investment Marketing Prediction Speculation
The expected never happens; it is the unexpected always.
JOHN MAYNARD KEYNES

Expectation Inspirational Miracle Motivational
It would not be foolish to contemplate the possibility of a far greater progress still.
JOHN MAYNARD KEYNES

Foolish Greatness Possible Progress
It is the duty of the long-term investor to endure great losses with equanimity.
JOHN MAYNARD KEYNES

Greatness Investment Loss Responsibility

It is the duty of the long-term investor to endure great losses with equanimity.

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It is the duty of the long-term investor to endure great losses with equanimity.

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