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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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Aware Himself Investor Risk Run

Bagwalas

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Marilyn Monroe Paulo Coelho Abraham Lincoln C. S. Lewis Khalil Gibran Charlie Chaplin Gautama Buddha Isaac Newton

It is a good thing to make mistakes so long as you’re found out quickly.
JOHN MAYNARD KEYNES

Finding Goodness Mistake Quick Yourself
The importance of money flows from it being a link between the present and the future.
JOHN MAYNARD KEYNES

Future Importance Money Present
A study of the history of opinion is a necessary preliminary to the emancipation of the mind.
JOHN MAYNARD KEYNES

History Mindset Opinion Study
What an extraordinary episode in the economic progress of man that age was which came to an end in August, 1914!
JOHN MAYNARD KEYNES

Age Episode Man Progress
$John Maynard Keynes Quote - By this means (fractional reserve banking) government may secretly and unobserved, confiscate the wealth of the people, and not one man in a million will detect the theft.$

By this means (fractional reserve banking) government may secretly and unobserved, confiscate the wealth of the people, and not one man in a million will detect the theft.
JOHN MAYNARD KEYNES

Detection Man Mistake Reserve Secret
Obstinacy can bring only a penalty and no reward.
JOHN MAYNARD KEYNES

Obstinate Penalty Reward
The social object of skilled investment should be to defeat the dark forces of time and ignorance which envelope our future.
JOHN MAYNARD KEYNES

Envelope Future Ignorance Object Ourselves Skills Social
When my information changes, I alter my conclusions. What do you do, sir?
JOHN MAYNARD KEYNES

Change Conclusion Information Yourself
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

Benefit Capital Division Greatness Kind Man Society War Wealth
By a continuing process of inflation, government can confiscate, secretly and unobserved, an important part of the wealth of their citizens.
JOHN MAYNARD KEYNES

Citizenship Important Inflation Process Secret
I do not know which makes a man more conservative – to know nothing but the present, or nothing but the past.
JOHN MAYNARD KEYNES

Conservatism Known Man Myself Past Present
Never in history was there a method devised of such efficacy for setting each country’s advantage at variance with its neighbours’ as the international gold (or, formerly, silver) standard.
JOHN MAYNARD KEYNES

Gold History International Method Standard
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

Aware Himself Investor Risk Run
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

Confidence Existence Expectation Forecast Known Prediction
For at least another hundred years we must pretend to ourselves and to every one that fair is foul and foul is fair; for foul is useful and fair is not. Avarice and usury and precaution must be our gods for a little longer still.
JOHN MAYNARD KEYNES

Fair God Oneself Pretend Soul
If human nature felt no temptation to take a chance there might not be much investment merely as a result of cold calculation.
JOHN MAYNARD KEYNES

Calculation Human Nature Result Temptation

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