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Logic , like lyrical poetry , is no employment for the middle-aged.

John Maynard Keynes

It has been pointed out already that no knowledge of probabilities, less in degree than certainty, helps us to know what conclusions are true, and that there is no direct relation between the truth of a proposition and its probability. Probability begins and ends with probability.
JOHN MAYNARD KEYNES

Direct Knowledge Point Probability True
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
The glory of the nation you love is a desirable end, – but generally to be obtained at your neighbor’s expense.
JOHN MAYNARD KEYNES

Desire Glory Love Nation Yourself
If farming were to be organised like the stock market, a farmer would sell his farm in the morning when it was raining, only to buy it back in the afternoon when the sun came out.
JOHN MAYNARD KEYNES

Change Farm Raining Season Stock Summer
When my information changes, I alter my conclusions. What do you do, sir?
JOHN MAYNARD KEYNES

Change Conclusion Information Yourself
Once doubt begins it spreads rapidly.
JOHN MAYNARD KEYNES

Beginning Doubt Fast Spread
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
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
It is ideas, not vested interests, which are dangerous for good or evil.
JOHN MAYNARD KEYNES

Dangerous Evil Goodness Ideas
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
Conservatism leads nowhere; it satisfies no ideal.
JOHN MAYNARD KEYNES

Conservatism Ideal Satisfaction
It would not be foolish to contemplate the possibility of a far greater progress still.
JOHN MAYNARD KEYNES

Foolish Greatness Possible Progress
Investment based on genuine long-term expectations is so difficult today as to be scarcely practicable.
JOHN MAYNARD KEYNES

Difficult Expectation Investment Scarce
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
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
The forces of the nineteenth century have run their course and are exhausted.
JOHN MAYNARD KEYNES

Course Exhaust Focus Run

Logic , like lyrical poetry , is no employment for the middle-aged.

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Logic , like lyrical poetry , is no employment for the middle-aged.

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