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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

Well, when I get new information, I rethink my position. What, sir, do you do with new information?
JOHN MAYNARD KEYNES

Information Myself Position Thinking Yourself
The numeric system was invented to help man to put order in the chaos of the world.
JOHN MAYNARD KEYNES

Chaos Help Invention Man System World
It would be foolish, in forming our expectations, to attach great weight to matters which are very uncertain.
JOHN MAYNARD KEYNES

Attachment Certain Expectation Fools
The division of the spoils between the victors will also provide employment for a powerful office, whose doorsteps the greedy adventurers and jealous concession hunters of twenty or thirty nations will crowd and defile.
JOHN MAYNARD KEYNES

Crowd Division Employment Nation Provide Spoil
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
Pyramid-building, earthquakes, even wars may serve to increase wealth, if the education of our statesmen on the principles of the classical economics stands in the way of anything better.
JOHN MAYNARD KEYNES

Build Increase War Wealth
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
The businessman is only tolerable so long as his gains can be held to bear some relation to what, roughly and in some sense, his activities have contributed to society.
JOHN MAYNARD KEYNES

Business Contribute Himself Man Society Tolerance
The idea behind stamped money is sound.
JOHN MAYNARD KEYNES

Ideas Money Sound Stamp
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 we consistently act on the optimistic hypothesis, this hypothesis will tend to be realised; whilst by acting on the pessimistic hypothesis we can keep ourselves for ever in the pit of want.
JOHN MAYNARD KEYNES

Act Consistent Optimism Realize
The Economic Problem, the problem of want and poverty and the economic struggle between classes and nations, is nothing but a frightful muddle, a transitory and unnecessary muddle.
JOHN MAYNARD KEYNES

Economics Nation Necessary Poverty Problem Struggle
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 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
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
The outstanding faults of the economic society in which we live are its failure to provide for full employment and its arbitrary and inequitable distribution of wealth and incomes.
JOHN MAYNARD KEYNES

Distribution Economy Income Mistake Outstanding Wealth

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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