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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

Education: the inculcation of the incomprehensible into the indifferent by the incompetent.
JOHN MAYNARD KEYNES

Different Education Incompetent
Perhaps it is historically true that no order of society ever perishes save by its own hand.
JOHN MAYNARD KEYNES

Hands History Save Society True
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
Gold is a relic from a time when government’s were less trustworthy in these matters (currency debasement) than they are now.
JOHN MAYNARD KEYNES

Currency Gold Government Time Trust
Economics is a very dangerous science.
JOHN MAYNARD KEYNES

Dangerous Economics Science
Words ought to be a little wild, for they are the assault of thoughts on the unthinking.
JOHN MAYNARD KEYNES

Mistake Thinking Wild Word
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 introduction of a substantial Government transfer tax on all transactions might prove the most serviceable reform available,with a view to mitigating the predominance of speculation in the United States.
JOHN MAYNARD KEYNES

Government Introduction Speculation Transaction
The study of economics does not seem to require any specialised gifts of an unusually high order.
JOHN MAYNARD KEYNES

Economics Gift Order Special Study
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
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
Markets can remain irrational longer than you can remain solvent.
JOHN MAYNARD KEYNES

Fade Market Yourself
When my information changes, I alter my conclusions. What do you do, sir?
JOHN MAYNARD KEYNES

Change Conclusion Information Yourself
All production is for the purpose of ultimately satisfying a consumer.
JOHN MAYNARD KEYNES

Consumer Purpose Satisfaction
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
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

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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