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The avoidance of taxes is the only intellectual pursuit that still carries any reward.

John Maynard Keynes

In truth, the gold standard is already a barbarous relic.
JOHN MAYNARD KEYNES

Gold Standard Truth
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
It is a mistake to think that one limits one’s risk by spreading too much between enterprises about which one knows little and has no reason for special confidence.
JOHN MAYNARD KEYNES

Confidence Limitation Mistake Reason Special Thinking
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
Conservatism leads nowhere; it satisfies no ideal.
JOHN MAYNARD KEYNES

Conservatism Ideal Satisfaction
In the long run we are all dead.
JOHN MAYNARD KEYNES

Death Philosophy Wasted Time
Education: the inculcation of the incomprehensible into the indifferent by the incompetent.
JOHN MAYNARD KEYNES

Different Education Incompetent
It is the long-term investor, who will in practice come in for the most criticism… For it is the essence of his behavior that he should be eccentric, unconventional, and rash in the eyes of average opinion.
JOHN MAYNARD KEYNES

Essence Investor Opinion Practice Willing
The markets are moved by animal spirits, and not by reason.
JOHN MAYNARD KEYNES

Animal Market Move Reason Spirit
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
I think that Capitalism, wisely managed, can probably be made more efficient for attaining economic ends than any alternative system yet in sight, but that in itself is in many ways extremely objectionable.
JOHN MAYNARD KEYNES

Capitalism Economy Extreme Manage Object Thinking Wisdom
The principle objectives in life are love, the creation and enjoyment if aesthetic experience, the pursuit of knowledge. Love comes a long way first.
JOHN MAYNARD KEYNES

Experience Knowledge Life Love Objective Principle
Morally and philosophically I find myself in agreement with virtually the whole of it: and not only in agreement with it, but in deeply moved agreement.
JOHN MAYNARD KEYNES

Agreement Move Philosophy Virtual
As time goes on, I get more and more convinced that the right method of investment is to put fairly large sums into enterprises which one thinks one knows something about and in the management of which one thoroughly believes.
JOHN MAYNARD KEYNES

Believe Fair Investment Management Myself Right Time
Ideas shape the course of history.
JOHN MAYNARD KEYNES

Course History Ideas Shape
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

The avoidance of taxes is the only intellectual pursuit that still carries any reward.

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The avoidance of taxes is the only intellectual pursuit that still carries any reward.

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