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It is the duty of the long-term investor to endure great losses with equanimity.

John Maynard Keynes

I conceive, therefore, that a somewhat comprehensive socialisation of investment will prove the means of securing an approximation to full employment.
JOHN MAYNARD KEYNES

Employment Evidence Investment Myself Social
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
It would not be foolish to contemplate the possibility of a far greater progress still.
JOHN MAYNARD KEYNES

Foolish Greatness Possible Progress
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
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
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
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
Successful investing is anticipating the anticipations of others.
JOHN MAYNARD KEYNES

Anticipation Investment Success
The power to become habituated to his surroundings and therefore to no longer be grateful for what is good in it is a marked characteristic of mankind and needs to be fought against if a person is to be happy.
JOHN MAYNARD KEYNES

Goodness Gratitude Habitat Happiness Person Power Surrounding
Thus, the weight of my criticism is directed against the inadequacy of the theoretical foundations of the laissez-faire doctrine upon which I was brought up and for many years I taught
JOHN MAYNARD KEYNES

Criticism Foundation Inadequate Weight
To our generation Einstein has been made to become a double symbol – a symbol of the mind travelling in the cold regions of space, and a symbol of the brave and generous outcast, pure in heart and cheerful of spirit.
JOHN MAYNARD KEYNES

Brave Cheerful Generation Heart Mindset Symbol Traveling
I am sure that the power of vested interests is vastly exaggerated compared with the gradual encroachment of ideas.
JOHN MAYNARD KEYNES

Ideas Interest Myself Power
Economists must leave to Adam Smith alone the glory of the Quarto, must pluck the day, fling pamphlets into the wind, write always sub specie temporis , and achieve immortality by accident, if at all.
JOHN MAYNARD KEYNES

Accident Achievement Economist Immortal Writing
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
Most men love money and security more, and creation and construction less, as they get older.
JOHN MAYNARD KEYNES

Construction Love Man Money Old Security
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 is the duty of the long-term investor to endure great losses with equanimity.

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It is the duty of the long-term investor to endure great losses with equanimity.

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