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Investment based on genuine long-term expectations is so difficult today as to be scarcely practicable.

John Maynard Keynes

The biggest problem is not to let people accept new ideas, but to let them forget the old ones.
JOHN MAYNARD KEYNES

Acceptance Big Forget Ideas Old People Problem
The avoidance of taxes is the only intellectual pursuit that still carries any reward.
JOHN MAYNARD KEYNES

Avoid Carry Intellectual Reward Tax
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 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
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 study of economics does not seem to require any specialised gifts of an unusually high order.
JOHN MAYNARD KEYNES

Economics Gift Order Special Study
The expected never happens; it is the unexpected always.
JOHN MAYNARD KEYNES

Expectation Inspirational Miracle Motivational
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
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
It is ideas, not vested interests, which are dangerous for good or evil.
JOHN MAYNARD KEYNES

Dangerous Evil Goodness Ideas
The atomic hypothesis which had worked so splendidly in Physics breaks down in Psychics.
JOHN MAYNARD KEYNES

Break Physics Splendid Work
When the final result is expected to be a compromise, it is often prudent to start from an extreme position.
JOHN MAYNARD KEYNES

Compromise Expectation Final Position Result
Long run is a misleading guide to current affairs. In the long run we are all dead.
JOHN MAYNARD KEYNES

Affair Death Guide
The central principle of investment is to go contrary to the general opinion, on the grounds that if everyone agreed about its merits, the investment is inevitably too dear and therefore unattractive.
JOHN MAYNARD KEYNES

Attractive General Ground Investment Opinion Principle
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
The difficulty lies, not in the new ideas, but in escaping the old ones, which ramify, for those brought up as most of us have been, into every corner of our minds.
JOHN MAYNARD KEYNES

Difficult Escape Ideas Lying Mindset Ourselves

Investment based on genuine long-term expectations is so difficult today as to be scarcely practicable.

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Investment based on genuine long-term expectations is so difficult today as to be scarcely practicable.

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