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It would not be foolish to contemplate the possibility of a far greater progress still.

John Maynard Keynes

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

Difficult Expectation Investment Scarce
Everything is always decided for reasons other than the real merits of the case.
JOHN MAYNARD KEYNES

Case Decision Reality Reason
It is Enterprise which build and improves the world’s possessions. If Enterprise is afoot, Wealth accumulates whatever may be happening to Thrift; and if Enterprise is asleep, Wealth decays, whatever Thrift may be doing.
JOHN MAYNARD KEYNES

Build Enterprise Improve Possession Sleep Thrift Wealth World
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
Markets can remain irrational longer than you can remain solvent.
JOHN MAYNARD KEYNES

Fade Market Yourself
It is the duty of the long-term investor to endure great losses with equanimity.
JOHN MAYNARD KEYNES

Greatness Investment Loss Responsibility
Successful investing is anticipating the anticipations of others.
JOHN MAYNARD KEYNES

Anticipation Investment Success
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
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 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
When somebody persuades me I am wrong, I change my mind.
JOHN MAYNARD KEYNES

Change Mindset Myself Persuade Wrong
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
Once doubt begins it spreads rapidly.
JOHN MAYNARD KEYNES

Beginning Doubt Fast Spread
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
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
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.

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It would not be foolish to contemplate the possibility of a far greater progress still.

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