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An investor who proposes to ignore near-term market fluctuations needs greater resources for safety and must not operate on so large a scale, if at all, with borrowed money.

John Maynard Keynes

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
The social object of skilled investment should be to defeat the dark forces of time and ignorance which envelope our future.
JOHN MAYNARD KEYNES

Envelope Future Ignorance Object Ourselves Skills Social
It is better that a man should tyrannize over his bank balance than over his fellow-citizens.
JOHN MAYNARD KEYNES

Balance Bank Better Citizenship Man
Logic , like lyrical poetry , is no employment for the middle-aged.
JOHN MAYNARD KEYNES

Age Employment Logic Lyrics Poetry
This long run is a misleading guide to current affairs. In the long run we are all dead. Economists set themselves too easy, too useless a task if in tempestuous seasons they can only tell us that when the storm is long past the ocean is flat again.
JOHN MAYNARD KEYNES

Affair Current Death Guide Ocean Past Run Storm
Capitalism is the astounding belief that the most wickedest of men will do the most wickedest of things for the greatest good of everyone.
JOHN MAYNARD KEYNES

Belief Capital Goodness Greatness Man Wicket
The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is generally understood. Indeed, the world is ruled by little else.
JOHN MAYNARD KEYNES

Easy Economist Ideas Politics Rule World
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
Nor should the argument seem strange that taxation may be so high as to defeat its object, and that, given sufficient time to gather the fruits, a reduction of taxation will run a better chance than an increase of balancing the budget.
JOHN MAYNARD KEYNES

Argument Balance Budget Defeat Fruit Object Strange
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
The treasury could fill old bottles with banknotes and bury them, and leave it to private enterprises on well-tried principles of laissez-faire to dig the notes up again.
JOHN MAYNARD KEYNES

Bury Enterprise Principle Private Treasure
If you owe your bank a hundred pounds, you have a problem. But if you owe a million, it has.
JOHN MAYNARD KEYNES

Bank Problem Wealth Yourself
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
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
What an extraordinary episode in the economic progress of man that age was which came to an end in August, 1914!
JOHN MAYNARD KEYNES

Age Episode Man Progress
One blames politicians, not for inconsistency but for obstinacy. They are the interpreters, not the masters, of our fate. It is their job, in fact, to register the fact accomplished.
JOHN MAYNARD KEYNES

Accomplishment Blame Fact Master Obstinate Politician

An investor who proposes to ignore near-term market fluctuations needs greater resources for safety and must not operate on so large a scale, if at all, with borrowed money.

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An investor who proposes to ignore near-term market fluctuations needs greater resources for safety and must not operate on so large a scale, if at all, with borrowed money.

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