... a speculator is one who runs risks of which he is aware and an investor is one who runs risks of which he is unaware. John Maynard Keynes More Quotes by John Maynard Keynes More Quotes From John Maynard Keynes The markets are moved by animal spirits, and not by reason. John Maynard Keynes spiritreasonanimal The outstanding faults of the economic society in which we live are its failure to provide for full employment and its arbitrary and inequitable distribution of wealth and incomes. John Maynard Keynes incomeemploymentarbitrary When the final result is expected to be a compromise, it is often prudent to start from an extreme position. John Maynard Keynes prudentfinalscompromise It is the duty of the long-term investor to endure great losses with equanimity. John Maynard Keynes investinglosslong If you owe your bank a hundred pounds, you have a problem. But if you owe a million, it has. John Maynard Keynes bankingproblempounds 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 wiserainmorning It economics is a method rather than a doctrine, an apparatus of the mind, a technique of thinking which helps its possessor to draw correct conclusions. John Maynard Keynes doctrinemindthinking When the accumulation of wealth is no longer of high social importance, there will be great changes in the code of morals. We shall be able to rid ourselves of many of the pseudo-moral principles which have hag-ridden us for two hundred years, by which we have exulted some of the most distasteful of human qualities into the highest virtues. John Maynard Keynes qualitytwoyears The day is not far off when the economic problem will take the back seat where it belongs, and the arena of the heart and the head will be occupied or reoccupied, by our real problems - the problems of life and of human relations, of creation and behavior and religion. John Maynard Keynes realheartreligion 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 feareducationlying 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 accompli. John Maynard Keynes fatepoliticsjobs Worldly wisdom teaches that it is better for reputation to fail conventionally than to succeed unconventionally. John Maynard Keynes reputationsucceedfailing It is the long term investor who will in practice come in for the most criticism. For it is the essence of his behaviour that he should be eccentric, unconventional and rash in the eyes of the average opinion. If he is successful, that will only confirm the general belief in his rashness; and if in the short run he is unsuccessful, which is very likely, he will not receive much mercy. Worldly wisdom teaches that it is better for reputation to fail conventionally than to succeed unconventionally. John Maynard Keynes independenteyerunning Words ought to be a little wild, for they are the assault of thoughts on the unthinking. John Maynard Keynes businessinspirationalpast A conventional valuation which is established as the outcome of the mass psychology of a large number of ignorant individuals is liable to change violently as the result of a sudden fluctuation of opinion due to factors which do not really make much difference to the prospective yield; since there will be no strong roots of conviction to hold it steady. John Maynard Keynes differencesstrongroots I'd rather be vaguely right than precisely wrong. John Maynard Keynes economics Newton was not the first of the age of reason. He was the last of the magicians, the last of the Babylonians and Sumerians, the last great mind that looked out on the visible and intellectual world with the same eyes as those who began to build our intellectual inheritance rather less than 10,000 years ago. John Maynard Keynes eyescienceyears It has been pointed out already that no knowledge of probabilities, less in degree than certainty, helps us to know what conclusions are true, and that there is no direct relation between the truth of a proposition and its probability. Probability begins and ends with probability. John Maynard Keynes degreestruthmath The expected never happens; it is the unexpected always. John Maynard Keynes investingunexpectedexpected The key to selecting the winner isn't choosing the face you think is the most beautiful but rather the face other people will pick John Maynard Keynes keysbeautifulthinking
