In this autumn of 1919, in which I write, we are at the dead season of our fortunes.
John Maynard KeynesShould government refrain from regulation (taxation), the worthlessness of the money becomes apparent and the fraud can no longer be concealed.
John Maynard KeynesIt's not bringing in the new ideas that's so hard; it's getting rid of the old ones.
John Maynard KeynesAs time goes on, I get more and more convinced that the right method in investment is to put fairly large sums into enterprises which one thinks one knows something about and in the management of which one thoroughly believes. 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. . . . One's knowledge and experience are definitely limited and there are seldom more than two or three enterprises at any given time in which I personally feel myself entitled to put full confidence.
John Maynard KeynesA 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