It is the duty of the long-term investor to endure great losses with equanimity.
John Maynard KeynesThe immense accumulations of fixed capital which, to the great benefit of mankind, were built up during the half century before the war, could never have come about in a Society where wealth was divided equitably.
John Maynard KeynesHe had one illusion - France; and one disillusion - mankind, including Frenchmen.
John Maynard KeynesI see, therefore, the rentier aspect of capitalism as a transitional phase which will disappear when it has done its work. And with the disappearance of its rentier aspect much else in it besides will suffer a sea-change. It will be, moreover, a great advantage of the order of events which I am advocating, that the euthanasia of the rentier, of the functionless investor, will be nothing sudden, merely a gradual but prolonged continuance of what we have seen recently in Great Britain, and will need no revolution.
John Maynard Keynes