From: lessgovt@gmail.com   
      
   Keynes was ultimately a successful investor, building up a private fortune.   
   His assets were nearly wiped out following the Wall Street Crash of 1929,   
   which he did not foresee, but he soon recouped. At Keynes's death, in 1946,   
   his net worth stood just    
   short of £500,000 – equivalent to about £20.5 million ($27.1 million) in   
   2018. The sum had been amassed despite lavish support for various charities   
   and philanthropies and despite his ethical reluctance to sell on a falling   
   market in cases where he    
   saw such behaviour as likely to deepen a slump.   
      
   Keynes managed the endowment of King's College, Cambridge starting in the   
   1920s, initially with an unsuccessful strategy based on market timing but   
   later shifting to focus in the publicly traded stock of small and medium-size   
   companies that paid large    
   dividends. This was a controversial decision at the time, as stocks were   
   considered high-risk and the centuries-old endowment had traditionally been   
   invested in agricultural land and fixed income assets like bonds. Keynes was   
   granted permission to invest    
   a small minority of assets in stocks, and his adroit management resulted this   
   portion of the endowment growing to become the majority of the endowment's   
   assets. The active component of his portfolio outperformed a British equity   
   index by an average of 6%    
   to 8% a year over a quarter century, earning him favorable mention by later   
   investors such as Warren Buffett and George Soros.   
      
   Joel Tillinghast of Fidelity Investments describes Keynes as an early   
   practitioner of value investing, a school of thought formalised in the US by   
   Benjamin Graham and David Dodd at Columbia Business School during the 1920s   
   and 1930s. However, Keynes is    
   believed to have developed his ideas independently. Keynes also regarded as a   
   pioneer of financial diversification as he recognised the importance of   
   holding assets with "opposed risks" as he wrote "since they are likely to move   
   in opposite directions    
   when there are general fluctuations"; and also as an early international   
   investor who avoided home country bias by investing substantially in stocks   
   outside the United Kingdom. Ken Fisher characterised Keynes as an exception to   
   the rule that economists    
   usually make horrible investors.   
      
   Keynes once remarked that "the youth had no religion save communism and this   
   was worse than nothing." Marxism "was founded upon nothing better than a   
   misunderstanding of Ricardo", and, given time, he (Keynes) "would deal   
   thoroughly with the Marxists" and    
   other economists to solve the economic problems their theories "threaten to   
   cause".   
      
   In 1931 Keynes had the following to say on Leninism:   
   "How can I accept a doctrine, which sets up as its bible, above and beyond   
   criticism, an obsolete textbook which I know not only to be scientifically   
   erroneous but without interest or application to the modern world? How can I   
   adopt a creed which,    
   preferring the mud to the fish, exalts the boorish proletariat above the   
   bourgeoisie and the intelligentsia, who with all their faults, are the quality   
   of life and surely carry the seeds of all human achievement? Even if we need a   
   religion, how can we    
   find it in the turbid rubbish of the red bookshop? It is hard for an educated,   
   decent, intelligent son of Western Europe to find his ideals here, unless he   
   has first suffered some strange and horrid process of conversion which has   
   changed all his values."   
      
   https://en.wikipedia.org/wiki/John_Maynard_Keynes   
      
   --- SoupGate-Win32 v1.05   
    * Origin: you cannot sedate... all the things you hate (1:229/2)