It is worth noting that Keynes's personal investment philosophy was not immutable, as Professor Skidelsky has explained in his two volumes of biography. After The General Theory, Keynes's approach 'can be summed up as fidelity to a few carefully chosen stocks' (p525, Volume 2). This can be contrasted with his declaration after appointment in 1919 to the Board of National Mutual Life Assurance Company: 'A Life Office ought to have only one investment and it should be changed every day' (p25, Volume 2).
This illustrates the truth of the adage: ask three economists for their views on a particular topic and you get four different responses - two of them Keynes's.
Head of Investment
Reeves Brown Associates
London, SE1Reuse content