Keynes the Stock Market Investor
University of Cambridge - Judge Business School, Department of Finance & Accounting
London Business School; University of Cambridge - Judge Business School
September 6, 2012
Keynes made a major contribution to the development of professional asset management. Combining archival research with modern investment analysis, we evaluate John Maynard Keynes’ investment philosophy, strategies, and trading record, principally in the context of the King’s College, Cambridge, endowment. His portfolios were idiosyncratic and his approach unconventional. He was a leader among institutional investors in making a substantial allocation to the new asset class, equities. Furthermore, we document a radical change in Keynes’ approach to investment which was to the considerable benefit of subsequent performance. Keynes’ experiences in managing the endowment remain of great relevance to investors today.
Number of Pages in PDF File: 60
Keywords: John Maynard Keynes, behavioral finance, endowment asset management, financial history
JEL Classification: B26, G11, G14, G23working papers series
Date posted: March 17, 2012 ; Last revised: September 17, 2012
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