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Keynes the Stock Market InvestorDavid ChambersUniversity of Cambridge - Judge Business School, Department of Finance & Accounting Elroy DimsonLondon Business School; University of Cambridge - Judge Business School September 6, 2012 Abstract: 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, G23 working papers seriesDate posted: March 17, 2012 ; Last revised: September 17, 2012Suggested CitationContact Information
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