John Maynard Keynes, Investment Innovator
Journal of Economic Perspectives, 2013, Vol 27, No 3, pages 1–18
24 Pages Posted: 30 Jun 2013 Last revised: 20 Mar 2016
Date Written: June 30, 2013
John Maynard Keynes made a major contribution to the development of professional investment management. Based on detailed archival research at King’s College, Cambridge, we describe Keynes’ investment philosophy, his investment performance, and the evolution of his investment approach as the manager of a large educational endowment. His portfolios were actively managed and unconventional. He was an investment innovator both in making a substantial allocation to the then new institutional asset class of common stocks as well as in championing value investing.
Keywords: Keynes, endowment, investment, history, risk premium, value investing
JEL Classification: B26, B31, G23, I22
Suggested Citation: Suggested Citation