Open AccessRetrospectives: John Maynard Keynes, Investment Innovator
Author(s) -
David Chambers,
Elroy Dimson
Publication year - 2013
Publication title -
the journal of economic perspectives/the journal of economic perspectives
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 9.614
H-Index - 196
eISSN - 1944-7965
pISSN - 0895-3309
DOI - 10.1257/jep.27.3.213
Subject(s) - innovator , endowment , investment (military) , economics , value (mathematics) , asset (computer security) , class (philosophy) , asset allocation , neoclassical economics , financial economics , microeconomics , finance , law , political science , computer security , machine learning , artificial intelligence , politics , entrepreneurship , computer science , portfolio
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.