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Keynes's Way to Wealth: Timeless Investment Lessons from The Great Economist [Kindle Edition]

John F. Wasik
4.4 out of 5 stars  See all reviews (15 customer reviews)

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Book Description

“Mr. Wasik’s distillation of how Keynes made--and then remade--his fortune is instructive. And the principles that Keynes followed have stood the test of time. As Mr. Wasik adds, 'The object of investing is to ensure prosperity, not to become obsessed with making money.'"
The New York Times

John Maynard Keynes indelibly made his mark on global economics...

Few people know, however, that he was also a daring, steel-nerved investor who built a multimilliondollar fortune in the stock market while providing financial counsel to the likes of Winston Churchill and FDR. Now, you can learn from--and imitate--Keynes's success by examining the story of his lifeand investment strategies, masterfully told by awardwinning author John F. Wasik.

As you follow Keynes from his early years with the Bloomsbury Group, through two world wars and the Great Depression Keynes's theories and practices come to life by way of the historic and personal events that shaped them. Like today's investors, Keynes faced markets roiled by panic, inflation, deflation, widespread unemployment, and war--and he developed a core set of principles to prosper in every climate. With the individual investor in mind, this straightforward guide makes it easy for investors at all levels to implement the action-oriented strategies presented in each of the 10 chapters and start investing like Keynes today by:

  • Buying and holding quality stocks
  • Ignoring short-term news
  • Building diversified portfolios
  • Trading contrary to market momentum
  • Getting the most out of dividend stocks

Using the eloquent insight of a seasoned investment writer, author John F. Wasik digs down into what investments Keynes owned, how he bought and sold them, how his theories guided his investments, and vice versa. He illustrates why Keynes's ideas, insights, and portfolio strategies have withstood the test of time, and how they will continue to produce financial gains for dedicated investors. In a nutshell, Wasik delivers a pragmatic guide to the style of portfolio management practiced by such Keynes followers as Benjamin Graham, Warren Buffett, and Charles Munger.

The smart money gets richer in all types of weather, and so can you by following Keynes's Way to Wealth.

PRAISE FOR KEYNES'S WAY TO WEALTH:

"Intelligent investing ultimately depends on having an intelligent theory of the economy. This story of Keynes's life as an investor illustrates this beautifully." -- Robert Shiller, professor of Economics, Yale University; New York Times columnist; and author of Finance and the Good Society

"The great economist John Maynard Keynes speculated and lost big-time. Out of the ashes, he evolved some great long-term investment strategies that will work for every prudent investor. While picking up tips, you'll also find that this book is a great read." -- Jane Bryant Quinn, author of Making the Most of Your Money NOW

"I'd always heard Keynes was a talented investor but never knew any of the details. John Wasik's excellent book uncovers that story and reveals Keynes's considerable investing skills. If you enjoy studying great investors, add this book to your list." -- Joe Mansueto, founder and CEO, Morningstar, Inc.

"With the possible exception of Mark Twain, no one surpasses John Maynard Keynes as a source of pithy financial wisdom and sayings. Keynes’s Way to Wealth mines the reasoning and investment experiences behind his quotability, a bounty that will simultaneously edify, entertain, and augment your bottom line." -- William J. Bernstein, author and principal, Efficient Frontier Advisors



Editorial Reviews

About the Author

John F. Wasik is an award-winning columnist, editor, speaker, and author of 14 books. He has covered investor protection issues for more than 30 years and has won 18 awards for his writing.


Product Details

  • File Size: 2233 KB
  • Print Length: 208 pages
  • Simultaneous Device Usage: Up to 4 simultaneous devices, per publisher limits
  • Publisher: McGraw-Hill; 1 edition (November 18, 2013)
  • Sold by: Amazon Digital Services, Inc.
  • Language: English
  • ASIN: B00FYOL812
  • Text-to-Speech: Enabled
  • X-Ray:
  • Word Wise: Not Enabled
  • Lending: Not Enabled
  • Amazon Best Sellers Rank: #398,498 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
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Customer Reviews

Most Helpful Customer Reviews
3 of 3 people found the following review helpful
5.0 out of 5 stars A great book for new or not so new investors ! January 6, 2014
Format:Hardcover|Verified Purchase
It is well written and a fast read . How to avoid buying at the top and selling when a stock is beaten down or your portfolio ? How to find well priced stocks and hold onto them ? Are dividends important in a down market ? This book answers these questions and more by using John Keyes investment strategies . It is great book for investors .
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4 of 5 people found the following review helpful
4.0 out of 5 stars Lots about Keynes and investing, not much about wealth December 31, 2013
Format:Hardcover
This is the first book about John Maynard Keynes that I've ever read. Having read a number of investment and finance books over the years, of course I've heard lots about Keynes and his economic theories, but never much about the man himself and his investment methodologies. This book attempts to correct that, but because it is caught in between a biography and a “how to” manual, it doesn't do very well.

Biographically, this book provides only a bare sketch of the type of man Keynes was and his personal history. It tries to angle all this into an overview of how it led Mr. Keynes to develop his investment strategies (not his economic theories), but the conclusions drawn and supporting facts are tenuous at best. There are detailed sections of stocks that he bought, many (naturally) of companies that no longer exist or have long since been bought out or merged into other firms. Because (let’s face it) it would have been irrelevant information anyway, dates, prices and quantities of stocks purchased and sold, and individual profit and loss figures, are largely absent. This means that the reader is given a glimpse into Keynes’ investment strategies without regard to anything that might be made use of. Where the book excels is in providing a number of sidebars that supply definitions of investment terms and explanations of some of the situations that Keynes had to deal with, and these are interesting and sometimes, valuable. They won’t be particularly useful for advanced investors, but they will make this book much more approachable for beginners.

What is most remarkable, though, is that Mr. Keynes made money investing during historic depressions and devastating wars, and certainly that merits some study.
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4 of 5 people found the following review helpful
5.0 out of 5 stars An Insightful Look into Keynes’ Investment Process December 27, 2013
Format:Kindle Edition
This well-research text provides detailed insight into Keynes evolution from a speculator to a seasoned investor. It is biography of Keynes as an investor, revealing both his successes and failures. Along the way, Wasik gives historical perspective of the global events impacting Keynes’ returns and wealth. Even if you completely disagree with Keynesian economics, you will enjoy this book.

Today’s investors can learn a lot from this book. Rather than simply treating Keynes as one of the great investors of his time, Wasik bluntly discusses when Keynes made the wrong decisions. This approach helps readers connect better connect with Keynes, enjoy his good decisions and commisere with his bad decisions. Furthermore, the transformation of Keynes from speculating on commodities and currencies to a value-oriented long-term investor offers many valuable lessons.

This book is a relatively quick read that will benefit investors and interest those who appreciate financial market history. Consider adding it to your bookshelf.
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1 of 1 people found the following review helpful
5.0 out of 5 stars Economics, Wealth, and Then Some April 14, 2014
Format:Kindle Edition
Who knew Keynes as an investor had many of the failings that afflict so many investors? It took him quite a while and failure -- with his own, and friends and family money -- before he had success. John Wasik's thoroughly enjoyable book reminds us of the colorful and robust life Keynes lived, what he wanted to do more of, and how we can learn from Keynes, now. Not just about investing and economics, but a life, well-lived.
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1 of 1 people found the following review helpful
By pbk63
Format:Hardcover|Verified Purchase
This is not a book about Keynes the economist although it does discuss his work as an economist. It is rather about his life as an investor. There is much to be learned from his history as an investor, both what worked for him and the lessons he learned from mistakes. As we face another difficult period in our economic history it is useful to see how he handled both the Great Depression and World War II. As for Forward by John Bogle points out much of Keynes experience translates to the world today. There are significant insights in this book that even after 50 years of successful investing myself I found worthwhile. For example, the fact that using opposed risks (stocks, bonds, commodities, etc.) while working well in general fails miserably in conditions like 1929 or 2008. What does seem to work well is focus on high quality dividend stocks with a mix of bonds for periods when stocks nosedive. And buying and holding during bad times as well as good. Something I have tried to instill in my adult children as they save and invest. While much of this book covers things as investors we already know it never hurts to repeat good advice! This is a short book and a quick read but a nice addition to my investing library and hopefully yours.
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1 of 1 people found the following review helpful
4.0 out of 5 stars John Maynard Keynes: the economist as investor December 7, 2013
Format:Hardcover|Verified Purchase
The important contribution of this book is that it reveals how Keynes invested his own money, and much that he invested for others, over a period that includes the Great Depression, WW2, and other volatility. Keynes's investing is barely touched on in other books, such as the magnificent biography by Robert Skidelsky. There is much statistical information (lists of holdings, charts), and just enough supporting biographical context. There's a good introduction by John Bogle.

In brief, Keynes moved from commodities and active trading to "buy and hold" of favorite stocks, rather in the style of Warren Buffet, though the book stops just short of the investing conclusion it seems to promise. A valuable contribution to understanding Keynes's thinking on economics. At a time when there are those who brand Keynesian theory as socialistic, this book reminds us that he was a very active capitalist, and that for him an enriched life was more important than being rich.
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Most Recent Customer Reviews
2.0 out of 5 stars Not that great
Really wish I hadn't bought it. Most of the content is very redundant and too pro-Keynesian. Not a very critical analysis of Keynes's philosophies.
Published 6 months ago by Claudette P. Lowery
4.0 out of 5 stars A gift for my guy!
I rated 4 stars only because of the wonderful reviews and the book being mentioned on T.V. This is a birthday gift for my investment hungry guy and he won't receive it until May... Read more
Published 7 months ago by Libby
2.0 out of 5 stars Not great.
Read it, it's ok.
There is really only one lesson in this book - don't speculate.
Keynes was a speculator and was wiped out twice and lost 60% of his net worth a third... Read more
Published 9 months ago by R. Jefferson
5.0 out of 5 stars Fascinating Book
Really enjoyed this read. Keynes was a real Renaissance man, with a brilliant mind and many different interests. The ideas in this book will help with my investing. Read more
Published 9 months ago by AnimalRescuer
5.0 out of 5 stars not read it yet but echoes GMO
The only guy currently I see quoting Keynes a lot are the folks at GMO - Montier and Grantham and they talk about Keynes in this same league about value investing
Published 10 months ago by C. R. Melo
5.0 out of 5 stars Eloquent writing, fascinating to read, and - most of all - an...
Economist John Maynard Keynes, to me, was always thought of as an economist of note, but until now I knew little about his background, the world around him at that time... Read more
Published 10 months ago by Joan Larsen
5.0 out of 5 stars 4.5 stars-Excellent,but Keynes's approach differs from...
Wasik (W) and Bogle's (B) introduction give a first rate analysis of Keynes's approach to financial decision making. Read more
Published 11 months ago by Michael Emmett Brady
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More About the Author

I am curious about the world. That's why I'm compelled to ask questions about history, politics, the environment, economics and investing. Although I don't write in order to live, I put words down in order to understand life. My two most recent books are "The Cul-de-Sac Syndrome" and "The Audacity of Help." The former book explores the past, present and future of American housing from the colonial era to today. It was an outgrowth of research I was doing into environmental building, which I see as one antidote to climate change, resource depletion and affordable housing. It was also a tangential follow-up to my "Merchant of Power," which was the history of electrical generation as seen through the lens of the life of utilities magnate Samuel Insull. My "Audacity of Help" is an in-depth look at the economic crisis and how President Obama's economic plan will address some deep-seated economic and social problems. I don't write in a vacuum, however. I speak all over the country on the topics I write about, write blogs, a column for Bloomberg News and try to engage intelligent people on the best ways to understand, confront and heal many of the country's economic and social ills. If I do this right, you'll have some pretty decent questions to ask those in power after reading my books. Democracy is knowledge in action and I'm an ecodynamic player.


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