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Keynes's Way to Wealth: Timeless Investment Lessons from The Great Economist Hardcover – November 18, 2013
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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.
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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.
It will be re-read at lest twice a year. Highly recommend this book for any value investor or Buffett fan.
Keynes thought because of his positions in government that he had "superior" knowledge of the commodities markets, but I'm afraid, although the trades are voluminous and have not been totted up, he did not do very well. However, as a long term investor, his "special confidence" in companies with great management worked out very well indeed. And in this latter capacity as a long term investor he joins other long term investors like Benjamin Graham and Warren Buffett.
He had an eye for value beyond commodities, stocks and bonds. He bought the supreme achievement in physics, the manuscript of Isaac Newton's Principia Mathematica. He had a good eye for paintings also buying works by Pablo Picasso, Braque, Seurat, Degas, Ingres, Cezanne, and Matisse.
Unfortunately, there are few capitalists and conservatives who are as intent today on stewarding the entire economy towards the benefit of the many as John Maynard Keynes was during his time. And these things are not necessarily mutually exclusive (being a capitalist but wanting the whole economy to improve). In our time, a problem may have arisen with the disparity between those with great wealth and those without wealth, which is that the wealthy simply cannot spend enough, and the more lopsided our society becomes the more this will become self-evident. The enlightened among the wealthy seem to understand this, that if the consumer does not buy his company's products, his company will suffer, revenues and earnings will decrease, his stock price will decline, and with it his wealth.
Keynes was a pragmatic man, who was looking for pragmatic solutions during the Great Depression, and also, ultimately, in his investments. Let John Wasik give you a peek inside this other world of Keynes, which is, that Keynes was not just an ivory tower economist, he was also down. if not in the trenches, down in the trading pits - a man of the world.
Most recent customer reviews
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