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Keynes's Way to Wealth: Timeless Investment Lessons from The Great Economist
“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
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
"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.
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
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
"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.
241 pages, Kindle Edition
First published January 1, 2013
22 people are currently reading
152 people want to read
About the author
John F. Wasik
19 books8 followersI'm the author of 19 books to date. They've spanned the gamut from personal finance and environmental topics to infrastructure, technology and creativity. I like telling stories that answer a question: How did we get electricity in our homes? How can we best save for retirement? What do we need to know about workplace automation? I have a hybrid set of interests that cross the boundaries of history, geography, science, economics and ecology. I've spoken across North America on these subjects and am thrilled to present my ideas and books to live audiences. I'm also a working journalist, contributing to The New York Times, Forbes and Real Clear Investigations. As a former columnist for Reuters and Bloomberg, my columns were published in five continents. I'm also a musician, poet and county commissioner and forest preserve vice president.
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Displaying 1 - 16 of 16 reviews
April 3, 2022
อ่านง่ายดี สนุกด้วย หลักการลงทุนของ Lord Keynes ก็เรียบง่ายสไตล์ VI ครับ โดย Lord Keynes จะเน้นไปที่หุ้นที่จ่ายปันผลสม่ำเสมอ นำมา reinvest อย่างต่อเนื่อง ซื้อที่ราคาที่ Under valued และมี Business Model ที่มีอนาคต เลิก Time the Market เพราะระดับสติปัญญาอย่าง Keynes ยังคาดการณ์ตลาดไม่ได้เลย
พอสรุปดูแล้วก็คล้ายกับหลักการลงทุนของ Prof. Jeremy Siegel แห่ง Wharton School, UPenn
พอสรุปดูแล้วก็คล้ายกับหลักการลงทุนของ Prof. Jeremy Siegel แห่ง Wharton School, UPenn
August 4, 2017
I think the book failed to achieve the two things I was seeking: (i) an interesting and insightful biography on Keynes (certainly not the author's intention) and (ii) a meaningful analysis of Keynes' investing approach. On the latter, the author lists a number of companies and bonds Keynes purchased and their returns, but Keynes' underlying logic and motivation was scarce. The grand take-away appeared to be: Keynes began shifting away from bonds towards stocks in a thoroughly fixed-asset oriented world.
The book seemed to exert itself more in reaching for the fame the author believes has been overly attributed to the investing genius of Graham and Buffett. Rather than detail compelling insights, the book tries to establish a precedent for Mr. Keynes within other work that occurred contemporaneously (Graham) or subsequently (Buffett).
This is especially surprising/sad when you consider what an excellent thinker and writer that Keynes was. See "Economic Possibilities for our Grandchildren" or "General Theory of Employment, Interest and Money" Chapter 12. Either Keynes had no other insights, or they were unfortunately excluded or dimmed in this book. I reviewed this poorly because I believe it is the latter.
If looking for wonderful books on investing (sadly I'm still looking for one focused on Keynes), I'd start with these: Margin of Safety, Investing - The Last Liberal Art, Education of a Value Investor, Snowball, You Can Be a Stock Market Genius, Common Stocks and Uncommon Profits, The Money Game, etc.
The book seemed to exert itself more in reaching for the fame the author believes has been overly attributed to the investing genius of Graham and Buffett. Rather than detail compelling insights, the book tries to establish a precedent for Mr. Keynes within other work that occurred contemporaneously (Graham) or subsequently (Buffett).
This is especially surprising/sad when you consider what an excellent thinker and writer that Keynes was. See "Economic Possibilities for our Grandchildren" or "General Theory of Employment, Interest and Money" Chapter 12. Either Keynes had no other insights, or they were unfortunately excluded or dimmed in this book. I reviewed this poorly because I believe it is the latter.
If looking for wonderful books on investing (sadly I'm still looking for one focused on Keynes), I'd start with these: Margin of Safety, Investing - The Last Liberal Art, Education of a Value Investor, Snowball, You Can Be a Stock Market Genius, Common Stocks and Uncommon Profits, The Money Game, etc.
December 10, 2022
A masterpiece on the original master and champion of value investing and behavioural investing. After nearly a century, investors still can learn from the deep simplicity of Keynes's approach towards investing.
August 23, 2024
Judging by the title, I was expecting a book that analyzes Keynes' investment techniques. It wasn't until I had read most of it that I realized it was nothing more than a compilation of excerpts from a biography. If you're looking to read a biography, then this book is not for you. If you're interested in learning about Keynes' investment techniques, I'm afraid this book has none at all.
August 3, 2024
My first book on Keynes. Some interesting information about him in the first third of the book. Midway through it becomes more and more repetitive and rambling. Names are thrown out in the text, often without explanation, data is presented in a way that seems incomplete. I did get some understanding of how Keynes became famous based on his latter investment style - much like Graham, Buffet, Bogle and Lynch among others. A large part of the book talks about his earlier missteps into speculation and losses talking about his change to the value investing that made him successful later but I did not pick up any great insights or lessons from it. Near the very end of the book there is a list of Keynes insights which was good. A short book and quick read that could be even shorter if intros were condensed and repetitious ramblings were edited out. Based on this work I am not looking to pick up any other books by the author.
April 13, 2021
While this was written by a more right wing author than the other book I read like this, it’s complete ignorance of socialism was less offensive than the other books out right socialism bashing. This book just completely ignored it and made for a more enjoyable read. After this I read one of Keynes’ big books and set up a portfolio based on Thai research.
January 2, 2026
Encouraging to see Keynes go through investment evolution as I have, albeit without the benefit of giants’ shoulders to stand on, as has been available in the many years since his time. Obviously his success far exceeds anything I might aspire to, but the principles divined from his life and experiences by the author are so valuable! Thank you Mr. Wasik.
May 13, 2017
合着凯恩斯前期是想凭着自己对经济的insider information对大宗商品进行短期投机，然后在经济危机中大亏，后期幡然醒悟，转向和巴菲特芒格一模一样的长期价值投资，而且一直走的是风险激进型的高杠杆路线，还后悔没有好好享受人生沉迷挣钱，笑尿。总而言之感觉也就不过如此，我还是更喜欢芒格老头。不过这本书里面算是让我对大宗商品有了一些了解，知道了点凯恩斯的经济理论，准备再多读读他的其他理论还有别的经济理论，了解了解通货膨胀很有趣啊。
August 11, 2019
كتاب يكشف الوجه الآخر للاقتصادي الشهير جون مينارد كينز. الكاتب يكشف زوايا جديدة في عقلية العبقري الاقتصادي الانكليزي وبالتحديد في الجانب الاستثماري وينسب له الفضل في النهج الاستثماري المعروف باستثمار القيمة (Value Investing) والذي اشتهر به ووارين ومن قبله استاذه بنيامين غراهام
June 4, 2018
Did not give much insights or new information from other sources.
Want to read
July 10, 2024December 1, 2020
John Meynard Keynes was a prolific economist, but also one of the greatest investors who ever lived. After a decade-long stint in currency and commodity speculation, which cost him his entire wealth a number of times, Keynes began buying quality companies in the 1930s. From 1928-1945, widely considered the most turbulent decades in investing, Keynes generated an annual return of ~13% vs. -0.1% for the prevailing index. There is a lot to learn from Keynes, but one lesson stands out. Outside of investing, he was a connoisseur of art, he enjoyed eating exotic cuisines and spent a relatively small amount of time “picking stocks”. Ben Graham also loved poetry and regularly referenced literature in his writings, in stark contrast to investors today who know nothing outside of finance. We can all take a lesson from Graham and Keynes. In Keynes’ words, pick a few stocks, then “go out and live.”
July 28, 2014
This is a book that is curiously out of step with its times. I found it to be one of those airport books, which can be comfortably read between North America and Europe, which will reveal the 'secrets' of something or other, which we can immediately use for our personal gain. It is all about the means to get rich quick.
And yet we live in times of 'get rich slow'. Instead of looking for a means of being able to make a huge fortune on the turn of a card, the tempo of the times we live in, after the recent recession, is to get rich by working hard. By putting in the effort, by ensuring that the rewards are created in a sustainable way. By not over-exposing ourselves to debt that has been foolishly placed in schemes that have no hope of succeeding.
I was first drawn to the book because one of the areas in which Keynes was very active, for most of his life, was investment. Although an academic economist, he had the good grace to test his own theories by risking his own money. There is a lot to be said for that. Indeed, one could argue that we currently suffer from economists who have nonsensical ideas and who are not prepared to risk wiping themselves out to test the validity of their ideas. Such self experimentation ought to command our respect.
I learned a little about Keynes from the book, but the author too readily repeated lists of his holdings, without any real reason why he was doing this. Apparently, Keynes held lots of shares in companies that no longer exist. It padded out the volume, which is quite slender in any case. I feel that the biographies of both Moggridge and Skidelsky cover broadly similar ground.
I consider Keynes to be a candidate as the best investment manager in history. I also consider this aspect of his life to be reasonably undocumented, and I don't feel that this volume adequately addresses that issue.
And yet we live in times of 'get rich slow'. Instead of looking for a means of being able to make a huge fortune on the turn of a card, the tempo of the times we live in, after the recent recession, is to get rich by working hard. By putting in the effort, by ensuring that the rewards are created in a sustainable way. By not over-exposing ourselves to debt that has been foolishly placed in schemes that have no hope of succeeding.
I was first drawn to the book because one of the areas in which Keynes was very active, for most of his life, was investment. Although an academic economist, he had the good grace to test his own theories by risking his own money. There is a lot to be said for that. Indeed, one could argue that we currently suffer from economists who have nonsensical ideas and who are not prepared to risk wiping themselves out to test the validity of their ideas. Such self experimentation ought to command our respect.
I learned a little about Keynes from the book, but the author too readily repeated lists of his holdings, without any real reason why he was doing this. Apparently, Keynes held lots of shares in companies that no longer exist. It padded out the volume, which is quite slender in any case. I feel that the biographies of both Moggridge and Skidelsky cover broadly similar ground.
I consider Keynes to be a candidate as the best investment manager in history. I also consider this aspect of his life to be reasonably undocumented, and I don't feel that this volume adequately addresses that issue.
Read
June 8, 2014John Maynard Keynes' won and lost fortunes propel this investment primer. Reuters columnist and Forbes contributor John Wasik offers Keynes as a prototypal value investor in his choices for the British government, King's College Cambridge, gentleman's-club hedge funds and his own holdings.
The strategies are pretty mainstream today. Wasik broadens his theme of Keynes as portfolio manager by noting later generations' debt to Keynes, and takes some delight in pointing out the Keynesian origins of the conservative economic worldview. He draws parallels between Keynes' "animal spirits" and Alan Greenspan's "irrational exuberance," uses Keynes' theories to explain the 2008 recession and recounts his warnings on concentration of wealth among what he might have called "the 5 percent."
The narrative only hints at Keynes' eccentric private life, which could have provided some "Downton Abbey" color. Wasik did as much in his illumination of Sam Insull and Thomas Edison for "The Merchant of Power." But for the executive's nightstand, this book traces the origins of personal investing basics, and shows they still hold true.
The strategies are pretty mainstream today. Wasik broadens his theme of Keynes as portfolio manager by noting later generations' debt to Keynes, and takes some delight in pointing out the Keynesian origins of the conservative economic worldview. He draws parallels between Keynes' "animal spirits" and Alan Greenspan's "irrational exuberance," uses Keynes' theories to explain the 2008 recession and recounts his warnings on concentration of wealth among what he might have called "the 5 percent."
The narrative only hints at Keynes' eccentric private life, which could have provided some "Downton Abbey" color. Wasik did as much in his illumination of Sam Insull and Thomas Edison for "The Merchant of Power." But for the executive's nightstand, this book traces the origins of personal investing basics, and shows they still hold true.
November 4, 2014
the idea the book conveys is very important, but the writing is just ok.
Displaying 1 - 16 of 16 reviews