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>Keynes famously went on a mission to Paris in the spring of 1940 to buy, to the sound of howitzers, two Cézannes and two Delacroix that subsequently appreciate
by bondarchuk 6y ago
>Keynes famously went on a mission to Paris in the spring of 1940 to buy, to the sound of howitzers, two Cézannes and two Delacroix that subsequently appreciated 40x in the next four decades.
This is 9.66% per year, on par with the Dow Jones which gives 9.48% per year from '40 to '80 (dividend reinvested). Not that I wouldn't like to own a Cézanne or two...
- nabla9 6y agoKeynes was really good investor. Probably one of the best of his time. He practiced value investing before it had a name. He made a fortune for himself despite constantly giving huge sums to charity and getting wiped out in 1929 crash. He also managed King's College's assets and they outperformed markets by 6-8% over 25 years. He had nerves of steel. He would not cry out how unfair everything is when his assets depreciated "It is the duty of a serious investor to accept the depreciation of his holding with equanimity [...] any other policy is anti-social, destructive of confidence and incompatible with the working of the economic system."
- bondarchuk 6y agoNo doubt about that of course :)