KEYNES THE INVESTOR

摘要

John Maynard Keynes was an active investor whose trading was in many ways comparable to that of a modern-day hedge fund manager. Yet, the existing literature has only cursorily examined his investment ability. By combining careful archival research with modern portfolio analysis, we evaluate Keynes's investment philosophy, strategies and performance, principally in the context of the King's College, Cambridge endowment. This period constitutes a major transition point in modern financial history. Britain moved from the weakly-protected, retail investor, bond-centric world of pre-1913 to the tightly-regulated, institutional investor, equity-centric financial system of the second half of the 20th century. This is therefore also a study of how one sophisticated investor confronted these challenges.