John Maynard Keynes (1883-1946) was the greatest economist of the twentieth century. Less well known is that he had a parallel career as a successful investor: fairly successful early in his career, and spectacularly successful later on when he changed his strategy. After the first world war, his income depended more on his investments than his academic work. In addition to his personal investments, he managed the investments of King’s College, Cambridge, of which he was a member. Under his stewardship, the value of the King’s College fund increased twelve-fold over a period in which broader markets failed to even…
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