John Maynard Keynes, Investment Innovator

Journal of Economic Perspectives, 2013, Vol 27, No 3, pages 1–18

24 Pages Posted: 30 Jun 2013 Last revised: 20 Mar 2016

See all articles by David Chambers

David Chambers

University of Cambridge - Judge Business School; CEPR

Elroy Dimson

University of Cambridge - Judge Business School; European Corporate Governance Institute (ECGI)

Date Written: June 30, 2013

Abstract

John Maynard Keynes made a major contribution to the development of professional investment management. Based on detailed archival research at King’s College, Cambridge, we describe Keynes’ investment philosophy, his investment performance, and the evolution of his investment approach as the manager of a large educational endowment. His portfolios were actively managed and unconventional. He was an investment innovator both in making a substantial allocation to the then new institutional asset class of common stocks as well as in championing value investing.

Keywords: Keynes, endowment, investment, history, risk premium, value investing

JEL Classification: B26, B31, G23, I22

Suggested Citation

Chambers, David and Dimson, Elroy, John Maynard Keynes, Investment Innovator (June 30, 2013). Journal of Economic Perspectives, 2013, Vol 27, No 3, pages 1–18, Available at SSRN: https://ssrn.com/abstract=2287262 or http://dx.doi.org/10.2139/ssrn.2287262

David Chambers

University of Cambridge - Judge Business School ( email )

Trumpington Street
Cambridge, CB2 1AG
United Kingdom
44 (0)1223 339700 (Phone)

CEPR ( email )

London
United Kingdom

Elroy Dimson (Contact Author)

University of Cambridge - Judge Business School ( email )

Trumpington Street
Cambridge, CB2 1AG
United Kingdom
+44 700 607 7390 (Fax)

European Corporate Governance Institute (ECGI) ( email )

c/o the Royal Academies of Belgium
Rue Ducale 1 Hertogsstraat
1000 Brussels
Belgium

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