Many people are familiar with John Maynard Keynes – the famous economist for his contributions to economics.
What is little known is that Keynes had plenty of ups and downs as an investor. Early on in his career, he was an active global trader that actively leveraged his portfolio.
Unfortunately, his brilliance in economics did not translate to his early investing activities. He discovered first-hand the difficulty of timing the market when the market crashed in 1929.
He was close to being wiped out multiple times and had to be bailed out by his parents at one point.
Thereafter, he changed his approach abandoning the previous top-down approach in favour of a bottom-up stock picking approach
The evolution to buy and hold investing
He explained in a letter dated 1934 to the chairman of Provincial Insurance:
“As time goes on, I get more and more convinced that the right method
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