1992年，D·E·莫格里奇(D.E.?Moggridge)出版了著名的《凯恩斯传》(Maynard Keynes: An Economist's Biography)，其中写道，“凯恩斯在短期市场波动期间表现得极度顽固。一个人身上同时体现出自负和顽固的特质，恰是宏观投资的大敌，因此凯恩斯在20世纪20年代并未取得什么了不起的投资业绩。

Keynes, however, learnt humility from his experiences in the markets, as all great investors do. In the mid-1930s, he was convinced that President Franklin D. Roosevelt would succeed in stimulating the US economy, and he again used margin to leverage his personal portfolio. He had a volatile ride, but this time he was right, and he made the bulk of his personal fortune, which exceeded ￡400,000 when he died in 1946.

然而，像所有伟大的投资人一样，凯恩斯在市场打拼过程中学会了谦逊。20世纪30年代中期，他相信，富兰克林·D·罗斯福(Franklin D. Roosevelt)总统将成功地刺激美国经济增长，所以他再次使用保证金对个人投资组合进行杠杆化操作。他的投资组合经历了剧烈震荡，但这一次他投准了，赚到了一大笔财富。1946年他去世时，个人财富超过了40万英镑。

Furthermore, Keynes had adopted a new approach to investing in individual equities. As early as 1924, he had realised that the risk premium on equities should provide a long-term excess return on equities relative to bonds, when the conventional wisdom was the opposite.

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