凯恩斯投资对当代对冲基金的启示_时事

凯恩斯投资对当代对冲基金的启示

The macroeconomics of John Maynard Keynes continue to dominate the global economic policy debate to this day. But many have forgotten that the great intellectual was also one of the most active investors of his era.

时至今日，约翰·梅纳德·凯恩斯(John Maynard Keynes)的宏观经济学说仍然主导着全球经济政策辩论。但许多人已经忘记了一个事实：这位伟大的学者还曾是他所处时代最活跃的投资人之一。

He made and lost several fortunes, for himself, his friends, his college (King’s, Cambridge) and for City institutions that he chaired or founded. In some respects, he was an early hedge fund investor, first in macro in the 1920s and then in equities in the 1930s. He ended as one of the most successful investors of the first half of the last century, but along the way he learnt many lessons that resonate to this day.

凯恩斯为他本人、朋友、母校剑桥大学国王学院(King’s College, Cambridge)以及由他担任董事长或创立的伦敦金融城机构赚下了多笔财富，也赔了不少钱。从某些方面来看，在20世纪20年代的宏观领域和30年代的股票领域，他都堪称是一位先行的对冲基金投资人。最终，凯恩斯是20世纪上半叶最成功的投资人之一，但在投资过程中也得到了许多至今仍引起共鸣的教训。

His investment activities really started in the early 1920s, when he became convinced that the currencies of the economies devastated by the first world war (Germany, France and Italy) would soon collapse as inflation took hold. These positions soon made money, and an overconfident Keynes proclaimed that with “a little extra knowledge and experience of a special kind, the money “simply comes rolling in.