John Maynard
John Maynard
careers risk problem
It is an occupational risk of biologists to claim, towards the end of their careers, that the problems which they have not solved are insoluble.
theory-of-evolution may facts
Darwin's theory of evolution by natural selection is the only workable explanation that has ever been proposed for the remarkable fact of our own existence, indeed the existence of all life wherever it may turn up in the universe.
information generations genetics
Genetics is about how information is stored and transmitted between generations.
language humans human-society
You couldn't have human society without language.
information criteria certain
Information imposes certain criteria on how it can be stored.
depends
Societies depend on agreed rules.
animal spirit reason
The markets are moved by animal spirits, and not by reason.
progress foolish possibility
It would not be foolish to contemplate the possibility of a far greater progress still.
long serious shame
I feel no shame at being found still owning a share when the bottom of the market comes…I would go much further than that. I should say that it is from time to time the duty of a serious investor to accept the depreciation of his holdings with equanimity and without reproaching himself. … An investor…should be aiming primarily at long-period results, and should be solely judged by these.
mistake thinking risk
It is a mistake to think that one limits one’s risk by spreading too much between enterprises about which one knows little and has no reason for special confidence.
strong roots differences
A conventional valuation which is established as the outcome of the mass psychology of a large number of ignorant individuals is liable to change violently as the result of a sudden fluctuation of opinion due to factors which do not really make much difference to the prospective yield; since there will be no strong roots of conviction to hold it steady.
optimistic acting pessimistic
If we consistently act on the optimistic hypothesis, this hypothesis will tend to be realised; whilst by acting on the pessimistic hypothesis we can keep ourselves for ever in the pit of want.
community liquid doctrine
Of the maxims of orthodox finance none, surely, is more anti-social than the fetish of liquidity, the doctrine of that it is a positive virtue on the part of investment institutions to concentrate their resources upon the holding of 'liquid' securities. It forgets that there is no such thing as liquidity of investment for the community as a whole.
principles unattractive merit
The central principle of investment is to go contrary to the general opinion, on the grounds that if everyone agreed about its merits, the investment is inevitably too dear and therefore unattractive.