Investing is an activity of forecasting the yield over the life of the asset; speculation is the activity of forecasting the psychology of the market. (John Maynard Keynes)

Investing is an activity of forecasting the yield over the life of the asset; speculation is the activity of forecasting the psychology of the market.

John Maynard Keynes

Related topics

investing market psychology speculation yield forecasting

Related quotes

There are no coincidences in life. All things are providential. They are allowed for our salvation, in correspondence with our inner state and needs. View quote
Seraphim Rose
Even people who feel perfectly comfortable investing in the stock market and owning their own homes often have qualms about individual medical accounts or Social Security private accounts. View quote
Jacob Hacker
As a bull market continues, almost anything you buy goes up. It makes you feel that investing in stocks is a very easy and safe and that you're a financial genius. View quote
Ron Chernow
One thing on psychology, which we've always known, is that every investor says they're long-term - and they are until the market takes a hit. View quote
Steve Forbes
Mutual funds give people the sense that they're investing with the big boys and that they're really not at a disadvantage entering the stock market. View quote
Ron Chernow