In the UK.
The U.S. would follow Britain a couple years later.
It was around this time that Keynes finally began outperforming the market.The U.S. would follow Britain a couple years later.
He was an adviser to HM Treasury and I'm pretty sure he frontran the press release.
At the time there were no "insider trading" laws.
From Naked Keynesianism:
NYTimes September 21, 1931
84 years ago Britain left the Gold Standard. Some thought it was the end of Western civilization. Keynes thought it was the beginning of the end of the Depression, at least in Great Britain. On the functioning of the Gold Standard, and how the conventional view, which according to Eichengreen can still be roughly understood with Hume's specie-flow mechanism, is incorrect go here.From 2013's Dimson & Chambers-- "Retrospectives: John Maynard Keynes, Investment Innovator":
This is the newer, shorter version of the scholarship, it appeared in the Summer 2013 Journal of Economic Perspectives.
(free download, 16 page PDF via the American Economic Association)
We've looked at the original March 17, 2012 version of the paper (last edited July 12, 2013) a couple times.
That paper "Keynes the Stock Market Investor: The Inception of Institutional Equity Investing" (free download, 54 page PDF) is now the authority on Keynes the money manager although we've also looked at some of the earlier works on Keynes' success in the market.
In April 2012 I differed with the Wall Street Journal's Jason Zweig on the question of Keynes' alpha and did so very reluctantly. Zweig has devoted considerable time and thought to the study of Keynes and his investing and outside of a few academics is probably as close to an authority as anyone. Plus, he's a good guy.
Hat tip on the JEP article to the Conversable Economist, here are our posts:
"Keynes The Stock Market Investor"
We've had a few posts* on Keynes at the market and came to the conclusion that Keynes traded on the knowledge of Great Britain's abandonment of the Gold Standard in September 1931....MORE
