On Keynes as an investor
对比凯恩斯和格雷厄姆的投资理念，发现两者高度互补，提出“凯恩斯-格雷厄姆框架”，并认为该框架应作为英国股权市场评估的起点。
As Keynes himself admitted in 1938, his approach to portfolio management changed dramatically during the course of his career. He abandoned ‘speculation ’ in favour of ‘investment’—namely, a ‘careful selection of a few investments … having regard to their cheapness and potential intrinsic value over a period of years ahead’. In other words, he was applying the margin of safety, a concept we particularly associate nowadays with Benjamin Graham, who incorporated it inter alia into his magnum opus of 1934, Security Analysis. An examination of the writings of Keynes, on the one hand, and Graham, on the other, reveals considerable overlap between, not to say unity of, their respective conceptions. Such is their complementarity that it is reasonable to speak of a Keynes–Graham schema. We conclude that this is the natural starting point for the 2011 Kay Review of UK Equity Markets, as it should have been for The Myners Review of UK Institutional Investment a decade ago.