A estratégia de investimento de Keynes seria fundamentalista?
Abstract
Keynes was one of the most prominent economic theorists of the 20th century. His analysis influenced a number of economists in the years following his death. It is known that most of the author's writings and theoretical formulations are directly linked to his experiences as a financial speculator and manager of private investment funds. However, despite being recognized as an innovative author both in his writings and in his investment practices, the debate around the similarities between Keynes' investment strategies and current analysis techniques and evaluations in the financial market remains open, Would Keynes have employed, after the 1930s, a strategy of speculation and financial investment that was a precursor to modern fundamentalist market analysis? If so, what would have been the evidence that would indicate such a similarity? This article tries to answer and indicate possible ways to answer the question
Downloads
References
ACCOMINOTTI, Olivier; CHAMBERS, David. If you're so smart: John Maynard Keynes and currency speculation in the interwar years. The Journal of Economic History, v. 76, n. 2, p. 342-386, 2016.
BUFFETT, Warren; LOOMIS, Carol. Warren Buffett on the stock market. Fortune Investor’s Guide, p. 80-94, 2001.
CAVALLI, Nicolò et al. Keynes’s speculation in the London tin market: 1921-1930’. Speculation and regulation in commodity markets: The Keynesian approach in theory and practice, Rapporto Tecnico, n. 21, p. 57-78, 2012
CHAMBERS, David; DIMSON, Elroy. Keynes the stock market investor. Document de travail non publié (Cambridge Judge Business School), 2012.
CHAMBERS, David; DIMSON, Elroy; FOO, Justin. Keynes the stock market investor: a quantitative analysis. Journal of financial and Quantitative Analysis, v. 50, n. 4, p. 843-868, 2015.
CHAMBERS, David; KABIRI, Ali. Keynes and Wall Street. Business History Review, v. 90, n. 2, p. 301-328, 2016.
CRISTIANO, Carlo; MARCUZZO, Maria Cristina. John Maynard Keynes: the economist as investor. Review of Keynesian Economics, v. 6, n. 2, p. 266-281, 2018.
CRISTIANO, Carlo; MARCUZZO, Maria Cristina; SANFILIPPO, Eleonora. The coming of Keynes to Wall Street, 1931-‐‑1939 [S.D].
DOW, Sheila. The psychology of financial markets: Keynes, Minsky and emotional finance. 2010.
FANTACCI, Luca; MARCUZZO, Maria Cristina; SANFILIPPO, Eleonora. Speculation in commodities: Keynes’“practical acquaintance” with futures markets. Journal of the history of economic thought, v. 32, n. 3, p. 397-418, 2010.
FANTACCI, Luca et al. Speculation and buffer stocks: the legacy of Keynes and Kahn. The European journal of the history of economic thought, v. 19, n. 3, p. 453-473, 2012.
FORESTI, Tiziana et al. An analysis of Keynes’s investments in the wheat futures markets: 1925-1935”. Speculation and regulation in commodity markets: The Keynesian approach in theory and practice, Rapporto Tecnico, n. 21, p. 79-105, 2012.
GAZIER, Bernard. John M. Keynes. L&PM Pocket, 2011.
GRAHAM, Benjamin. O investidor inteligente. HarperCollins Brasil, 2016.
GRAHAM, Benjamin e David L. DODD, Security Analysis, 1ª ed., Nova York: Whittlesey
House, McGraw-Hill Book Company, 1934
KEYNES, John Maynard. Teoria geral do emprego, do juro e da moeda. Saraiva Educação SA, 2017.
KEYNES, J, Some Special Aspects of the Credit Cycle. In E. Johnson & D. Moggridge (Eds.), The Collected Writings of John Maynard Keynes, (CWK I)), Volume. V, Royal Economic Society, 1978. doi:10.1017/UPO9781139520645.023
KEYNES, J, An Exercise in The Pure Theory of The Credit Cycle. In E. Johnson & D. Moggridge (Eds.), The Collected Writings of John Maynard Keynes (CWK II), Volume V, Royal Economic Society, 1978. doi:10.1017/UPO9781139520645.024
KEYNES, J, Commodity Policy. In E. Johnson & D. Moggridge (Eds.), The Collected Writings of John Maynard Keynes (CWK III), Volume XXVII, Royal Economic Society, 1978. doi:10.1017/UPO9781139524216.005
KEYNES, J M, Keynes As an Investor. In E. Johnson & D. Moggridge (Eds.), The Collected Writings of John Maynard Keynes (CWK IV) Volume XII, Royal Economic Society, 1978d. Doi:10.1017/UPO9781139524193.003
KEYNES, J.M, The Industrial Circulation And The Financial Circulation. In E. Johnson & D. Moggridge (Eds.), The Collected Writings of John Maynard Keynes (CWK V), Volume V, Royal Economic, 1978. Society. doi:10.1017/UPO9781139520645.019
KEYNES, J.M., Changes Due To Investment Factors. In E. Johnson & D. Moggridge (Eds.), The Collected Writings of John Maynard Keynes (CWK VI) Royal Economic Society, 1978. doi:10.1017/UPO9781139520645.022
KEYNES, J.M, Positive Suggestions For The Future Regulation of Money (1923). In E. Johnson & D. Moggridge (Eds.), The Collected Writings of John Maynard Keynes (CWK VII).1978 Royal Economic Society. doi:10.1017/UPO9781139524162.021
KEYNES, John Maynard. A tract on monetary reform. London, Macmillan, 1923.
KNIGHT, Frank et al. Risk, uncertainty and profit. Vernon Press Titles in Economics, 2013.
KREGEL, jan. Keynes Influence on Modern Economics: Some Overlooked Contributions of Keynes’s Theory of Finance and Economic Policy. The return to Keynes, p. 241-256, 2010.
MARCUZZO, Maria Cristina. Speculation and regulation in commodity markets: The Keynesian approach in theory and practice. 2012
MARCUZZO, Maria Cristina; SANFILIPPO, Eleonora. Keynes as a trader in commodity futures. In: Financial Markets in Perspective. Springer, Cham, 2022. p. 61-81.
MILLMOW, Alex. OSWALD TOYNBEE FALK: KEYNES’MODEL ECONOMIST? Journal of the History of Economic Thought, v. 34, n. 3, p. 397-410, 2012.
MOGGRIDGE, Donald. Maynard Keynes: an economist's biography. Routledge, 1992.
ROBERTSON, Dennis Holme. Banking policy and the price level: an essay in the theory of the trade cycle. PS King and son, LTD., London, 1926.
ROSSELLI, Annalisa. Richard Kahn and the stabilization of commodity prices. Journal of the History of Economic Thought, v. 39, n. 4, p. 483-501, 2017.
SANTIAGO, Hélio. Análise Fundamentalista: Avaliação de Empresas para Investimento em Ações. Capital e Valor, 2019.
SANFILIPPO, Eleonora. Keynes's trading on Wall Street: did he follow the same behaviour when investing for himself and for King's?. Financial History Review, v. 28, n. 1, p. 1-25, 2021.
SICSÚ, João. Keynes and Graham’s intelligent investor. Journal of Post Keynesian Economics, v. 43, n. 1, p. 139-166, 2020.
SKIDELSKY, Robert. John Maynard Keynes: A Biography. Macmillan, 1983.
__________________. Keynes. Oxford: Oxford University Press, 1996.
_________________. Keynes. The Return of the Master. London: Allen Lane, 2009
WALTER, Richard G. Análise fundamentalista e avaliação de títulos: aspectos teóricos. Revista de Administração de Empresas, v. 14, p. 15-32, 1974.
WOODS, J. E. JM Keynes’ influence on institutional portfolio management. Journal of Post Keynesian Economics, v. 41, n. 1, p. 56-82, 2018.
WOODS, John E. On Keynes as an investor. Cambridge Journal of Economics, v. 37, n. 2, p. 423-442, 2013.
WICKSELL, Knut. Interest and Prices, translated by RF Kahn. London, Royal Economic Society, 1936.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2023 Joas Evngelista Lima, Douglas Alcantara
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
The copyright of papers published in the Revista de Economia Mackenzie belongs to the authors, who grant to the Mackenzie Presbyterian University the exclusive rights to publish the content. Total or partial reproduction is prohibited without due authorization of the Editorial Committee, except when it is previously authorized.