, Columnist
Keynes Was Right. About Buying Property, at Least
A century of Oxbridge endowment returns confirms the economist’s intuition that housing is riskier than it looks.
Preaching to the choir, using King’s College endowment returns.
Photographer: GRAHAM BARCLAY/Bloomberg
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It looks like Keynes was right. Before that comment inspires a chunk of the readership to fire off angry emails about macroeconomic policy, I should say that I am not talking about John Maynard Keynes’s influential ideas about how to stimulate the economy. Rather, I am talking about his role as a trail-blazing investor and the father of modern endowment management.