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John Authers

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.

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.