[Ads-l] Quote: When the facts change, I change my mind. what do you do, sir?

[ADSGarson O'Toole]

The saying in the subject line is often attributed to economist John
Maynard Keynes, but previously no researchers had located a match in
the writings or speeches of Keynes.

Now, economist Neil Smith has located a partial match in an article by
Keynes from 1924. Here is his tweet.

https://twitter.com/Machiavellecon/status/1622508947662946304

Journalist Jason Zweig notified me of Smith’s discovery. Now, the
Quote Investigator article has been updated (changes should be visible
within 24 hrs).

https://quoteinvestigator.com/2011/07/22/keynes-change-mind/

Here are the details of the citation located by Neil Smith:

[ref] 1924 May 17, The Nation and Athenaeum, Investment Policy for
Insurance Companies by J. M. Keynes (John Maynard Keynes), Start Page
226, Quote Page 226, Column 2, Publisher of The Nation and Athenaeum,
London. (Google Books Full View) link [/ref]

https://books.google.com/books?id=6eM-AQAAIAAJ&q=inactive#v=snippet&

[Begin excerpt]
Unfortunately, it is not possible to make oneself permanently secure
by any policy of inaction whatever. The idea which some people seem to
entertain that an active policy involves taking more risks than an
inactive policy is exactly the opposite of the truth. The inactive
investor who takes up an obstinate attitude about his holdings and
refuses to change his opinion merely because facts and circumstances
have changed is the one who in the long run comes to grievous loss.
[End excerpt]

Garson

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