He attended the Paris Peace Conference after World War I as an economic adviser with the British delegation. He was appalled by the terms imposed on the defeated countries of Europe
Not even as brilliant an intellect as his could resist the fevered markets of the Roaring Twenties. He bought as the market ran up, and in the final two years of the 1920s lost 80% of his net worth. He initially described the Wall Street crash of late 1929 as a correction but soon changed his view.
Grundbultsfrågan: Hur blir S = I ??? Savings and investment, being different activities carried on by different people