Keynes
"And that’s what happened. In 1928, Keynes was wiped out in a commodities crash, which forced him to sell the majority of his share portfolio.
The remnants of said portfolio were then almost entirely lost in the crash of 1929. As Justyn Walsh notes in his book, Keynes and the Market, Keynes’ net worth fell by more than 80% to less than £8,000. "
https://moneyweek.com/investments/investment-strategy/601387/how-john-maynard-keynes-learned-the-folly-of-market-timing
The lesson he learnt was ...
"He noted that his market-timing system (which he’d given the somewhat grandiose name of “credit cycling”) required “abnormal foresight” and “phenomenal skill”. "
Many sensible people don't have the time or inclination to develop " “abnormal foresight” and “phenomenal skill” ".
Keynes had all the time in the world and spent his time researching as a contrarian he found a lot of gems and did quite well.
But why was a genius unable to see the 1929 Crash coming?
