This is an advanced course. The course "Stock Investing Level 1" is a prerequisite.

While managing the endowment of King's College, Cambridge starting in the 1920s, economist John Maynard Keynes first attempted a strategy based on market timing, or predicting the movement of the finance market generally. When this method was unsuccessful, he turned to a strategy very similar to what would later be described as value investing. In 2017, Joel Tillinghast of Fidelity Investments wrote:

Instead of using big-picture economics, Keynes increasingly focused on a small number of companies that he knew very well. Rather than chasing momentum, he bought undervalued stocks with generous dividends. Most were small and midsize companies in dull or out of favor industries, such as mining and autos in the midst of the Great Depression. Despite his rough start [by timing markets], Keynes beat the market averages by 6 percent a year over more than two decades.

Keynes used many similar terms and concepts as Graham and Dodd (e.g. an emphasis on the intrinsic value of equities). But a review of his archives at King's College found no evidence of contact between Keynes and his American counterparts so he is believed to have developed his investing theories independently, and did not teach his concepts in classes or seminars as did Graham and Dodd. While Keynes was long recognized as a superior investor, the full details of his investing theories were not widely known until decades after his 1946 death. Furthermore, while there was "considerable overlap" of Keynes's ideas with those of Graham and Dodd, their respective ideas were not entirely congruent.