Aside: Keynes managed for King's College of Cambridge University in the 1930s. A full discussion of the data is given in the paper by Chua and Woodward in Journal of Finance. The Table of returns are given by: Year Keynes Market 1928 -3.4 7.9 1929 0.8 6.6 1930 -32.4 -20.3 1931 -24.6 -25.0 1932 44.8 -5.8 1933 35.1 21.5 1934 33.1 -0.7 1935 44.3 5.3 1936 56.0 10.2 1937 8.5 -0.5 1938 -40.1 -16.1 1939 12.9 -7.2 1940 -15.6 -12.9 1941 33.5 12.5 1942 -0.9 0.8 1943 53.9 15.6 1944 14.5 5.4 1945 14.6 0.8