JOE KENNEDY, a famous rich guy in his day, exited the stock market in timely fashion after a shoeshine boy gave him some stock tips. He figured that when the shoeshine boys have tips, the market is too popular for its own good, a theory also advanced by Bernard Baruch, another vested interest who described the scene before the big Crash:
"Taxi drivers told you what to buy. The shoeshine boy could give you a summary of the day's financial news as he worked with rag and polish. My cook had a brokerage account and followed the ticker closely. Her paper profits were quickly blown away in the gale of 1929”
Outside of being some ghoul, doesn’t make it less true. Market exponents require new fools, and as they dry up they implode
JOE KENNEDY, a famous rich guy in his day, exited the stock market in timely fashion after a shoeshine boy gave him some stock tips. He figured that when the shoeshine boys have tips, the market is too popular for its own good, a theory also advanced by Bernard Baruch, another vested interest who described the scene before the big Crash: "Taxi drivers told you what to buy. The shoeshine boy could give you a summary of the day's financial news as he worked with rag and polish. My cook had a brokerage account and followed the ticker closely. Her paper profits were quickly blown away in the gale of 1929”
Outside of being some ghoul, doesn’t make it less true. Market exponents require new fools, and as they dry up they implode