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The shoeshine boy and the stock market

Wall Street's favourite exit signal, traced to a book from 1959

The shoeshine boy and the stock market

The story every investor repeats: a financier takes a stock tip from a shoeshine boy in 1929, concludes the crowd has arrived, and gets out before the crash. Quote Investigator finds the earliest printing in The Kennedy Family, a 1959 book by journalist Joseph F. Dinneen — three decades after the fact, and told about Joseph P. Kennedy Sr. rather than by him. The same epiphany is elsewhere credited to Bernard Baruch, which is usually what a good story looks like.

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