I thought you said extra slice”, “What does a pizza wear to smell good? As the tale goes, Joseph Kennedy decided to get out of stocks when he started getting stock tips from a shoeshine boy. Google Books USA Today By William J. Duncliffe (FORTUNE Magazine) 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. really nice article, “When even shoeshine boys are giving you stock tips, it’s time to sell” (Joseph P. Been hearing from a lot of uneducated folks about bubbles and moons lately, and I think a lot of it can be chalked up to psychology instead of economics. FOMO is real, that is for certain, but reverse FOMO is just as real. Joseph Kennedy, investor, regulator and father of President John Kennedy, once joked, “You know it’s time to sell stocks when the shoeshine boy tries to give you stock tips google_ad_client = "pub-0382623543249625"; https://www.youtube.com/watch?v=nB5Ngci3PQQ, (the father of former president John F. Kennedy), It is actually a true story as far as we know – Joe Kennedy, by all accounts an extremely shrewd businessman and investor (despite the fact that he had graduated in economics*), really did get his shoes shined on Wall Street one fine morning, and the shoe-shine boy, one Pat Bologna, asked him if he wanted a few stock tips. https://www.youtube.com/watch?v=nB5Ngci3PQQ, (the father of former president John F. Kennedy), It is actually a true story as far as we know – Joe Kennedy, by all accounts an extremely shrewd businessman and investor (despite the fact that he had graduated in economics*), really did get his shoes shined on Wall Street one fine morning, and the shoe-shine boy, one Pat Bologna, asked him if he wanted a few stock tips. In the winter of 1928, Joe Kennedy decided to stop to have his shoes shined before he started his day's work at the office. Bologna wrote a few ticker symbols on a piece of paper, and when Kennedy later that day compared the list to the ticker tape, he realized that all the stocks on Bologna’s list had made strong gains. Koon Yew Yin, US customs: TOPGLOVE 'making improvements', This Tech + Glove (combo) stock will soon explode and rise. When crypto hits 5 trillion, yeah, bubble time. Music written by Bob and performed by Tommy Dorsey's Clambake Seven with Bob on piano. It is actually a true story as far as we know – Joe Kennedy, by all accounts an extremely shrewd businessman and investor (despite the fact that he had graduated in economics*), really did get his shoes shined on Wall Street one fine morning, and the shoe-shine boy, one Pat Bologna, asked him if he wanted a few stock tips. Will stock prices fall off the cliff under the weight of enormous popularity? By Martin S. Fridson Cultivating a healthy sense of skepticism will help protect you from the irrational exuberance that invariably accompanies a market top. Kennedy later claimed he knew the rampant stock speculation of the late 1920s would lead to a crash. By then, not surprisingly, most of that era’s erstwhile bearishness had given way to enthusiasm and euphoria. Of course, that’s what happens when central banks around the world flood the markets with $14 trillion in liquidity, crushing bond yields and forcing everyone into riskier assets to chase yield. He owned the largest office building in the country, Chicago’s Merchandise Mart, giving his family an important base in that city and an alliance with the Irish-American political leadership there. One oh his basic pieces of arvice was if someone in a position such as a shoeshine boy is opinion on a topic, its time to get out of that investment. This is topical. Listen to Robert Emmerich introduce "The Big Apple," a hit song from 1937. : For a long time, the key indicator of investor giddiness was when invidiual investors piled into the market. No, you shouldn't sell all your own stock or bitcoin or whatever just because someone gives you an investing tip, nor should you buy things just because someone tells you something is a bubble. Lyrics written by Buddy Bernier and sung by Edythe Wright. This happened a few months before the crash of 1929. Pg. It may be here, [in the US].” In later years, Kennedy worked behind the scenes to continue building the financial and political fortunes of the Kennedy family. SO WHAT ARE THE SHOESHINE BOYS TALKING ABOUT NOW? SO WHAT ARE THE SHOESHINE BOYS TALKING ABOUT NOW? When the Shoeshine Boy Talks Stocks, it is a Great Sell Signal . But, fact is, crypto is effing tiny and will be relatively tiny until we are in the trillions. Now, it’s election night”, “Anger management courses are now all the rage”. Her paper profits were quickly blown away in the gale of 1929.". Kennedy served briefly as the United States Ambassador to the United Kingdom at the start of World War II. 24: //--> He received stock tips from a shoe-shine boy. In the 1920s, the legendary investor Bernard Baruch said that when your shoeshine boy starts giving you stock tips, it’s time to sell. Just wait for some random unqualified person to talk about stocks and sell them, a crash is guaranteed to happen soon after, right?). ), Posted by Stock Tickers on 09/19 at 03:02 PM, “Exercise? He was a leading member of the Democratic Party and of the Irish Catholic community. Koon Yew Yin. If a mere boy could predict the movement of the market, Kennedy concluded, then it certainly was no place for a man with plenty of money to lose. Just as cabbies giving stock tips is a sign that speculation has run wild, so too are grand schemes from politicians a sign of unrealistic political optimism. So, in simpler terms, the Warren Buffett Indicator in terms of Wall Street measures market capitalization versus U.S. GDP. google_ad_client = "ca-pub-3535799185159270"; Nah. The conversation eventually touched on the stock market, at which point the shoeshine boy made his opinion known on which stocks were the right ones to buy. Why do 80% of Investors Lose Money? Published by Citadel Press This happened, “Be Fearful When Others Are Greedy and Greedy When Others Are Fearful”, Looking at the current market conditions, US stock market is poised for a great crash of 2018 & in addition to this a legendary investor Warren Buffett has his take on the current market condition. One day he found himself stopping at a shoeshine parlor on Wall Street. 1A: Highlights: Social Forum >> Forum Thread: Blog: When the Shoeshine Boy Talks Stocks, it is a Great Sell Signal. ... Ironically, he mentioned the shoeshine quote … ChloeTai | Publish date: Mon, 15 Jan 2018, 12:54 PM, JOE KENNEDY (the father of former president John F. Kennedy), a famous rich guy in his days, exited the stock market in a timely fashion after a shoeshine boy gave him some stock tips. Bologna wrote a few ticker symbols on a piece of paper, and when Kennedy later that day compared the list to the ticker tape, he realized that all the stocks on Bologna’s list had made strong gains. My cook had a brokerage account and followed the ticker closely. SO WHAT ARE THE SHOESHINE BOYS TALKING ABOUT NOW? Fortune magazine 1998 Nothing has ever looked or sounded like this before because everything is ultra magnified. Koon Yew Yin. Author: ChloeTai | Publish date: Mon, 15 Jan 2018, 12:54 PM . 25 October 1987, San Jose (CA) Mercury News, “The Crash of ‘87: A Harvest of Optimistic Delusion” by Gary Blonston, pg. $20 Koon Yew Yin, US customs: TOPGLOVE 'making improvements', This Tech + Glove (combo) stock will soon explode and rise. JOE KENNEDY (the father of former president John F. Kennedy), a famous rich guy in his days, exited the stock market in a timely fashion after a shoeshine boy gave him some stock tips. google_ad_type = "text_image"; 2004 This happened a few months before the crash of 1929. New York, NY: Macfadden-Bartell San Francisco (CA) Chronicle No need to be rude and tell him to "focus on his actual job" like most of these posters suggest. Bull markets often end with a burst of impressive performance, leading even die-hard skeptics to question themselves and throw in the towel on their bearishness. Now a Popeye's fast food restaurant on Google Maps. This is far easier said than done, however. donation In US, even factoring in the Trump tax cuts, stocks are roughly 30% overvalued. Do the shoe shiners in Detroit talk about Bitcoin? He received stock tips from a shoe-shine boy.
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