Mr. Kennedy and the shoe-shine boy
This is important investment wisdom to remember:
More than 70 years ago, the father of a future U.S. president eased himself into a wooden chair in New York's financial district for his customary shoe shine. The stock markets were at an all-time high, and Gotham buzzed with money talk. The shiner, Patrick Bologna, was full of advice, lifting his head up to promote stock after stock. After listening carefully, Joe Kennedy flipped the young man a quarter, went inside the New York Stock Exchange, and sold his entire portfolio. Nine days later, the stock market melted in the crash of 1929. Kennedy later observed in a letter, "When the shoe-shine guy gives you stock tips, it's time to get out."
More than 70 years ago, the father of a future U.S. president eased himself into a wooden chair in New York's financial district for his customary shoe shine. The stock markets were at an all-time high, and Gotham buzzed with money talk. The shiner, Patrick Bologna, was full of advice, lifting his head up to promote stock after stock. After listening carefully, Joe Kennedy flipped the young man a quarter, went inside the New York Stock Exchange, and sold his entire portfolio. Nine days later, the stock market melted in the crash of 1929. Kennedy later observed in a letter, "When the shoe-shine guy gives you stock tips, it's time to get out."
posted by Mary at 12:44 PM
0 Comments:
Post a Comment
<< Home