{"id":25719,"date":"2017-09-16T07:56:29","date_gmt":"2017-09-16T12:56:29","guid":{"rendered":"http:\/\/olduvai.ca\/?p=25719"},"modified":"2017-09-16T07:56:29","modified_gmt":"2017-09-16T12:56:29","slug":"21st-century-shoe-shine-boys","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=25719","title":{"rendered":"21st Century Shoe-Shine Boys"},"content":{"rendered":"
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21st Century Shoe-Shine Boys <\/a><\/h3>\n<\/div>\n
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Anecdotal Flags are Waved<\/strong><\/p>\n

\u201cIf a shoeshine boy can predict where this market is going to go, then it\u2019s no place for a man with a lot of money to lose.\u201d <\/em><\/p>\n

\u2013 Joseph Kennedy<\/p><\/blockquote>\n

It is actually a true story as far as we know \u2013 Joseph 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. Kennedy was amused and intrigued and encouraged him to go ahead. 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\u2019s list had made strong gains. This happened a few months before the crash of 1929.<\/p>\n

\"\"Joseph Kennedy in 1914, at age 25 \u2013 at the time reportedly \u201cthe youngest ever bank president in the US\u201d
\nPhoto credit: John F. Kennedy Presidential Library and Museum, Boston.<\/p>\n

Kennedy sold all his stock market investments over the next several months and put the money in what he considered the safest banks. He had already made a fortune in the bull market, and reportedly augmented it later by going short in the bear market. We are pretty sure his meeting with the market-savvy shoe-shine boy wasn\u2019t the only reason for which he decided to sell. He did mention the anecdote later in life though and the experience served to solidify a conclusion he had already arrived at: It was very late in the game and the market was likely to\u00a0 crack badly fairly soon.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n

 <\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

21st Century Shoe-Shine Boys Anecdotal Flags are Waved \u201cIf a shoeshine boy can predict where this market is going to go, then it\u2019s no place for a man with a lot of money to lose.\u201d \u2013 Joseph Kennedy It is actually a true story as far as we know \u2013 Joseph Kennedy, by all accounts […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[6275,16024,6170,16023,1138,860],"class_list":["post-25719","post","type-post","status-publish","format-standard","hentry","category-economics","tag-actingman","tag-joseph-kennedy","tag-pater-tenebrarum","tag-shoe-shine-boys","tag-stock-market","tag-wall-street"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/25719","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=25719"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/25719\/revisions"}],"predecessor-version":[{"id":25720,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/25719\/revisions\/25720"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=25719"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=25719"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=25719"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}