When even shoeshine boys are giving you stock tips it's time to sell?
Apr 15, 1996 · (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. He figured that when the shoeshine boys...
Can a shoeshine boy predict the stock market?
An old Wall Street saying has it that when everybody’s getting into the market and even the shoeshine boy is giving stock tips (or the barber/hairdresser or the taxi driver or the waiter or the bartender), then it’s time to sell. Supposedly, Joseph P. Kennedy (1888-1969) knew that it was time to get out of the market in 1929 when his shoeshine boy began giving him stock tips.
What could the Shoeshine Boy give You?
Aug 28, 2018 · John F. Kennedy’s father Joseph famously said that he knew it was time to get out of the stock market when his shoe-shine boy started giving him stock tips. He did get out of the market, right before the crash. Are we at “Peak Physician Employment?” Are so many clinicians employed that it seems it will never again be any other way?
What does it mean when a cabbie gives you stock tips?
Apr 15, 1996 · 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...
What is significant about the shoeshine boy?
The Story of Joe Kennedy and the Shoeshine Boy As a young man in the early 20th Century, he began building his family fortune in the stock market and in commodities trading. He also went on to make a killing during and after the prohibition by securing distribution rights for Scotch and other British spirits.Jan 26, 2018
What happened on Black Thursday?
Black Thursday is the name given to an infamous day in stock market history: Thursday, Oct. 24, 1929, when the market opened 11% lower than the previous day's close, and panicked selling ensued throughout a day of heavy trading.
Why is it called Black Thursday?
Stock Market Crash of 1929 On October 24, 1929, as nervous investors began selling overpriced shares en masse, the stock market crash that some had feared happened at last. A record 12.9 million shares were traded that day, known as “Black Thursday.”
What was the date of Black Tuesday and what happened on this day?
On October 29, 1929, "Black Tuesday" hit Wall Street as investors traded some 16 million shares on the New York Stock Exchange in a single day. Billions of dollars were lost, wiping out thousands of investors.
Why did everyone sell their stocks in 1929?
Among the other causes of the stock market crash of 1929 were low wages, the proliferation of debt, a struggling agricultural sector and an excess of large bank loans that could not be liquidated.Apr 27, 2021
Who made money in 1929 crash?
While most investors watched their fortunes evaporate during the 1929 stock market crash, Kennedy emerged from it wealthier than ever. Believing Wall Street to be overvalued, he sold most of his stock holdings before the crash and made even more money by selling short, betting on stock prices to fall.Apr 28, 2021
What happened October 24th 1929?
Great Depression Panic selling began on “Black Thursday,” October 24, 1929. Many stocks had been purchased on margin—that is, using loans secured by only a small fraction of the stocks' value. As a result, the price declines forced some investors to liquidate their holdings, thus exacerbating the fall in prices.
What stocks survived the 1929 crash?
Coca-Cola , Archer-Daniels and Deere should like this history lesson.Oct 27, 2008
How did the Great Depression ended?
Mobilizing the economy for world war finally cured the depression. Millions of men and women joined the armed forces, and even larger numbers went to work in well-paying defense jobs. World War Two affected the world and the United States profoundly; it continues to influence us even today.
How many stocks were traded on Black Tuesday?
16,410,030 sharesBlack Tuesday hits Wall Street as investors trade 16,410,030 shares on the New York Stock Exchange in a single day. Billions of dollars were lost, wiping out thousands of investors, and stock tickers ran hours behind because the machinery could not handle the tremendous volume of trading.
Who was president at the beginning of the Depression?
Before serving as America's 31st President from 1929 to 1933, Herbert Hoover had achieved international success as a mining engineer and worldwide gratitude as “The Great Humanitarian” who fed war-torn Europe during and after World War I.
How is stock market today?
Stock marketStock market
Why does a bank fail?
A bank fails when its assets become less than its liabilities and when people don’t repay their loans. The Federal Reserve as a central bank can lend money and stop that run on a bank, but if a bank is insolvent, it’s just going to belly up.
Why was Black Thursday so interesting?
SYLLA: Black Thursday was interesting because the market crashed during the day, but by the end of the day it came back — because of an intervention by the bankers to protect their wealthy clients, as well as to try to counter the panic.
What was the 1920s?
The 1920s were a period of great prosperity. I used to compare it to my students to the 1990s. It was a prosperous decade, but there was an economic slowdown at the end of the decade, a recession that had started in the second half of 1929.
When did the Great Depression start?
The Great Depression really began when the banks started failing in 1930, and then there were more bank failures in 1931 and 1932, leading to a bank holiday when FDR became president in ’33. We didn’t have deposit insurance back then, so when the banks shut down, people lost their money.
Who is Richard Sylla?
For the 90th anniversary of Black Thursday, TIME spoke to financial historian Richard Sylla, a Professor Emeritus of Economics and the former Henry Kaufman Professor of the History of Financial Institutions and Markets at New York University Stern School of Business and Chairman of the board of the Museum of American Finance in New York City.
Did the 1929 stock market crash help?
The 1929 stock market crash didn’t help, but for some reason it’s come down to us that the stock market crash started the Depression when there’s a lot of evidence against that theory.
PSA: Please stop posting here about WSB affairs. We are not a backup WSB subreddit. Your post will be removed
PSA: Please stop posting here about WSB affairs. We are not a backup WSB subreddit. Your post will be removed.
WSB Went private, and due to an absolutely ridiculous onlsaught of low quality posts and WSB spam migration I am temporarily setting the spam filter to All - only posts approved by mods will show up
Like the title says, this shit is cray cray and we can’t spend all afternoon moderating it. If you make a post and think it's a quality contribution to the subreddit send a message to modmail and we can approve it.
Chamath Palihapitiya was just on CNBC trying to explain our current situation
A pretty good segment with Chamath Palihapitiya who apparently took a $100k call position in GME "to learn".
I created an algo that tracks the most hyped stocks on Reddit. Here are the results for this week
What's up everyone. I created an algo that scans the most popular trading sub-reddits and logs the tickers mentioned in due-diligence or discussion-styled posts. Instead of scanning for how many times each ticker was mentioned in a comment, I logged how popular the post was among the sub-reddit.
Gamestop Big Picture: The Short Singularity
Disclaimer: I am not a financial advisor. This entire post represents my personal views and opinions, and should not be taken as financial advice (or advice of any kind whatsoever). I encourage you to do your own research, take anything I write with a grain of salt, and hold me accountable for any mistakes you may catch.
Bitcoin Plunge Has Newbies Scrambling to Google 'Double-Spend'
Bitcoin fell sharply on Thursday, hitting its lowest level in nearly three weeks, as the popular cryptocurrency was hit with a double whammy that jolted faith in its user base.
Spreadsheet to calculate GME Exit Strategy, ROI Calculations & Breakeven Analysis
PLEASE DROP AN UPVOTE AND/OR COMMENT IF YOU USE. IT TOOK ME A FEW HOURS TO MAKE THIS SPREADSHEET AND I WOULD LIKE TO HELP AS MANY PEOPLE AS POSSIBLE. I SEE A LOT OF PEOPLE OPENING AND DUPLICATING THE SHEET, PLEASE HELP PAY IT FORWARD.
