Joseph P. Kennedy Sr.? Bernard Baruch? Joseph F. Dinneen? Apocryphal?

Question for Quote Investigator: Prescient investors pulled their money out of the U.S. stock market shortly before the crash of 1929. According to a Wall Street legend, a financier received a stock tip from a shoeshine boy, and this experience produced an epiphany:
When a shoeshine boy knows as much as I do about the stock market it’s time for me to get out.
I do not know the exact phrasing of this quotation, and this tale might be apocryphal. The story has been attributed to U.S. businessman Joseph P. Kennedy Sr. and U.S. financier Bernard Baruch. Would you please explore this topic?
Reply from Quote Investigator: The earliest match known to QI appeared in the 1959 book “The Kennedy Family” by journalist Joseph F. Dinneen. The book asserted that Joseph P. Kennedy Sr. started removing his money from the U.S. stock market in August 1929.
Kennedy did not fully explain his behavior at that time. The stock market catastrophically crashed in October 1929. Time passed, and a newsperson inquired about Kennedy’s foresight:1
“How did that come about, Joe?” a reporter asked him years later.
“Very simply,” he said. “I dropped in at a shoeshine parlor on Wall Street. The boy who shined my shoes did not know me. He wasn’t fishing for information or looking for a market tip. He was the average wage earner or salaried employee playing the market like everybody else in that day. He looked up at me as he snapped the cloth over my shoes and told me what was going to happen to various stocks and offerings on the market that day.
“I listened as I looked down at him, and when I left the place I thought: ‘When a time comes that a shoeshine boy knows as much as I do about what is going on in the stock market, tells me so and is entirely correct, there is something the matter either with me or with the market and it’s time for me to get out,’ and I did.”
The author Joseph F. Dinneen was a long-time reporter for “The Boston Globe” of Massachusetts. Dinneen did not indicate when Kennedy delivered his explanation. Also, Dinneen did not specify the name of the reporter to whom Kennedy spoke. Perhaps it was Dinneen himself. The thirty-year delay between the crash and the publication of Dinneen’s book was substantial.
Below are additional selected citations in chronological order.
Continue reading “Quote Origin: When a Shoeshine Boy Knows as Much as I Do About the Stock Market It’s Time for Me to Get Out”







