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grantcart

(53,061 posts)

2. Love it. It pays to listen to the shoe shine guy.

Reply to OneGrassRoot (Original post)

Fri Sep 20, 2013, 02:46 PM

Sep 2013

As the story goes, it was a shoeshine boy who kept J. P. Morgan from losing it all in the crash.

According to folklore, one day while shining Morgan’s shoes, the boy offered the Wall Street titan a stock tip. Morgan wasn’t offended, but realized then if the shoeshine boy was in the market, everyone else must be too.

If that was in fact the case, there was no fresh money to send prices higher…and plenty of risk that only modest selling pressure could cascade to a crash.

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Highlight:

Meet Don Ward, Shoe Shiner Extraordinaire [View all] OneGrassRoot Sep 2013 OP

What a character. narnian60 Sep 2013 #1

Love it. It pays to listen to the shoe shine guy. grantcart Sep 2013 #2

Don improved my day. ohtransplant Sep 2013 #3