Bernard Baruch

The story goes that a wealthy financier named Bernard Baruch was having his shoes shined one fine morning in 1929. As the final rag and polish were being put on his leather Oxfords, Baruch’s shoeshine boy, aware of his Wall Street reputation, began sharing stock tips and providing him with a financial news summary of the previous day’s events. Legend has it that Baruch promptly returned to his office, called his firm’s senior broker and ordered him to sell everything. The broker, no doubt shocked, questioned the decision.

Baruch reportedly replied, “when shoe shine boys are giving out stock tips, it’s time to get out.”

The Stock Market Crash of 1929 | Stock Market History