egend has it that Joe Kennedy, father of former president John F Kennedy, avoided the stock market crash of 1929 by selling his entire portfolio just days before prices collapsed. He did this, the story goes, after receiving a share tip from a shoeshine boy. When taxi drivers, lift attendants and young lads on the sidewalk are speculating in stocks, he concluded, “the market is too popular for its own good”.
The stock market is riding high today but I’d be amazed if your next cab ride results in a share recommendation. This unloved bull market has failed to generate much excitement. It’s quite unlike the explosion of interest in shares in the late Nineties when everyone knew someone who had made a killing in some obscure internet stock and fear of missing out was intense.
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