The Year of Magical Memoirs: Why Personal Stories Are Trending
Writers should remember the shoeshine boy before they jump on this trend.
In 1929, Joseph Kennedy Sr. (father of JFK) was strolling along Wall Street, past the ringing trading bells and rumbling Model T Fords, when he stopped at a shoeshine stand. As the shoeshine boy buffed and polished Kennedy's oxfords, the young lad gossiped about the hottest stocks.
Kennedy, one brow arched, listened. Maybe he could learn something from this boy.
It has long been rumored that Kennedy made his fortune through bootlegging, but the Irish never had the scandalous mob boss stories the Italians did. No, Kennedy made his fortune like most wanna-be Boston Brahmins did — unregulated stocks (insider trading).
But it wasn't only his diabolical financial acumen that built the Kennedy empire. Joseph Kennedy also understood people.
Thus, as the shoeshine boy shared his stock tips, Kennedy had an epiphany: When shoeshine boys give stock advice, the bubble is about to burst.
Legend has it that Kennedy didn't merely ruminate on this quirky revelation. He acted on it, pulling out of the market before the sky fell. And fall it did — into the abyss of the Great Depression.
