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The Shoeshine column is the
NBR’s longest-running feature. It was launched during the euphoria leading up to the October 1987 sharemarket crash, which hit New Zealand harder than most.
It was inspired by the legendary story about how, in the late summer of 1929, a shoeshine boy gave stock tips to Joseph Kennedy, a financier and father of John F Kennedy. Being a wise investor, Kennedy thought, “If shoeshine boys are giving stock tips, then it’s time to get out of the market.”
Kennedy made a killing by selling his stocks before Wall Street collapsed in October 1929, eventually leading to the Great Depression of the 1930s.