Arthur Marx, son of Groucho Marx
Everyone was in [the market] in those days, in the Roaring Twenties. It seemed like an easy way to make money… “The market’ll just keep up and up and up.” And, of course, the market, when it had its big crash, everything was worth practically nothing, including all of my father’s money, which was about $250,000, which was a lot of money in those days…
[My father] told me… that he took a tip from a bellhop in a hotel, the Ritz Carlton Hotel in Boston, and the guy said, “Buy this stock. It’s going to go up. It’s down two points. Buy it. It’s a good buy.” So he went out and bought $50,000 worth of something and, of course, it went down again to nothing… He said that everybody was giving tips, the doorman and the caddies on the golf course and everybody was in the market. And they all learned the hard way.
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