Jason Alan Jankovsky, writing in Time Compression Trading:
J. P. Morgan tells the story of how he would get his shoes shined every Wednesday at the same shop around the corner from his oﬃce. One day the shoe shine attendant asked him if he and his friends could buy some stock through Morgan’s brokerage. The three friends had about $40—a lot of money in 1929. Morgan politely refused, hurried back to his oﬃce, and ordered that his company was not to have a single share of stock on its books by the end of the day. Morgan simply asked, “If the shoe shine boys are buying stocks, who else is left?” Of course, the 1929 stock market crash was only a few days away, and Morgan looked like a genius. He was not a genius; he noted that the order ﬂow was likely running out on the buy side. It wasn’t his army of analysts that showed him that. It was a public investor.
Robinhood day traders are the new shoe shine boys.