sell in May and go away

A saying relating originally to the cycle of activity on the London Stock Exchange. May, shortly after the start of the financial year, was a busy time, but during the following months a bear market prevailed as trading was slack and Londoners (stockbrokers included) enjoyed their summer breaks away from the capital. Also current in the expanded version represented by quot. 2002, referring to the classic St. Leger horse race run at Doncaster in early September, the traditional end of the English summer social calendar.

1979 Daily Telegraph 27 July 19 That hoary old adage sell in May and go away, has yet again been vindicated with the Financial Times 30 share index falling 97 points, from 559 on the May 4 post-election day to last night’s 462 and with little immediate relief in sight.

1992 Economist 11 July 87/1 ‘Sell in May and go away,’ says the old adage. This year it has been right on the button: a bad June for world stock-markets is being followed by a worse July.

2001 New York Times The pattern [of stock market fluctuation] is the factual basis for the saying ‘Sell in May and go away.’

2002 Times 15 May 34 In the City, you are about as likely to hear someone utter the old adage ‘sell in May, go away, come back on St Leger’s Day’ as you are to spot gentlemen wearing bowler hats and carrying rolled umbrellas.