We give an expression for the expectation of max (0, S
1, …, Sn
) where Sk
is the kth partial sum of a finite sequence of exchangeable random variables X
1, …, Xn
. When the Xk
are also independent, the formula we give has already been obtained by Spitzer; and when the sequence is a finite segment of an infinite sequence of exchangeable random variables, it is a consequence of a theorem of Hewitt.