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.