Source: https://youtu.be/8mq4UT4VnbE?t=22
Ever since I first saw this performance of Minnie the Moocher, I've been wondering what that means. He is walking stiffly with his upper body with strange leg movements while "brushing" part of his chest with one hand, the other hand's index finger pointing straight down, culminating in a Michael Jackson-esque leg movement (obviously MJ was inspired by him and not the other way around).
My first thought was that he was imitating a rich man with a monocle or something, but that doesn't seem to hold up.
Is it maybe just supposed to "look funny and unusual"?