Where Are the Customers' Yachts: or A Good Hard Look at Wall Street (Wiley Investment Classics)

Where Are the Customers' Yachts: or A Good Hard Look at Wall Street (Wiley Investment Classics) Features

Additional Where Are the Customers' Yachts: or A Good Hard Look at Wall Street (Wiley Investment Classics) Information

". . . one of the funniest books ever written about Wall Street."
-- Jane Bryant Quinn, The Washington Post

"How great to have a reissue of a hilarious classic that proves the more things change the more they stay the same. Only the names have been changed to protect the innocent."
-- Michael Bloomberg

"It's amazing how well Schwed's book is holding up after fifty-five years. About the only thing that's changed on Wall Street is that computers have replaced pencils and graph paper. Otherwise, the basics are the same. The investor's need to believe somebody is matched by the financial advisor's need to make a nice living. If one of them has to be disappointed, it's bound to be the former."
-- John Rothchild, Author, A Fool and His Money, Financial Columnist, Time magazine

Humorous and entertaining, this book exposes the folly and hypocrisy of Wall Street. The title refers to a story about a visitor to New York who admired the yachts of the bankers and brokers. Naively, he asked where all the customers' yachts were? Of course, none of the customers could afford yachts, even though they dutifully followed the advice of their bankers and brokers. Full of wise contrarian advice and offering a true look at the world of investing, in which brokers get rich while their customers go broke, this book continues to open the eyes of investors to the reality of Wall Street.

What Customers Say About Where Are the Customers' Yachts: or A Good Hard Look at Wall Street (Wiley Investment Classics):

I forgot I even bought this book. But this book has an introduction that promises how funny the book is. Usually I love finance books. I take them on vacation and order several magazines. Then a couple more that promises how humorous the book is. And then some more chapters that i can't even remember Then I put it down out of boredom and don't know where it is.

But the key take away from this book is that market participants are dreamers, who are keen to fool themselves that they have an edge. I've worked in, and studied the capital markets for 8 years, and I'm frankly astonished that most of what I found so hard to learn, and much more, was picked up in 2 years by Fred Schwed Jr. Of course Schwed doesn't talk about strategies, models or techniques at all in this book - except to dismiss them. He recognises that some are "burglars" but also that most don't intend to do harm - they just persuade first themselves, and then others to take terrible risks, in the belief that they will all become rich.I'd recommend this and The Intelligent Investor by Graham as the two best books on stock investing. This book is valuable as a gentle reminder that we all overestimate our own abilities, that your broker doesn't really know any better than you do where the market will be tomorrow, and that losing a lot of money hurts.

I thought this book would have more information about brokers and the whole operation of wall street worked through the eyes of brokers. However as i read this book i realized that is almost entirely philosophical. It was not at all what i was thinking it would be. I am disappointed and i just hope other people realize this.

I found it amazing to learn what Wall Street does to separate customers from their money.I appreciate how the author did not just portray one-sided arguments that Wall Street is the bad guy, and customers are the victims. What a funny book describing to readers the way Wall Street and its customers behave, think, and act. This book really shows true reality of stock market investing. That's why they have all the yachts and the customers have none. This book fills in all the answers.- Mariusz Skonieczny, author of Why Are We So Clueless about the Stock Market. Customers are excited about the possible riches investing can generate and Wall Street simply takes full advantage of their gullibility.

This book provides investors invaluable lessons about how Wall Street really works and the true risks of stock market investing. Even thought it was written in 1940, I still found it relevant today because people never change as far as temptation, fear, and greed are concerned. Customers deserve to take responsibility for their own lack of education, shortsightedness, and greed. The truth is that over a long period of time, the majority of customers get miserable returns. Brokers, on the other hand, make money no matter what. Wall Street has it purpose, but investors should realize what Wall Street can and cannot do for them.

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It is amazing how true the basic information in this book has held up over time. Especially is today's turbulent markets. I wish I had read this book years ago before I started investing.