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.
©1940, 1955, 1995, 2006 Fred Schwed, Jr. Foreword © 1995 by John Wiley & Sons, Inc. Introduction © 2006 by Jason Zweig (P)2012 Audible, Inc.
"Once I picked it up I did not put it down until I finished.... What Schwed has done is capture fully - in deceptively clean language - the lunacy at the heart of the investment business." (From the Foreword by Michael Lewis, best-selling author of Liar's Poker)
"[O]ne 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)
I am amazed at the accuracy of how brokers talk to clients and how little has changed in 80 years!
Very good insight to know that if you invest with discipline you will be successful and you don't 'need' a broker and you CAN do it on your own. Great read for a novice like me!
This is a light-hearted, informative book about financial markets and investment. It provides timeless insight into behavioral finance. Get ready to smile!
A brutally honest, and severely necessary read for any investor. You won't be disappointed, and will take something, if anything, away. If anything, the wit, wisdom and sobriety, I have not found surpassed.
What a great book. Could Fred Schwed actually be his real name? I recommend you buy this book, though Schwed would probably advise you not to. This is a well written, very funny piece of investing advice disguised as light humour. It is extremely well read, and the narrator perfectly translates Schwed's facetious intent. Read it the first time for pure enjoyment, then read it again and recognize it is full of pertinent investment wisdom. Jason Zweig's introduction is a bonus.
This is a pithy little gem! I found it amusing, but my 11 year old listened to a portion of this book with me and picked up some of the humor too.
Has the ring of truth. Definitely a good investment. Worth it's weight in silver, if not gold at today's prices.
"A must "listen""
Great perspective of the goings on of the financial industry. The essence of the book is that the "casino always wins".
"It is very true!!!!!"
I need to agree entirely with the author. People never change. Especially working in this area described in this fantastic book. Thank you.
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