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Where Are the Customers' Yachts?: or A Good Hard Look at Wall Street | [Fred Schwed Jr., Peter Arno]

Where Are the Customers' Yachts?: or A Good Hard Look at Wall Street

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.
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Publisher's Summary

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.

What the Critics Say

"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)

What Members Say

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    Joe Houston, TX, United States 05-17-15
    Joe Houston, TX, United States 05-17-15 Member Since 2015

    Born in Ohio, lived in California, Alaska, and now Texas

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    "Not clever enough"

    This is a very short read and sounded like a clever twist on a subject that I have an interest in. Nevertheless, I made it through about two-thirds of the book, and decided it wasn't worth investing more time in it. I suggest you spend your credits elsewhere.

    0 of 0 people found this review helpful
  •  
    montgomery 04-16-15
    montgomery 04-16-15 Member Since 2011
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    "Classic book!"

    Very informational, yet entertaining. Before you go and lose money speculating in the market, please listen to this audio book.

    0 of 0 people found this review helpful
  •  
    investor135 04-11-15
    investor135 04-11-15 Member Since 2015
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    2
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    "Awesome!"

    Funny and informative book. If you want investing book, this one is for you. Look at the mirror afterwards and see how you are loosing just like that.

    0 of 0 people found this review helpful
  •  
    Chris 03-07-15
    Chris 03-07-15 Member Since 2015
    HELPFUL VOTES
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    4
    4
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    "Timeless"

    From the story to the performance... Fantastic!
    It's unbelievable that this book was written so long ago and yet still resonates today.

    0 of 0 people found this review helpful
  •  
    R. Duncan Canada 01-07-13
    R. Duncan Canada 01-07-13
    ratings
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    "What is Old is New Again"

    The author has an amusing style. Much of his story of the shenanigans of Wall Street is as true today as it was back in the Roaring Twenties. Listening to this reading is enjoyable and educational. For serious investors and those with a general interest in investing, it is very helpful. From a Behavioral Finance point of view, I found it especially informative.

    0 of 0 people found this review helpful
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    3/24/15
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    "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.

    0 of 0 people found this review helpful
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