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

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

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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

Average Customer Rating

4.3 (271 )
5 star
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Overall
4.3 (225 )
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Story
4.5 (224 )
5 star
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4 star
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3 star
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2 star
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1 star
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Performance
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  •  
    NEEL KANASE 07-13-15
    NEEL KANASE 07-13-15 Member Since 2016
    HELPFUL VOTES
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    "Great insight"

    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!

    1 of 1 people found this review helpful
  •  
    montgomery 04-16-15
    montgomery 04-16-15 Member Since 2011
    HELPFUL VOTES
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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.

    1 of 1 people found this review helpful
  •  
    investor135 04-11-15
    investor135 04-11-15
    HELPFUL VOTES
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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.

    1 of 1 people found this review helpful
  •  
    Chris 03-07-15
    Chris 03-07-15
    HELPFUL VOTES
    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.

    1 of 1 people found this review helpful
  •  
    R. Duncan Canada 01-07-13
    R. Duncan Canada 01-07-13
    HELPFUL VOTES
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    "Fun and Informative "

    This is a light-hearted, informative book about financial markets and investment. It provides timeless insight into behavioral finance. Get ready to smile!

    1 of 1 people found this review helpful
  •  
    Dennis Salina, KS, United States 06-27-17
    Dennis Salina, KS, United States 06-27-17 Member Since 2012

    matthaynes

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    REVIEWS
    99
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    Story
    "true then, true now"

    fast, clear, funny...how much has not changed in wall st, or even with modern tech. the tomfoolery if market experts is, well, timeless. if you trade, you have to read this.

    0 of 0 people found this review helpful
  •  
    Shankar Anant GURNEE, IL, US 04-19-17
    Shankar Anant GURNEE, IL, US 04-19-17 Member Since 2016
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    12
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    "must read a book for the ages"

    Brilliant. Timeless wisdom that has even served Warren Buffett. Anyone with any money invested in Wall street must read this

    0 of 0 people found this review helpful
  •  
    theunis 02-14-17
    theunis 02-14-17 Member Since 2013
    HELPFUL VOTES
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    "Buffett was right - a must read"

    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.

    0 of 0 people found this review helpful
  •  
    Noel 10-18-16
    Noel 10-18-16
    HELPFUL VOTES
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    "A Great Investing Book"

    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.

    0 of 0 people found this review helpful
  •  
    James D 06-07-16
    James D 06-07-16 Member Since 2012
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    12
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    "AWESOME AND FUNNY ACCOUNT OF WALL ST"

    AWESOME AND FUNNY ACCOUNT OF WALL ST.... still relevant to todays wall street. Fred Schwed Jr was the Michael Lewis of 1929.

    0 of 0 people found this review helpful
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  • gar
    12/22/16
    Overall
    Performance
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    "A must "listen""

    Great perspective of the goings on of the financial industry. The essence of the book is that the "casino always wins".

    Enjoy

    0 of 0 people found this review helpful
  • mp
    3/24/15
    Overall
    Performance
    Story
    "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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