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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.

Critic Reviews

"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 Ratings

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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

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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

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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

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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

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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

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funny and very profound

Very entertaining and insightful. Full of intelligent sarcasm. It appears that little has changed in Wall Street. Well, it's not surprising since we are still the same humans with the same behavior. I loved the part when he depicts the way advisors decide what belongs to the customer after a trading day ends: "they throw all the dollars up, and whatever sticks to the ceiling, belongs to the client". Read it to see why the author would choose a crook and bright advisor vs an honest fool. Very funny and true!

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wow what a great book

this is a great book I read it and immediately was impressed by how entertaining and enlightening it was considering how old it was written in 1955 originally it really shows the intelligence of the author. I would have to say that it was one of the top five financial literacy books that have ever been written

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Everyone should read this

Where does Where Are the Customers' Yachts?: or A Good Hard Look at Wall Street rank among all the audiobooks you’ve listened to so far?

Top notch. Got to be in the top 5.

What was one of the most memorable moments of Where Are the Customers' Yachts?: or A Good Hard Look at Wall Street?

The most memorable moment, to answer this question, was where he talked about technical analysis. Comparing it to astrology. Which does seem to fit.

Which scene was your favorite?

Where the non banker asked the banker where all the customer's yachts were. As this book will tell you, in the financial industry, the customer is at the very bottom of the totem pole. So skip all those BS artists, and just take matters into your own hands. You'll be better off. They're all just people who have dedicated their lives to mumbo jumbo, and have managed to convince the world that they're somehow respectable.

If you could give Where Are the Customers' Yachts?: or A Good Hard Look at Wall Street a new subtitle, what would it be?

"Stay away from the hoards of idiots and crooks in the financial industry."

Any additional comments?

Excellent book. Warren Buffet said it was the very first book he read on finance at age 11. After reading it, you can tell he still subscribes to its tenants to this very day. After you listen to this audiobook, you'll understand why he says many of the things he says.

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  • Dennis
  • Salina, KS, United States
  • 06-27-17

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.

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  • SA
  • GURNEE, IL, US
  • 04-19-17

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

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  • rubik
  • 12-22-16

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

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  • mp
  • 03-24-15

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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  • Zakgirl
  • 05-23-15

That guy's got your yacht!

This well-healed read, is funny and cynical, and that's what I like in a book. I couldn't put it down. It is probably the book I should have started with reading about Wall Street before investing but sometimes we don't know these things as we simply get started and ask questions later, a bit like life itself really. If you haven't read any books on investing then do read this one. A timeless classic as stated by other reviews and still has relevance but some of the younger generation might find some of the colloquialisms a little testy, although nothing a quick Google search wouldn't fix. It's funny, and I'm very tempted to ask my financial advisor, "Where's my yacht?" but like all the advice that tends to come from advisers the answer would simply be a well rehearsed response in changing the topic. A tad intellectual but holds the attention of anyone who likes dry wit, satire, and is rather cynical.