Where Are the Customers' Yachts?

or A Good Hard Look at Wall Street

De: Fred Schwed Jr., Peter Arno

Narrado por: Mark Moseley

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.

Comedy more than anything

Was a descent book, more comedy about wall street than anything else. Still worth a listen for entertainment only

Great read after working with Private equity

most people on Wall Street aren’t any luckier or any smarter than the average person. After working with Private Equity I came to really appreciate the humor. Hit me at the right time

Very entertaining!

I recommend this to anyone interested in gaining insight into investing in a light, easy manner. This was very entertaining indeed

Message: keep it real

More fun than advice. A bit old but the advice is still valid which is to keep it real and that you can never beat the market or guess what will happen next

One of my favorite books

I love this book. I was turned on to it from Warren Buffet who listed it as one of his favorites. I like that it opens the reader to the realities of those involved in investment banking.

Surprisingly good!

I was blown away by how entertaining and insightful this book is, considering how long ago it was written.

entertaining and enduring

markets and investors haven't changed much over last century. concise , insightful, and funny. recommended for anyone want to get an honest and piercing take and wall street

Relevant Insights for today

Amazing to think this was written so long ago…. Demonstrates that Wall Street hasn’t changed much

Fun way to look at the reality of investing or speculating

Very unsual, fun way to write a book about investments on the stock market. What was true 100 years ago seem to remain true today and this book remind us that it is preferrable, by far, to invest rather than speculate.

Keep reading and finish this book for a good laugh!

Funny, informative, and generally light on material and wisdom. This book was definitely worth a read for a couple of good laughs. And the author is not wrong. The world needs Wall Street. But nobody, not even those on Wall Street, can truly know what they are doing when it comes to investing due to psychological, social, and political forces.