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"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, Bestselling author of Liar's Poker
". . . one 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
"It's amazing how well Schwed's book is holding up after fifty-five years. About the only thing that's changed on Wall Street is that computers have replaced pencils and graph paper. Otherwise, the basics are the same. The investor's need to believe somebody is matched by the financial advisor's need to make a nice living. If one of them has to be disappointed, it's bound to be the former."
-- John Rothchild, Author, A Fool and His Money, Financial Columnist, Time magazine
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.
- Sales Rank: #23009 in Books
- Brand: Schwed, Fred/ Arno, Peter (ILT)/ Zweig, Jason (INT)
- Published on: 2006-01-10
- Released on: 2005-12-22
- Original language: English
- Number of items: 1
- Dimensions: 8.50" h x .60" w x 5.50" l, .51 pounds
- Binding: Paperback
- 208 pages
Review
"More than half a century on, Where Are the Customers’ Yachts? Remains a fascinating read" (Money Week, July 2006)
“..the book is a fun read and as relevant today as it ever was” (Investor's Chronicle, August 2015)
From the Back Cover
"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, Bestselling author of Liar's Poker
". . . one 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
"It's amazing how well Schwed's book is holding up after fifty-five years. About the only thing that's changed on Wall Street is that computers have replaced pencils and graph paper. Otherwise, the basics are the same. The investor's need to believe somebody is matched by the financial advisor's need to make a nice living. If one of them has to be disappointed, it's bound to be the former."
—John Rothchild, Author, A Fool and His Money, Financial Columnist, Time magazine
About the Author
Fred Schwed Jr. was a professional trader who got out of the market after losing a bundle in the 1929 stock market crash. Years later, he published a bestselling children's book entitled Wacky, the Small Boy, and then went on to write Where Are the Customers' Yachts?
Most helpful customer reviews
0 of 0 people found the following review helpful.
Excellent analysis of the stock market with lots of truth ...
By drsv
Excellent analysis of the stock market with lots of truth and humor. Don't be fooled by the 1940 copyright; investing hasn't changed much since then! I learned about this book streaming the 2016 Berkshire-Hathaway Annual Meeting when Warren Buffett commented this book was one of the best books about the stock market.
0 of 0 people found the following review helpful.
I don't regret reading it, but I won't be reading it again.
By Gentleman Adventurer
I expected it to be funnier than it was. It was charming, but not the page turner of entertainment I was led to believe. I don't regret reading it, but I won't be reading it again.
24 of 26 people found the following review helpful.
Wisdom Wrapped in Whimsy
By dennis wentraub
Put down that ugly brokerage statement from the busted, dot-gone Bear market. Skip that news report of the latest bankruptcy filing and spend a couple of whimsical hours with author Fred Schwed, Jr. WHERE ARE THE CUSTOMERS' YACHTS? is a rejoinder to Wall Street's inflated self-confidence that begins with that classic question. Schwed's conversational style makes this a quick read. His style is 'wry', 'dead-pan', 'droll' - a bit of Andy Rooney, maybe a bit of 18th Century novelist Lawrence Sterne. Schwed looks back to the 1920's (published 1940, republished 1955) as "one of the great universal delusions of history" a period of "supreme miscalculation". It was a kind of grand "nonsense" we can relate to in our own post-internet bubble period. Schwed is more humorist than moralist. Misdoings on Wall Street are "overrated" often a mix of "bad luck and bad brains". Advisors are "romantics" who genuinely believe that the market's movements can be predicted. Often they become victims of their own "confused sincerity". Technical analysts are "pathetic", persuading themselves of predictive patterns in stock charts and statistical data. In the end market activity may repeat itself, but often "ponderously, with an infinite number of variations." Schwed takes the side of short sellers, an unpopular bunch who weigh against the general herd to profit when the market declines. He notes that such professional cynicism is never tolerated in an un-free society. Years before the Wall Street Journal began 'testing' the efficient market theory (EMT) selecting stocks with darts, Schwed relates the apocryphal story of a bank trust officer's relative success selecting stocks from his pen's random ink spots. In a timeless passage, Schwed summarizes his investment program: "When there is a stock-market boom, and everyone is scrambling for common stocks, take all your common stocks and sell them. Take the proceeds and buy conservative bonds...just wait for the depression...sell out the bonds...and buy back the stocks....Continue to repeat this operation as long as you live, and you'll have the pleasure of dying rich." Who can argue with a contrarian strategy that would have worked wonderfully in recent years.
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