In 'Where Are the Customers' Yachts?', Fred Schwed, Jr. unveils the often perplexing world of Wall Street and its enigmatic practices. With wit and humor, he questions the wisdom of investing and highlights the disparity between wealthy brokers and their clients. Schwed's anecdotes expose the absurdities and pitfalls of the financial industry, leaving readers to wonder if their brokers are truly looking out for their interests. This insightful critique is both entertaining and thought-provoking, prompting a reevaluation of what we think we know about investing. Will you gain the knowledge to navigate these murky waters, or will you be left wondering where all the customers' yachts really are?
By Fred Schwed, Jr.
Published: 2006
"The stock market is a device for transferring money from the impatient to the patient."
"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.
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“The stock market is a device for transferring money from the impatient to the patient.”
Where Are the Customers' Yachts?
By Fred Schwed, Jr.
Discover a world of knowledge through our extensive collection of book summaries.
Fred Schwed, Jr. (1904-1981) was an American author and stockbroker, best known for his witty and insightful commentary on the stock market. His most notable work, 'Where Are the Customers' Yachts?: or A Good Hard Look at Wall Street,' published in 1940, remains a classic in finance literature, celebrated for its humor and critical perspective on Wall Street practices. Schwed's writing style is characterized by a blend of sharp wit, irony, and clarity, making complex financial concepts accessible to a wide audience. Throughout his career, he contributed significantly to financial journalism and literature, leaving a lasting impact on both fields.
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