40 of 40 people found the following review helpful
Timeless sendup of Wall Street, customers and brokers alike,
This review is from: Where Are the Customers' Yachts? or A Good Hard Look at Wall Street (A Marketplace Book) (Paperback)
In the current gloomy environment -- with scandals and investigations ("shocked, shocked, I say, to hear...") at every turn -- this book is a LOL reminder of the constancy of human behavior in the face of temptation.
As the other reviewers note, Schwed worked as a broker in the early 1920's. He then wrote this book -- the "Liar's Poker" of its time -- in the 1940's, with the wry perspective that only a crash and ten years of stagnation can bring. Ancient history? Au contraire. What makes this book such a must-read is two things.
First, the things that firms and brokers do to separate customers from their money haven't really changed. Touting low quality underwritings, cramming unwanted inventory down customers' throats at inflated prices, using fancy phrases to flog dogs were as prevalent then as now.
But this is not a one-sided bashing of the Street and its techniques. Schwed gives equal time to customers' susceptability, even eagerness, to play their part in the game. Schwed's fundamental point is that people -- clients and brokers alike -- are forever led astray by their wanting to earn outsized returns without having to take any risk.
But the thing that really sets the book apart is Schwed's lucid yet highly entertaining style. You'll walk away with fresh insights into industry practices and market structures that you can apply to today's events. And even when you realize the target is you -- the ever-hopeful investor -- you'll be laughing so hard you won't mind.
If you even mildly liked Liar's Poker, you'll love "Yachts."
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Initial post: Jul 27, 2013 1:58:54 PM PDT
Today is July 27, 2013. Great review written in 2002. I wonder what you're thinking now about Schwed's warnings.
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