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Where Are the Customers' Yachts?: or A Good Hard Look at Wall Street Paperback – December 22, 2005
"Rebound" by Kwame Alexander
Don't miss best-selling author Kwame Alexander's "Rebound," a new companion novel to his Newbery Award-winner, "The Crossover,"" illustrated with striking graphic novel panels. Pre-order today
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"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 fullyin deceptively clean languagethe 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."
"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
Author interviews, book reviews, editors picks, and more. Read it now
Top customer reviews
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The fact is, says Schwed, no one can predict the future with accuracy, but that is exactly what Wall Street analysts, investment counselors and ambitious stock brokers are claiming to do. It can't be done. The Wall Street game is nothing less than a crap shoot, with lots of losers and few winners, and the winners often end up losers. Who makes the big money on Wall Street? Investment bankers and brokers--from their exorbitant fees. They are the fat cats with the yachts parked out on Long Island, not the clients.
Schwed aims his harshest criticism at investment counselors. "(They) allocate the funds between themselves and their clients in the ancient classic manner, i.e., at the close of the day's business they take all the money and throw it up in the air. Everything that sticks to the ceiling belongs to the clients."
The authors makes a fine distinction between Wall Street speculators and investors. Speculators are the quick-buck artists hoping to make a killing; they don't. Investors are patient and looking for some place to put their money for the long term; they are the ones who actually make money. Put another way: "Speculation is an effort, probably unsuccessful, to turn a little money into a lot. Investment is an effort, which should be successful, to prevent a lot of money from becoming a little."
Schwed's book is funny, wise, a splash of cold reality. While filled with irony, it's not cynical. The author, who reportedly lost a bundle on Wall Street, remains a believer. "I have a sneaking fondness for that wretched old hag, the capitalistic system . . . we had better preserve our financial machinery even with much of the nonsense still adhering to it . . . The only successful method so far devised for getting millions out of the public, for enterprise both good and bad, is some system similar to the devious mechanism of Wall Street."
Bottom line: no one on Wall Street has the answers. It's a guessing game. Be smart: invest for the long term, and maintain a healthy dose of skepticism.
Most recent customer reviews
The book contains what may be one of the best definitions of speculation versus investment ever...Read more