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Where Are the Customers' Yachts?: or A Good Hard Look at Wall Street Paperback – December 22, 2005
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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
Top customer reviews
The impressive part is that this book has stayed true for so many decades. Some things never change.
I am not a certified financial advisor, but my personal advice for the average investor wanting to get a return on their savings is to look into Bogle's thinking and put money in low cost index funds such as Vanguard. That is what I am doing.
Book meets and surpasses expectations. Another similar book I would recommend if Upton Sinclair's "The Moneychangers." Great short book on the financial crisis of 1909. Even though it's technically fiction, it's written all based on the actual people of that time frame, like J.P. Morgan and others. Must read if you're getting this book already. You can get a free pdf download for your kindle or google it. Have fun! :)
I was delighted to discover how old some of the Wall Street sayings are. It seems that nothing really changes in the human condition. One passage I found very entertaining is about a large group of Wall Street operators competing in a coin tossing game. As soon as you lose a toss, you are out of the game meaning that with each toss half of the players are gone. If you start with 500,000 players, after 15 tosses you have about 16 people left in the game. According to Schwed, these lucky people will soon take on airs of expert coin tossers even if they are winning based on pure luck. What I found amusing was that the author of a recent investment best seller uses this exact scenario to "prove" that most people who make money investing are just lucky. I wonder if this unnamed author read Schwed.
I found one commentary rather unnerving. Schwed say that you cannot buy "competence" on Wall Street. You can find a competent plumber and a competent lawyer or doctor but you cannot find a competent investment advisor. While I'm no fan of Wall Street operators, this statement seems over the top. They might be hard to find or maybe the competent ones don't need clients, but that there is a total lack of competence on Wall Street must be an exaggeration.
Read the book and be prepared to be entertained and instructed. There is a lot of solid Wall Street experience behind the humor.