fred schwed where are the customers yachts

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Where Are the Customers' Yachts? or A Good Hard Look at Wall Street: 32 (Wiley Investment Classics) Paperback – 22 Dec. 2005

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". . . 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.

• ISBN-10 0471770892
• ISBN-13 978-0471770893
• Edition 1st
• Publisher Wiley
• Publication date 22 Dec. 2005
• Language English
• Dimensions 13.97 x 1.78 x 21.59 cm
• Print length 208 pages
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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 Inside Flap

". . . 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

From the Back Cover

". . . 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

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• Publisher ‏ : ‎ Wiley; 1st edition (22 Dec. 2005)
• Language ‏ : ‎ English
• Paperback ‏ : ‎ 208 pages
• ISBN-10 ‏ : ‎ 0471770892
• ISBN-13 ‏ : ‎ 978-0471770893
• Dimensions ‏ : ‎ 13.97 x 1.78 x 21.59 cm
• 35 in Poker
• 94 in Business Humour

About the author

Fred schwed.

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Where Are the Customers' Yachts?: or A Good Hard Look at Wall Street Paperback – Jan. 10 2006

Purchase options and add-ons.

". . . 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.

• Print length 208 pages
• Language English
• Publisher Wiley
• Publication date Jan. 10 2006
• Dimensions 13.97 x 1.78 x 21.59 cm
• ISBN-10 0471770892
• ISBN-13 978-0471770893
• See all details

Frequently bought together

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From the inside flap.

". . . 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

From the Back Cover

". . . 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

Product details.

• Publisher ‏ : ‎ Wiley; 1st edition (Jan. 10 2006)
• Language ‏ : ‎ English
• Paperback ‏ : ‎ 208 pages
• ISBN-10 ‏ : ‎ 0471770892
• ISBN-13 ‏ : ‎ 978-0471770893
• Item weight ‏ : ‎ 1.05 kg
• Dimensions ‏ : ‎ 13.97 x 1.78 x 21.59 cm
• #53 in Poker (Books)
• #89 in Business & Professional Humour
• #95 in Business Humour (Books)

About the author

Fred schwed.

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Where Are the Customers' Yachts?: or A Good Hard Look at Wall Street: 32 Paperback – Illustrated, 22 December 2005

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'. . . 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.

• Print length 208 pages
• Language English
• Publisher Wiley
• Publication date 22 December 2005
• Dimensions 13.97 x 1.78 x 21.59 cm
• ISBN-10 0471770892
• ISBN-13 978-0471770893
• See all details

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Product description

"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 Inside Flap

". . . 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

From the Back Cover

About the author, product details.

• Publisher ‏ : ‎ Wiley; 1st edition (22 December 2005)
• Language ‏ : ‎ English
• Paperback ‏ : ‎ 208 pages
• ISBN-10 ‏ : ‎ 0471770892
• ISBN-13 ‏ : ‎ 978-0471770893
• Dimensions ‏ : ‎ 13.97 x 1.78 x 21.59 cm
• 46 in Business & Professional Humour
• 110 in Satire (Books)
• 110 in Stock Market Investing

About the author

Fred schwed.

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10 Great Lines From ‘Where Are the Customers’ Yachts?’

Posted February 15, 2015 by Ben Carlson

Where Are the Customers’ Yachts by Fred Schwed was written almost 75 years ago. I only read this book for the first time a few months ago and it’s remarkable how well it still holds up after all these years. It’s probably the funniest investment book I’ve ever read (out of an admittedly small set of competitors).

Here are some of my favorite lines:

1. On using statistics to your advantage:  “One can’t say that figures lie. But figures as used in financial arguments, seem to have the bad habit of expressing a small part of the truth forcibly, and neglecting the other part, as do some people we know.”

2. On the value of “I don’t know”:  For one thing, customers have an unfortunate habit of asking about the financial future. Now, if you do someone the single honor of asking him a difficult question, you may be assured that you will get a detailed answer. Rarely will it be the most difficult of all answers – “I don’t know.”

3. On the cyclical nature of the markets:  “When “conditions” are good, the forward looking investor buys. But when “conditions” are good, stocks are high. Then without anyone having the courtesy to ring a bell, “conditions” get bad.”

4. On the usefulness of theories:  “All of these theories are true part of the time; none of them true all of the time. They are, therefore, dangerous, though sometimes useful.”

5. It’s a little different every time: “History does in a vague way repeat itself, but it does it slowly and ponderously, and with an infinite number of surprising variations.

6. On the emotions of losing money:  “Like all of life’s rich emotional experiences, the full flavor of losing important money cannot be conveyed by literature. You cannot convey to an inexperienced girl what it is truly like to be a wife and mother. There are certain things that cannot be adequately explained to a virgin by words or pictures.”

7. On second-level thinking: “Those classes of investments considered “best” change from period to period. The pathetic fallacy is that what are thought to be the best are in truth only the most popular – the most active, the most talked of, the most boosted, and consequently, the highest in price at that time.”

8. On leverage: “A man who borrows money to buy a common stock has no right to think of himself as a constructive social benefactor. His is just another fellow trying to be smart, or lucky, or both.”

9. On short sellers before the Great Depression:  “Before October 1929, nobody objected to short sellers except their families. The families objected to going bankrupt.”

10. On who’s to blame for poor advice:  “The burnt customer certainly prefers to believe that he has been robbed rather than that he has been a fool on the advice of fools.”

Source: Where Are the Customers’ Yachts

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What's been said:.

[…] and commentary on today’s financial services industry as well as the economy and markets. This post presents the blog author’s 10 favorite lines from the […]

[…] Ben Carlson plucks a few gems from Fred Schwed (A Wealth Of Common Sense) […]

[…] paraphrase Fred Schwed, there are certain things that can’t be taught, but only learned through experience. Is […]

[…] the  best response to the sentence “A rising tide lifts all boats,” is “Where Are The Customers’ Yachts?”  For those who have not yet read this 75 year old classic – it’s still available, and […]

[…] Further Reading: Experience of Expertise? 10 Great Lines From ‘Where Are The Customers’ Yachts?’ […]

[…] 10 Great Lines From ‘Where Are the Customers’ Yachts?’ – Link here […]

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The greatest investment advisor of the 20th century, Benjamin Graham taught and inspired people worldwide. Graham's philosophy of "value investing" - which shields investors from substantial error and teaches them to develop long-term strategies - has made The Intelligent Investor the stock market Bible ever since its original publication in 1949.

• 2 out of 5 stars

This book does not belong on audio

• By Craig on 09-12-17

The Little Book of Common Sense Investing

• The Only Way to Guarantee Your Fair Share of Stock Market Returns, 10th Anniversary Edition

By: John C. Bogle

• Narrated by: L. J. Ganser
• Length: 5 hrs and 50 mins
• Overall 4.5 out of 5 stars 2,531
• Performance 4.5 out of 5 stars 2,084
• Story 4.5 out of 5 stars 2,061

The Little Book of Common Sense Investing is the classic guide to getting smart about the market. Legendary mutual fund pioneer John C. Bogle reveals his key to getting more out of investing: low-cost index funds. Bogle describes the simplest and most effective investment strategy for building wealth over the long term: buy and hold, at very low cost, a mutual fund that tracks a broad stock market Index such as the S&P 500.

One star for every point this 5 hour book makes.

• By Matt on 01-31-19

• A Memoir by the Creator of Nike

By: Phil Knight

• Narrated by: Norbert Leo Butz, Phil Knight - introduction
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• Overall 5 out of 5 stars 52,233
• Performance 5 out of 5 stars 46,238
• Story 5 out of 5 stars 46,166

In this candid and riveting memoir, for the first time ever, Nike founder and CEO Phil Knight shares the inside story of the company's early days as an intrepid start-up and its evolution into one of the world's most iconic, game-changing, and profitable brands.

Just read it. (or listen, whatever)

• By Dan D on 07-07-16

Charlie Munger

• The Complete Investor

By: Tren Griffin

• Narrated by: Fred Stella
• Length: 6 hrs and 21 mins
• Overall 4.5 out of 5 stars 1,700
• Performance 4.5 out of 5 stars 1,391
• Story 4.5 out of 5 stars 1,391

Charlie Munger, Berkshire Hathaway's visionary vice chairman and Warren Buffett's indispensable financial partner, has outperformed market indexes again and again, and he believes any investor can do the same. His notion of "elementary, worldly wisdom" - a set of interdisciplinary mental models involving economics, business, psychology, ethics, and management - allows him to keep his emotions out of his investments and avoid the common pitfalls of bad judgment.

Good, but... one major annoyance

• By Joseph R. Compton on 02-26-16

Common Stocks and Uncommon Profits and Other Writings

• 2nd Edition
• By: Philip A. Fisher, Kenneth L. Fisher - introduction contributor
• Narrated by: Christopher Grove
• Length: 13 hrs and 10 mins
• Overall 4.5 out of 5 stars 167
• Performance 4.5 out of 5 stars 131
• Story 4.5 out of 5 stars 131

Widely respected and admired, Philip Fisher is among the most influential investors of all time. His investment philosophies, introduced almost 40 years ago, are not only studied and applied by today's financiers and investors, but are also regarded by many as gospel. This book is invaluable for investors and has been since it was first published in 1958. This updated edition retains the investment wisdom of the original edition and includes the perspectives of the author's son Ken Fisher, an investment guru in his own right, in an expanded preface and introduction.

Not worth the hype

• By Pablo Lema on 07-11-20

By: Philip A. Fisher , and others

Principles for Dealing with the Changing World Order

• Why Nations Succeed or Fail

By: Ray Dalio

• Narrated by: Jeremy Bobb, Ray Dalio
• Length: 16 hrs and 48 mins
• Overall 4.5 out of 5 stars 4,825
• Performance 4.5 out of 5 stars 4,023
• Story 4.5 out of 5 stars 3,999

From legendary investor Ray Dalio, author of the number-one New York Times best seller Principles , who has spent half a century studying global economies and markets, Principles for Dealing with the Changing World Order examines history’s most turbulent economic and political periods to reveal why the times ahead will likely be radically different from those we’ve experienced in our lifetimes - and to offer practical advice on how to navigate them well.

Ray Dalio, Chinas New Minister of Propoganda

• By Dudley on 01-04-22

Fooled by Randomness

• The Hidden Role of Chance in Life and in the Markets

By: Nassim Nicholas Taleb

• Narrated by: Sean Pratt
• Length: 10 hrs and 3 mins
• Overall 4.5 out of 5 stars 5,728
• Performance 4.5 out of 5 stars 4,421
• Story 4.5 out of 5 stars 4,399

This audiobook is about luck, or more precisely, how we perceive and deal with luck in life and business. It is already a landmark work, and its title has entered our vocabulary. In its second edition, Fooled by Randomness is now a cornerstone for anyone interested in random outcomes.

Pass on this one and read The Black Swan

• By Wade T. Brooks on 06-25-12

The Education of a Value Investor

• My Transformative Quest for Wealth, Wisdom and Enlightenment

By: Guy Spier

• Narrated by: Malk Williams
• Length: 6 hrs and 28 mins
• Overall 4.5 out of 5 stars 1,966
• Performance 4.5 out of 5 stars 1,671
• Story 4.5 out of 5 stars 1,666

What happens when a young Wall Street investment banker spends a small fortune to have lunch with Warren Buffett? He becomes a real value investor. In this fascinating inside story, Guy Spier details his career from Harvard MBA to hedge fund manager. But the path was not so straightforward. Spier reveals his transformation from a Gordon Gekko wannabe, driven by greed, to a sophisticated investor who enjoys success without selling his soul to the highest bidder.

Malk Williams does a superb job.

• By Guy Spier on 11-30-14

The Snowball

• Warren Buffett and the Business of Life

By: Alice Schroeder

• Narrated by: Kirsten Potter
• Length: 36 hrs and 58 mins
• Overall 4.5 out of 5 stars 7,379
• Performance 4.5 out of 5 stars 6,232
• Story 4.5 out of 5 stars 6,213

Here is THE book recounting the life and times of one of the most respected men in the world, Warren Buffett. The legendary Omaha investor has never written a memoir, but now he has allowed one writer, Alice Schroeder, unprecedented access to explore directly with him and with those closest to him his work, opinions, struggles, triumphs, follies, and wisdom. The result is the personally revealing and complete biography of the man known everywhere as "The Oracle of Omaha."

2,220 well-invested minutes!

• By BogKid on 01-07-09

Liar's Poker

• Rising Through the Wreckage on Wall Street

By: Michael Lewis

• Narrated by: Michael Lewis
• Length: 10 hrs and 16 mins
• Overall 4.5 out of 5 stars 1,516
• Performance 5 out of 5 stars 1,257
• Story 4.5 out of 5 stars 1,250

In 1986, before Michael Lewis became the best-selling author of The Big Short , Moneyball , and Flash Boys , he landed a job at Salomon Brothers, one of Wall Street’s premier investment firms. During the next three years, Lewis rose from callow trainee to New York- and London-based bond salesman, raking in millions for the firm and cashing in on a modern-day gold rush. Liar’s Poker is the culmination of those heady, frenzied years - a behind-the-scenes look at a unique and turbulent time in American business.

• By Anonymous User on 02-08-22

The Warren Buffett Way

• 3rd Edition

By: Robert Hagstrom

• Narrated by: Stephen Hoye
• Length: 10 hrs and 31 mins
• Overall 4.5 out of 5 stars 1,470
• Performance 4.5 out of 5 stars 1,225
• Story 4.5 out of 5 stars 1,218

Warren Buffett remains one of the most sought-after and watched figures in business today. He has become a billionaire and investment sage by buying chunks of companies and holding onto them, managing them as businesses, and eventually reaping huge profits for himself and investors in Berkshire Hathaway. The first two editions of The Warren Buffett Way gave investors their first in-depth look at the innovative investment and business strategies behind the spectacular success of living legend Warren E. Buffett.

Suggest getting the print copy.

• By Kevin Martin on 10-25-15

The Dhandho Investor

• The Low-Risk Value Method to High Returns

By: Mohnish Pabrai

• Narrated by: Neil Shah
• Length: 5 hrs and 4 mins
• Overall 5 out of 5 stars 1,051
• Performance 5 out of 5 stars 875
• Story 5 out of 5 stars 874

In a straightforward and accessible manner, The Dhandho Investor lays out the powerful framework of value investing. Written with the intelligent individual investor in mind, this comprehensive guide distills the Dhandho capital allocation framework of the business-savvy Patels from India and presents how they can be applied successfully to the stock market. The Dhandho method expands on the groundbreaking principles of value investing expounded by Benjamin Graham, Warren Buffett, and Charlie Munger.

One of the best investing books

• By Kerry Jones on 09-27-19

Publisher's summary

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.

• Unabridged Audiobook
• Categories: Money & Finance

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What listeners say about Where Are the Customers' Yachts?

• 4.5 out of 5 stars 4.4 out of 5.0
• 4.5 out of 5 stars 4.6 out of 5.0

Reviews - Please select the tabs below to change the source of reviews.

Audible.com reviews, amazon reviews.

• Overall 4 out of 5 stars
• Performance 5 out of 5 stars
• Story 4 out of 5 stars

Comedy more than anything

Was a descent book, more comedy about wall street than anything else. Still worth a listen for entertainment only

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• Overall 5 out of 5 stars

Great read after working with Private equity

most people on Wall Street aren’t any luckier or any smarter than the average person. After working with Private Equity I came to really appreciate the humor. Hit me at the right time

• Story 5 out of 5 stars

Very entertaining!

I recommend this to anyone interested in gaining insight into investing in a light, easy manner. This was very entertaining indeed

• Anonymous User

Surprisingly good!

I was blown away by how entertaining and insightful this book is, considering how long ago it was written.

entertaining and enduring

markets and investors haven't changed much over last century. concise , insightful, and funny. recommended for anyone want to get an honest and piercing take and wall street

Relevant Insights for today

Amazing to think this was written so long ago…. Demonstrates that Wall Street hasn’t changed much

• Srisai Vikash Akkineni

Keep reading and finish this book for a good laugh!

Funny, informative, and generally light on material and wisdom. This book was definitely worth a read for a couple of good laughs. And the author is not wrong. The world needs Wall Street. But nobody, not even those on Wall Street, can truly know what they are doing when it comes to investing due to psychological, social, and political forces.

1 person found this helpful

Pretty funny

Very entertaining. I did get a few laughs out of it. Great advice in a not direct way.

Laughing at myself, most enjoyably

No one, having dabbled in active securities trading for longer than a year, should put off reading this book, even a moment longer. You owe it to yourself to take a good, solid look in the mirror and explore the mirth of seeing the absurdity of it all. I still trade and will still trade and will likely make a tradition of reading this book at the end of every fiscal year.

• Overall 3 out of 5 stars
• Story 3 out of 5 stars

• Kevin jarchow

Things haven't changed much since 1930. Yet they have

This book has a great title. And the title poses an interesting question regarding client market success. But it doesn't deliver on that. This is a light hearted poke and jab at Wall Street. You won't likely learn anything new from this book. it isn't insightful or profound, but it is fun in a Dad joke kind of way. You won't laugh out loud, but groans aren't part of the mix either.

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• Fred Schwed's Where Are the Customers' Yachts?

ebook ∣ A Modern-day Interpretation of an Investment Classic · Infinite Success

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Novel Investor

Compounding investing wisdom...

Where Are The Customers’ Yachts? by Fred Schwed Jr.

Fred Schwed delivers a cynical, sarcastic, insiders perspective on the business of Wall Street. His book stands as a timeless warning to investors and speculators alike.

• The title of the book is in reference to a story that comes from the late 1800s. Friends of William Travers, a big short seller of the time, admired the beautiful yachts of the richest Wall Street brokers. Finally, one asks, “Where are the customers’ yachts?”
• Wall Street is not in the business of making you money, it’s in the business of generating transactions.
• “If you are not a skeptic, you are not an investor.” — Jason Zweig via the intro.
• There are two types of books about Wall Street: admiring and vindictive. One comes out of bull markets, the other out of bear markets.
• “One can’t say that figures lie. But figures, as used in financial arguments, seem to have the bad habit of expressing a small part of the truth forcibly, and neglecting the other part, as do some people we know.”
• The countless financial clichés amount to an attempt to sound smart while saying nothing in numerous ways.
• “It seems that the immature mind has a regrettable tendency to believe, as actually true, that which it only hopes to be true.”
• One hope, that Wall Street never seems to outgrow, is the ability to predict the future. The ongoing search for a sign among the charts that foretells the rise and fall of markets never ceases.
• Investors and speculators have a habit of wanting to know about the future. The demand is supplied by Wall Street — with full faith in their ability no less — which conveniently fuels transactions.
• The realistic answer — “I don’t know” — is also the hardest response to get (and give) to any questions about the future.
• “The broker influences the customer with his knowledge of the future, but only after he has convinced himself. The worst that should be said of him is that he wants to convince himself badly and that he therefore succeeds in convincing himself — generally badly.”
• The hardest part of being bearish in a booming market — or just underinvested in a market — is seeing everyone but you make money as the market rises. Missing gains can turn bears bullish, with a risk of it happening late in the cycle.
• Bankers lend conservatively during depressed times — lending to those who don’t need money — but lend liberally during prosperous times to anyone who wants money.
• “Like most Wall Streeters, bankers suffer from the inability to do nothing. Your average Wall Streeter, faced with nothing profitable to do, does nothing for only a brief time. Then, suddenly and hysterically, he does something which turns out to be extremely unprofitable. He is not a lazy man.”
• Everyone — from customers to Wall Streeters — is susceptible to buying high and selling low, because when stocks are falling conditions look bad and when stocks are rising conditions look good.
• “When ‘conditions’ are good, the forward-looking investor buys. But when ‘conditions’ are good, stocks are high. Then, without anyone having the courtesy to ring a warning bell, ‘conditions’ get bad.”
• “All of these theories are true part of the time; none of them all the time. They are, therefore, dangerous, though sometimes useful.” — Major L.L.B. Angas
• “There have always been a considerable number of pathetic people who busy themselves examining the last thousand numbers which have appeared on a roulette wheel, in search of some repeating pattern. Sadly enough, they have usually found it.”
• “History does in a vague way repeat itself, but it does it slowly and ponderously, and with an infinite number of surprising variations.”
• Accounting is more art than science.
• “Accounting is not even an art, but just a state of mind.”
• What’s the objection to playing a roulette wheel with two zeros?
• If you flip a coin four times and get heads four times in a row, what’s the most likely result for the fifth toss?
• Assuming you answer #3 correctly, do you always resist making a draw in poker?
• Is there any benefit to a shareholder when a stock is split to 2 to 1?
• What’s the main purpose of a business?
• Businesses exist to make money. That’s the only correct answer, but “to make money” is the least attractive answer compared to what CEOs tell themselves like to build a great product or service or hire great people or transform the industry or take care of customers.
• The benefit to being a lazy investor is that an ambitious investor often tries to double their money as quickly as possible but ends up losing it all.
• “Americans find margin trading a particularly attractive little invention. It parallels the American principle that the first thing a man should do with his home, even before moving in, is to put it in hock.”
• Some lessons, like losing money, can only be learned by experience: “There are certain things that cannot be adequately explained to a virgin either by words or pictures. Nor can any description that I might offer here even approximate what it feels like to lose a real chunk of money that you used to own.”
• “It is easy to take a small profit, but taking a small loss is frequently just a good intention. Eventually the customer finds himself throwing good money after bad, until there isn’t any good money left.”
• The investors’ disease: fear of having cash. It’s the temptations to be fully invested in as many stocks as possible because a cash position is unbearable (what if stocks go up?). Schwed calls it rhinophobia.
• “The man who chooses to take his money and churn it furiously…cannot in any way predict his fate, save for a single assurance. So long as any of the money still clings to the sides of the churn, he will not be bored.”
• The sales argument for investment trusts (mutual funds) — an expert manager and diversification — doesn’t live up to the hype. Manager skill is inconsistent at best and a trust can still drop sharply in price.
• Investment trust shares (fund shares) are created to be sold.
• “The subject of choosing profitable financial investments does not lend itself to competence. There is almost no visible supply.”
• Better to give your money to a smart crook than an honest bonehead. You have a better chance of getting money back from the crook (via legal means) than the bonehead.
• “Those classes of investments considered “best” change from period to period. The pathetic fallacy is that what are thought to be the best are in truth only the most popular — the most active, the most talked of, the most boosted, and consequently, the highest in price at that time. It’s very much a matter of fashion.”
• Buying the “best” stocks means buying the most popular — thus the highest priced — which tends to work out badly.
• IPOs and other new issues also dependent on popularity. It’s easier to sell an IPO when similar issues are in fashion.
• Nobody cares about bears and short sellers until a ton of people lose money. When it happens, investors want some one to blame, not some thing to blame for their losses.
• “I must touch on the ancient human tendency to personify general misfortune in some human form. While “hundreds of thousands are being plunged into poverty” only the thoughtful ask, “What is happening to us?” The popular cry is “ Who is doing this to us?” and its satisfying sequel — “Just let me get my hands on him!””
• Short selling is psychologically unnatural. The normal tendency is optimism — to see a stock rise in price. Few people think a stock might go to zero.
• Banning short shorting won’t eliminate price crashes. Just have to look at real estate or illiquid issues.
• “A man who borrows money to buy a common stock has no right to think of himself as a constructive social benefactor. He is just another fellow trying to be smart, or lucky, or both. Those who have hopes of living by the sword should not make too loud a fuss when they perish by the sword.”
• The benefit of options to a broker is the dual ability to convince both buyers and sellers they can make money.
• “Choosing the proper stock, at the proper time, for the proper move, is difficult. But the greater difficulty, I am grieved to report, arises after that has all been successfully done.”
• “Booms go boom.”
• “In our moments of sober thought we all realize that booms are bad things, not good. But nearly all of us have a secret hankering for another one.”
• Who doesn’t want the chance to make up for their stupid mistakes in the last boom because now they have experience ?
• The typical speculator sees stocks as ticker symbols and pieces of paper to play games with, not businesses with factories, workers, and products. It’s the inability to see things for what they are that leads to extraordinary risktaking and ruin.
• “What do you think of the mentality of a man who goes down to Wall Street with very little and wins, by speculation, thirty millions, none of which he has yet lost? My own considered opinion is that he too is pretty much a loony. In order to make his second unimportant million he had to risk his first precious million.” Like Buffett’s take on risking what have and need for what you don’t need.
• There will always be a few speculators who make money year after year just like there are always a few coin flippers who luckily hit on a long streak of heads. The longer it goes on, the more they both — speculator and coin flipper — believe they have some hidden skill.
• Old school stock manipulation (new school too) is based on a behavioral trigger — people like to buy stocks that are “going up.”
• “Speculation is an effort, probably unsuccessfully, 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.”
• There’s a fine enough line between speculation and investing that the differences aren’t always obvious. One obvious difference is speculation attempts to get rich quick, investing attempts to get rich slow. The chance of success improves with the lengthening time horizon.
• Defining “safe” investments brings loads of exceptions. Bonds may be “safe,” but some stocks prove themselves to be safer than bonds.
• The stock doesn’t care you own it and that won’t change no matter how hard you “watch” it.
• “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. No doubt the stocks you sold will go higher. Pay no attention to this — just wait for the depression which will come sooner or later. When this depression — or panic — becomes a national catastrophe, sell out the bonds (perhaps at a loss) and buy back the stocks. No doubt the stocks will go still lower. Again pay no attention. Wait for the next boom. Continue to repeat this operation as long as you live, and you’ll have the pleasure of dying rich… It looks as easy as rolling off a log, but it isn’t. The chief difficulties, of course, are psychological. It requires buying bonds when bonds are generally unpopular, and buying stocks when stocks are universally detested.”
• The above advice is difficult but a few people accomplish it because someone is buying stocks sold at detestable prices.
• On Price and Value: Value is whatever you want to make it when you sprinkle in enough optimism or pessimism.
• A potential risk when investing for an income is letting lifestyle creep dictate investment selection.
• Two big investment mistakes are trying to earn too high of a return and playing it too safe.
• Describing Wall Street: “…thousands of erring humans, of varying degrees of good will, solemnly engaged in the business of predicting the unpredictable.”
• “The burnt customer certainly prefers to believe that he has been robbed rather than that he has been a fool on the advice of fools.”
• Despite all of its problems, capitalism is the least worst system available. Best to accept the nonsense that comes with it, then try anything else.

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Fred Schwed: Where are the Customers Yachts? Summary

Post by captmorgan50 » Mon Mar 20, 2023 2:03 am

Re: Fred Schwed Where are the Customers Yachts? Summary

Post by captmorgan50 » Mon Mar 20, 2023 2:04 am

Post by David Jay » Mon Mar 20, 2023 3:12 am

Post by David Jay » Mon Mar 20, 2023 3:19 am

Post by er999 » Mon Mar 20, 2023 3:37 am

Post by captmorgan50 » Mon Mar 20, 2023 3:40 am

Post by Carol88888 » Mon Mar 20, 2023 4:11 am

Post by captmorgan50 » Mon Mar 20, 2023 3:24 pm

Post by Bill Bernstein » Mon Mar 20, 2023 3:57 pm

Post by captmorgan50 » Mon Mar 20, 2023 7:43 pm

Bill Bernstein wrote: ↑ Mon Mar 20, 2023 3:57 pm Not to steal the OP's thunder, but here's my fave: In 1929 there was a luxurious club car which ran each week-day morning into the Pennsylvania Station. When the train stopped, the assorted millionaires who had been playing bridge, reading the paper, and comparing their fortunes, filed out of the front end of the car. Near the door there was placed a silver bowl with a quantity of nickels in it. Those who needed a nickel in change for the subway ride downtown took one. They were not expected to put anything back in exchange; this was not money – it was one of those minor conveniences like a quill toothpick for which nothing is charged. It was only five cents. There have been many explanations of the sudden debacle of October, 1929. The explanation I prefer is that the eye of Jehovah, a wrathful god, happened to chance in October on that bowl. In sudden understandable annoyance, Jehovah kicked over the financial structure of the United States, and thus saw to it that the bowl of free nickels disappeared forever.

Post by Harmanic » Mon Mar 20, 2023 8:56 pm

captmorgan50 wrote: ↑ Mon Mar 20, 2023 2:03 am • Rarely will it be the most difficult of all answers---“I don’t know.”

Post by Bill Bernstein » Tue Mar 21, 2023 12:10 am

Post by captmorgan50 » Tue Mar 21, 2023 1:48 am

Bill Bernstein wrote: ↑ Tue Mar 21, 2023 12:10 am Thanks for the kind words. I assume you're referring to VDE/VENAX having near zero foreign holdings. I guess I'm fine with that, I'm not willing to pay 30 more bp to get the foreign exposure from say, IXC.

Re: Fred Schwed: Where are the Customers Yachts? Summary

Post by LadyGeek » Tue Mar 21, 2023 1:49 am

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