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Fred Schwed’s Where are the Customers’ Yachts?

A modern-day interpretation of an investment classic.

The title of this 1955 book 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, Where Are the Customers’ Yachts? continues to open the eyes of investors to the reality of Wall Street. Here, Leo Gough’s interpretation of Where Are the Customers’ Yachts? illustrates the timeless nature of Fred Schwed’s insights by bringing them to life through 52 modern case studies. This brilliant interpretation is an entertaining accompaniment to one of the most famous books on investment ever written.

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A Wealth of Common Sense

Re-Kindled: Where Are the Customers’ Yachts?

Posted June 3, 2019 by Ben Carlson

The Animal Spirits book club re-read the classic  Where Are the Customers’ Yachts   by Fred Schwed for this week’s Re-Kindled podcast.

We discuss:

• Why Fred Schwed would have been amazing on Twitter.
• The timeless nature of Schwed’s thoughts on markets, investing, and the wealth management industry.
• The best description of the Great Depression I’ve ever read.
• Why people on Wall Street aren’t all bad.
• The value of “I don’t know.”
• Why losing money is one of the best things that can happen to a young investor.
• Who is to blame for poor financial advice?
• Why shorting and trading options are both so difficult.
• The one constant in the markets over time.

Listen here:

And feel free to read along with our next book,  Superforecasting  by Phillip Tetlock for the next episode of Re-Kindled.

Email us at [email protected] with any feedback, recommendations, or questions.

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BEN CARLSON, CFA

A Wealth of Common Sense is a blog that focuses on wealth management, investments, financial markets and investor psychology. I manage portfolios for institutions and individuals at Ritholtz Wealth Management LLC . More about me here .  For disclosure information please see here . 

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Where Are the Customers' Yachts?

• or A Good Hard Look at Wall Street
• By: Fred Schwed Jr. , Peter Arno
• Narrated by: Mark Moseley
• Length: 4 hrs and 2 mins
• 4.4 out of 5 stars 4.4 (133 ratings)

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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
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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 5 out of 5 stars

• 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.

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1 person found this helpful

• Overall 5 out of 5 stars

• Anonymous User

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

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 1 out of 5 stars
• Story 1 out of 5 stars

• James R. Eagleton Jr.

I doubt that Warren Buffett ever recommended this book

This book is not funny and it has no material of value to me whatsoever

• Story 4 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

Surprisingly good!

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

Comedy more than anything

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

Pretty funny

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

Relevant Insights for today

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

• Overall 2 out of 5 stars
• Performance 4 out of 5 stars

• Kindle Customer

the intro was the best part

I did not like this book. First, the book is only 4 hours long. However, there are 3 introductions. this leaves the book at 3 and a half hours. Second, the prose of the main text is nothing like the story provided in the sample (which is from one of the introductions). Third, the book tells no stories. It is a wordy tongue in cheek attempt at humor describing various participants tied to the act of investing. On a positive side, the narration was good.

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Where Are the Customers' Yachts?: or A Good Hard Look at

Wall Street

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Book Description

"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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