Where Are the Customers' Yachts?: Or a Good Hard Look at Wall Street

Where Are the Customers' Yachts?: Or a Good Hard Look at Wall Street

Fred Schwed Jr. Peter Arno Jason Zweig / Sep 21, 2019

Where Are the Customers Yachts Or a Good Hard Look at Wall Street A professional trader who had the good sense to get out after losing a bundle of money in the crash offers wry and astute observations on Wall Street along with bottom line wisdom Covers the ga

  • Title: Where Are the Customers' Yachts?: Or a Good Hard Look at Wall Street
  • Author: Fred Schwed Jr. Peter Arno Jason Zweig
  • ISBN: 9780471770893
  • Page: 388
  • Format: Paperback
  • A professional trader, who had the good sense to get out after losing a bundle of money in the 1930 crash, offers wry and astute observations on Wall Street along with bottom line wisdom Covers the gamut of financial players and the clients who bring them business Brimming with amusing anecdotes and stories, this often hilarious cautionary tale is fully illustrated.

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      • Fred Schwed Jr. Peter Arno Jason Zweig

        Fred Schwed Jr. Peter Arno Jason Zweig Is a well-known author, some of his books are a fascination for readers like in the Where Are the Customers' Yachts?: Or a Good Hard Look at Wall Street book, this is one of the most wanted Fred Schwed Jr. Peter Arno Jason Zweig author readers around the world.


    444 Comments

    1. A very easy and pleasurable reading, highly recommended to everyone BEFORE starting investing their money ;) as for a former insider of the financial industry, the book proved to be really entertaining for me, with a good portion of irony and satire. I find it especially amusing that almost nothing has changed in the last 75 years (since the book was written in the 1940), however, this is, most likely, due to the fact that a biological machine, aka homo sapiens sapiens, is primarily lead by emot [...]


    2. Schwed covers some important ground in what may be one of the most important books ever written about Wall Street; the craziness of financial predictions, the desperate nature of stock brokers (today known as "financial advisors), the psychotic tendencies of the investing public, and capitalism - that old hag. While the faces behind Wall Street have changed, the lunacy remains. Anyone with more than $1 invested in the stock market should own this book. FULL DISCLOSURE: As a financial author myse [...]


    3. If you want to read one book on investing / stock markets, take this. Although written 75 years ago, applies very well today. One of the few books on subject that is actually funny and entertaining yet still conveys valuable lessons.


    4. It's an insightful and witty read as promised. The probe into the wall street operations forces you to rethink "passion" for the financial markets. On the pessimistic note, the win-loss situation turns to be coin flips. No speculators will beat the market forever. Market is naturally unpredictable as weather appears. Experts such as, statisticians, partners or even thinkers offer ostentatious profundity, sometimes even self-deceiving. Now you wonder the ever-glowing heat of quants in the financi [...]




    5. Every now and then, it happens that some poor financially illiterate soul gets suckered into the world of speculation. Tempted by the wealth and the yachts of the bankers and the brokers, he sets out on his own quest for riches. One man seeing the same thing as this man (it's usually a man) famously asked the question we all ought to have asked:Where are the customers' yachts?Sadly, there is a lot of truth in that comment. "Wall Street", or financial services at large, are inventions made for ma [...]



    6. Where Are the Customers' Yachts? is a criticald hilariousew of Wall Street. Like any industry, there are competents and inepts; those with integrity and the dishonest; folks who are out to serve their customers and those that are out for themselves. However, it is possible that Wall Street has more than its fair share of the negatives, given the belief that big money is attainable without the years of study or the incredibly hard work that is required of any successful professional. Mr. Schwed g [...]


    7. I heard about this little book in Alice's Schroeder The Snowball: Warren Buffet and the business of life. As many others reviewers have said before me it is indeed funny to think that now in 2015 when I read this book at the age of 32 it is as relevant as it was when it was first written back in 1940. Good reminder that in whatever has to do with money, the lunacy remains and history repeat itself. In the words of Peter Lynch, "if the only reason you can give when buying a stock is that the suck [...]


    8. 1. Speculation is almost nothing but coin flipping.2. Story on buying stocks witch dividend and sell them only when they go down .3: %commissions on buying and selling stock4. Price vs value5. Sell all the stocks at the peak of the book and invest in bonds. Bonds might go down further but don't pay attention . 6. When it's bust buy the stocks from the people who are dying to sell the stock by selling bonds even at loss and stocks may go down further don't pay attention and wait until the peak of [...]


    9. Even if you don't have a deep interest in investing or personal finance this book is a must read because all people are or ought to be investing. In fact the more nascent or open to learning the better because this book is a great foundation for how investing should be understood and executed. It is fairly straight forward and simple though it does have a bit of financial verbiage that people may not be used to coming across if new to investing. Regardless, the author does a great job of explain [...]


    10. Very funny. Old-style humor, probably will go over the head of most modern day readers. Some of it is pretty oblique. His insights are as fresh as ever, and now most new "experts" on the matter (e.g. Kahneman or Michael Lewis) don't feel at all original. Nothing has changed on Wall Street, it's still a casino.


    11. Nice, cynical view of Wall Street that everyone should read before investing. A classic, in that is was written in 1940, a timeless classic in that is still rings solid and true. Constantly funny in an intellectual and dry wit.


    12. An inside look of the wall street from back in the early days. The author presents some of the details and rational for different investment strategies. The book is a little diluted so for a solid financial advice read some other book, for entertainment and history would read this book.


    13. Quoted by Malkiel, I thought I would read this. The names of institutions and professional titles have changed over time, but Schwed comically and wittily proclaims why broker dealers are only in it for themselves - in the 40's and today.





    14. Quick, funny, and informative.(Like with most topical mockery, appreciation probably scales with previous exposure.)


    15. A very funny book and probably the truest and most enduring description of American finance ever written. Delightful.



    16. 332.64 Subtitled "A Good Hard Look At Wall Street". A humorous look at the people, practices and myths that make up the investment business.


    17. So you've got a good broker making you lots of money? The title of this little gem speaks volumes much larger than this little book. Read this and put your feet firmly on the ground.




    18. This book is a little bit dated, but really it holds up pretty well. These days it’s probably only for people who are very interested in wall street history, but it’s a great read if you are.


    19. A book which is still running so well after 60 years gives a clear indication on its content! Wall Street has never looked so funny before! A story from an insider.


    20. More proof, as if any more were needed, that Wall Street is full of dorks. It would be funny if it weren't so sad.


    21. Do you want to get a glimpse of how the fun filled & crazy financial world functioned in 1920's and even now ?Read this awesome book.


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