Where Are the Customers Yachts

A book by FRED SCHWED, ISBN 978-0471770893

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In 1940 Fred Schwed, a stockbroker whose father had lost everything as a short seller on Wall Street during the Roaring Twenties, published this timeless classic on how the stock market really works. Schwed, a pleasure-loving, cultured man who had been expelled from Princeton University in his final year for entertaining a lady in his room after 6pm, had a deep understanding and few illusions about the world of investment.

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Where Are the Customers Yachts by FRED SCHWED

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Where Are the Customers Yachts ​PDF book reviews

The title of his book, Where are the Customers’ Yachts?, refers to an old joke: a tourist is being shown all the fancy boats in the harbour, and is told, ‘These are the bankers’ yachts, and these are the stockbrokers’ yachts.’ When he asks, innocently, ‘Where are the customers’ yachts?’ he is told that there aren’t any (in other words, the customers have not got rich from the stock market). Schwed is very far from being a cynic, however. He is not saying that investment is pointless, or that private investors never make any money. Rather, he is casting doubt on the ability of the financial services industry to provide any really valuable advice to its customers.

In recent decades great strides have been made in the theoretical understanding of financial markets, but Schwed’s wisdom, developed long before the days of hedge funds and exotic derivatives, still holds true. There’s a humorous gem on almost every page that strikes a very familiar chord, from the story of the highly paid economist who lugs huge briefcases full of documents to conferences (but never opens them), to the gentle dig at the tendency of analysts to ‘develop a prose style which would make a nineteenth century German metaphysician envious’.

Fred Schwed had ‘a sneaking fondness for that wretched old hag, the capitalistic system’; in his view, it’s much better than the alternatives. His central point is that markets are unpredictable. That doesn’t matter if you’re investing for the long haul, because all the major stock markets perform well in the long term – it’s trying to do better than average, says Schwed, that causes all the trouble.

The follies, the frauds, the fads and the scandals of today are remarkably similar to the ones in Fred Schwed’s day. That shouldn’t come as a huge surprise, when you read the way that this charming, sophisticated writer deals with the issues of the 1930s and 40s, the truth of the axiom that people never seem to change really hits home. As Michael Lewis says in his foreword to the 1995 edition, ‘I like to think that when I first stumbled across this delightful little book the ghost of its author stumbled right along with me, with a gin and tonic in his hand.’ Reading Schwed’s book is like meeting a friend, and it’s a great feeling to realise that not everyone in the markets, then or now, is a money-obsessed barbarian.

Where Are the Customers Yachts PDF book reviews

Where Are the Customers YachtsReview by Aleksandr

A very easy and enjoyable read, highly recommended for everyone BEFORE you start investing your money;) like a former financial industry insider, the book turned out to be really entertaining for me, with a good deal of irony and satire. I find it especially amusing that almost nothing has changed over the past 75 years (since the book was written in the 1940s), however, this is most likely due to the fact that a biological machine, aka homo sapiens sapiens, is primarily driven by emotions (such as greed and fear).

Where Are the Customers Yachts ​PDF book reviews

Where Are the Customers YachtsReview by Ron

The Swede touches on some important topics in one of the most important books ever written about Wall Street; the madness of financial forecasts, the desperate nature of stock brokers (today known as "financial advisors"), psychotic investor tendencies, and capitalism — that old witch. Although the faces behind Wall Street have changed, the madness remains. Anyone with more than $ 1 in the stock market should own this book. FULL DISCLOSURE: As a finance writer, I envy the way Fred Schwed Jr. writes. His choice of words is simply unmatched.

Where Are the Customers Yachts ​PDF book reviews

Where Are the Customers YachtsReview by Jonathan

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 sucker is going up then probably you are not on the path to investing success" lol. Main takeaways on wall street and investing: avoid speculation, avoid leverage, avoid following the herd. If you don't you'll end up doing nothing but making your broker happy.

Where Are the Customers Yachts reviews
Jack Cox NY

You can`t run busness without reading Where Are the Customers Yachts by FRED SCHWED. Nuff said.
Where Are the Customers Yachts reviews
thegreenone Smith California

Surely Where Are the Customers Yachts is among the must-read books for every entrepreneur. Bravo FRED SCHWED!
Where Are the Customers Yachts reviews
Amelie_1998 Berlin

From the professional point of view there`s nothing new in Where Are the Customers Yachts. But at the end of the day, FRED SCHWED made it extremely engaging and motivating!
Where Are the Customers Yachts reviews
yourlawyer2020 Lazcovitz Houston

Honestly other books by FRED SCHWED were a bit more helpful for me. But anyway, Where Are the Customers Yachts is another great piece of content
Where Are the Customers Yachts reviews
Alex W. Alex W. Massachusetts

I think Where Are the Customers Yachts is that popular for a reason - FRED SCHWED did a really good job
Where Are the Customers Yachts reviews
Tom Lazcovitz Toronto

Thanks FRED SCHWED - the book PDF is insightful and definitely makes sense.
Where Are the Customers Yachts reviews
Michael London

1) Must read. 2) Must read. 3) Must read. P.S. Many thanks FRED SCHWED for this book - Where Are the Customers Yachts is simply the best!!!