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

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

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.
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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.

©1940, 1955, 1995, 2006 Fred Schwed, Jr. Foreword © 1995 by John Wiley & Sons, Inc. Introduction © 2006 by Jason Zweig (P)2012 Audible, Inc.

What the Critics Say

"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, best-selling author of Liar's Poker)

"[O]ne 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)

What Members Say

Average Customer Rating

3.8 (5 )
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Performance
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    mp 24/03/2015
    mp 24/03/2015 Member Since 2015

    Fanatically passionate about self-improvement and never ending self- education

    HELPFUL VOTES
    8
    ratings
    REVIEWS
    58
    43
    FOLLOWERS
    FOLLOWING
    0
    0
    Overall
    Performance
    Story
    "It is very true!!!!!"

    I need to agree entirely with the author. People never change. Especially working in this area described in this fantastic book. Thank you.

    0 of 0 people found this review helpful
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  • R. Duncan
    Canada
    07/01/13
    Overall
    Performance
    Story
    "Fun and Informative "

    This is a light-hearted, informative book about financial markets and investment. It provides timeless insight into behavioral finance. Get ready to smile!

    1 of 1 people found this review helpful
  • TomBrooklyn
    Brooklyn, New York, United States
    11/04/16
    Overall
    Performance
    Story
    "Funny, Irreverant, and Timeless"

    Has the ring of truth. Definitely a good investment. Worth it's weight in silver, if not gold at today's prices.

    0 of 0 people found this review helpful
  • Marco
    21/12/15
    Overall
    Performance
    Story
    "Funny and Excellent style, but not that usefull..."
    Would you say that listening to this book was time well-spent? Why or why not?

    Yes, but i would had read a more usefull book as the most important thing by Howard Marks


    Any additional comments?

    A excellent read for those seeking fun and laughs, a good overall book

    0 of 0 people found this review helpful
  • J. Vizcay
    Tampa Florida
    26/07/15
    Overall
    Performance
    Story
    "Time less"

    Time less concepts and very funny. They always say the more cynical you are the smarter you probably are

    0 of 0 people found this review helpful
  • NEEL KANASE
    13/07/15
    Overall
    Performance
    Story
    "Great insight"

    I am amazed at the accuracy of how brokers talk to clients and how little has changed in 80 years!
    Very good insight to know that if you invest with discipline you will be successful and you don't 'need' a broker and you CAN do it on your own. Great read for a novice like me!

    0 of 0 people found this review helpful
  • montgomery
    16/04/15
    Overall
    Performance
    Story
    "Classic book!"

    Very informational, yet entertaining. Before you go and lose money speculating in the market, please listen to this audio book.

    0 of 0 people found this review helpful
  • investor135
    11/04/15
    Overall
    Performance
    Story
    "Awesome!"

    Funny and informative book. If you want investing book, this one is for you. Look at the mirror afterwards and see how you are loosing just like that.

    0 of 0 people found this review helpful
  • Chris
    07/03/15
    Overall
    Performance
    Story
    "Timeless"

    From the story to the performance... Fantastic!
    It's unbelievable that this book was written so long ago and yet still resonates today.

    0 of 0 people found this review helpful
  • Joe
    Houston, TX, United States
    17/05/15
    Overall
    Performance
    Story
    "Not clever enough"

    This is a very short read and sounded like a clever twist on a subject that I have an interest in. Nevertheless, I made it through about two-thirds of the book, and decided it wasn't worth investing more time in it. I suggest you spend your credits elsewhere.

    0 of 1 people found this review helpful

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