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. Author : Fred Schwed, Jr. Fred Schwed's Where are the Customer's Yachts? Share from cover. Share from page:. Page 2: Where Are the Customers' Yachts?
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Delete template? Now you wonder the ever-glowing heat of quants in the financi It's an insightful and witty read as promised. Now you wonder the ever-glowing heat of quants in the financial markets, computer engineers of the trading systems, and the fawning salaries of business analysts across the industries.
Sometimes I really hope Schwed's wrong. With this realistic outlook on those career paths, I'd hardly convince myself to enter those golden-cow farms. Jan 17, Viktor Nilsson rated it it was amazing Shelves: trading-and-investing. 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. Sadly, the signs of this phenomenon are everywhere.
This is something worthy of inspection and criticism - or satire, as the title suggests. So why should you read something satirical on such a serious topic as investing? Maybe because we ought to ask ourselves whether investing really is all that deadly serious at all.
Maybe we should treat it like everything else that we are good at - something that captures our interest and doesn't scare us. Maybe that could help us be more objective and analytic, rather than panic-driven and instinctive.
Maybe then we would ask more, think more and get fooled less. And since most of us have a really hard time criticizing our own weaknesses, maybe we should look at someone else instead? I think that is one of the purposes with humor and satire - helping improve ourselves.
Schwed's classic book from has stood the test of time and still raises lots of questions like the one in the title. The book is by no means a manual for prospective investors, but more like an enjoyable account of all the financial folly that goes on around us. All the answers, comments and habits that just don't get questioned. Both from the customers and the people within the industry itself. It is especially funny to see that almost all of this folly, 73 years later, is still all around us with the addition of some other new ones.
That, if anything, is a lesson one might take away from this book. It is a wonderfully funny, rather cynical read all the way through, something I think anyone can enjoy. The language is a bit old but not so hard to follow. It is a pretty short book, and so shall also this review be. I would recommend this book to anyone being at least a bit cynical about the Wall Street culture. Which should be pretty much anyone both on the inside and on the outside.
Jan 30, Milan rated it really liked it Shelves: non-fiction , markets. But the numbers used in financial statements could be fiction. They crave action. One has to lose money to understand what a loss is. Take the proceeds and buy conservative bonds. When the bears come to the market, sell out the bonds and buy back the stocks. Sep 21, Jonathan rated it it was amazing. As many others reviewers have said before me it is indeed funny to think that now in when I read this book at the age of 32 it is as relevant as it was when it was first written back in 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 I heard about this little book in Alice's Schroeder The Snowball: Warren Buffet and the business of life. 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. Jul 03, Duncan rated it really liked it. 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. Kahneman or Michael Lewis don't feel at all original. Nothing has changed on Wall Street, it's still a casino. Mar 17, Dan Gabree rated it really liked it.
Good book. Seems simple at first but by the end you catch onto the subtle truths underneath the dry wit. Aug 16, Justin rated it it was ok Shelves: money. Not too useful for someone who already doesn't think highly of wall street and people in general Not too useful for someone who already doesn't think highly of wall street and people in general Dec 22, ScienceOfSuccess rated it did not like it Shelves: waiting.
I have no idea why someone would ever read it. Feb 02, Dina rated it it was amazing. All time investment classic. Oct 27, Mark rated it liked it. This is an older book, written in the 40's I think, but is still relevant today. What was enlightening was that many of the things that bother us about Wall Street today are the same things people were worrying about 80 years ago.
No better, no worse, people are people after all. I think it's a hard thing to be that close to that much money and maintain a healthy perspective. Time has proven that. Fortunately, instead of stockbrokers cold calling us today we have mutual funds, fiduciaries, K' This is an older book, written in the 40's I think, but is still relevant today.
Fortunately, instead of stockbrokers cold calling us today we have mutual funds, fiduciaries, K's and IRA's, and brokerage houses where you can control your own trading. These are all advancements that have helped a bunch. I enjoyed this book and I'm glad I'm not trying to prepare for retirement in that era. Jul 18, Avadhoot Joshi rated it it was amazing. Simple ideas and concepts of investing have been summarised very well.
The whole Tip service industry has been explained in most hilarious way. May 20, Emilee rated it it was amazing. I was not expecting a book written about the stock market over 80 years ago to be just as funny and relevant today as it was then, but it absolutely is. It probably doesn't say anything good about human nature that it is still so pertinent. I highly recommend this book to anyone, particularly before reading any other books on the subject.
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