where are the customers yachts

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

Fred schwed jr. , peter arno  ( illustrator ) , jason zweig  ( introduction ).

208 pages, Paperback

First published January 1, 1940

About the author

Fred Schwed Jr.

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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 (132 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
• Categories: Money & Finance

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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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A Wealth of Common Sense

10 Great Lines From ‘Where Are the Customers’ Yachts?’

Posted February 15, 2015 by Ben Carlson

Where Are the Customers’ Yachts by Fred Schwed was written almost 75 years ago. I only read this book for the first time a few months ago and it’s remarkable how well it still holds up after all these years. It’s probably the funniest investment book I’ve ever read (out of an admittedly small set of competitors).

Here are some of my favorite lines:

1. On using statistics to your advantage:  “One can’t say that figures lie. But figures as used in financial arguments, seem to have the bad habit of expressing a small part of the truth forcibly, and neglecting the other part, as do some people we know.”

2. On the value of “I don’t know”:  For one thing, customers have an unfortunate habit of asking about the financial future. Now, if you do someone the single honor of asking him a difficult question, you may be assured that you will get a detailed answer. Rarely will it be the most difficult of all answers – “I don’t know.”

3. On the cyclical nature of the markets:  “When “conditions” are good, the forward looking investor buys. But when “conditions” are good, stocks are high. Then without anyone having the courtesy to ring a bell, “conditions” get bad.”

4. On the usefulness of theories:  “All of these theories are true part of the time; none of them true all of the time. They are, therefore, dangerous, though sometimes useful.”

5. It’s a little different every time: “History does in a vague way repeat itself, but it does it slowly and ponderously, and with an infinite number of surprising variations.

6. On the emotions of losing money:  “Like all of life’s rich emotional experiences, the full flavor of losing important money cannot be conveyed by literature. You cannot convey to an inexperienced girl what it is truly like to be a wife and mother. There are certain things that cannot be adequately explained to a virgin by words or pictures.”

7. On second-level thinking: “Those classes of investments considered “best” change from period to period. The pathetic fallacy is that what are thought to be the best are in truth only the most popular – the most active, the most talked of, the most boosted, and consequently, the highest in price at that time.”

8. On leverage: “A man who borrows money to buy a common stock has no right to think of himself as a constructive social benefactor. His is just another fellow trying to be smart, or lucky, or both.”

9. On short sellers before the Great Depression:  “Before October 1929, nobody objected to short sellers except their families. The families objected to going bankrupt.”

10. On who’s to blame for poor advice:  “The burnt customer certainly prefers to believe that he has been robbed rather than that he has been a fool on the advice of fools.”

Source: Where Are the Customers’ Yachts

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What's been said:.

[…] and commentary on today’s financial services industry as well as the economy and markets. This post presents the blog author’s 10 favorite lines from the […]

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[…] the  best response to the sentence “A rising tide lifts all boats,” is “Where Are The Customers’ Yachts?”  For those who have not yet read this 75 year old classic – it’s still available, and […]

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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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Fred Schwed's Where are the Customer's Yachts?

Description.

According to an old joke, a visitor to New York who was admiring the yachts of the bankers and brokers naively 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. The customers had not got rich from the stock market. Although Fred Schwed had a deep understanding of and few illusions about the world of investment Where are the Customers' Yachts? is very far from cynical. Schwed's insight into the psychology of investment professionals and their customers is as relevant today as it was in 1940. He did not say that investment is pointless, or that private investors never make any money. Rather, he cast doubt on the ability of the financial services industry to provide any really valuable advice to its customers. Leo Gough's interpretation of Where are the Customers' Yachts? brings Schwed's insights to life with modern examples. Readers will discover: • How to spend their income, not their capital; • That just because someone works in the stock market doesn't mean they are a good investor; • Why exceptions are the rule; • How to ride the winner and avoid the collapses; • The secret of the 'fat, stupid peasant' approach. Gough explains why investment is ultimately about psychology rather than numbers. This lucid, concise and jargon-free book shows you how you can adopt Schwed's original techniques and become a real investment ace. This interpretation of Fred Schwed's Where are the Customers' Yachts? illustrates the timeless nature of Schwed's insights by placing them in a twenty-first century context and is an inspiring reworking of one of the most influential investment books ever written.

Kindle Book

• Release date: July 1, 2011

OverDrive Read

• ISBN: 9781908189608
• File size: 688 KB

Kindle Book OverDrive Read EPUB ebook

Business Finance Nonfiction

Publisher: Infinite Ideas Ltd

Kindle Book Release date: July 1, 2011

OverDrive Read ISBN: 9781908189608 Release date: July 1, 2011

EPUB ebook ISBN: 9781908189608 File size: 688 KB Release date: July 1, 2011

• Leo Gough - Author
• Formats Kindle Book OverDrive Read EPUB ebook
• Languages English

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Where Are the Customers' Yachts?

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Book Summary of Where are the Customers’ Yachts

Key takeaways and quotes from a classic book on markets and the investment business.

Where are the Customers’ Yachts was written in 1940 by Fred Schwed, an investment professional. It’s one of my favorite books on markets and I’m sure it will still be timeless 80 years from now.

The origin of the title:

Here are my takeaways from the book plus some great quotes:

• Making money is different than sounding smart. “I don’t know” is the most difficult answer – but usually the correct one. Some financial professionals have invented a new language for saying nothing in a variety of ways.

• Knowing a problem doesn’t mean you know the solution. For example, some Canadian pension funds are leveraging their portfolios because low expected returns raise the likelihood of future deficits. They identified a problem – but I’m not confident the solution is to lever up ten years into an economic expansion with high valuations and low yields.

• The biggest problem for most investors is their own emotions. This is a trope in financial writing – but it’s so true. If you constantly jump between different strategies you’ll look up at 65 and have little to show for all your years of saving. The best portfolio is the one you’ll actually stick with.
• Safe investments can fall out of fashion. Canal bonds were considered safe until railroads upended the canal industry. Russian government bonds were staples of European investment portfolios until the 1917 revolution wiped out their value.

• The truth about most investors. Most  investors don’t admit they are expert rationalizers in finding profound reasons for hunches. “The inability to grasp ultimate  realities is the outstanding mental deficiency of the speculator.” Some investors would rather go broke than admit their guess was wrong.

• The ability to sit still is a superpower. Most people “suffer from the inability to do nothing.” Some investors want to own as many securities as possible. Occasionally I get asked why I don’t make satellite allocations to assets like REITs or gold. I wrote a post showing why. A 5% tilt might make an investor feel diversified but it doesn’t impact portfolio performance.

The book is a rare combination of wisdom and wit – I highly recommend it. You can find used copies on Amazon for $5.

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Fred Schwed: Where are the Customers Yachts? Summary

Post by captmorgan50 » Mon Mar 20, 2023 2:03 am

Re: Fred Schwed Where are the Customers Yachts? Summary

Post by captmorgan50 » Mon Mar 20, 2023 2:04 am

Post by David Jay » Mon Mar 20, 2023 3:12 am

Post by David Jay » Mon Mar 20, 2023 3:19 am

Post by er999 » Mon Mar 20, 2023 3:37 am

Post by captmorgan50 » Mon Mar 20, 2023 3:40 am

Post by Carol88888 » Mon Mar 20, 2023 4:11 am

Post by captmorgan50 » Mon Mar 20, 2023 3:24 pm

Post by Bill Bernstein » Mon Mar 20, 2023 3:57 pm

Post by captmorgan50 » Mon Mar 20, 2023 7:43 pm

Bill Bernstein wrote: ↑ Mon Mar 20, 2023 3:57 pm Not to steal the OP's thunder, but here's my fave: In 1929 there was a luxurious club car which ran each week-day morning into the Pennsylvania Station. When the train stopped, the assorted millionaires who had been playing bridge, reading the paper, and comparing their fortunes, filed out of the front end of the car. Near the door there was placed a silver bowl with a quantity of nickels in it. Those who needed a nickel in change for the subway ride downtown took one. They were not expected to put anything back in exchange; this was not money – it was one of those minor conveniences like a quill toothpick for which nothing is charged. It was only five cents. There have been many explanations of the sudden debacle of October, 1929. The explanation I prefer is that the eye of Jehovah, a wrathful god, happened to chance in October on that bowl. In sudden understandable annoyance, Jehovah kicked over the financial structure of the United States, and thus saw to it that the bowl of free nickels disappeared forever.

Post by Harmanic » Mon Mar 20, 2023 8:56 pm

captmorgan50 wrote: ↑ Mon Mar 20, 2023 2:03 am • Rarely will it be the most difficult of all answers---“I don’t know.”

Post by Bill Bernstein » Tue Mar 21, 2023 12:10 am

Post by captmorgan50 » Tue Mar 21, 2023 1:48 am

Bill Bernstein wrote: ↑ Tue Mar 21, 2023 12:10 am Thanks for the kind words. I assume you're referring to VDE/VENAX having near zero foreign holdings. I guess I'm fine with that, I'm not willing to pay 30 more bp to get the foreign exposure from say, IXC.

Re: Fred Schwed: Where are the Customers Yachts? Summary

Post by LadyGeek » Tue Mar 21, 2023 1:49 am

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

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.

• Print length 208 pages
• Language English
• Sticky notes On Kindle Scribe
• Publication date October 10, 2022
• File size 14459 KB
• Page Flip Enabled
• Word Wise Not Enabled
• Enhanced typesetting Enabled
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• ASIN ‏ : ‎ B0BHW54PXF
• Publisher ‏ : ‎ Wiley. (October 10, 2022)
• Publication date ‏ : ‎ October 10, 2022
• Language ‏ : ‎ English
• File size ‏ : ‎ 14459 KB
• Simultaneous device usage ‏ : ‎ Unlimited
• Text-to-Speech ‏ : ‎ Enabled
• Screen Reader ‏ : ‎ Supported
• Enhanced typesetting ‏ : ‎ Enabled
• X-Ray ‏ : ‎ Not Enabled
• Word Wise ‏ : ‎ Not Enabled
• Sticky notes ‏ : ‎ On Kindle Scribe
• Print length ‏ : ‎ 208 pages
• #2,162 in Stock Market Investing (Kindle Store)
• #4,400 in Satire
• #5,112 in Stock Market Investing (Books)

About the author

Fred schwed.

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