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

Once I picked it up I did not put it down until I finished. . . . What Schwed has done is capture fullyin deceptively clean languagethe lunacy at the heart of the investment business. From the Foreword by Michael Lewis, Bestselling author of Liars Poker. . . one of the funniest books ever written about Wall Street. Jane Bryant Quinn, The Washington PostHow 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 BloombergIts amazing how well Schweds book is holding up after fiftyfive years. About the only thing thats changed on Wall Street is that computers have replaced pencils and graph paper. Otherwise, the basics are the same. The investors need to believe somebody is matched by the financial advisors need to make a nice living. If one of them has to be disappointed, its bound to be the former. John Rothchild, Author, A Fool and His Money, Financial Columnist, Time magazineHumorous 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.