Where Are the Customers' Yachts?

or A Good Hard Look at Wall Street

By: Fred Schwed Jr., Peter Arno

Narrated by: Mark Moseley

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.

Comedy more than anything

Was a descent book, more comedy about wall street than anything else. Still worth a listen for entertainment only

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

Very entertaining!

I recommend this to anyone interested in gaining insight into investing in a light, easy manner. This was very entertaining indeed

Message: keep it real

More fun than advice. A bit old but the advice is still valid which is to keep it real and that you can never beat the market or guess what will happen next

One of my favorite books

I love this book. I was turned on to it from Warren Buffet who listed it as one of his favorites. I like that it opens the reader to the realities of those involved in investment banking.