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

Now go talk about it.

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 […]

[…] Ben Carlson plucks a few gems from Fred Schwed (A Wealth Of Common Sense) […]

[…] paraphrase Fred Schwed, there are certain things that can’t be taught, but only learned through experience. Is […]

[…] 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 […]

[…] Further Reading: Experience of Expertise? 10 Great Lines From ‘Where Are The Customers’ Yachts?’ […]

[…] 10 Great Lines From ‘Where Are the Customers’ Yachts?’ – Link here […]

More from my site

  • Animal Spirits: The Fed is Being Punished
  • Animal Spirits: Listener Mailbag
  • How to Choose a Financial Advisor

where are the customers yachts fred schwed

  • @awealthofcs

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 . 

Get Some Common Sense

Email address:

Get a Full Investor Curriculum: Join The Book List

Every month you'll receive 3-4 book suggestions--chosen by hand from more than 1,000 books. You'll also receive an extensive curriculum (books, articles, papers, videos) in PDF form right away.

where are the customers yachts fred schwed

  • Business, Finance & Law
  • Professional Finance
  • Investments & Securities

Amazon Prime

Your Amazon Prime 30-day FREE trial includes:

Delivery Options Without Prime
Standard Delivery FREE From £2.99*
Premium Delivery FREE £4.99
Same-Day Delivery (on eligible orders over £20 to selected postcodes) FREE £5.99

Unlimited Premium Delivery is available to Amazon Prime members. To join, select "Yes, I want a free trial with FREE Premium Delivery on this order." above the Add to Basket button and confirm your Amazon Prime free trial sign-up.

Important:  Your credit card will NOT be charged when you start your free trial or if you cancel during the trial period. If you're happy with Amazon Prime, do nothing. At the end of the free trial, you will be charged £95/year for Prime (annual) membership or £8.99/month for Prime (monthly) membership.

Buy new: .savingPriceOverride { color:#CC0C39!important; font-weight: 300!important; } .reinventMobileHeaderPrice { font-weight: 400; } #apex_offerDisplay_mobile_feature_div .reinventPriceSavingsPercentageMargin, #apex_offerDisplay_mobile_feature_div .reinventPricePriceToPayMargin { margin-right: 4px; } -26% £13.35 £ 13 . 35 FREE delivery Tuesday, 23 July Dispatches from: Amazon Sold by: Amazon

Return this item for free.

Free returns are available for the shipping address you chose. For a full refund with no deduction for return shipping, you can return the item for any reason in new and unused condition.

  • Go to your orders and start the return
  • Select the return method

Save with Used - Very Good .savingPriceOverride { color:#CC0C39!important; font-weight: 300!important; } .reinventMobileHeaderPrice { font-weight: 400; } #apex_offerDisplay_mobile_feature_div .reinventPriceSavingsPercentageMargin, #apex_offerDisplay_mobile_feature_div .reinventPricePriceToPayMargin { margin-right: 4px; } £9.26 £ 9 . 26 FREE delivery 25 - 27 July Dispatches from: WeBuyBooks Sold by: WeBuyBooks

Kindle app logo image

Download the free Kindle app and start reading Kindle books instantly on your smartphone, tablet or computer – no Kindle device required .

Read instantly on your browser with Kindle for Web.

Using your mobile phone camera - scan the code below and download the Kindle app.

QR code to download the Kindle App

Image Unavailable

Where Are the Customers' Yachts? or A Good Hard Look at Wall Street: 32 (Wiley Investment Classics)

  • To view this video download Flash Player

where are the customers yachts fred schwed

Follow the author

Fred Schwed

Where Are the Customers' Yachts? or A Good Hard Look at Wall Street: 32 (Wiley Investment Classics) Paperback – 22 Dec. 2005

Purchase options and add-ons.

". . . one 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

"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.

  • ISBN-10 0471770892
  • ISBN-13 978-0471770893
  • Edition 1st
  • Publisher Wiley
  • Publication date 22 Dec. 2005
  • Language English
  • Dimensions 13.97 x 1.78 x 21.59 cm
  • Print length 208 pages
  • See all details

Frequently bought together

Where Are the Customers' Yachts? or A Good Hard Look at Wall Street: 32 (Wiley Investment Classics)

Customers who viewed this item also viewed

Intelligent Investor: The Definitive Book on Value Investing - A Book of Practical Counsel

Product description

"More than half a century on, Where Are the Customers' Yachts? Remains a fascinating read" ( Money Week , July 2006)

"... the book is a fun read and as relevant today as it ever was..." ( Investor's Chronicle , August 2015)

From the Inside Flap

". . . one 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

"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

From the Back Cover

". . . one 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

"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

About the Author

Product details.

  • Publisher ‏ : ‎ Wiley; 1st edition (22 Dec. 2005)
  • Language ‏ : ‎ English
  • Paperback ‏ : ‎ 208 pages
  • ISBN-10 ‏ : ‎ 0471770892
  • ISBN-13 ‏ : ‎ 978-0471770893
  • Dimensions ‏ : ‎ 13.97 x 1.78 x 21.59 cm
  • 110 in Poker
  • 294 in Business Humour

About the author

Fred schwed.

Discover more of the author’s books, see similar authors, read author blogs and more

Customer reviews

Customer Reviews, including Product Star Ratings, help customers to learn more about the product and decide whether it is the right product for them.

To calculate the overall star rating and percentage breakdown by star, we don’t use a simple average. Instead, our system considers things like how recent a review is and if the reviewer bought the item on Amazon. It also analyses reviews to verify trustworthiness.

Customers say

Customers find the content amusing, witty, and educational. They also describe the humor as relevant and funny.

AI-generated from the text of customer reviews

Customers find the book's content amusing, educational, and eye-opening. They also say it's a great book and a guide on the recent history.

"...It’s both witty and educational ...." Read more

"...It is also an eye opener and a guide on the recent (or ever going?) financial crisis with which the mortals are inflicted every so often...." Read more

"... Very enjoyable and informative nevertheless. And funny. Schwed covers all the bases of the criminal intent of one's friendly broker...." Read more

" Brilliant . Funny from start to end, gives a good insight on finance people's lives in the recent past, which are not so different from today's." Read more

Customers find the humor in the book relevant and entertaining. They also describe it as witty.

"...It’s both witty and educational...." Read more

"...Very enjoyable and informative nevertheless. And funny . Schwed covers all the bases of the criminal intent of one's friendly broker...." Read more

" Humorous , yet very serious book on Wall Street...." Read more

"...it was written in the forties still relevant today and a jolly good read funny with a few poignant observations that would make you think twice..." Read more

  • Sort reviews by Top reviews Most recent Top reviews

Top reviews from United Kingdom

There was a problem filtering reviews right now. please try again later..

where are the customers yachts fred schwed

Where Are The Customers’ Yachts? by Fred Schwed Jr.

Where Are The Customers Yachts by Fred Schwed Jr.

Fred Schwed delivers a cynical, sarcastic, insiders perspective on the business of Wall Street. His book stands as a timeless warning to investors and speculators alike.

  • The title of the book is in reference to a story that comes from the late 1800s. Friends of William Travers, a big short seller of the time, admired the beautiful yachts of the richest Wall Street brokers. Finally, one asks, “Where are the customers’ yachts?”
  • Wall Street is not in the business of making you money, it’s in the business of generating transactions.
  • “If you are not a skeptic, you are not an investor.” — Jason Zweig via the intro.
  • There are two types of books about Wall Street: admiring and vindictive. One comes out of bull markets, the other out of bear markets.
  • “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.”
  • The countless financial clichés amount to an attempt to sound smart while saying nothing in numerous ways.
  • “It seems that the immature mind has a regrettable tendency to believe, as actually true, that which it only hopes to be true.”
  • One hope, that Wall Street never seems to outgrow, is the ability to predict the future. The ongoing search for a sign among the charts that foretells the rise and fall of markets never ceases.
  • Investors and speculators have a habit of wanting to know about the future. The demand is supplied by Wall Street — with full faith in their ability no less — which conveniently fuels transactions.
  • The realistic answer — “I don’t know” — is also the hardest response to get (and give) to any questions about the future.
  • “The broker influences the customer with his knowledge of the future, but only after he has convinced himself. The worst that should be said of him is that he wants to convince himself badly and that he therefore succeeds in convincing himself — generally badly.”
  • The hardest part of being bearish in a booming market — or just underinvested in a market — is seeing everyone but you make money as the market rises. Missing gains can turn bears bullish, with a risk of it happening late in the cycle.
  • Bankers lend conservatively during depressed times — lending to those who don’t need money — but lend liberally during prosperous times to anyone who wants money.
  • “Like most Wall Streeters, bankers suffer from the inability to do nothing. Your average Wall Streeter, faced with nothing profitable to do, does nothing for only a brief time. Then, suddenly and hysterically, he does something which turns out to be extremely unprofitable. He is not a lazy man.”
  • Everyone — from customers to Wall Streeters — is susceptible to buying high and selling low, because when stocks are falling conditions look bad and when stocks are rising conditions look good.
  • “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 warning bell, ‘conditions’ get bad.”
  • “All of these theories are true part of the time; none of them all the time. They are, therefore, dangerous, though sometimes useful.” — Major L.L.B. Angas
  • “There have always been a considerable number of pathetic people who busy themselves examining the last thousand numbers which have appeared on a roulette wheel, in search of some repeating pattern. Sadly enough, they have usually found it.”
  • “History does in a vague way repeat itself, but it does it slowly and ponderously, and with an infinite number of surprising variations.”
  • Accounting is more art than science.
  • “Accounting is not even an art, but just a state of mind.”
  • What’s the objection to playing a roulette wheel with two zeros?
  • If you flip a coin four times and get heads four times in a row, what’s the most likely result for the fifth toss?
  • Assuming you answer #3 correctly, do you always resist making a draw in poker?
  • Is there any benefit to a shareholder when a stock is split to 2 to 1?
  • What’s the main purpose of a business?
  • Businesses exist to make money. That’s the only correct answer, but “to make money” is the least attractive answer compared to what CEOs tell themselves like to build a great product or service or hire great people or transform the industry or take care of customers.
  • The benefit to being a lazy investor is that an ambitious investor often tries to double their money as quickly as possible but ends up losing it all.
  • “Americans find margin trading a particularly attractive little invention. It parallels the American principle that the first thing a man should do with his home, even before moving in, is to put it in hock.”
  • Some lessons, like losing money, can only be learned by experience: “There are certain things that cannot be adequately explained to a virgin either by words or pictures. Nor can any description that I might offer here even approximate what it feels like to lose a real chunk of money that you used to own.”
  • “It is easy to take a small profit, but taking a small loss is frequently just a good intention. Eventually the customer finds himself throwing good money after bad, until there isn’t any good money left.”
  • The investors’ disease: fear of having cash. It’s the temptations to be fully invested in as many stocks as possible because a cash position is unbearable (what if stocks go up?). Schwed calls it rhinophobia.
  • “The man who chooses to take his money and churn it furiously…cannot in any way predict his fate, save for a single assurance. So long as any of the money still clings to the sides of the churn, he will not be bored.”
  • The sales argument for investment trusts (mutual funds) — an expert manager and diversification — doesn’t live up to the hype. Manager skill is inconsistent at best and a trust can still drop sharply in price.
  • Investment trust shares (fund shares) are created to be sold.
  • “The subject of choosing profitable financial investments does not lend itself to competence. There is almost no visible supply.”
  • Better to give your money to a smart crook than an honest bonehead. You have a better chance of getting money back from the crook (via legal means) than the bonehead.
  • “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. It’s very much a matter of fashion.”
  • Buying the “best” stocks means buying the most popular — thus the highest priced — which tends to work out badly.
  • IPOs and other new issues also dependent on popularity. It’s easier to sell an IPO when similar issues are in fashion.
  • Nobody cares about bears and short sellers until a ton of people lose money. When it happens, investors want some one to blame, not some thing to blame for their losses.
  • “I must touch on the ancient human tendency to personify general misfortune in some human form. While “hundreds of thousands are being plunged into poverty” only the thoughtful ask, “What is happening to us?” The popular cry is “ Who is doing this to us?” and its satisfying sequel — “Just let me get my hands on him!””
  • Short selling is psychologically unnatural. The normal tendency is optimism — to see a stock rise in price. Few people think a stock might go to zero.
  • Banning short shorting won’t eliminate price crashes. Just have to look at real estate or illiquid issues.
  • “A man who borrows money to buy a common stock has no right to think of himself as a constructive social benefactor. He is just another fellow trying to be smart, or lucky, or both. Those who have hopes of living by the sword should not make too loud a fuss when they perish by the sword.”
  • The benefit of options to a broker is the dual ability to convince both buyers and sellers they can make money.
  • “Choosing the proper stock, at the proper time, for the proper move, is difficult. But the greater difficulty, I am grieved to report, arises after that has all been successfully done.”
  • “Booms go boom.”
  • “In our moments of sober thought we all realize that booms are bad things, not good. But nearly all of us have a secret hankering for another one.”
  • Who doesn’t want the chance to make up for their stupid mistakes in the last boom because now they have experience ?
  • The typical speculator sees stocks as ticker symbols and pieces of paper to play games with, not businesses with factories, workers, and products. It’s the inability to see things for what they are that leads to extraordinary risktaking and ruin.
  • “What do you think of the mentality of a man who goes down to Wall Street with very little and wins, by speculation, thirty millions, none of which he has yet lost? My own considered opinion is that he too is pretty much a loony. In order to make his second unimportant million he had to risk his first precious million.” Like Buffett’s take on risking what have and need for what you don’t need.
  • There will always be a few speculators who make money year after year just like there are always a few coin flippers who luckily hit on a long streak of heads. The longer it goes on, the more they both — speculator and coin flipper — believe they have some hidden skill.
  • Old school stock manipulation (new school too) is based on a behavioral trigger — people like to buy stocks that are “going up.”
  • “Speculation is an effort, probably unsuccessfully, to turn a little money into a lot. Investment is an effort, which should be successful, to prevent a lot of money from becoming a little.”
  • There’s a fine enough line between speculation and investing that the differences aren’t always obvious. One obvious difference is speculation attempts to get rich quick, investing attempts to get rich slow. The chance of success improves with the lengthening time horizon.
  • Defining “safe” investments brings loads of exceptions. Bonds may be “safe,” but some stocks prove themselves to be safer than bonds.
  • The stock doesn’t care you own it and that won’t change no matter how hard you “watch” it.
  • “When there is a stock-market boom, and everyone is scrambling for common stocks, take all your common stocks and sell them. Take the proceeds and buy conservative bonds. No doubt the stocks you sold will go higher. Pay no attention to this — just wait for the depression which will come sooner or later. When this depression — or panic — becomes a national catastrophe, sell out the bonds (perhaps at a loss) and buy back the stocks. No doubt the stocks will go still lower. Again pay no attention. Wait for the next boom. Continue to repeat this operation as long as you live, and you’ll have the pleasure of dying rich… It looks as easy as rolling off a log, but it isn’t. The chief difficulties, of course, are psychological. It requires buying bonds when bonds are generally unpopular, and buying stocks when stocks are universally detested.”
  • The above advice is difficult but a few people accomplish it because someone is buying stocks sold at detestable prices.
  • On Price and Value: Value is whatever you want to make it when you sprinkle in enough optimism or pessimism.
  • A potential risk when investing for an income is letting lifestyle creep dictate investment selection.
  • Two big investment mistakes are trying to earn too high of a return and playing it too safe.
  • Describing Wall Street: “…thousands of erring humans, of varying degrees of good will, solemnly engaged in the business of predicting the unpredictable.”
  • “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.”
  • Despite all of its problems, capitalism is the least worst system available. Best to accept the nonsense that comes with it, then try anything else.

Buy the Book: Print

Or read other book notes .

Print Friendly, PDF & Email

  • Great Investor Quotes

Return Tables

  • Asset Class Returns
  • Stock Sector Returns
  • International Stock Market Returns
  • Emerging Markets Returns
  • Historical Returns
  • Find a Library
  • Browse Collections
  • Fred Schwed's Where Are the Customers' Yachts?

ebook ∣ A Modern-day Interpretation of an Investment Classic · Infinite Success

By leo gough.

cover image of Fred Schwed's Where Are the Customers' Yachts?

Add Book To Favorites

Is this your library?

Sign up to save your library.

With an OverDrive account, you can save your favorite libraries for at-a-glance information about availability. Find out more about OverDrive accounts.

9781906821333

Infinite Success

Infinite Ideas Ltd

17 February 2011

Facebook logo

Find this title in Libby, the library reading app by OverDrive.

LibbyDevices.png

Search for a digital library with this title

Title found at these libraries:.

Loading...

American Thoracic Society: Community Logo

Where Are the Customers' Yachts?: Or a Good Hard Look at Wall Street by Fred Schwed Jr. on Iphone New Format

Where are the customers' yachts: or a good hard look at wall street by fred schwed jr..

Download Book ➡ Link

Read Book Online ➡ Link

  • Where Are the Customers' Yachts?: Or a Good Hard Look at Wall Street
  • Fred Schwed Jr.
  • Format: pdf, ePub, mobi, fb2
  • ISBN: 9780471770893
  • Publisher: Wiley, John & Sons, Incorporated

Free download english book with audio Where Are the Customers' Yachts?: Or a Good Hard Look at Wall Street PDB CHM FB2 9780471770893 in English by Fred Schwed Jr.

"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, Bestselling author of Liar's Poker ". . . one 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 "It's amazing how well Schwed's book is holding up after ...

Other ebooks: [PDF/Kindle] Orgies barbares Tome 6 by Erich Hartmann here , SOLITARIO leer el libro here , Read online: La Passe-miroir Tome 2 download pdf , [ePub] PIO XII, EL PAPA MALDITO descargar gratis here , EL HIJO DEL CONSUL (TRILOGIA AFRICANUS 1) leer el libro pdf here , [ePub] LA GRIFFE (LIVRE + CD) descargar gratis pdf , [PDF] La naissance en BD Tome 3 by Lucile Gomez read book , [PDF/Kindle] PEQUENO LIVRO DO AMOR EBOOK (edición en portugués) descargar gratis here ,

You need to be a member of American Thoracic Society: Community to add comments!

Join American Thoracic Society: Community

where are the customers yachts fred schwed

Hello, you need to enable JavaScript to use American Thoracic Society: Community.

Please check your browser settings or contact your system administrator.

We’re fighting to restore access to 500,000+ books in court this week. Join us!

Internet Archive Audio

where are the customers yachts fred schwed

  • This Just In
  • Grateful Dead
  • Old Time Radio
  • 78 RPMs and Cylinder Recordings
  • Audio Books & Poetry
  • Computers, Technology and Science
  • Music, Arts & Culture
  • News & Public Affairs
  • Spirituality & Religion
  • Radio News Archive

where are the customers yachts fred schwed

  • Flickr Commons
  • Occupy Wall Street Flickr
  • NASA Images
  • Solar System Collection
  • Ames Research Center

where are the customers yachts fred schwed

  • All Software
  • Old School Emulation
  • MS-DOS Games
  • Historical Software
  • Classic PC Games
  • Software Library
  • Kodi Archive and Support File
  • Vintage Software
  • CD-ROM Software
  • CD-ROM Software Library
  • Software Sites
  • Tucows Software Library
  • Shareware CD-ROMs
  • Software Capsules Compilation
  • CD-ROM Images
  • ZX Spectrum
  • DOOM Level CD

where are the customers yachts fred schwed

  • Smithsonian Libraries
  • FEDLINK (US)
  • Lincoln Collection
  • American Libraries
  • Canadian Libraries
  • Universal Library
  • Project Gutenberg
  • Children's Library
  • Biodiversity Heritage Library
  • Books by Language
  • Additional Collections

where are the customers yachts fred schwed

  • Prelinger Archives
  • Democracy Now!
  • Occupy Wall Street
  • TV NSA Clip Library
  • Animation & Cartoons
  • Arts & Music
  • Computers & Technology
  • Cultural & Academic Films
  • Ephemeral Films
  • Sports Videos
  • Videogame Videos
  • Youth Media

Search the history of over 866 billion web pages on the Internet.

Mobile Apps

  • Wayback Machine (iOS)
  • Wayback Machine (Android)

Browser Extensions

Archive-it subscription.

  • Explore the Collections
  • Build Collections

Save Page Now

Capture a web page as it appears now for use as a trusted citation in the future.

Please enter a valid web address

  • Donate Donate icon An illustration of a heart shape

where are the customer's yachts?

Bookreader item preview, share or embed this item, flag this item for.

  • Graphic Violence
  • Explicit Sexual Content
  • Hate Speech
  • Misinformation/Disinformation
  • Marketing/Phishing/Advertising
  • Misleading/Inaccurate/Missing Metadata

missing pages 74-75 inherent form the source

plus-circle Add Review comment Reviews

7 Favorites

DOWNLOAD OPTIONS

No suitable files to display here.

IN COLLECTIONS

Uploaded by station09.cebu on March 21, 2023

SIMILAR ITEMS (based on metadata)

Bogleheads.org

Investing Advice Inspired by Jack Bogle

Skip to content

  • Forum Policies
  • Support this Site
  • Board index US Investors Investing - Theory, News & General

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

User avatar

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.

User avatar

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

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

Wiki

Return to “Investing - Theory, News & General”

  • US Investors
  • ↳   Personal Investments
  • ↳   Investing - Theory, News & General
  • ↳   Personal Finance (Not Investing)
  • Non-US Investors
  • ↳   Non-US Investing
  • ↳   Canada - Financial Wisdom Forum
  • ↳   Spain - Bogleheads® España
  • ↳   Spain
  • ↳   United Arab Emirates
  • ↳   The Bogleheads® Wiki: a collaborative work of the Bogleheads community
  • ↳   Canada - finiki (wiki)
  • ↳   Personal Consumer Issues
  • ↳   Local Chapters and Bogleheads Community
  • ↳   US Chapters
  • ↳   Wiki and Reference Library
  • ↳   Non-US Chapters
  • ↳   Calendar of Events
  • ↳   Forum Issues and Administration
  • Board index
  • All times are UTC

Powered by phpBB ® Forum Software © phpBB Limited

Privacy | Terms

Time: 0.322s | Peak Memory Usage: 2.36 MiB | GZIP: Off

where are the customers yachts fred schwed

  • Business & Money

Kindle app logo image

Download the free Kindle app and start reading Kindle books instantly on your smartphone, tablet, or computer - no Kindle device required .

Read instantly on your browser with Kindle for Web.

Using your mobile phone camera - scan the code below and download the Kindle app.

QR code to download the Kindle App

Image Unavailable

Fred Schwed's Where are the Customers' Yachts?: A modern-day interpretation of an investment classic

  • To view this video download Flash Player

where are the customers yachts fred schwed

Follow the author

Leo Gough

Fred Schwed's Where are the Customers' Yachts?: A modern-day interpretation of an investment classic Paperback – August 23, 2010

  • Part of series Infinite Success
  • Print length 118 pages
  • Language English
  • Publisher Infinite Ideas
  • Publication date August 23, 2010
  • Dimensions 5.08 x 0.27 x 7.8 inches
  • ISBN-10 190682133X
  • ISBN-13 978-1906821333
  • See all details

The Amazon Book Review

Customers who viewed this item also viewed

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

Product details

  • Publisher ‏ : ‎ Infinite Ideas (August 23, 2010)
  • Language ‏ : ‎ English
  • Paperback ‏ : ‎ 118 pages
  • ISBN-10 ‏ : ‎ 190682133X
  • ISBN-13 ‏ : ‎ 978-1906821333
  • Item Weight ‏ : ‎ 5 ounces
  • Dimensions ‏ : ‎ 5.08 x 0.27 x 7.8 inches
  • #8,205 in Investing (Books)

About the author

Discover more of the author’s books, see similar authors, read author blogs and more

Customer reviews

Customer Reviews, including Product Star Ratings help customers to learn more about the product and decide whether it is the right product for them.

To calculate the overall star rating and percentage breakdown by star, we don’t use a simple average. Instead, our system considers things like how recent a review is and if the reviewer bought the item on Amazon. It also analyzed reviews to verify trustworthiness.

Customers say

Customers find the book informative and easy to read, providing investment advice. They also describe it as an educational and quick read.

AI-generated from the text of customer reviews

Customers find the book informative, educational, and practical on investing. They also say it's an enjoyable read with practical advice in every chapter.

"...is a non technical book which is well organized and provides basic guidelines for investors . I can see why Warren Buffet likes this book.s" Read more

"...But chock full of wisdom for anyone with money to invest, particularly those who are trying to invest on their own." Read more

"...This book is an unusual mix of good content and good humor. It is an quick, enjoyable and informative read." Read more

"...An easy, informative, and educational book on Investing ." Read more

Customers find the book easy to read and informative. They also say it's a quick, enjoyable read.

"...This book is an unusual mix of good content and good humor. It is an quick , enjoyable and informative read." Read more

"...An easy , informative, and educational book on Investing." Read more

" Easy and enjoyable reading with practical advise in every chapter" Read more

  • Sort reviews by Top reviews Most recent Top reviews

Top reviews from the United States

There was a problem filtering reviews right now. please try again later..

where are the customers yachts fred schwed

Top reviews from other countries

where are the customers yachts fred schwed

  • Amazon Newsletter
  • About Amazon
  • Accessibility
  • Sustainability
  • Press Center
  • Investor Relations
  • Amazon Devices
  • Amazon Science
  • Sell on Amazon
  • Sell apps on Amazon
  • Supply to Amazon
  • Protect & Build Your Brand
  • Become an Affiliate
  • Become a Delivery Driver
  • Start a Package Delivery Business
  • Advertise Your Products
  • Self-Publish with Us
  • Become an Amazon Hub Partner
  • › See More Ways to Make Money
  • Amazon Visa
  • Amazon Store Card
  • Amazon Secured Card
  • Amazon Business Card
  • Shop with Points
  • Credit Card Marketplace
  • Reload Your Balance
  • Amazon Currency Converter
  • Your Account
  • Your Orders
  • Shipping Rates & Policies
  • Amazon Prime
  • Returns & Replacements
  • Manage Your Content and Devices
  • Recalls and Product Safety Alerts
 
 
 
 
       
  • Conditions of Use
  • Privacy Notice
  • Consumer Health Data Privacy Disclosure
  • Your Ads Privacy Choices

IMAGES

  1. Where Are The Customers' Yachts? by Fred Schwed Jr. • Novel Investor

    where are the customers yachts fred schwed

  2. Where Are the Customers' Yachts First edition Fred Scwed

    where are the customers yachts fred schwed

  3. Where Are the Customers' Yachts First edition Fred Scwed

    where are the customers yachts fred schwed

  4. Where Are the Customers' Yachts First edition Fred Scwed

    where are the customers yachts fred schwed

  5. Where Are the Customers' Yachts First edition Fred Scwed

    where are the customers yachts fred schwed

  6. Where Are the Customers' Yachts First edition Fred Scwed

    where are the customers yachts fred schwed

VIDEO

  1. Why Mina Rashid Yachts & Marina

  2. 2015 Outremer CUP on an Outremer 5X

  3. Fred's Schooner

COMMENTS

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

    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 ...

  2. 10 Great Lines From 'Where Are the Customers' Yachts?'

    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). ...

  3. Fred Schwed

    Fred Schwed, Jr. was an American stock broker turned author, known for his book on Wall Street, Where Are the Customers' Yachts? Background. Schwed was born in New York. Schwed's father, Frederick Schwed, was a member of the New York Curb Exchange (renamed in 1953 to AMEX). He was a ...

  4. Where Are the Customers' Yachts? or A Good Hard Look at Wall Street: 32

    Buy Where Are the Customers' Yachts? or A Good Hard Look at Wall Street: 32 (Wiley Investment Classics) 1 by Schwed Jr., Fred (ISBN: 9780471770893) from Amazon's Book Store. Everyday low prices and free delivery on eligible orders.

  5. Where Are the Customers' Yachts? Or, A... by Schwed Jr., Fred

    Fred Schwed, Jr., was a professional trader who had the good sense to get out after losing a bundle (of mostly his own money) in the 1929 crash. Some years later, Schwed published a children's book titled Wacky, the Small Boy. Wacky became a bestseller, and Schwed went on to draw further on his experience in writing Where Are the Customers' Yachts?

  6. Where are the customers' yachts?, or, A good hard look at Wall Street

    Where are the customers' yachts?, or, A good hard look at Wall Street Bookreader Item Preview remove-circle Share or Embed This Item. Share to Twitter. Share to Facebook. Share to Reddit. Share to Tumblr. Share to Pinterest ... Schwed, Fred, 1901 or 1902-1966. Publication date 2006 Topics

  7. Wiley Where Are the Customers' Yachts?: or A Good Hard Look at Wall

    Fred Schwed Jr. was a professional trader who got out of the market after losing a bundle in the 1929 stock market crash. Years later, he published a bestselling children's book entitled Wacky, the Small Boy, and then went on to write Where Are the Customers' Yachts? SERIES Wiley Investment Classics

  8. Where are the Customers' Yachts? Or, A Good Hard Look at Wall Street

    Where are the Customers' Yachts? Or, A Good Hard Look at Wall Street. Fred Schwed. Fraser Publishing Company, 1985 - Business & Economics - 215 pages. One of the most amusing and penetrating views of Wall Street ever written. Enlightening and hilarious, packed with brilliantly funny anecdotes and astute observations on Wall Street and its players.

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

    Fred Schwed, Jr., was a professional trader who had the good sense to get out after losing a bundle (of mostly his own money) in the 1929 crash. Some years later, Schwed published a children's book titled Wacky, the Small Boy. Wacky became a bestseller, and Schwed went on to draw further on his experience in writing Where Are the Customers' Yachts?

  10. Where Are the Customers' Yachts? or A Good Hard Look at Wall Street (A

    Writing with a rare mixture of wry cynicism and bonhomie reminiscent of Mark Twain and H. L. Mencken, Fred Schwed, Jr., skewers everyone including himself in his brilliant send-ups of bankers, brokers, traders, investors, analysts, and hapless customers.

  11. Where Are the Customers' Yachts?

    The theory presented here explains why the customers'. yachts were not more conspicuous when Fred Schwed wrote his famous book, and why they probably won't be. in the future. It also shows why bankers, brokers or. anyone else perceived as having valuable information. will just naturally attract money. l.

  12. "Where Are the Customers' Yachts?"

    Six decades ago, Fred Schwed wrote a book called Where Are the Customers' Yachts? The title came from a story about a visitor in New York more than a century ago. After admiring yachts Wall Street ...

  13. Where Are the Customers' Yachts?

    Fred Schwed Jr. was a professional trader who got out of the market after losing a bundle in the 1929 stock market crash. Years later, he published a bestselling children's book entitled Wacky, the Small Boy, and then went on to write Where Are the Customers' Yachts?

  14. Where are the Customers' Yachts? A Good Hard Look at Wall Street

    So begins Fred Schwed's marvelous classic, "Where Are the Customer's Yachts?"It is now a part of the IFA book collection.. If you do not have the good fortune to acquire either the original 1940 edition or the 1955 Bull Market edition, you can pick up the 2006 edition from Amazon, which will give you the benefit of delightful introductions from noted financial writers Jason Zweig and Michael ...

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

    Fred Schwed Jr. was a professional trader who got out of the market after losing a bundle in the 1929 stock market crash. Years later, he published a bestselling children's book entitled Wacky, the Small Boy, and then went on to write Where Are the Customers' Yachts?--This text refers to an alternate kindle_edition edition.

  16. where Are The Customers' Yachts? Or A Good Hard Look At Wall Street

    where Are The Customers' Yachts? Or A Good Hard Look At Wall Street ... Fred Schwed, Jr. Publication date 1955 Publisher 1955 Collection internetarchivebooks; printdisabled Contributor Internet Archive Language English Item Size 794239416. Notes. obscured text. Access-restricted-item true

  17. Where Are The Customers' Yachts? by Fred Schwed Jr

    Friends of William Travers, a big short seller of the time, admired the beautiful yachts of the richest Wall Street brokers. Finally, one asks, "Where are the customers' yachts?". Wall Street is not in the business of making you money, it's in the business of generating transactions. "If you are not a skeptic, you are not an investor.".

  18. Fred Schwed's Where Are the Customers' Yachts?

    Leo Gough's interpretation of 'Where are the customers' yachts' illustrates the timeless nature of Fred Schwed's insights by bringing them to life through 52 modern case studies. This brilliant interpretation is an entertaining accompaniment to one of the most famous books on investment ever written.

  19. Where Are the Customers' Yachts?: Or a Good Hard Look at Wall Street by

    Where Are the Customers' Yachts?: Or a Good Hard Look at Wall Street by Fred Schwed Jr. Download Book Link Read Book Online Link Where Are the Customers' Yachts?: Or a Good Hard Look at Wall Street Fred Schwed Jr. Page: 208 Format: pdf, ePub, mobi, fb2 ISBN: 9780471770893 Publisher: Wiley, John & Sons, Incorporated Free download english book with audio Where Are the Customers' Yachts?: Or a ...

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

    Amazon.com: Where Are the Customers' Yachts?: or A Good Hard Look at Wall Street (Audible Audio Edition): Fred Schwed Jr., Peter Arno, ... ©1940, 1955, 2006 Fred Schwed, Jr. Foreword 1995 by John Wiley & Sons, Inc. Introduction 2006 by Jason Zweig (P)2012 Audible, Inc. Previous page. Listening Length. 4 hours and 2 minutes. Author.

  21. where are the customer's yachts? : fred schwed, jr. : Free Download

    where are the customer's yachts? by fred schwed, jr. Publication date 1960 Collection internetarchivebooks; printdisabled Contributor Internet Archive Language English Item Size 542663060. Notes. missing pages 74-75 inherent form the source. Access-restricted-item true Addeddate

  22. Fred Schwed: Where are the Customers Yachts? Summary

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

  23. Fred Schwed's Where are the Customers' Yachts?: A modern-day

    Leo Gough's interpretation of Where are the Customers' Yachts? illustrates the timeless nature of Fred Schwed's insights. Bringing them to life through 52 modern case studies, this brilliant interpretation is an entertaining accompaniment to one of the most eye-opening books on investment ever written.