Name: Todd Luallen's review of Where Are the Customers' Yachts by Fred Schwed, Jr.
Item: Where Are the Customers' Yachts
Rating: 3
Author: Todd Luallen

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 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.

or A Good Hard Look at Wall Street

Where Are the Customers' Yachts

Ahmed Mansour

Todd Luallen

A humorous look at Wall Street from an individual that worked on the Street during and after the Great Depression. The author goes out of his way to attempt to "explain" the workings of Wall Street, but he does so with tongue firmly planted in his cheek. There are plenty of one liners in the book that will make you laugh out loud. Unfortunately I think the satire in this mid-century book is probably not too far from the truth on Wall Street today.

Angel Herrera

Pretty interesting and sometimes funny story. Author makes the point that in Wall Street, brokers are the ones that make the money, and the whole industry is incentivized to encourage more trading and ever increasing product complexity.

Ahmed Mansour &
Where Are the Customers' Yachts by Fred Schwed, Jr.

Reviews

Join the club

Ahmed Mansour &Where Are the Customers' Yachts by Fred Schwed, Jr.

Reviews

Join the club

Ahmed Mansour &
Where Are the Customers' Yachts by Fred Schwed, Jr.