"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 ofWall Street.

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

Fred Schwed, Schwed, Fred., Fred Schwed, Fred Schwed Jr

Fred Schwed, Jr.; illustrated by Peter Arno

Fred Schwed Jr.; Peter Arno; Jason Zweig

Jossey-Bass, Incorporated Publishers

WILEY COMPUTING Publisher

Wiley investment classics, Hoboken, N.J, New Jersey, 2006

Wiley investment classics, Hoboken (N.J.), cop. 2006

Wiley investment classics, New York, ©1995

United States, United States of America

1, US, 2006

Originally published: New York : Simon & Schuster, 1940.
Includes index.

"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.

"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"--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

A timeless classic that exposes the foibles and hypocrisy of Wall Street WhereAre the Customers' Yachts? exposes the folly and hypocrisy of Wall Streetin a humorous and entertaining manner. The title refers to a story abouta visitor to New York who admired the yachts of the bankers and brokers in New York Harbor. Naively, he asked where all the customers' yachts were? Ofcourse, none of the customers could afford yachts-even though they dutifullyfollowed the advice of their bankers and brokers. With the same caustic humor, this revered investing classic-based on Fred Schwed's own experiences on Wall Street-offers wise contrarian advice and a true look at the reality of the world of investing, in which brokers get rich while their customers go broke. Even decades after its original publication, this book continues to open the eyes of investors to the reality of Wall Street. Fred Schwed was a professional trader who got out of the market after losing a bundle in the 1929 stock market crash. Later, he published a bestselling children's book and then went on to write Where Are the Customers' Yachts?

2026-02-11