{"product_id":"where-are-the-customers-yachts-or-a-good-hard-look-at-wall-street-isbn-9780471119791","title":"Where Are the Customers' Yachts? or A Good Hard Look at Wall Street","description":"\"Once I picked it up I did not put it down until I finished . . .What Schwed has done is capture fully-in deceptively cleanlanguage-the lunacy at the heart of the investment business.\"-Fromthe Foreword by Michael Lewis, Bestselling author of Liar'sPoker\u003cbr\u003e \u003cbr\u003e This hilarious portrait of everyday Wall Street and its denizensrings as true today as it did when it was first published in 1940.Writing with a rare mixture of wry cynicism and bonhomiereminiscent of Mark Twain and H. L. Mencken, Fred Schwed, Jr.,skewers everyone including himself in his brilliant send-ups ofbankers, brokers, traders, investors, analysts, and haplesscustomers.\u003cbr\u003e \u003cbr\u003e \"How great to have a reissue of a hilarious classic that proves themore things change the more they stay the same. Only the names havebeen changed to protect the innocent.\" -Michael BloombergPresident, Bloomberg, LP\u003cbr\u003e \u003cbr\u003e \". . . one of the funniest books ever written about WallStreet.\"-Jane Bryant Quinn, The Washington Post\u003cbr\u003e \u003cbr\u003e \"It's amazing how well Schwed's book is holding up after 55 years.About the only thing that's changed on Wall Street is thatcomputers have replaced pencils and graph paper. Otherwise, thebasics are the same. The investor's need to believe somebody ismatched by the financial advisor's need to make a nice living. Ifone of them has to be disappointed, it's bound to be theformer.\"-John Rothchild, Author, A Fool and His Money FinancialColumnist, Time magazine\u003cbr\u003e \u003cbr\u003e \"A delightful classic and reminder of excesses past and how littlethings change.\" -Bob Farrell, Senior Vice President, Merrill Lynch \u003cp\u003eIntroduction xiii\u003cbr\u003eJason Zweig\u003c\/p\u003e \u003cp\u003eForeword to the 1995 Edition xxi\u003cbr\u003e\u003ci\u003eMichael Lewis\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eIntroduction to the 1955 Bull Market Edition xxv\u003c\/p\u003e \u003cp\u003e\u003cb\u003e1 Introduction – “The Modest Cough of Minor Poet” 3\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Validity of Financial Predictions\u003c\/p\u003e \u003cp\u003eThe Passion for Prophecy\u003c\/p\u003e \u003cp\u003eWhen the Bull jumped over the Moon\u003c\/p\u003e \u003cp\u003e\u003cb\u003eII Financiers and Seers 23\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBig Banking – Nice work if you can get it\u003c\/p\u003e \u003cp\u003eSome Assistant Tycoons\u003c\/p\u003e \u003cp\u003eThe Fruit on the Blossom of Thought\u003c\/p\u003e \u003cp\u003eWall Street Semantics\u003c\/p\u003e \u003cp\u003eChartists\u003c\/p\u003e \u003cp\u003eThe Pay\u003c\/p\u003e \u003cp\u003eThe Difficulties of “Earning” Money\u003c\/p\u003e \u003cp\u003eAn Art Without a Muse\u003c\/p\u003e \u003cp\u003eA Little Aptitude Test\u003c\/p\u003e \u003cp\u003e\u003cb\u003eIII Customers – That Hardy Breed 49\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eVarieties of Customers\u003c\/p\u003e \u003cp\u003eHow to Get Customers\u003c\/p\u003e \u003cp\u003eMargin What to Do When the Dam Bursts\u003c\/p\u003e \u003cp\u003eSome Case Histories and a Diagnosis\u003c\/p\u003e \u003cp\u003eChurning Money as a Career\u003c\/p\u003e \u003cp\u003e\u003cb\u003eIV Investment Trusts – Promises and Performance 67\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eStop Making Your Own Mistakes\u003c\/p\u003e \u003cp\u003eWhere is the Catch?\u003c\/p\u003e \u003cp\u003eThe Hell-Paving Construction Company\u003c\/p\u003e \u003cp\u003eThe Trouble with the “Best” Securities\u003c\/p\u003e \u003cp\u003eThe $750,000 Bird\u003c\/p\u003e \u003cp\u003eBy Way of Apology\u003c\/p\u003e \u003cp\u003eThe Magical Investment Corporation\u003c\/p\u003e \u003cp\u003e\u003cb\u003eV The Short Seller – He of the Black Heart 87\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFor the Defense\u003c\/p\u003e \u003cp\u003eA Different Defense\u003c\/p\u003e \u003cp\u003eWith and Without Bears\u003c\/p\u003e \u003cp\u003eBear Raiding\u003c\/p\u003e \u003cp\u003e\u003cb\u003eVI Puts, Call, Straddles, and Gabble 105\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhat Options are (More or Less)\u003c\/p\u003e \u003cp\u003eIn Defense of the Pure Gamble\u003c\/p\u003e \u003cp\u003eThe Catch\u003c\/p\u003e \u003cp\u003e\u003cb\u003eVII The “Good” Old Days and the “Great” Captains 117\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe I.Q. of a Big Shot\u003c\/p\u003e \u003cp\u003eSpeculation on Speculation\u003c\/p\u003e \u003cp\u003eA Brief Excursion into Probabilities\u003c\/p\u003e \u003cp\u003eDown will Come Baby\u003c\/p\u003e \u003cp\u003e“They”\u003c\/p\u003e \u003cp\u003eManipulators\u003c\/p\u003e \u003cp\u003eA Bowl of Nickels\u003c\/p\u003e \u003cp\u003e\u003cb\u003eVIII Investment – Many Questions and a Few Answers 135\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eHeadaches of the Wealthy\u003c\/p\u003e \u003cp\u003eA Little Wonderful Advice\u003c\/p\u003e \u003cp\u003ePrice and Value – Our Special Market Letter\u003c\/p\u003e \u003cp\u003eCash as a Long-Term Investment\u003c\/p\u003e \u003cp\u003eYour Way of Life and the Basis Book\u003c\/p\u003e \u003cp\u003e\u003cb\u003eIX Reform – Some Yeas and Nays 153\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWas it Stolen or Did you Lose It?\u003c\/p\u003e \u003cp\u003eNobody Loves a Specialist\u003c\/p\u003e \u003cp\u003eHorizons and Limits of Regulation\u003c\/p\u003e \u003cp\u003eInconclusions\u003c\/p\u003e \u003cp\u003eAbout the Author 171\u003c\/p\u003e \"wonderful book\" (Evening Standard, 24 August 2001) 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? His publisher said of him, \"Mr. Schwed has attended Lawrenceville and Princeton and has spent the last ten years on Wall Street. As a result, he knows everything there is to know about children.\"  \"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  \u003cp\u003eThis hilarious portrait of everyday Wall Street and its denizens rings as true today as it did when it was first published in 1940. 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.\u003c\/p\u003e \u003cp\u003eCritical Praise . . .\u003c\/p\u003e \u003cp\u003e\"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, President, Bloomberg, LP\u003c\/p\u003e \u003cp\u003e\". . . one of the funniest books ever written about Wall Street.\"—Jane Bryant Quinn, The Washington Post\u003c\/p\u003e \u003cp\u003e\"It's amazing how well Schwed's book is holding up after 55 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\u003c\/p\u003e \u003cp\u003e\"Where Are the C-C-Customers' Yachts? is a g-g-great read.\"—Charles Ellis, Managing Partner, Greenwich Associates\u003c\/p\u003e \u003cp\u003e\"A delightful classic and reminder of excesses past and how little things change.\"—Bob Farrell, Senior Vice President, Merrill Lynch\u003c\/p\u003e \u003cp\u003eWhere Are the Customers' Yachts?\u003c\/p\u003e \u003cp\u003e\"'Wall Street,' reads the sinister old gag, 'is a street with a river at one end and a graveyard at the other.'\u003c\/p\u003e \u003cp\u003eThis is striking, but incomplete. It omits the kindergarten in the middle, and that's what this book is about.\" —Fred Schwed, Jr.\u003c\/p\u003e \u003cp\u003eWritten by Fred Schwed, Jr., a professional trader who had the good sense to get out after losing a bundle in the crash of 1929, this hilarious portrait of Wall Street and its denizens rings as true today as it did when it was first published in 1940. Writing with a rare mixture of wry cynicism and bonhomie reminiscent of Mark Twain and H. L. Mencken, Schwed skewers everyone including himself in his vivid depictions of the bankers, brokers, traders, investors, analysts, and hapless customers.\u003c\/p\u003e \u003cp\u003eJust listen to his take on the conservative banker:\u003c\/p\u003e \u003cp\u003eThe conservative banker is an impressive specimen. In times of stress, when everybody needs money, he strives to avoid lending, but usually makes an exception to the United States government. Likewise, in prosperous times, he is a mighty liberal lender—so liberal that years later unfriendly committees ask him what he thought he was thinking about, and he is unable to remember.\u003c\/p\u003e \u003cp\u003e. . . or his witty assessment of technical analysis:\u003c\/p\u003e \u003cp\u003eIt is the popular feeling on Wall Street that chart readers are pretty occult professionals but that somehow most of them are broke. \"If you have the bad taste to ask [one] how it happens that he is broke, he tells you quite ingenuously that he made the all too human error of not believing his own charts.\"\u003c\/p\u003e \u003cp\u003eIt's easy to see why, more than a half-century after it first appeared, Where Are the Customers' Yachts? continues to be hailed by market insiders as the funniest and most penetrating send-up of Wall Street ever penned.\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47990483976421,"sku":"NP9780471119791","price":170.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9780471119791.jpg?v=1761788009","url":"https:\/\/k12savings.com\/es\/products\/where-are-the-customers-yachts-or-a-good-hard-look-at-wall-street-isbn-9780471119791","provider":"K12savings","version":"1.0","type":"link"}