{"product_id":"where-are-the-customers-yachts-isbn-9780471770893","title":"Where Are the Customers' Yachts?","description":"\"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.\"\u003cbr\u003e -- From the Foreword by Michael Lewis, Bestselling author of \u003ci\u003eLiar's Poker\u003c\/i\u003e  \u003cp\u003e\". . . one of the funniest books ever written about Wall Street.\"\u003cbr\u003e -- Jane Bryant Quinn, \u003ci\u003eThe Washington Post\u003c\/i\u003e\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.\"\u003cbr\u003e -- Michael Bloomberg\u003c\/p\u003e \u003cp\u003e\"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.\"\u003cbr\u003e -- John Rothchild, Author, \u003ci\u003eA Fool and His Money\u003c\/i\u003e, Financial Columnist, \u003ci\u003eTime\u003c\/i\u003e magazine\u003c\/p\u003e \u003cp\u003eHumorous 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.\u003c\/p\u003e \u003cp\u003eIntroduction xiii\u003cbr\u003e \u003ci\u003eJason Zweig\u003c\/i\u003e\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\u003eI. Introduction—“The Modest Cough of a 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\u003c\/p\u003e \u003cp\u003eWhat 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, Calls, 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”\u003cbr\u003e\u003cbr\u003e Manipulators\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 \u003cp\u003e\"More than half a century on, \u003ci\u003eWhere Are the Customers' Yachts?\u003c\/i\u003e Remains a fascinating read\" (\u003ci\u003eMoney Week\u003c\/i\u003e, July 2006)\u003c\/p\u003e \u003cp\u003e\"... the book is a fun read and as relevant today as it ever was...\" (\u003ci\u003eInvestor's Chronicle\u003c\/i\u003e, August 2015)\u003c\/p\u003e \u003cb\u003eFred Schwed Jr.\u003c\/b\u003e 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 \u003ci\u003eWacky, the Small Boy\u003c\/i\u003e, and then went on to write \u003ci\u003eWhere Are the Customers' Yachts?\u003c\/i\u003e  \"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.\"\u003cbr\u003e —From the Foreword by Michael Lewis, Bestselling author of Liar's Poker  \u003cp\u003e\". . . one of the funniest books ever written about Wall Street.\"\u003cbr\u003e —Jane Bryant Quinn, The Washington Post\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.\"\u003cbr\u003e —Michael Bloomberg\u003c\/p\u003e \u003cp\u003e\"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.\"\u003cbr\u003e —John Rothchild, Author, A Fool and His Money, Financial Columnist, Time magazine\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47990484041957,"sku":"NP9780471770893","price":23.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9780471770893.jpg?v=1761788010","url":"https:\/\/k12savings.com\/products\/where-are-the-customers-yachts-isbn-9780471770893","provider":"K12savings","version":"1.0","type":"link"}