Where are the customers' yachts?, or, A good hard look at Wall Street ([New ed.])

A timeless classic that exposes the foibles and hypocrisy of "Wall Street Where Are the Customers' Yachts?" exposes the folly and hypocrisy of Wall Street in a humorous and entertaining manner.

The title refers to a story about a 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?

Of course, none of the customers could afford yachts even though they dutifully followed 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?"