Where Are The Customers' Yachts? Or A Good Hard Look At Wall Street 9780471770893

　　"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."　　 -- From the Foreword by Michael Lewis, Bestselling author ofLiar's Poker ". . . one of the funniest books ever writtenabout Wall Street."　　 -- Jane Bryant Quinn, The Washington Post "How great tohave a reissue of a hilarious classic that proves the more thingschange the more they stay the same. Only the names have beenchanged to protect the innocent."　　 -- Michael Bloomberg "It's amazing how well Schwed's bookis holding up after fifty-five years. About the only thing that'schanged on Wall Street is that computers have replaced pencils andgraph paper. Otherwise, the basics are the same. The investor'sneed to believe somebody is matched by the financial advisor's needto make a nice living. If one of them has to be disappointed, it'sbound to be the former."　　 -- John Rothchild, Author, A Fool and His Money, FinancialColumnist, Time magazine Humorous and entertaining, this bookexposes the folly and hypocrisy of Wall Street. The title refers toa story about a visitor to New York who admired the yachts of thebankers 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 andbrokers. Full of wise contrarian advice and offering a true look atthe world of investing, in which brokers get rich while theircustomers go broke, this book continues to open the eyes ofinvestors to the reality of Wall Street.