"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.
John Wiley & Sons
Most Helpful Customer Reviews
So, you want to make money on Wall Street? Good idea, only be wary of investment counselors, stock brokers, or anyone purporting to have all the answers, such as authors of books on investing. Fortunately for us, Fred Schwed is not among them. His is a cautionary tale. He's worked on the Street and knows of its many pitfalls. Yes, his book was originally published in 1955, but as Jason Zweig (Money Magazine) points out in the introduction to the 2006 edition, nothing has changed. "The names and faces and machinery of Wall Street have changed completely from Schwed's day," writes Zweig, "but the game remains the same."
The fact is, says Schwed, no one can predict the future with accuracy, but that is exactly what Wall Street analysts, investment counselors and ambitious stock brokers are claiming to do. It can't be done. The Wall Street game is nothing less than a crap shoot, with lots of losers and few winners, and the winners often end up losers. Who makes the big...
A timeless classic. Interesting story outside of book. I donated to Palm Beach Library (Florida) in mint condition. After their review/consideration, it was felt the book DID NOT deserve a place in the system database for several branches. Two months later the local newspaper interviewed Warren Buffett and asked what books he would recommend to the general pubic. He mentioned two, one was 'Yachts'
First half of the book consists of a rather long series of forwards, followed by mostly dated information (and no trading advice that wouldn't be in modern writings as necesities, i.e. a basic overview of investor pshychology).
But the the second half of the book is entertaining and well worth the wait to get there. Schwed loosens up even more and starts simply giving his opinion on things, and his advice is still relevant a half a centry later. It's a 'classic, for just that reason.
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