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Where Are the Customers' Yachts?, by Fred Schwed.    If Will Rogers had written a book on investing, this is what it might have looked like.  Nearly everyone knows of this classic book's famous title, although far fewer have actually read this insightful and very witty work.  Although written in 1940 (and updated in 1955), in terms of its timeliness it could well have been written within the last ten years.  For those who regard Wall Street scandals as products of a "decade of greed" (the 1980s or 1990s being most commonly cited), Schwed argued over 60 years ago against putting too much confidence in Wall Street "professionals."  On one hand the good-natured Schwed suggests that Wall Street talking heads, like the ones investors can watch on CNBC every day, aren't necessarily crooks.  However, on the other hand Schwed leads the reader to conclude that the prime reason they aren't crooks is that they're not smart enough to be crooks.  All in all, this is a most insightful and entertaining book.

ISBN: 0471119792
Format: Hardcover, 256pp
Pub. Date: Feb 1995
Publisher: John Wiley & Sons







"A hilarious classic that proves the more things change the more they stay the same."

Michael Bloomberg