Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

Click here to see some testimonials from our members!

Warren Buffett “My Favourite Books” #2 Where Are The Customer’s Yachts? Fred Schwed

By VW Staff. Originally published at ValueWalk.



One of the most amusing and penetrating views of Wall Street ever written. Enlightening and hilarious, packed with brilliantly funny anecdotes and astute observations on Wall Street and its players. Originally published 1940. 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.

Warren Buffett “My Favourite Books” #2 Where Are The Customer’s Yachts? Fred Schwed

Get The Full Warren Buffett Series in PDF

Get the entire 10-part series on Warren Buffett in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues.

We respect your email privacy

Warren Buffett

Where Are The Customer’s Yachts? Fred Schwed

“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.

Where Are The Customer’s Yachts?

Berkshire Hathaway B shares Warren Buffett
By Mark Hirschey (Work of Mark Hirschey) [CC BY-SA 2.0], via Wikimedia Commons

The post Warren Buffett “My Favourite Books” #2 Where Are The Customer’s Yachts? Fred Schwed appeared first on ValueWalk.

Sign up for ValueWalk’s free newsletter here.


Do you know someone who would benefit from this information? We can send your friend a strictly confidential, one-time email telling them about this information. Your privacy and your friend's privacy is your business... no spam! Click here and tell a friend!





You must be logged in to make a comment.
You can sign up for a membership or get a FREE Daily News membership or log in

Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

Click here to see some testimonials from our members!