Where Are The Customers Yachts Pdf

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Where Are The Customers Yachts Pdf: A Classic Book on Wall Street Humor

If you are looking for a witty and insightful book on the follies and hypocrisies of Wall Street, you might want to check out Where Are The Customers Yachts Pdf, a classic book by Fred Schwed Jr. that was first published in 1940.

The title of the book comes from 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.

The book is full of wise contrarian advice and offers a true look at the world of investing, in which brokers get rich while their customers go broke. The book exposes the myths and illusions of Wall Street, such as the efficient market hypothesis, the random walk theory, the technical analysis, and the mutual fund industry.

The book is also very humorous and entertaining, with illustrations by Peter Arno and an introduction by Jason Zweig. The book contains many anecdotes and examples that show the absurdity and irrationality of Wall Street. For example, Schwed mocks the stock market forecasts by saying: "If you are considering buying or selling a stock because some scribe in a financial periodical has had a vision, why not be fair about it? Toss a coin."

The book is considered to be one of the funniest books ever written about Wall Street. It has been praised by many famous investors and authors, such as Michael Lewis, Michael Bloomberg, John Rothchild, and Jane Bryant Quinn. The book is still relevant today, as it shows that the more things change on Wall Street, the more they stay the same.

If you want to read this book, you can find it online as a pdf file. You can also buy it as a paperback or an ebook from various online platforms. However you choose to read it, you will surely enjoy this timeless masterpiece that reveals the truth about Wall Street.

In this article, we will review some of the main themes and lessons from Where Are The Customers Yachts Pdf. We will also discuss how the book can help you become a better investor and avoid the common pitfalls of Wall Street.

The Myth of Expertise

One of the main themes of the book is the myth of expertise on Wall Street. Schwed shows that most of the so-called experts, such as analysts, economists, fund managers, and advisors, are not really experts at all. They are often biased, ignorant, incompetent, or dishonest. They do not have any special knowledge or skill that can help them predict the future or beat the market. They are mostly interested in selling their services and products to the gullible public.

Schwed advises investors to be skeptical and independent when dealing with Wall Street experts. He warns that they should not trust anyone who claims to have a secret formula, a sure-fire system, or a crystal ball. He also suggests that investors should do their own research and analysis, and rely on their own judgment and common sense. He says: "The most important thing for an investor is to have some idea of what he is doing."

The Futility of Forecasting

Another theme of the book is the futility of forecasting on Wall Street. Schwed shows that most of the forecasts and predictions made by Wall Street experts are worthless and inaccurate. They are often based on faulty assumptions, incomplete data, or wishful thinking. They are also influenced by emotions, biases, and herd mentality. They are constantly revised and contradicted by new events and information.

Schwed advises investors to ignore the forecasts and predictions made by Wall Street experts. He argues that they are not only useless but also harmful. They can mislead investors into making wrong decisions, chasing fads, or missing opportunities. He also suggests that investors should focus on the present and the past, rather than the future. He says: "The future is never clear; you pay a very high price in the stock market for a cheery consensus."

The Importance of Humor

A final theme of the book is the importance of humor on Wall Street. Schwed shows that humor is a powerful weapon against the follies and hypocrisies of Wall Street. Humor can expose the absurdity and irrationality of Wall Street. Humor can also relieve the stress and anxiety of investing. Humor can also help investors maintain a healthy perspective and attitude towards money and life.

Schwed advises investors to cultivate a sense of humor when dealing with Wall Street. He argues that humor can help investors cope with the uncertainties and risks of investing. He also suggests that investors should not take themselves or Wall Street too seriously. He says: "There are certain things that cannot be adequately explained to a virgin either by words or pictures."

Conclusion

Where Are The Customers Yachts Pdf is a classic book on Wall Street humor that reveals the truth about Wall Street. The book exposes the myths and illusions of Wall Street, such as the expertise, forecasting, and efficiency of Wall Street experts. The book also offers wise contrarian advice and insights for investors who want to avoid the common pitfalls of Wall Street. The book is also very humorous and entertaining, with illustrations by Peter Arno and an introduction by Jason Zweig.