--- product_id: 3508679 title: "Where Are the Customers' Yachts?: or A Good Hard Look at Wall Street (Wiley Investment Classics)" price: "KD 7.48" currency: KWD in_stock: true reviews_count: 8 url: https://www.desertcart.com.kw/products/3508679-where-are-the-customers-yachts-or-a-good-hard-look store_origin: KW region: Kuwait --- # Where Are the Customers' Yachts?: or A Good Hard Look at Wall Street (Wiley Investment Classics) **Price:** KD 7.48 **Availability:** ✅ In Stock ## Quick Answers - **What is this?** Where Are the Customers' Yachts?: or A Good Hard Look at Wall Street (Wiley Investment Classics) - **How much does it cost?** KD 7.48 with free shipping - **Is it available?** Yes, in stock and ready to ship - **Where can I buy it?** [www.desertcart.com.kw](https://www.desertcart.com.kw/products/3508679-where-are-the-customers-yachts-or-a-good-hard-look) ## Best For - Customers looking for quality international products ## Why This Product - Free international shipping included - Worldwide delivery with tracking - 15-day hassle-free returns ## Description Where Are the Customers' Yachts?: or A Good Hard Look at Wall Street (Wiley Investment Classics) [Schwed Jr., Fred, Arno, Peter, Zweig, Jason] on desertcart.com. *FREE* shipping on qualifying offers. Where Are the Customers' Yachts?: or A Good Hard Look at Wall Street (Wiley Investment Classics) Review: A Splash of Cold Reality - 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 money on Wall Street? Investment bankers and brokers--from their exorbitant fees. They are the fat cats with the yachts parked out on Long Island, not the clients. Schwed aims his harshest criticism at investment counselors. "(They) allocate the funds between themselves and their clients in the ancient classic manner, i.e., at the close of the day's business they take all the money and throw it up in the air. Everything that sticks to the ceiling belongs to the clients." The authors makes a fine distinction between Wall Street speculators and investors. Speculators are the quick-buck artists hoping to make a killing; they don't. Investors are patient and looking for some place to put their money for the long term; they are the ones who actually make money. Put another way: "Speculation is an effort, probably unsuccessful, to turn a little money into a lot. Investment is an effort, which should be successful, to prevent a lot of money from becoming a little." Schwed's book is funny, wise, a splash of cold reality. While filled with irony, it's not cynical. The author, who reportedly lost a bundle on Wall Street, remains a believer. "I have a sneaking fondness for that wretched old hag, the capitalistic system . . . we had better preserve our financial machinery even with much of the nonsense still adhering to it . . . The only successful method so far devised for getting millions out of the public, for enterprise both good and bad, is some system similar to the devious mechanism of Wall Street." Bottom line: no one on Wall Street has the answers. It's a guessing game. Be smart: invest for the long term, and maintain a healthy dose of skepticism. Review: Still True After All These Years - This is an awesome book. It is funny and it feel contemporary. Schwed has an amazing way with words and a deep insight on the market. The only thing that feels off is that there are some references that were contemporary with the writing of the book that feel a little off. FOr example, there is a reference to Hitler that makes it seem that the crimes of Nazism had not been fully brought to life. Other than that it is funny and easy to read. THe customers still don't have any yachts, but we can't blame Schwed -- he admits that knowing the problem is not the same as knowing the answers. ## Technical Specifications | Specification | Value | |---------------|-------| | Best Sellers Rank | #71,613 in Books ( See Top 100 in Books ) #54 in Business & Professional Humor #134 in Stock Market Investing (Books) #244 in Finance (Books) | | Customer Reviews | 4.5 out of 5 stars 586 Reviews | ## Images ![Where Are the Customers' Yachts?: or A Good Hard Look at Wall Street (Wiley Investment Classics) - Image 1](https://m.media-amazon.com/images/I/71l+bH5iujL.jpg) ## Customer Reviews ### ⭐⭐⭐⭐⭐ A Splash of Cold Reality *by R***O on January 28, 2015* 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 money on Wall Street? Investment bankers and brokers--from their exorbitant fees. They are the fat cats with the yachts parked out on Long Island, not the clients. Schwed aims his harshest criticism at investment counselors. "(They) allocate the funds between themselves and their clients in the ancient classic manner, i.e., at the close of the day's business they take all the money and throw it up in the air. Everything that sticks to the ceiling belongs to the clients." The authors makes a fine distinction between Wall Street speculators and investors. Speculators are the quick-buck artists hoping to make a killing; they don't. Investors are patient and looking for some place to put their money for the long term; they are the ones who actually make money. Put another way: "Speculation is an effort, probably unsuccessful, to turn a little money into a lot. Investment is an effort, which should be successful, to prevent a lot of money from becoming a little." Schwed's book is funny, wise, a splash of cold reality. While filled with irony, it's not cynical. The author, who reportedly lost a bundle on Wall Street, remains a believer. "I have a sneaking fondness for that wretched old hag, the capitalistic system . . . we had better preserve our financial machinery even with much of the nonsense still adhering to it . . . The only successful method so far devised for getting millions out of the public, for enterprise both good and bad, is some system similar to the devious mechanism of Wall Street." Bottom line: no one on Wall Street has the answers. It's a guessing game. Be smart: invest for the long term, and maintain a healthy dose of skepticism. ### ⭐⭐⭐⭐⭐ Still True After All These Years *by J***R on September 16, 2014* This is an awesome book. It is funny and it feel contemporary. Schwed has an amazing way with words and a deep insight on the market. The only thing that feels off is that there are some references that were contemporary with the writing of the book that feel a little off. FOr example, there is a reference to Hitler that makes it seem that the crimes of Nazism had not been fully brought to life. Other than that it is funny and easy to read. THe customers still don't have any yachts, but we can't blame Schwed -- he admits that knowing the problem is not the same as knowing the answers. ### ⭐⭐⭐⭐ This classic has a lot of nuggets *by J***C on June 20, 2009* Here are the highlights that I found: - The title of the book was more popular than the book itself because it was sold at a time when the market was down. This edition was left pretty much like the first edition because he wanted it to reflect what he was thinking at the time. - The author, being a financial writer who treats his subject lightly, sold his stock too frequently. He would have been better off to keep his positions. (My research: this meant a 9.0% annual return from 1940 (1st edition) to 1955 (2nd edition).) - Financial statistics can be deceiving because they can give a lopsided view. It is human vanity to think the market can be predicted in two+ years. Look at how many on Wall Street were fooled by the crash. Wall Streeters tend to be romantics and dreamers. - Bankers do the opposite of what is needed - they lend money in prosperous times and retain money in bad times. The economy needs the opposite - curtail spending in good times and encourage it in bad times. - Customers buy when stocks are high and sell then they are low. Chart reading doesn't work. (I think it does in identifying trends, but of course there is no guarantee the trend will continue.) - Finances in Wall Street are hard to discover. - Customers tend to misuse margin. They also do not like to have a lot of cash in their account. They will tend to churn their account to keep from being bored. - History shows investment trusts aren't very good. There is strong temptation for them to be dishonest because of the great sums of money they manage. Clients demand a high return which causes the managers to take risks. - It doesn't work to buy popular securities because they are probably overpriced. - The public vilifies short sellers during and after a panic. Short's impact on the market is minimal because their numbers are so small. - Three kinds of options: puts, calls, and straddles. Limited liability - options act like "term" insurance. A straddle is a put and a call bought together - stock must move sharply. Option costs are high. - The speculator doesn't think of a company as a business, but rather as a stock ticker. - Tape reading does not tell you what the buyers and sellers were thinking. It is simple probability that some speculators will be successful. - A man's true wealth is his income, not bank balance. - Customers who have lost money tend to think they have been robbed rather than take responsibility for their actions. Bad luck plus bad brains. The book was very readable. ## Frequently Bought Together - Where Are the Customers' Yachts? or A Good Hard Look at Wall Street: 32 (Wiley Investment Classics) - Intelligent Investor: The Definitive Book on Value Investing - A Book of Practical Counsel --- ## Why Shop on Desertcart? - 🛒 **Trusted by 1.3+ Million Shoppers** — Serving international shoppers since 2016 - 🌍 **Shop Globally** — Access 737+ million products across 21 categories - 💰 **No Hidden Fees** — All customs, duties, and taxes included in the price - 🔄 **15-Day Free Returns** — Hassle-free returns (30 days for PRO members) - 🔒 **Secure Payments** — Trusted payment options with buyer protection - ⭐ **TrustPilot Rated 4.5/5** — Based on 8,000+ happy customer reviews **Shop now:** [https://www.desertcart.com.kw/products/3508679-where-are-the-customers-yachts-or-a-good-hard-look](https://www.desertcart.com.kw/products/3508679-where-are-the-customers-yachts-or-a-good-hard-look) --- *Product available on Desertcart Kuwait* *Store origin: KW* *Last updated: 2026-05-15*