Where Are the Customers’ Yachts? or a Good Hard Look at Wall Street

Where Are the Customers’ Yachts exposes the folly and hypocrisy of Wall Street in a very humorous and entertaining manner.  The title refers to a story about a visitor to New York who admired  the yachts of the bankers and brokers in New York Harbor.  Naively, he asked where are the customers’ yachts.  Of course, there were no customer yachts.  The book contains a number of other stories about Wall Street predictions, customers, mutual funds, speculators, and the wild bull market of the 1920s.  Schwed believes the best way to make money is buy after the market has crashed and sell when everyone is euphoric about the market.  While the contrarian philosophy has much merit, the real value of the book is in opening the eyes of investors to how Wall Street makes money and why the vast majority of investors lose money over time