Where is the customer's yacht?

Author: Fred Schwed
Publisher:
Publication Date: 1999-12-01
Features: This book's vivid portrayal of Wall Street and its citizens remains as accurate today as it was when it was first published in 1940. Schwed masterfully combines the satirical and amiable genius of Mark Twain and H.L. Mencken, bringing to life bankers, brokers, traders, investors, analysts, and, including himself. The author, Fred Schwed, was a professional trader who suffered heavy losses during the 1929 crash but managed to overcome his with his business acumen. This book's portrayal of Wall Street and its citizens remains as accurate today as it was when it was first published in 1940. Schwed masterfully combines the satirical and amiable genius of Mark Twain and H.L. Mencken, bringing to life bankers, brokers, traders, investors, analysts, and, including himself. Listen to his evaluation of the conservative banker: The conservative banker was an unforgettable eccentric. During tough times, everyone needed money, yet he went to great lengths to avoid lending, often treating the U.S. government as an exception. Similarly, during prosperous times, he became an extremely lenient lender, to the point that years later, when an antagonistic investigative committee asked about his thoughts at the time, he couldn't even remember. Or listen to his teasing of the technical analyst: On Wall Street, there was a general feeling that financial statement analysts were some mysterious professionals, yet no one could explain why most of them owned only one dollar. "If your taste is low, competition will face him and honestly tell you that he just made a mistake that people often make—believing his own statements." It's not hard to understand why, more than half a century after its debut, "Where Is the Client's Yacht?" is still praised by market insiders as the most interesting and profound satirical work about Wall Street.