Where Are the Customers' Yachts? or a Good Hard Look at Wall Street：or A Good Hard Look at Wall Street

"OnceIpickeditupIdidnotputitdownuntilIfinished....WhatSchwedhasdoneiscapturefully-indeceptivelycleanlanguage-thelunacyattheheartoftheinvestmentbusiness."--FromtheForewordbyMichaelLewis,BestsellingauthorofLiar'sPoker"...oneofthefunniestbookseverwrittenaboutWallStreet."--JaneBryantQuinn,TheWashingtonPost"Howgreattohaveareissueofahilariousclassicthatprovesthemorethingschangethemoretheystaythesame.Onlythenameshavebeenchangedtoprotecttheinnocent."--MichaelBloomberg"It'samazinghowwellSchwed'sbookisholdingupafterfifty-fiveyears.Abouttheonlythingthat'schangedonWallStreetisthatcomputershavereplacedpencilsandgraphpaper.Otherwise,thebasicsarethesame.Theinvestor'sneedtobelievesomebodyismatchedbythefinancialadvisor'sneedtomakeaniceliving.Ifoneofthemhastobedisappointed,it'sboundtobetheformer."--JohnRothchild,Author,AFoolandHisMoney,FinancialColumnist,TimemagazineHumorousandentertaining,thisbookexposesthefollyandhypocrisyofWallStreet.ThetitlereferstoastoryaboutavisitortoNewYorkwhoadmiredtheyachtsofthebankersandbrokers.Naively,heaskedwhereallthecustomers'yachtswere?Ofcourse,noneofthecustomerscouldaffordyachts,eventhoughtheydutifullyfollowedtheadviceoftheirbankersandbrokers.Fullofwisecontrarianadviceandofferingatruelookattheworldofinvesting,inwhichbrokersgetrichwhiletheircustomersgobroke,thisbookcontinuestoopentheeyesofinvestorstotherealityofWallStreet.