The Pequod Review:
Published in 1940, Where are the Customers' Yachts? is a witty book on one of the most timeless of subjects — Wall Street and high finance. Because Fred Schwed is writing about investment processes and motives, rather than specific events, virtually all of his observations remain relevant today:
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.
Now if you do [a financial salesperson] the single honor of asking him a difficult question, you may be assured that you will get a detailed answer. Rarely will it be the most difficult of all answers – ‘I Don’t Know.’
There have always been a considerable number of pathetic people who busy themselves examining the last thousand numbers which have appeared on a roulette wheel in search of some repeating pattern. Sadly enough, they have usually found it.