Rating
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.’
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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.
Highly recommended.