Where Are the Customers' Yachts? Or a Good Hard Look at Wall Street

I loved this timeless classic. This book gets down to the essence of how to safely navigate Wall Street, where everyone wants a slice of your financial pie. It’s a quick and hilarious read that challenges the conventional investment wisdom that Wall Street tries to get you to believe.

You’ll become a more savvy and skeptical investor and avoid costly mistakes in your financial life. I gave a copy of this book to all my three children, and they loved it too!

Although this book was written over 80 years ago it remains the most humorous and educational book ever written about securities investing. While its focus is on the 1920s, it is dead on point today. Only the names have changed. I’ve read this book a number of times. On each occasion, I laugh a lot and learn a lot.

This book is over 60 years old but so relevant today! The headline involves a brokerage firm customer looking at all the yachts owned by stockbrokers, hence the question in the title. A well-known writer friend of mine put it another way: “The broker made money, his investment firm made money, and two out of three ain’t bad.” I love this book that zeroes in on the conflict brokers have between their own interests and the interests of their clients.

Many financial advisers and brokers own yachts while most of their clients struggle to afford clunker cars. This book tells us why. Its exposures are just as valid today, and the writing just as hilarious to read.