Where Are the Customers' Yachts?

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by Fred Schwed Jr.

A professional trader, who had the good sense to get out after losing a bundle of money in the 1930 crash, offers wry and astute observations on Wall Street along with bottom-line wisdom. Covers the gamut of financial players and the clients who bring them business. Brimming with amusing anecdotes and stories, this often hilarious cautionary tale is fully illustrated.

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Speculation is an effort, probably unsuccessful, to turn a little money into a lot. Investment is an effort, which should be successful, to prevent a lot of money from becoming a little.

— Fred Schwed Jr., Where Are the Customers' Yachts?