Fred Schwed's Where are the Customers' Yachts?: A modern-day interpretation of an investment classic

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Infinite Ideas, Nov 26, 2010 - Business & Economics - 128 pages
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The title of this 1955 book refers to a story about a visitor to New York who admired the yachts of the bankers and brokers. Naively, he asked where all the customers' yachts were? Of course, none of the customers could afford yachts, even though they dutifully followed the advice of their bankers and brokers. Full of wise contrarian advice and offering a true look at the world of investing, Where are the customers' yachts continues to open the eyes of investors to the reality of Wall Street. Here, Leo Gough’s interpretation of Where are the customer’s yachts illustrates the timeless nature of Fred Schwed’s insights by bringing them to life through 52 modern case studies. This brilliant interpretation is an entertaining accompaniment to one of the most famous books on investment ever written.
 

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Contents

28 Dont invest on a high
64
29 Companies dont often turn around
66
30 Ride the winners
68
31 The trouble with transaction costs
70
32 Crooks
72
33 Avoiding the big collapses
74
34 Countercyclical investment
76
35 Globalisation
78

8 Capital Markets
24
9 Probability
26
10 Who to blame?
28
11 Popular shares
30
12 Derivatives
32
13 Stock indices
34
14 The trouble with accounting
36
15 No momentum in prices
38
16 Technical analysis
40
17 Good stories
42
18 Nanny state?
44
19 Just because someone works in the stock market doesnt mean they are a good investor
46
20 Diversification
48
21 Having your cake and eating it
50
22 Exceptions are the rule
52
23 Fundamental Analysis
54
24 New Issues
56
25 Trustees Executors and Lawyers
58
26 Retirement planning
60
27 Index investing
62
36 Numeracy required
80
37 Short selling
82
38 Those crazy regulators
84
39 Collective investments
86
40 Mergers and acquisitions
88
41 Massaging the figures
90
42 Looking for bargains
92
43 Discounted cash flow
94
44 Stock market newsletters
96
45 Life plan
98
46 Hedge funds
100
47 Some important basics
102
48 Behavioural finance
104
49 Business is hard
106
50 Loss
108
51 The fat stupid peasant approach
110
52 Books on the stock market
112
Index
114
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About the author (2010)

Leo Gough (Oxford) is an experienced investment writer and dedicated private investor. He is the author of 16 books, including Going Offshore, 25 Investment Classics, The Finance Manual for Non-Financial Managers, Trading the World's Markets and Miyamoto Musashi's The Book of Five Rings (also in the Infinite Success series). He has edited a number of financial newsletters and since the late 1990s he has spent much of his time in the Asia/Pacific region, working with banks, such as Citibank, and consultancy firms, such as AT Kearney, and publishers to produce investment books and research for this dynamically expanding area.

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