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

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Infinite Ideas, Jan 17, 2011 - Business & Economics - 128 pages
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According to an old joke, a visitor to New York who was admiring the yachts of the bankers and brokers naively 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. The customers had not got rich from the stock market. Although Fred Schwed had a deep understanding of and few illusions about the world of investment Where are the Customers’ Yachts? is very far from cynical. Schwed’s insight into the psychology of investment professionals and their customers is as relevant today as it was in 1940. He did not say that investment is pointless, or that private investors never make any money. Rather, he cast doubt on the ability of the financial services industry to provide any really valuable advice to its customers. Leo Gough’s interpretation of Where are the Customers’ Yachts? brings Schwed’s insights to life with modern examples. Readers will discover: • How to spend their income, not their capital; • That just because someone works in the stock market doesn’t mean they are a good investor; • Why exceptions are the rule; • How to ride the winner and avoid the collapses; • The secret of the ‘fat, stupid peasant’ approach. Gough explains why investment is ultimately about psychology rather than numbers. This lucid, concise and jargon-free book shows you how you can adopt Schwed’s original techniques and become a real investment ace. This interpretation of Fred Schwed’s Where are the Customers’ Yachts? illustrates the timeless nature of Schwed’s insights by placing them in a twenty-first century context and is an inspiring reworking of one of the most influential investment books 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 (2011)

Leo Gough is an experienced investment writer, a financial journalist and a dedicated private investor. He is the author of several books, including The Financial Times Guide to Business Numeracy, How the Stock Market Really Works, Going Offshore and Asia Meltdown. He is also the UK editor of Taipan, a newsletter on direct equity investment in emerging markets.

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