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.
Fred Schwed's Where are the Customer's Yachts?: A modern-day interpretation of an investment classicby Leo Gough
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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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This book is NOT Where are the Customers' Yachts? by Fred Schwed. It is another book by another author that contains quotes and references to the original but is not Schwed's. I kick myself for not reading its description more carefully. I would not have bought it.
this is book that is banking on people buying it because they think they are buying "Where are the Customer's Yachts" instead of short book full of commonplace and trite advice. I feel ripped off as I bought this straight from my nook when I typed the title of the book I was looking for. If you want poor commentary buy this book otherwise stay away and save your money.