Where Are the Customers’ Yachts? by Fred Schwed
Warren Buffett has said Where Are the Customers’ Yachts? by Fred Schwed is “the funniest book ever written about investing.”
The title comes from a question proposed by a visitor to New York in 1940.
Upon seeing all the yachts owned by the bankers and brokers, he naively asked where the customer’s yachts were.
The implication being that even though the customers would follow the advice recommended by the financial experts, the customers still could not afford yachts themselves.
It is a tale of Wall Street’s absurdity and hypocrisy.