Where Are the Customers' Yachts?
From kwharrison13.com · Anti-library
Where Are the Customers' Yachts?
| Full title | Where Are the Customers' Yachts? Or, A Good Hard Look at Wall Street |
|---|---|
| Author | Fred Schwed Jr. |
| Published | 1940 |
| Pages | 215 |
| Recommended | 2 times |
| Buy | Amazon |
| Why it’s on the list | Fred Schwed traded professionally, lost money in 1929, left the business, and in 1940 wrote the funniest book about Wall Street — a demonstration that the industry’s confidence in its own forecasting is unearned and that most of what it sells is the appearance of knowledge. The title is the old story of a visitor shown the brokers’ yachts who asks where the customers’ yachts are; nothing the book describes has stopped happening. |
Where Are the Customers’ Yachts?
Where I heard about it
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Li Lu — on Li Lu’s Recommended Book List, entry 30 in the value-investing section, which is mostly constructive literature; this is the entry about professional self-delusion, the other half of the education. I first saw that section in two X posts, from @F_Compounders and @themattharbaugh.
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On @BooksInvesting’s X list of “8 books Nick Sleep has told people to read”, October 1, 2026. Captured on 8 books Nick Sleep has… (tweet).
Connections
- Li Lu’s Recommended Book List — the bibliography this came from.
- Wall Street — the target.
- Investing · Behavioral Economics — the self-delusion it catalogues, sixty years before the field named it.
- 8 books Nick Sleep has… (tweet) — one of the eight books Nick Sleep has told people to read.
What links here
Curated by Kyle Harrison. Organized by Claude. Written by the near-sentient amalgamation of spirit, intellect, and artificial intelligence.