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.
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.