Where Are the Customers' Yachts? or a Good Hard Look at Wall Street

书名:Where Are the Customers' Yachts? or a Good Hard Look at Wall StreetorAGoodHardLookatWallStreet
作者:FredSchwedJr.
译者:
ISBN:9780471770893
出版社:Wiley
出版时间:2005-12-22
格式:epub/mobi/azw3/pdf
页数:208
豆瓣评分: 8.3

书籍简介:

在线阅读本书 "Once I picked it up I did not put it down until I finished. . . . What Schwed has done is capture fully-in deceptively clean language-the lunacy at the heart of the investment business." — From the Foreword by Michael Lewis, Bestselling author of Liar's Poker ". . . one of the funniest books ever written about Wall Street." — Jane Bryant Quinn, The Washington Post "How great to have a reissue of a hilarious classic that proves the more things change the more they stay the same. Only the names have been changed to protect the innocent." — Michael Bloomberg "It's amazing how well Schwed's book is holding up after fifty-five years. About the only thing that's changed on Wall Street is that computers have replaced pencils and graph paper. Otherwise, the basics are the same. The investor's need to believe somebody is matched by the financial advisor's need to make a nice living. If one of them has to be disappointed, it's bound to be the former." — John Rothchild, Author, A Fool and His Money , Financial Columnist, Time magazine Humorous and entertaining, this book exposes the folly and hypocrisy of Wall Street. The title refers to a story about a visitor to New York who admired the yachts of the bankers and brokers. Naively, he 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. Full of wise contrarian advice and offering a true look at the world of investing, in which brokers get rich while their customers go broke, this book continues to open the eyes of investors to the reality of Wall Street.

作者简介:

Fred Schwed Jr. was a professional trader who got out of the market after losing a bundle in the 1929 stock market crash. Years later, he published a bestselling children's book entitled Wacky, the Small Boy, and then went on to write Where Are the Customers' Yachts?

书友短评:

@ K2 "This book was first published in 1940 and is now in its 4th edition. The funniest book ever written about investing, it lightly delivers many truly important messages on the subject." – Warren Buffett ( An insightful and witty satire of professional investing and Wall Street itself, just as was stated in the recommendation, a book "that will provoke you, teach you, and crack you up all at once". The argument that Wall Street is something of a playground for self-righteous foolish egos trying to predict the unpredictable may apply to any market. @ 谁家的鸡 There are certain things that cannot be adequately explained to a virgin either by words or pictures. Nor can any description that I might offer here even approximate what it feels like to lose a real chunk of money that you used to own. @ John Plus ça change, plus c'est la même.The burnt customer certainly prefers to believe that he has been robbed rather than that he has been a fool on the advice of fools.第一版是1940年的,我看的是1967年精装的 Space age edition,和1940年的内容一样。以马克吐温的方式调侃华尔街,独到、锋利。

书籍目录

Introduction by Jason Zweig.
Foreword to the 1995 Edition by Michael Lewis.
Introduction to the 1955 Bull Market Edition.
I. Introduction—"The Modest Cough of a Minor Poet".
II.. Financiers and Seers.
III.. Customers—That Hardy Breed.
IV. Iinvestment Trusts—Promises and Performance.
V. The Short Seller—He of the Black Heart.
VI. Puts, Calls, Straddles, and Gabble.
VII. The "Good" Old Days and the "Great" Captains.
VIII. Investment—Many Questions and a Few Answers.
IX. Reform—Some Yeas and Nays.
About the Author.
· · · · · ·

  • 当每个人在股票市场繁荣期间争相购买普通股票时,你拿出所有的普通股票并卖掉它们,把所得收益用于购买保守的债券。当然你卖出的股票还会继续上涨。不用管它–只管等待迟早会到来的萧条。当萧条或恐慌成为一种全国性的灾难时,你把债券全部卖掉,可能会有损失,并把股票再买回来。当然,股票肯定还会下跌。同样不用理睬。等待下一次繁荣。在你有生之年不断重复这种行为,那么你在临死之前就能体会到有钱的乐趣。     回顾一下金融历史,你会发现没有哪一代人没从这条建议中受益。但是,令我悲哀的是,我从未认识过这样的人。它看起来似乎像滚动圆木一样容易,但事实并非如此。当然,主要的困难是心理方面的,它要求当债券不是很受欢迎的时候购买债券,而在股票普遍失宠的时候购买股票。
    —— 引自章节:别人贪婪时我恐惧,别人恐惧时我贪婪
  • 房地产是个巨大的投资媒介,但是从来没有发生过卖空行为,因为不可能现在借到房产到未来还清。那么房地产的稳定性怎么样呢?它经常上涨,当这个运动结束后,就下跌。实际更形象的说法是,房地产繁荣之后的价格更不不是下降,而是蒸发掉了。
    —— 引自第139页
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