WHERE ARE THE CUSTOMERS' YACHTS? 盯紧华尔街 下载 pdf 电子版 epub 免费 txt 2025

"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?

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"

THE VALIDITY OF FINANCIAL PREDICTIONS THE PASSIION FOR PROPHECY

WHEN THE BULL JUMPED OVER THE MOON

Ⅱ Financiers and Seers

BIG BANKING-NICE WORK IF YOU CAN GET IT SOME ASSISTANT TYCOONS

THE FRUIT ON THE BLOSSON OF THOUGHT WALL STREET SEMANTICS CHARTISTS

THE PAY THE DIFFICULTIES OF “EARNING”MONEY

AN ART WITHOUT A MUSE

A LITTLE APTITUDE TEST

Ⅲ Customers—That Hardy Breed

VARIETILS OF CUSTOMERS

HOW TO GET CUSTOMERS

MARGIN

WHAT TO DO WHEN THE DAM BURSTS

SOME CASE HISTORIES AND A DIAGNOSIS

CHURNING MONEY AS A CAREER

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

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?

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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。

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。

Your truly conservative banker cannot be stampeded in to unwary speculations by the hysteria of a boom. He reminds me a little of what I once heard one doctor say of another: "He doesn't know enough medicine to do a patient any harm. " He sits tight through '26, '27, '28. Unfortunately, he begins to come into the market in '29. He begins cautiously enough, like an old maid trying out lipstick in the privacy of her room. (Watching these young whippersnappers make fortunes for three long years does something to the sturdiest character.) But he pulls out again, and, while a nice piece of money is lost, no one is ruined. He apologized to himself for having had a human moment and resumes his thirty-year-old policy of listening attentively and saying "no".

Accounting, some say, is not a science but an art.

...accounting is not even an art, but just a state of mind.

...Bishop Berkeley propounded the classic questions: if a great tree falls in the forest, does it make any noise if no one is there is hear it fall? He decides it doesn't, which for all I know is the right answer. If the Bishop were living today, I believe he would be interested in this question: if a great corporation is toppling over, does it do anyone any financial harm if no one knows that it is toppling over?

Dictatorships always immediately ban short selling, since it is axiomatic with them that no professional pessimits are going to be tolerated. Now whatever the reader may think of totalitarian pilosophy in general, I do not think he will envy them for the condition of their security markets.

书籍介绍

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：目送飞鸿 发布时间：2022-11-29 21:59:31

  用连续抛硬币决定胜负的方式来比喻股票投机，进而后来被用作比喻基金业绩排名，出处可见本书126-127页

• 作者：不过如北 发布时间：2018-01-12 17:36:17

  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.

• 作者：coldsea 发布时间：2023-05-08 23:48:30

  风趣幽默，深入浅出地写明白了华尔街

• 作者：K2 发布时间：2008-08-28 14:14:30

  "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 (2006 Berkshire Hathaway Annual Report)

• 作者：谁家的鸡 发布时间：2022-03-20 10:38:25

  cynical but true, 笑死我了

• 作者：小呀嘛小匆匆 发布时间：2015-09-10 19:19:24

  一直有这本书，读了本图兰朵相关的书，突然还挺有兴趣。读后非常喜欢。比较适合我这种乐盲。

• 你的游艇在哪里？

  作者：林大头 发布时间：2010-05-26 16:40:08

  《客户的游艇在哪里》（Where Are the Customers' Yachts: or A Good Hard Look at Wall Street，作者施韦德）是一门有趣的前前前（前到1929年前后）华尔街交易员的关于华尔街的小册子，号称其文笔幽默（或者说尖刻）堪比马克吐温，书名来自于一个华尔街的小段子，这个段子说：

  很久以前，一个乡下来的观光客去参观纽约金融区的奇观。当他们一行人到达巴特利时，向导指着停泊在海港的豪华游艇说：“看，那就是银行家和证券经纪人的游艇。”这时，天真的观光客问道：“那客户的游艇在哪里呢？”

  语录：

  01在华尔街普遍有一种感觉，即报表分析者是一些很神秘的专业人士，却不积压为什么他们多数人都一无所有。“如果你的品味很低，竞争当面部他为什么会如此，他将非常老实地告诉你，他只不过犯了一个人们常犯的错误——没有相信自己的报表。

  02投机是一种想要把小钱变成大钱的努力，但可能不会成功。

  投资是一种想要避免大钱变成小钱的努力，应该要成功。

  03股票并不会因为他的关注而有所自觉——它一路下滑。

  04“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。”

  技术分析？财务报表？基本面？散户门，你们的游艇在哪里？

• 书中的精华

  作者：夕饮冰 发布时间：2008-11-26 14:26:35

  这本书最早版应该是1940s。作者当时已经悟出了价值投资的真谛。

  “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。”

  巴菲特就是这样做的！

  现在看苗头，被更多人认识的基金经理中，将来模仿的最好的，可能会是李驰。