First Edition of Fred Schwed's Classic Where Are the Customers' Yachts; In the Rare Original Dust Jacket
Where Are the Customers’ Yachts: or A Good Hard Look at Wall Street.
Schwed, Jr., Fred; Illustrated by Peter Arno.
Item Number: 49887
New York: Simon and Schuster, 1940.
First edition of “one of the funniest books ever written about Wall Street” (The Washington Post). Octavo, original cloth, illustrated by Peter Arno. Bookplate to the pastedown, near fine in a good dust jacket with some wear and tear. First editions in the original dust jackets are rare.
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. "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" (Michael Lewis).