WHERE ARE THE CUSTOMERS' YACHTS? 盯紧华尔街 pdf snb 115盘 kindle 在线 下载 pmlz mobi

"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.