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 . The title of this 1955 book 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. Where are the customers yachts by fred schwed jr is a classic book and an amusing take on investing which exposes the investment industry for what it is and offers some contrarian advice on how to invest money a few points worth noting o if you are not a skeptic you are not an investor o one cant say figures lie. Six decades ago fred schwed wrote a book called where are the customers yachts the title came from a story about a visitor in new york more than a century ago after admiring yachts wall street. Canal bonds were considered safe until railroads upended the canal industry russian government bonds were staples of european investment portfolios until the 1917 revolution wiped out their value source page 3 of where are the customers yachts