Fred Schwed's Where are the Customer's Yachts?

Fred Schwed's Where are the Customer's Yachts? : A modern-day interpretation of an investment classic

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Description

According to an old joke, a visitor to New York who was admiring the yachts of the bankers and brokers naively 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. The customers had not got rich from the stock market.
Although Fred Schwed had a deep understanding of and few illusions about the world of investment Where are the Customers' Yachts? is very far from cynical. Schwed's insight into the psychology of investment professionals and their customers is as relevant today as it was in 1940. He did not say that investment is pointless, or that private investors never make any money. Rather, he cast doubt on the ability of the financial services industry to provide
any really valuable advice to its customers.
Leo Gough's interpretation of Where are the Customers' Yachts? brings Schwed's insights to life with modern examples. Readers will discover:
* How to spend their income, not their capital;
* That just because someone works in the stock market doesn't mean they are a good investor;
* Why exceptions are the rule;
* How to ride the winner and avoid the collapses;
* The secret of the `fat, stupid peasant' approach.
Gough explains why investment is ultimately about psychology rather than numbers. This lucid, concise and jargon-free book shows you how you can adopt Schwed's original techniques and become a real investment ace. This interpretation of Fred Schwed's Where are the Customers' Yachts? illustrates the timeless nature of Schwed's insights by placing them in a twenty-first century context and is an inspiring reworking of one of the most influential investment books ever written.
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Product details

  • Paperback | 128 pages
  • 129 x 198 x 10mm | 150g
  • Durrington, United Kingdom
  • English
  • 190682133X
  • 9781906821333
  • 33,049

Table of contents

Introduction
1. Increasing your savings income - the wrong way
2. Speculation
3. Share prices don't always go up
4. The future of investment
5. Booms go `boom'!
6. Professional stock-picking
7. Spend your income, not your capital
8. Capital markets
9. Probability
10. Who to blame?
11. Popular shares
12. Derivatives
13. Stock indices
14. The trouble with accounting
15. No momentum in prices
16. Technical analysis
17. Good stories
18. Nanny state?
19. Just because someone works in the stock market doesn't mean they are a good investor
20. Diversification
21. Having your cake and eating it
22. Exceptions are the rule
23. Fundamental analysis
24. New issues
25. Trustees, executors and lawyers
26. Retirement planning
27. Index investing
28. Don't invest on a high
29. Companies don't often turn around
30. Ride the winners
31. The trouble with transaction costs
32. Crooks
33. Avoiding the big collapses
34. Counter-cyclical investment
35. Globalisation
36. Numeracy required
37. Short selling
38. Those crazy regulators
39. Collective investments
40. Mergers and acquisitions
41. Massaging the figures
42. Looking for bargains
43. Discounted cash flow
44. Stock market newsletters
45. Life plan
46. Hedge funds
47. Some important basics
48. Behavioural finance
49. Business is hard
50. Loss
51. The `fat, stupid peasant' approach
52. Books on the stock market
Index
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About Leo Gough

Leo Gough is an experienced investment writer, a financial journalist and a dedicated private investor. He is the author of several books, including The Financial Times Guide to Business Numeracy, How the Stock Market Really Works, Going Offshore and Asia Meltdown. He is also the UK editor of Taipan, a newsletter on direct equity investment in emerging markets.
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Rating details

80 ratings
3.46 out of 5 stars
5 21% (17)
4 29% (23)
3 30% (24)
2 15% (12)
1 5% (4)
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