“Fred Schwed Jr. was a professional trader who quit Wall Street after losing a lot of his money in the crash of 1929. In 1940, he wrote the investment classic ‘Where Are The Customers’ Yachts – A Good Hard Look At Wall Street’. The joke behind the title has been retold many different ways over the years, but in Schwed’s version, a successful Wall Street broker is admiring many beautiful yachts while on vacation in Newport, RI. Each yacht he inquires about happens to belong to a Wall Street broker, banker or trader.
He asks, “WHERE ARE THE CUSTOMERS’ YACHTS?” Nearly 75 years have passed since this story first published, but it could have been written yesterday!”