Monthly Archives: April 2015

Where Are The Customers’ Yachts? Book Review

Where Are The Customers' Yachts Book ReviewWhere Are the Customers’ Yachts?, by Fred Schwed Jr. provides “A Good Hard Look at Wall Street.”

Where Are The Customers’ Yachts? was first published in 1940, and has been re-published three times since. And by the way, if you aren’t impress by the 75-year track record, you might find this interesting:

On the bottom of page 6 of the 2014 Berkshire Hathaway Annual Report, Warren Buffett calls Where Are The Customers’ Yachts?, a “wonderful book.” And in this book review, I’ll tell you why.

But that’s not all…

When you’re done reading this post, you’ll also know what “Where Are The Customers’ Yachts?” is all about. And I’ll be sure to share my favourite parts, where the name of the book comes from and everything else you need to know in order to decide if Where Are The Customers’ Yachts? is the right book for you. Now let’s get into it…

Where Are The Customers’ Yachts? – The Title Explained:

Where Are the Customers’ Yachts? is an unusual title. And before we get into what the book is all about, it’s important you understand these first five words. In this book more than most, the title really sets the stage for the book. So here’s what it’s all about:

Where Are The Customers Yacths Book Summary

The title of Where Are The Customers Yacths explains it all…

Make sense? The idea behind the title is that, if everyone on Wall Street is so rich, why aren’t their customers rich too? You should always be skeptical of someone who’s making money when their customers don’t seem to be going anywhere. Now that the title is out of the way, let me tell you what this book is all about…

Where Are The Customers’ Yachts? Is a Skeptics’ Guide to Wall Street:

Where Are The Customers’ Yachts? is a fantastic book. And it’s even written by an ex-Wall Streeter. But this broker-turned-author isn’t exactly an ode to high finance. In fact…

Where Are The Customers’ Yachts? is a skeptical look at the investment industry, and the implications for the everyday individual. It raises critical questions and identifies myriad causes for concern. The book covers everything from financial forecasting, to mutual funds, to short selling and much much more. The author highlights all-too-common missteps and expensive mistakes that are lurking just around the corner.

But that’s not even my favourite part…

The Best Part of Where Are The Customers’ Yachts?:

To be honest, even though Where Are the Customers’ Yachts? is a great finance book for traders and investors, the best part of the book wasn’t even about investing. Instead…

The best part of Where Are The Customers’ Yachts? is the humour! Seriously: this book is hilarious! Once I started reading it, I couldn’t put it down. Once I heard what the author had to say about fat cat investment bankers, I was dying to hear what he had to say about options, finance reform and retail investors.

The book reads incredibly well. It’s pretty short and the font is big. But the author’s words really make the pages wiz by. There are also some smile-worthy cartoons included in Where Are The Customers’ Yachts? that really hit home the key points. And let me just say…

The hilarity of this book really adds to it’s value as a finance book. The truth is, because the content is so engaging and entertaining, it really helps you remember it. So I’m not just saying you should buy this book if you’re looking for a laugh – just that it’s another added bonus and probably another reason this book has been so popular for so long.

At this point, I usually find something critical to say about the book I’m reviewing. But in this case, there really isn’t much to criticize. The book isn’t a financial analysis text book, that’s for sure. On the other hand, it’s a memorable and concise account of what you need to be aware of when you’re thinking about what to do with your savings.

So with that in mind, let’s wrap this up…

Where Are The Customers’ Yachts? – The Final Word:

Where Are The Customers’ Yachts? is an amazing book that has been published again and again as the years go by. Although the cover might get updated, and a new introduction or preface is added, the original timeless wisdom remains the same. And you don’t want to miss it. For those reasons, I definitely recommend you buy Where Are the Customers’ Yachts? on Amazon.

But no pressure. If you’re still a little unconvinced, check out the video book review below for even more information. Sound good?

Where Are The Customers’ Yachts? – Video Book Review:

100 to 1 In The Stock Market Book Review

100 to 1 in the Stock Market Book Review

Is 100 to 1 in the Stock Market Book Review the right book for you?

In the book, 100 to 1 in the Stock Market Book Review, by Thomas W. Phelps,” A Distinguished Security Analyst Tells How to Make More Of Your Investment Opportunity.”

So is 100 to 1 In The Stock Market the right investing book for you? Well, you’ll have to read this book review to see for yourself. But I can tell you, I certainly enjoyed it. And for your context…

100 to 1 In The Stock Market was originally published in 1972. It then went out of print, and used copies were selling on Amazon for upwards of $600. Apparently, the publisher took pity on us poor value investors and released a second edition of the book in 2014. This is the version I was able to pick up for a reasonable price and what I’ll review for you here today.

And by the way…

If you’re wondering how this book came on my radar, I read about it on, and was compelled enough to order it for myself. Now let me tell you why I stand by my decision to buy 100 to 1 In The Stock Market…

Why 100 to 1 In The Stock Market is Worth Reading:

100 to 1 in the Stock Market Book Review is a book about long term buy and hold investing. It’s about finding great companies, and holding them for the long term. In fact, this book actually reeks of Buffettology. But it was written almost 40 years earlier! At some points I couldn’t believe it.

The book looks back over the decades before 1970. 100 to 1 In The Stock Market identifies companies that went up 100 times in value (e.g. from 1, to 100). And then the author tries to identify trends and similarities to help you find companies in today’s market that are poised for growth and greatness (a la Phil Fisher).

100 to 1 in the Stock Market talks about everything from economic moats, to company valuation  and even to relative strength. It blends technical analysis, fundamental analysis and common sense in a way that’s almost intuitive. You see…

While the author of 100 to 1 In The Stock Market is a talented investor in his own right, he’s an even better teacher. Let me tell you a little more about that…

My Favourite Part of 100 to 1 In The Stock Market:

100 to 1 in the Stock Market Book Review is a wonderful book for a number of reasons. But the first thing that struck me was the conversational tone of the book. I just love the writing in this book. It’s really easy to read, and doesn’t assume too much investing knowledge. This makes it incredibly easy to understand and engaging to read. But it gets better.

I also really like the way the book is filled with personal anecdotes that make the investing lessons that much easier to remember. And since the book was first written over 40 years ago, the language is a little different. There are tons of quaint expressions and idioms that are sure to make you smile. Now…

I know you might not read finance books for humour. But a lot of investing books are bone dry, so it’s nice to see an author who doesn’t take himself too seriously. And I genuinely believe this helps you internalize the nuggets of wisdom that adorn this book’s 256 pages.

Where 100 to 1 In The Stock Market Comes Up Short:

I think critics of 100 to 1 In The Stock Market have a fair argument. The reason is, anybody can look backwards and find patterns or make assertions. And it’s easy to see why you should be skeptical of this regression analysis.

But in defence of 100 to 1 In The Stock Market, the author does is the first to admit that he isn’t the perfect stock picker. He’s mainly stating that IF you can find these companies and stick with them, you can make more money than you’ll know what to do with. And sure…

100 to 1 In The Stock Market provides some guidance of where to find these 100X investments, it’s by no means definitive. In fact, the author actually recommends anybody who needs help learning to analyze stocks,  get very familiar with Graham and Dodd’s Security Analysis. Can you think of better advice?

Now, I think I’ve given you a balanced view of 100 to 1 In The Stock Market, so let’s finish this book review up, shall we?

100 to 1 In The Stock Market – The Final Word:

100 to 1 In The Stock Market is a classic investing book that is back by popular demand. I’m not even joking! It’s a great gift for any buy and hold investor who’s interested in affirming and improving their investment approach and convictions. If that sounds like you, I recommend you buy 100 to 1 in the Stock Market Book Review on

If you’re still on the fence about 100 to 1 In The Stock Market, check out the video book review below. You’ll see my up close and personal reaction to this reputable read.

100 to 1 In The Stock Market – Video Book Review:

(Another) Conversation with Mohnish Pabrai and Guy Spier

Long-time readers of know, I’m a big fan of both Mohnish Pabrai and Guy Spier. So I can’t help but share (another) Google Talks video that sits down with the two value investors to talk about business, investing and life:

A Conversation With Mohnish Pabrai and Guy Spier at Google:

The above video is a great resource for anyone looking to learn from these value investing legends. And if you liked this value investing video, check out my earlier Google Investing Talks.

You can also check out book reviews of The Dhandho Investor, by Mohnish Pabrai and The Education of a Value Investor by Guy Spier. They’re both great value investing books.

Happy learning!

Howard Marks Google Talks:

As discussed in our review of The Most Important Thing, Howard Marks is a value-investing voice that’s always worth listening to. So when I saw this Google Talk from Howard Marks, I couldn’t help but share it. Take a look, and see the most important things, all for yourself:

And if you enjoyed this Google Talk, check out the other ones I’ve shared lately, like: Pat Dorsey on wealth building and George Friedman on European Flashpoints.

Have a great Easter weekend!