Where Are All the Customers Yachts?

Last Updated on October 16, 2022

In the early 1940s, American economist Frederick R. Macauley came up with a saying that has become famous in financial circles: “Where are all the customers’ yachts?” The saying is meant to be a sarcastic commentary on the way investment professionals often make money while their clients lose it. But there’s another interpretation of Macauley’s words that’s just as relevant today: Why do so many people invest in things that don’t actually exist?

If you’re wondering where all the customers’ yachts are, you’re not alone. Many people ask this question, and it’s a good one. After all, if businesses are doing well, shouldn’t their customers be doing well too?

The answer to this question is a bit more complicated than it may seem. In short, the answer is that not all businesses are doing well, and not all customers are wealthy. Some businesses are struggling, and their customers may be as well.

So where are all the customers’ yachts? The answer is that they’re scattered around – some businesses are thriving while others are struggling. It all depends on the business and the customer base.

Who Said Where are the Customers Yachts?

In the early 1940s, American businessman and investor Frederick R. Haas is said to have made a remark that has become known as “Haas’s Law”: “The customer’s yacht is always larger than the supplier’s.” The basic idea behind this axiom is that businesses should never lose sight of who their customers are and what they want or need. In other words, companies should always be working to improve their products and services to meet the demands of their target market.

This simple statement can be applied to any business in any industry, but it’s especially relevant in today’s ultra-competitive marketplace. With so many choices available to consumers, it’s more important than ever for businesses to understand their customers and give them what they want. That means offering high-quality products and services at a fair price, and delivering on promises made.

Haas’s Law is a reminder that businesses must always be focused on their customers if they want to stay ahead of the competition. It’s also a good reminder for businesses to treat their employees well; after all, happy employees will lead to happy customers!

Where Are the Customers Yachts Number of Pages?

You may be wondering, “Where are the Customers’ Yachts?” This is a famous story that highlights the disconnect between Wall Street and Main Street. The story goes like this:

A group of investment bankers were sitting around on a hot summer day, enjoying their yacht. They were bragging to each other about how much money they had made in the stock market. Suddenly, a man swimming by asked them where the customers’ yachts were.

The bankers didn’t know what he was talking about and just laughed. The man explained that if the bankers were making so much money in the stock market, then surely their customers must be making even more money. After all, it is the customers who buy stocks, not the bankers.

But where were their yachts? If everyone was doing so well, then why weren’t there any yachts for sale? The moral of the story is that just because Wall Street is doing well doesn’t mean that Main Street is also doing well.

There can be a disconnect between those who work on Wall Street and those who live on Main Street. So next time you hear someone bragging about how much money they’ve made in the stock market, remember to ask them where the customers’ yachts are!

Where Are The Customers' Yachts? by Fred Schwed Full Audiobook

Where are the Customers’ Yachts Pdf

In Where are the Customers’ Yachts?, Fred Schwed takes a humorous look at the world of investing and exposes many of the fallacies that investors believe. This book is a must-read for anyone who is considering investing their hard-earned money.

Where are the Customers’ Yachts Wiki

In the summer of 1940, American economist Fred Schwed Jr. published a book called Where Are the Customers’ Yachts? Or An Economist’s Protest. The book was a collection of humorous essays that Schwed had written for The New Yorker over the previous decade.

The title essay mocked Wall Street and its culture of selling overpriced investment products to gullible customers. Schwed argued that if the financial industry was really as smart as it claimed to be, then there should be more yachts owned by customers, and fewer owned by bankers and brokers. The book was an instant hit, and is still in print today.

It remains an important critique of the financial industry, and continues to inspire new generations of readers to ask tough questions about where their money is really going.

Where are the Customers’ Yachts Epub

In the early 1940s, a popular Wall Street saying was “Where are the customers’ yachts?” The saying was used to describe the disconnect between the opulent lifestyle of those who worked on Wall Street and the reality that their clients were not as well off. The saying is attributed to Fred Schwed, Jr., who wrote a book called Where Are the Customers’ Yachts?

or, An Informal History of Stockbroking in America. In his book, Schwed tells stories about working on Wall Street and how it often seemed like those who worked there were more interested in making money for themselves than for their clients. While the saying is often used to describe how bankers and other financial professionals can live high on the hog while their clients struggle, it can also be applied more broadly to any situation where someone appears to be doing better than those they are supposed to be helping.

Where are the Customers’ Yachts Kindle

In 1937, Fred Schwed wrote Where Are the Customers’ Yachts?, a book that has become one of the most famous investment classics of all time. In it, Schwed takes a light-hearted look at the world of investing and Wall Street, providing timeless wisdom that is as relevant today as it was over 80 years ago.

In Where Are the Customers’ Yachts?, Schwed takes us on a tour of the investment world, from the gold rush of 1849 to the stock market crash of 1929. He introduces us to characters like “Billionaire John D. Rockefeller” and “Commodore Vanderbilt”, and shares their stories of how they made (and lost) their fortunes.

Along the way, Schwed provides keen insights into human nature and financial markets that are as insightful today as they were when the book was first published. Where Are the Customers’ Yachts? is required reading for anyone who wants to understand how Wall Street really works – and why so many investors lose money in spite of (or because of) it.

If you’re looking for an entertaining yet thought-provoking read on investing, this is the book for you.


In his book “Where Are the Customers’ Yachts?”, Fred Schwed Jr. humorously points out the many ways in which the average investor is fooled by Wall Street. He starts by telling the story of a man who bought a yacht from a stockbroker, only to find out that the broker had used false information to sell him an overpriced boat. The moral of the story, according to Schwed, is that “Wall Street is full of yachts.”

Schwed goes on to list some of the other ways in which investors are misled, including through complicated financial jargon, hidden fees, and misleading investment advice. He argues that most people would be better off putting their money into a savings account than trying to navigate the stock market. While his book was written in 1940, its message is still relevant today.