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Buy on Taobao ↗A BOOK TO EXPLOREWhere Are the Customers’ Yachts?Fred Schwed Jr.
Where Are the Customers’ Yachts?
Before taking advice, ask who benefits.
Schwed uses satire to explore the relationship between financial professionals and their customers, with observations about incentives, salesmanship and trust.
Buy the bookWhy Buffett recommends it
2006 shareholder letter · published in 2007 ↗He valued the serious lessons delivered through humor.
Buffett called it the funniest book written about investing and praised its light delivery of important lessons. That is the reason he explicitly gave for admiring it.
OUR READING
Why is it worth reading?
Notice where the interests of advisers and clients align or diverge. That question runs through the humor and offers a starting point for examining financial salesmanship.
Who this book is for
Adults who enjoy humorous stories and want to understand financial salesmanship and incentives.
A way into the book
Begin with the yacht story behind the title, then notice who pays and who benefits throughout the book.
Where Are the Customers’ Yachts?
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