Where are the Customers' Yachts? or A Good Hard Look at Wall Street
Even though the book was written in the 1940s, when you read it today, it would still be very much relevent. In fact, you got this funny feeling that the more things change, the more they stay the same.
The book is written in a very witty way with a satarical and penetrating tone. Reading this book in English, it is great joy. However, some of the most funny sentences in this book, I am not even sure can be translated.
There are some of the wittest sentences that I have ever read about stock market. Below are some examples:
1. About the difficulty in finding good "investment trust management" equivalent of today's money managers, "simply because there is practically no competence to be hired."
2.About the chartist, "As a science, I should say that chart reading shares a pedestal with astrology;"
3. About the lack of customers for brokers, "eventually even backgammon gets tiresome. So they begin to play the market themselves, using their own money instead of customers'. It is like a saloonkeeper taking a drink in a slack season, and the results are about the same."
4. About the passion of prediction of brokerage houses, "On the economic side there is no denying that the more financial predictions you make the more business you do and the more commissions you get."
但那日子、那時辰，沒有人知道，連天上的使者也不知道，子也不知道，唯獨父知道。 -------馬太福音24:36 住在東亞的人，我想沒有人能不注意到過去這三十年中間中國的改變。住在台灣的我們，只隔著幾分鐘飛機飛彈就可以飛過的海峽，感受當然更深了。但是即使是搬到地球的另一端...
1) Make decisions rationally 做決定時要理性的做決定 2) Invest in what we know 投資我們了解的標的 3) Worth with honest and trustworthy managers 跟誠實可靠的經理人同工 ...