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."
孟格先生是真正令人佩服的人物! 但是老人家今年已經九十一歲了，我想或許這次波克夏股東會將是他一生最後幾次出現在公開場合裡。人人都有心中的英雄，看到自己的英雄或許將要離開，真是令人難過。 在2014年的給波克夏股東的信中，從第39頁起有孟格先生對波克夏之所以會有卓越的成就的看法...
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 ...