Where Are the Customer’s Yachts?

One of the most read stories on Bloomberg today is: Bill Miller Has `Hideous’ Quarter With Old, New Picks . Now, I have nothing against Bill Miller – his impressive long-term track record speaks for itself. However, one does have to wonder if Mr. Miller has any regrets about his decision to purchase his first yacht in mid-2006. You see, 2006 was the final year of his 15-year streak of beating the annual returns of the S&P 500.  Since then, it has been stormy seas.

If you want to read the classic Wall Street book with the same name as this post’s title, you can find it here on Amazon:

Where Are the Customer’s Yachts, by Fred Schwed Jr.

The book was written in the 1940s, but the lessons are as appropriate today as when it was first published. The book is filled with humor and a very enjoyable read. I strongly recommend you make the time to read it.

Where does the title come from? It refers to the story of a visitor to New York who admires all the amazing yachts belonging to the bankers. The visitor naively asks, "Where are the customer’s yachts?" … which are of course non-existent.

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