Fred Schwed Jr. was a professional trader who got out of the market after losing a bundle in the 1929 stock market crash. Years later, he published a bestselling children's book entitled Wacky, the Small Boy, and then went on to write Where Are the Customers' Yachts?

"More than half a century on, Where Are the Customers' Yachts? Remains a fascinating read" (Money Week, July 2006)"... the book is a fun read and as relevant today as it ever was..." (Investor's Chronicle, August 2015)

• Introduction xiiiJason ZweigForeword to the 1995 Edition xxiMichael LewisIntroduction to the 1955 Bull Market Edition xxvI. Introduction—“The Modest Cough of a Minor Poet” 3The validity of financial predictionsThe passion for prophecyWhen the bull jumped over the moonII. Financiers and Seers 23Big banking—nice work if you can get itSome assistant tycoonsThe fruit on the blossom of thoughtWall street semanticsChartistsThe payThe difficulties of “earning” moneyAn art without a museA little aptitude testIII. Customers—That Hardy Breed 49Varieties of customersHow to get customersMarginWhat to do when the dam burstsSome case histories and a diagnosisChurning money as a careerIV. Investment Trusts—Promises and Performance 67Stop making your own mistakesWhere is the catch?The hell-paving construction companyThe trouble with the “best” securitiesThe $750,000 birdBy way of apologyThe magical investment corporationV. The Short Seller—He of the Black Heart 87For the defenseA different defenseWith and without bearsBear raidingVI. Puts, Calls, Straddles, and Gabble 105What options are (more or less)In defense of the pure gambleThe catchVII. The “Good” Old Days and the “Great” Captains 117The i.q. of a big shotSpeculation on speculationA brief excursion into probabilitiesDown will come baby“They”ManipulatorsA bowl of nickelsVIII. Investment—Many Questions and a Few Answers 135Headaches of the wealthyA little wonderful advicePrice and value—our special market letterCash as a long-term investmentYour way of life and the basis bookIX. Reform—Some Yeas and Nays 153Was it stolen or did you lose it?Nobody loves a specialistHorizons and limits of regulationInconclusionsAbout the Author 171

Fred Schwed Jr. was a professional trader who got out of the market after losing a bundle in the 1929 stock market crash. Years later, he published a bestselling children's book entitled Wacky, the Small Boy, and then went on to write Where Are the Customers' Yachts?

"More than half a century on, Where Are the Customers' Yachts? Remains a fascinating read" (Money Week, July 2006)"... the book is a fun read and as relevant today as it ever was..." (Investor's Chronicle, August 2015)

• Introduction xiiiJason ZweigForeword to the 1995 Edition xxiMichael LewisIntroduction to the 1955 Bull Market Edition xxvI. Introduction—“The Modest Cough of a Minor Poet” 3The validity of financial predictionsThe passion for prophecyWhen the bull jumped over the moonII. Financiers and Seers 23Big banking—nice work if you can get itSome assistant tycoonsThe fruit on the blossom of thoughtWall street semanticsChartistsThe payThe difficulties of “earning” moneyAn art without a museA little aptitude testIII. Customers—That Hardy Breed 49Varieties of customersHow to get customersMarginWhat to do when the dam burstsSome case histories and a diagnosisChurning money as a careerIV. Investment Trusts—Promises and Performance 67Stop making your own mistakesWhere is the catch?The hell-paving construction companyThe trouble with the “best” securitiesThe $750,000 birdBy way of apologyThe magical investment corporationV. The Short Seller—He of the Black Heart 87For the defenseA different defenseWith and without bearsBear raidingVI. Puts, Calls, Straddles, and Gabble 105What options are (more or less)In defense of the pure gambleThe catchVII. The “Good” Old Days and the “Great” Captains 117The i.q. of a big shotSpeculation on speculationA brief excursion into probabilitiesDown will come baby“They”ManipulatorsA bowl of nickelsVIII. Investment—Many Questions and a Few Answers 135Headaches of the wealthyA little wonderful advicePrice and value—our special market letterCash as a long-term investmentYour way of life and the basis bookIX. Reform—Some Yeas and Nays 153Was it stolen or did you lose it?Nobody loves a specialistHorizons and limits of regulationInconclusionsAbout the Author 171

Fred Schwed Jr. was a professional trader who got out of the market after losing a bundle in the 1929 stock market crash. Years later, he published a bestselling children's book entitled Wacky, the Small Boy, and then went on to write Where Are the Customers' Yachts?

"More than half a century on, Where Are the Customers' Yachts? Remains a fascinating read" (Money Week, July 2006)"... the book is a fun read and as relevant today as it ever was..." (Investor's Chronicle, August 2015)

• Introduction xiiiJason ZweigForeword to the 1995 Edition xxiMichael LewisIntroduction to the 1955 Bull Market Edition xxvI. Introduction—“The Modest Cough of a Minor Poet” 3The validity of financial predictionsThe passion for prophecyWhen the bull jumped over the moonII. Financiers and Seers 23Big banking—nice work if you can get itSome assistant tycoonsThe fruit on the blossom of thoughtWall street semanticsChartistsThe payThe difficulties of “earning” moneyAn art without a museA little aptitude testIII. Customers—That Hardy Breed 49Varieties of customersHow to get customersMarginWhat to do when the dam burstsSome case histories and a diagnosisChurning money as a careerIV. Investment Trusts—Promises and Performance 67Stop making your own mistakesWhere is the catch?The hell-paving construction companyThe trouble with the “best” securitiesThe $750,000 birdBy way of apologyThe magical investment corporationV. The Short Seller—He of the Black Heart 87For the defenseA different defenseWith and without bearsBear raidingVI. Puts, Calls, Straddles, and Gabble 105What options are (more or less)In defense of the pure gambleThe catchVII. The “Good” Old Days and the “Great” Captains 117The i.q. of a big shotSpeculation on speculationA brief excursion into probabilitiesDown will come baby“They”ManipulatorsA bowl of nickelsVIII. Investment—Many Questions and a Few Answers 135Headaches of the wealthyA little wonderful advicePrice and value—our special market letterCash as a long-term investmentYour way of life and the basis bookIX. Reform—Some Yeas and Nays 153Was it stolen or did you lose it?Nobody loves a specialistHorizons and limits of regulationInconclusionsAbout the Author 171