1Other People’s Money
Fred Schwed opened his 1940 classic book, Where Are the Customers’ Yachts? with the following introduction:
“Wall Street,” reads the sinister old gag, “is a street with a river at one end and a graveyard at the other.” This is striking, but incomplete. It omits the kindergarten in the middle, and that’s what this book is about.
Fred chronicled the madness of the 1920s and 1930s boom-bust cycle hanging out as a customer in the brokerage houses of Wall Street. He managed to stick around long enough for the 1950s’ bull run before passing away in 1960. Had he the ability to come back now, I believe he’d be highly amused at the fact that this Wall Street “kindergarten” has since become the dominant power in virtually every facet ...