This satirical book vividly exposes the hidden side of the stock market through humorous and sharp satire that penetrates the essence of the market.
As clearly revealed in the episode used in the book's title, the author criticizes the greed and moral hazard of financial companies and financiers who are more interested in their own yachts than in the interests of their customers, that is, "customers' yachts."
Having experienced huge losses during stock market crashes during his years on Wall Street, and having continued his relationship with the street as a client of an investment firm even after leaving, the author humorously and bluntly portrays the folly of Wall Street.


Anyone who has stepped foot into the stock market, the longer they have been trading stocks and the longer they have been involved in the investment industry, the more likely they will fully empathize with the author's cynical yet sharp criticism. On the other hand, they will also feel a bitter, yet exhilarating, relief that instantly blows away all the frustration.

Some people say that accounting is a skill, not a discipline.
An older gentleman who owned a large department store in a Midwestern city held this view, though it was somewhat vague.
I'd like to introduce his personal accounting method for calculating asset values ​​to Wall Street partners and managers struggling with accounting issues.
The old gentleman was struggling with his sons and company auditors trying to show that his business seemed to be doing well, but in reality, he was losing money.
They tried to prove their claims by citing ledgers and various financial statements.
The old gentleman who was listening to them said this.
“Look, the cart I brought here 40 years ago is still in the warehouse on the 6th floor.
Go and see.
And do some research.
“Everything else is profit except that cart.”
Since 1938, there has been a fairly plausible argument that accounting is not only a technique but also a state of mind.
That year saw two bizarre accounting scandals: McKesson & Robbins and Interstate Hosiery Mills.
The stock prices of these two companies soared for a time because of assets that everyone thought existed (except for those who created them themselves using pen, ink, and cunning).
But as the reality of the non-existence of these assets emerged, the stock prices of these companies plummeted.
---Chapter 2: The Difference Between a Financier and a Prophet

I wouldn't want to entrust what I consider 'my money' to a clever conman or an honest fool.
But if I had to choose, I would choose the smart conman.
Money stolen by a clever conman can be recovered through property recovery lawsuits and police investigations, but the only thing you can expect from an honest fool is a sincere (even tearful) apology. ---Chapter 4: Are They Really on the Customer's Side?

During the terrible panic of 1929, a series of emergency board meetings were held at an investment trust management company.
… … An executive spoke quietly but firmly.
“No one knows how far the stock market crash will go.
Just two months ago, XX (one of the big blue chips at the time), which was at $350, closed at $200.
It may sound far-fetched, but XX has the potential to drop to $150.
If I could buy 10,000 shares of XX at $150, wouldn't that be a bargain-hunting opportunity like never before? What do you all think? An opportunity like this won't come again.
Shouldn’t we prepare for opportunities like this?”
Suddenly, courage began to surge through the room like a spark at his persuasive proposal.
Everyone rushed to agree, and color began to return to their pale cheeks.
One of the executives spoke to the ordering clerk who was present at the meeting.
“Buy 10,000 shares of XX stock for $150.”
The ordering clerk, who had received the instructions politely, bent forward to write them down.
Then he pursed his lips slightly and let out a very low, but audible, “Hmph!”
Then, immediately, everyone in the room lost their previously high-spirited confidence and their expressions darkened again.
The executives discussed the purchase of XX stock again, and after some time, they rejected the offer to purchase XX stock.
According to the person who relayed the story to me, the company saved itself $750,000 thanks to that employee's snort of laughter.
But no one wanted to admit that the employee had played a crucial role in canceling the ruinous buy order.
And it is said that none of the executives thanked him.
---Chapter 4: Are They Really on the Customer's Side?

There are currently less than 100 investment advisory firms in existence.
Unfortunately, however, there are thousands of fraudsters today who call themselves investment advisors.
This is not the fault of a conscientious investment advisor.
This phenomenon clearly serves as a subtle complement to real investment advisors.
Some of these groups divide the money between themselves and their customers in the ancient way, by throwing all the money into the air at the end of the day.
Of the money blown like that, only the money stuck to the ceiling belongs to the customer.
The fundamental principles of a true investment advisory firm seem sound and quite important.
The principle is secular and relates to the question of how to determine the compensation of investment advisors.
Unlike most stockbrokers or dealers who receive compensation based on trading commissions and trading profits that vary depending on the outcome of the trade, these individuals receive a pre-determined advisory fee in exchange for providing investment advice.
Investment advisors are not willing to sell the securities they hold to their clients, and unfortunately, no one seems willing to buy their securities.
Therefore, wealthy people feel that the advice provided by investment advisors is truthful and relatively objective, as they do not seek to profit or reduce losses by providing advice.
This narrows the rich man's concerns down to two:

---Chapter 8, The Wise Investor's Choice