11 Investing Books Billionaire Warren Buffett Wants You to Read

5. “Where are the Customers’ Yachts?” by Fred Schwed Jr.

Part of Buffett’s recommended reading in the 2006 shareholder letter, the Oracle of Omaha described this book as the “funniest book ever written about investing, it lightly delivers many truly important messages on the subject.” Out of 105 reviews, it received a 4.4 out of 5 stars on Amazon with 70% of readers giving it 5 stars.

What is the book about? This classic book tells the story of a New York visitor who was told that the boats in the harbor were owned by Wall Street Bankers. When the visitor asked “where are the customers’ yachts?” he was told the bankers’ clients couldn’t afford them. This hilarious book exposes the hypocrisy in Wall Street, where “brokers get rich and customers go broke.”