Where Are the Customers' Yachts?: or A Good Hard Look at Wall Street

Category: Investing
Author: Fred Schwed, Jr.
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by PaulHoule   2022-11-14
There's the generic analysis that anything in crypto is a scam which is justified by a few hundred years of experience with securities markets, some good books to read are




(many of those books are about the psychology of stock market bubbles, which ar a bit less scammy because stocks do have some intrinsic value because the firms involve own assets and produce income)

I can't give you names or dates but I can tell you that "No" and "Nothing more to see here, move on folks" are the best advice I can give you about crypto because it all ends in tears. You will forgo the possibility of selling to a greater fool but eliminate the possibility of being that greater fool which statistically you're more likely to be.

What is great about timeless principles is that they give consistently right answers with the greatest of ease. This goes against the "ahistoric turn" and the general "this time is different" which is said about every bubble but you can be confident that your "predictions" are right.

It's not impossible technically that cryptocurrencies could be regulated like other securities and possibly earn trust except for the fact that blockchains are at best a TRS-80 with a coinslot attached: they just can't compete economically with the likes of the LSE, DTCC/Swift, etc.

by georgeecollins   2018-07-16
I don't know if you will lose money, but here is why I suspect you might:


by cconcepts   2017-08-19
> then starts talking about market sentiment and concludes by analyzing it's chart

You summarise my experience of the financial industry well. If you haven't already, read "Where Are The Customer's Yachts" by Fred Schwed - very entertaining and funny, in a kind of sad way: https://www.amazon.com/Where-Are-Customers-Yachts-Street/dp/...