MENSBY

4.8

What else comes to mind when it comes to the portrait of a modern successful person? Of course, a yacht!

Manor on Rublevka, a house in Nice, an elegant sports coupe, clothes from Milan's boutiques ... What else comes to mind when it comes to a portrait of a modern successful man? Of course, a yacht!

In recent years, in Russia there has been a serious surge in sales of various equipment for water recreation. Every year, sales increase by 20-30% per year, and no economic crises are reflected in this growth. And small boats for Sunday's rest, and huge sea megayachts disperse like hot cakes.

Even with the mentality that is typical for our country, when you can meet a student in a D&G T-shirt in the subway who bought money saved from three scholarships, or who travel in business class cars but don’t have managers, their own yacht remains the lot of a special circle - the wealthy club hedonists, a society of truly respectable people.

Who are these chosen ones? What are the most relevant trends in yacht construction today? What is the cost of maintaining the ship to its owner? For answers to these questions, the correspondent went to the Moscow Yacht Festival, where he spoke with the exclusive representative of Wendy marine, one of the most famous shipyards in Norway, Mikhail Ulyanov.

What is a modern yacht, what kind of yachts actually are, and why are often huge ships, more like the Titanic, called “yachts”, because in the view of most people, a yacht is a small ship with a sail.

Today, owning a yacht, along with a private jet, is a sure sign of a person's membership in the political or economic elite. Yacht owners are people who know a lot about life and are ready to pay their premium status. Discussion of who spent their vacations on which yachts has become one of the most popular topics in the circles of Russian sybarites, and only the lazy one does not know about the characteristics of the new yacht of the governor of Chukotka.

The ten-meter sailing vessel and the one-hundred-meter cruiser really fall under the concept of “yacht”. Fundamental differences depend on what the yacht is set in motion. This is either a sail - and then the yacht is "sailing", or an engine - and, as a result, it is called "motor". Motor, in turn, are divided into planing (develop high speed and are optimal for walking "weekend") and displacement (mainly sea cruisers). Shipyards usually specialize in either sailing or motor yachts, although there are companies producing both. It so happened that sailing yachting is not so popular in Russia, although lately there has been a noticeable revival in this area. Therefore, the lion's share of the yachts purchased in our country are motor.

How popular is water recreation in the world?

Very popular! It is enough to say that in the USA alone there are about three thousand yacht brands, and in one of the cities of Italy seventy-six manufacturers peacefully coexist! And on the Russian market to date, more than a hundred companies are represented

Is yachting fashionable? If so, tell us about the latest trends.

In general, yachting is quite conservative. In contrast to the automotive industry, new trends in yacht design appear with a frequency of 10-15 years. Recently, the trend for powerful sports yachts has become an obvious trend, they are becoming even faster and more chic.
Why are yachts so expensive?

Both for the construction of yachts, and for their decoration, the latest exclusive materials and technologies are used. Shipbuilding is quite science-intensive and requires an extremely serious attitude. The hull of the boat withstands enormous dynamic loads. It happened that the frivolous attitude of some shipbuilders to the production of the yacht led to the fact that the hull corny cracked on a good wave. Owing to very strict requirements and the highest reliability of their products, manufacturers of yacht equipment can also be counted on the fingers. And there is nothing to say about the finish - luxury in all its manifestations - genuine leather, teak, mahogany, marble, expensive alloys.

What awaits the new owner? They say that maintaining a yacht is no less expensive than buying it ...

Maintenance costs are about ten percent of the cost of the boat. For the winter, the yachts are lifted from the water and canned, and in the summer the yacht needs a crew. They are stored, as a rule, in boathouses. Therefore, the owner of such a vessel spends at least twenty thousand conventional units per year, even if the yacht does not start at all. A special item of expenditure is fuel. For example, this fifteen-meter boat, which we are now on, consumes about two tons of fuel in twelve hours. And the luxury tax in Russia is one of the highest in the world - 30%. So, if your friend owns a yacht, then he certainly should not complain about poverty. By the way, there is one incident in the life of Russian shipowners. The boat needs to be registered with the draft board! Apparently, for use in case of war as a torpedo boat.

And what about the infrastructure? I heard that some time ago there were serious difficulties with this in Moscow.

Now the situation has changed. Yacht clubs grow like mushrooms. Marina (equipped with "parking" for yachts) displaced almost all the beaches from the banks of the Moscow River and reservoirs. So, neither the parking nor the gas station owners have problems. Unique places have appeared, for example, restaurants, which can be moored by boat.

Is the typical yacht buyer a respectable gentleman wearing Dupont glasses?

Absolutely optional. Once, with the words “can I see a boat?” we were approached by a man in training pants, who arrived on the sixth model of the "Lada". I studied the proposals, and the next day, all on the same "six" arrived with a plastic bag of money to make a purchase.

Are there any women among customers?

Yes, infrequently, but come across.

Perhaps their orders are particularly original. Imagine a pink yacht with rhinestones ...

Well, rather, these are not quite ordinary women. As a rule, they are familiar with yachting firsthand and they have a strong sea handshake.
Surely the Russian market in yachting is different from the world?


  Of course. To begin with, in Russia it is customary to order boats in the most complete configurations. And sometimes these desires take quite curious forms, for example, one of the clients ordered eight refrigerators on a fifteen-meter yacht.

Even foreigners are amazed by the huge three-decked yachts in Moscow yacht clubs. By the way, often they do not leave the pier at all, since the owners use it almost exclusively for parties.

Now it is customary for the Russian elite to have two yachts - one in Moscow (and often this is a rather big sea ship) and one somewhere in the Mediterranean or Adriatic Sea.

Each yacht is a piece piece, exclusively individual, built taking into account the wishes of the most sophisticated and refined audience. Therefore, the manufacturer is not surprised at anything and is ready to fulfill almost any wish of the client. Each owner is trying to bring some kind of “trick” to the structure and design. That is how boats with helipads, integrated submarines, transparent inserts in the bottom or dance floors appear. Often involved in the design of venerable designers level Philippe Starck.

By the way, the lead time for ordering small yachts is on average about nine months, so this is actually the birth of a new creature.

Are there any features inherent in national yacht shipyards?

The best yachts are produced in England, Italy, Holland, Norway, Germany. Slightly simpler American, Korean boats, ships manufactured by the United Arab Emirates. Recently, Chinese and Russian manufacturers have appeared, but the quality of their products so far leaves much to be desired. Italian yachts are distinguished by the most sophisticated design, and Norwegian yachts are famous for their amazing seaworthiness and the highest quality of workmanship.

Returning to the question of quality, how will sellers of yachts exist when the Amendments to the Law on Consumer Protection come into force (recall that if the product has been under repair for more than 40 days during the year, you are entitled to demand a full price refund )?

We are calm for the quality of our ships, this is the “hobbyhorse” of Norwegian shipbuilders. An amusing case may testify to the strength of our boats, when one of our clients “jumped” ashore at full speed in the dark. The yacht was not damaged, as was the owner, although we do not recommend this method to leave the water to our customers.

How do yachts feel in Russian realities, are they designed to sail in the warm European seas?

I would not say that. The climate in Scandinavia is not too different from ours. The yachts are fully adapted even to near-zero temperatures (for example, in addition to a powerful air conditioning system, there is also an autonomous heater), and the hull is capable of withstanding -50 degrees. The boat has everything you need: from well-equipped cabins to modern communication and life support systems. There is even a desalination plant, so as long as there is fuel on board, nothing can stop the VIPs from enjoying the trip.

Of course. Each cabin has Internet and satellite connection!

How many operate their own ships in person?

Yes, many enjoy it. For example, the owner of the boat that we are on, with pleasure himself gets up at the helm.

There are examples among people who have bought a yacht, and over time become real enthusiasts. Some of our clients themselves, without expecting to become true fans, devote a lot of their time and money to this business.

Since for many people buying a yacht is a matter they are facing for the first time - do beginners have problems finding a place for mooring and storage, with maintenance?

Absolutely none! After all, a yacht is a luxury item, which is why the approach to the client is absolutely exclusive and as individual as possible. The company that sold the vessel is ready to take on all the problems of its operation, from finding a yacht club to hiring a crew.

17 books about business and investments that billionaire Warren Buffett mentioned in his interviews, articles or letters to shareholders.

According to Pulse, at a time when Warren Buffett was just starting his investor career, he read from 600 to 1000 pages per day. Now a well-known entrepreneur spends reading up to 80% of his time. “My job, essentially, is to collate a lot of facts and data to see how they interact,” Buffett himself said in an interview.

The Pulse editors studied Buffett’s interview over the past 20 years and identified 17 books that the entrepreneur recommended reading during these conversations.

1. The Intelligent Investor, Benjamin Graham

Buffett read this book when he was 19 years old. According to the entrepreneur, the work helped him build an "intellectual platform for further development as an investor." To be successful in business, says Buffett, an intelligent foundation is needed for decision making. This is the basis that the book gave him.

2. “Securities Analysis,” Benjamin Graham

According to Warren Buffett, yet another Graham's work actually helped him draw up a "map" of investments, which he has been following for 57 years. According to the entrepreneur, Benjamin Graham is the second most influential figure for him after Buffett's father. “Ben was a great teacher,” says the billionaire.

3. “Ordinary shares and extraordinary income”, Philip Fisher

Philip Fisher specializes in investing in innovative companies. Despite the fact that in the life of Buffett, he does not take such a place as Benjamin Graham, the entrepreneur greatly appreciates his work. “I’m ready to read everything that Phil wants to say with the help of his books, and I recommend that you do the same,” he says.

In Ordinary Shares and Extraordinary Incomes, Fisher explains why it is important to monitor not only the financial statements of the company, but also to study the management principles that its management uses.

4. “Stress Test: Reflections on the Financial Crisis,” Timothy Geithner

Warren Buffett believes that every manager must read this book from the former US Treasury Secretary of the Financial Crisis.

“About how to manage a business in difficult times, many books have been written. But this book describes the management strategy in difficult times by the whole state - and at the same time it is written by those who were engaged in this. ”

5. "The Essays of Warren Buffett", Warren Buffett

“If you want to understand how Warren Buffett thinks, you should read the book of Warren Buffett himself,” writes Pulse Editor. One of the thoughts in this book is: “What could be more profitable than having an opponent (whether chess or securities trading) in an opponent who is convinced that thinking is a waste of time?”

6. “Jack. My years at GE, "Jack Welch

This book Warren Buffett mentions in a letter to the shareholders of his company, written in 2001. Jack Welch, the former top executive of General Electric Corporation, Buffett describes as an intelligent and energetic person.

According to Bloomberg, Welch’s experience will be useful to any executive - he had such a big impact on the modern business environment. Buffett insistently recommends a copy of his book.

7. The Rules of the Best CEOs, William Thorndike

The work of Thorndike Buffett also mentioned in one of the letters to the shareholders - already in 2012. The billionaire notes that this book is "a wonderful story about managers who have distinguished themselves by a particularly reasonable distribution of capital." One of the chapters of the book is dedicated to entrepreneur Tom Murphy - Buffett calls him the best manager of those that he knew.

8. Investors Against Speculators, John Bogle

John Bogle is the founder of Vanguard Group, a large US investment company that manages assets worth more than $ 3 trillion. In his book, he reveals the idea that long-term investments in the world market have supplanted short-term speculation - giving both theoretical and practical examples and evidence.

In addition, Bogle gives some valuable advice to beginner and experienced investors - for example, encourages you to always remember that what is in fashion today will not necessarily be as popular tomorrow.

9. “Business adventure. 12 classic Wall Street stories, ”John Brooks

In 1991, Pulse editors wrote, Microsoft founder Bill Gates asked Buffett to talk about his favorite book. In response, the billionaire sent Gates his copy of Business Adventure.

According to Bill Gates, this book serves as a reminder to him that no matter what happens, the principles of building a business always remain unchanged. The founder of Microsoft writes: “On the one hand, there is a human factor in any business. But it doesn’t matter if you have a great product, a development plan and a sound marketing strategy. True, you still need good people to implement these plans. ”

10. "", Fred Swede

In a 2006 letter to shareholders, Buffett called the book "the funniest investment writing ever written." “She is in an easy manner to convey to the reader many really important messages,” writes the billionaire.

11. "Essays In Persuasion", John Maynard Keynes

“Even though this collection of works from the legendary economist was published over a century ago, it is still one of the books that must be read by financiers,” writes Pulse. One of Keynes's famous works is Economic Opportunities for Our Grandchildren, in which he suggested that today's generation will be able to work only 15 hours a week.

Buffett believes that Keynes's essay can really help understand the structure of the securities market.

12. “A Guide to a Prudent Investor,” Jack Bogle

In a letter to shareholders written in 2014, Buffett invites everyone who turns to financial advisers to read Bogl’s Guide to the Prudent Investor. In the book, the author, based on his own experience working with clients, tries to help readers use index investing to build wealth.

Fans of the book note that it is not at all boring, and the graphics and statistics in it are diluted with jokes and practical tips.

13. The Almanac of Poor Charlie, Peter Kaufman

A collection of speeches and articles by Charlie Manger, an American attorney, economist and professional investor. In a letter to shareholders in 2004, Buffett wrote: “The professional community has been trying for too long to find out if Charlie is Ben Franklin's reincarnation. The answer to this question is contained in this book. ”

One of the most interesting articles included in the book is the reasoning “Psychology of human errors”, in which the author describes the cognitive traps that investors often encounter.

14. “The Most Important Thing,” Howard Marx

According to the billionaire, this book is very useful to the investor, which is "a great rarity." In his work, the founder of Oak Tree Capital, Howard Marx, told what mistakes he made on the path of the investor, how he dealt with them and what he made for himself.

15. "Dream Big", Christian Correa

The book Correa describes the story of the three Brazilian entrepreneurs and investors who founded the company 3G Capital, and the style of their management of the company. Buffett recommended this work in a letter to the company's shareholders in 2014.

16. “For a start - a dream,” Jim Clayton and Bill Rutherford

Jim Clayton grew up in a Tennessee sharecropper family, and when he grew up, he founded his own company, Clayton Homes, which is currently one of the largest manufacturers of mobile and modular homes.

17 books about business and investments that billionaire Warren Buffett mentioned in his interviews, articles or letters to shareholders.

According to Pulse, at a time when Warren Buffett was just starting his investor career, he read from 600 to 1000 pages per day. Now a well-known entrepreneur spends reading up to 80% of his time. “My job, essentially, is to collate a lot of facts and data to see how they interact,” Buffett himself said in an interview.

The Pulse editors studied Buffett’s interview over the past 20 years and identified 17 books that the entrepreneur recommended reading during these conversations.

1. The Intelligent Investor, Benjamin Graham

Buffett read this book when he was 19 years old. According to the entrepreneur, the work helped him build an "intellectual platform for further development as an investor." To be successful in business, says Buffett, an intelligent foundation is needed for decision making. This is the basis that the book gave him.

2. “Securities Analysis,” Benjamin Graham

According to Warren Buffett, yet another Graham's work actually helped him draw up a "map" of investments, which he has been following for 57 years. According to the entrepreneur, Benjamin Graham is the second most influential figure for him after Buffett's father. “Ben was a great teacher,” says the billionaire.

3. “Ordinary shares and extraordinary income”, Philip Fisher

Philip Fisher specializes in investing in innovative companies. Despite the fact that in the life of Buffett, he does not take such a place as Benjamin Graham, the entrepreneur greatly appreciates his work. “I’m ready to read everything that Phil wants to say with the help of his books, and I recommend that you do the same,” he says.

In Ordinary Shares and Extraordinary Incomes, Fisher explains why it is important to monitor not only the financial statements of the company, but also to study the management principles that its management uses.

4. “Stress Test: Reflections on the Financial Crisis,” Timothy Geithner

Warren Buffett believes that every manager must read this book from the former US Treasury Secretary of the Financial Crisis.

“About how to manage a business in difficult times, many books have been written. But this book describes the management strategy in difficult times by the whole state - and at the same time it is written by those who were engaged in this. ”

5. "The Essays of Warren Buffett", Warren Buffett

“If you want to understand how Warren Buffett thinks, you should read the book of Warren Buffett himself,” writes Pulse Editor. One of the thoughts in this book is: “What could be more profitable than having an opponent (whether chess or securities trading) in an opponent who is convinced that thinking is a waste of time?”

6. “Jack. My years at GE, "Jack Welch

This book Warren Buffett mentions in a letter to the shareholders of his company, written in 2001. Jack Welch, the former top executive of General Electric Corporation, Buffett describes as an intelligent and energetic person.

According to Bloomberg, Welch’s experience will be useful to any executive - he had such a big impact on the modern business environment. Buffett insistently recommends a copy of his book.

7. The Rules of the Best CEOs, William Thorndike

The work of Thorndike Buffett also mentioned in one of the letters to the shareholders - already in 2012. The billionaire notes that this book is "a wonderful story about managers who have distinguished themselves by a particularly reasonable distribution of capital." One of the chapters of the book is dedicated to entrepreneur Tom Murphy - Buffett calls him the best manager of those that he knew.

8. Investors Against Speculators, John Bogle

John Bogle is the founder of Vanguard Group, a large US investment company that manages assets worth more than $ 3 trillion. In his book, he reveals the idea that long-term investments in the world market have supplanted short-term speculation - giving both theoretical and practical examples and evidence.

In addition, Bogle gives some valuable advice to beginner and experienced investors - for example, encourages you to always remember that what is in fashion today will not necessarily be as popular tomorrow.

9. “Business adventure. 12 classic Wall Street stories, ”John Brooks

In 1991, Pulse editors wrote, Microsoft founder Bill Gates asked Buffett to talk about his favorite book. In response, the billionaire sent Gates his copy of Business Adventure.

According to Bill Gates, this book serves as a reminder to him that no matter what happens, the principles of building a business always remain unchanged. The founder of Microsoft writes: “On the one hand, there is a human factor in any business. But it doesn’t matter if you have a great product, a development plan and a sound marketing strategy. True, you still need good people to implement these plans. ”

10. "", Fred Swede

In a 2006 letter to shareholders, Buffett called the book "the funniest investment writing ever written." “She is in an easy manner to convey to the reader many really important messages,” writes the billionaire.

11. "Essays In Persuasion", John Maynard Keynes

“Even though this collection of works from the legendary economist was published over a century ago, it is still one of the books that must be read by financiers,” writes Pulse. One of Keynes's famous works is Economic Opportunities for Our Grandchildren, in which he suggested that today's generation will be able to work only 15 hours a week.

Buffett believes that Keynes's essay can really help understand the structure of the securities market.

12. “A Guide to a Prudent Investor,” Jack Bogle

In a letter to shareholders written in 2014, Buffett invites everyone who turns to financial advisers to read Bogl’s Guide to the Prudent Investor. In the book, the author, based on his own experience working with clients, tries to help readers use index investing to build wealth.

Fans of the book note that it is not at all boring, and the graphics and statistics in it are diluted with jokes and practical tips.

13. The Almanac of Poor Charlie, Peter Kaufman

A collection of speeches and articles by Charlie Manger, an American attorney, economist and professional investor. In a letter to shareholders in 2004, Buffett wrote: “The professional community has been trying for too long to find out if Charlie is Ben Franklin's reincarnation. The answer to this question is contained in this book. ”

One of the most interesting articles included in the book is the reasoning “Psychology of human errors”, in which the author describes the cognitive traps that investors often encounter.

14. “The Most Important Thing,” Howard Marx

According to the billionaire, this book is very useful to the investor, which is "a great rarity." In his work, the founder of Oak Tree Capital, Howard Marx, told what mistakes he made on the path of the investor, how he dealt with them and what he made for himself.

15. "Dream Big", Christian Correa

The book Correa describes the story of the three Brazilian entrepreneurs and investors who founded the company 3G Capital, and the style of their management of the company. Buffett recommended this work in a letter to the company's shareholders in 2014.

16. “For a start - a dream,” Jim Clayton and Bill Rutherford

Jim Clayton grew up in a Tennessee sharecropper family, and when he grew up, he founded his own company, Clayton Homes, which is currently one of the largest manufacturers of mobile and modular homes.

Once upon a time there lived in the USA a certain Fred Swede Jr. He worked as a professional trader on Wall Street. In 1929 he flew out of the profession, losing a lot of money at once (the Great Depression and all that). In 1940, he wrote a classic book on investing called "Where are the customers' yachts?" or “A good honest look at Wall Street.”

The joke played in the title of this work has been retold many times. However, in the version of the Swede, she appeared from the words of William Travers, who while on vacation in Newport (the southeastern coast of the United States, abounds in yacht clubs) admired the many yachts. And when he was interested in every yachtsman who is one by profession, it turned out that either a broker, or a banker, or a trader. And William wondered: “Where are the yachts of your customers?”.

Why do you in any case "merge" your advertising budget?

Just put up with it. This is a tuition fee for a real, real, "street" MBA. But if you plan these “sinks”, you follow the chosen strategy (with a certain share of flexibility and readiness to quickly change tactics), you have patience - you will become number 1 in your niche.

And no matter how much experience you have in working with contextual advertising of your chosen niche.

And no matter how much experience you have in contextual advertising and marketing in general.

And it doesn’t matter who you hire to run your contextual advertising: an advertising agency, an aggregator, a professional freelancer, do it yourself, assign a secretary or hire a person in the state.

You. In any. Case. Drain. First. Budget. Point

Why is that? Let's discuss.

- Where will the first money merge?

- To "reconnaissance in battle." To test your media plan is brutal reality. To test competitors in the advertising system for stamina and courage. To check your sales system. To test your expectations regarding purchasing readiness and purchasing power of your potential customers. To check your promotional materials. To check your offers on the site. To check your managers on the phone. On the test of life.

“Who told you that?” Themselves? Or is it you yourself have come up with this now? An advertising agency is a business. The goal of the business is to make money. An advertising agency makes money from its customers. Like in that joke:

The son of a banker asks his father:

- Dad, where do you get the money from? You took someone else's money, gave someone else's money. Where is the profit?

- Bring me, son, fat from the refrigerator!

Brings.

- Take it back!

- Fingers are fat!

“Bring fat. Take the lard. The pens remained greasy. ” The more fat the agency suffers, the fatter the pens. We omit the conspiracy theory beyond the scope of the conversation. Let's face it. They will drain your budget. Because you will merge too. And everyone is draining. Remember once and for all - good agencies are guaranteed to be able to sell only their services. Bad agencies do not even know how to do this (therefore, they often hire good agencies or sensible "private traders" to sell their own services). Everything else is a very large share of luck. Do you want to play one roulette or two at once?

- How many such “drainage gateways” can there be?

- And how many traffic sources will you use. One source - one gateway. It’s impossible to configure everything in Yandex.Direct and “just transfer” it to Google Adwords. As soon as you put money into your Google Adwords account, where you transferred the "already configured" from Yandex.Direct, another gateway will open immediately. Humble yourself. Take courage. Be patient. After all, targeted and teaser networks, display advertising and any other new advertising inventory flickering invitingly ahead.

- Who is the most prepared for the "sink"?

- Oddly enough (although something strange), the most prepared for the "drain" of budgets - the "arbitrage" of the traffic. These are people who risk their money to bring customers to partner sites. If a partner has sales as a result of this risk, the partner pays a percentage of sales. If sales do not take place, the arbitrator loses his money. There is an old rule - if you want to give someone in the face, be prepared to get in the face. Who fights best? Boxers Why? Because they are as ready to get in the face. So are the arbitrators. They have such a job - to pour the budget, looking for sand grains of gold in its flows. And they have one more advantage. They know where and what to look at. Do you want to become a cool contextor? Drain a lot, a lot of money. Preferably strangers (client). True, draining one's own skills instills much faster. But arbitrageurs merge only their own. They have no strangers.

- And here they tell me that they have already worked with our theme! They will not merge, they already know everything!

- If they all know - why won't they open their own business in this area? Have you already opened it? So you are launching direct competitors into your feeder. Oh, haven't you opened it yet? Well, it means they will open it sooner or later (or they are not entrepreneurs, and then they have a higher chance of a drain). Get ready morally. It will hurt anyway. In addition, it is you who are looking for them yourself so that you “have experience in our niche”. Meanwhile, a stranger has a better chance of success. Because if he is sensible, he will simply be forced to test, and not work according to his favorite template, which worked for him, but far from the fact that it will work for you. And the budget will be merged in any case.

- What to do?

- First, configure to initially open only one gateway. Then set up tracking in general of everything that you can track. Calls, visits to the site, confirmation of payment, visits to the store. Set up in advance and double-check that you are collecting the correct data. After sitting down for learning [broken link] direct response marketing. And then again double-check your strategy and goals. Then begin to pray to all known gods and gritted teeth to endure the inevitable drain for a month. A better two to three months. Or even a whole season (if you have seasonality - I'm sorry). And only then maybe there will be some sense. Sales will go. Real statistics will be on hand. And not someone’s “cases” (which are usually presented in the form of fantasies and conjectures at conferences, posing as wishful thinking). And only then will it be possible to begin optimization, leaving what worked and getting rid of the unfit. This is the only way you have a chance.

- What else fun say?

- Initially, get ready to test, test, and test. Measure, measure and measure. Compare, compare and compare. And hear nobody listen to anyone. Neither us, nor our wife, nor children, nor employees, nor our advertising agency, nor ourselves. You can only listen to the box office ringing. Only the client who brought and gives you his money has the right to vote. Neither I, nor you, nor your wife, nor your children, nor your employees bring you their money. This is done only by the client. The only way you have a chance. And with each test this chance will be all higher. This is a summary of what awaits you in this short book.

Fred Schwed's 1940 book Where Are Customers' Yachts? (Where Are the Customer's Yachts?) Is considered a classic investment job, and its name comes from a once-popular Wall Street joke: a guide showing a visitor to the financial district of New York draws his attention to several beautiful ships anchored in “Look,” the guide says, “these are yachts of brokers and bankers.” To which the naive visitor says, “Where are the yachts of the customers?” The Swedish book, based on his own experience, casts a satirical look on Wall Street in the spirit of Mark Twain: She also gives some insightful philosophical definitions. Helen, for example: "Investing and speculation are considered to be two different things, and a wise man is advised to engage the first and avoid the second. It's about explaining to a worried teenager that Love and Passion are two different things. "

He was born in New York, and his acquaintance with the machinations of Wall Street began early - his father was a member of the New York Curb Exchange (New York Curb Exchange - formerly the American Stock Exchange - American Stock Exchange). The Swede studied at Princeton, but was kicked out of his senior year - at night he was caught in a dorm room with a girl. He completed higher education at Columbia University. After graduation, he worked as a reporter in the New York Times, and then in the Wall Street Journal, before he began working with client accounts at one stock brokerage firm. Obviously, he did not have a very high opinion of his work, judging by what he said about sellers of mutual funds: “They can be compared with sellers of life insurance policies. Remember how these life insurers work: at first they cause a slight "irritation, then they become nauseous, and then push the policy straight into your throat."

The Swede also indulged in trading, but claimed that he had not become rich as a trader, because he listened to a cynical Irish colleague: “Why were securities created in the first place?” Said the Irishman. “They were created to be sold, so sell them " This cynicism, of course, is demonstrated in "", because the Swede ridicules the Wallstrider, who considers himself a prophet, scientist and wizard of money.