"One summer day, probably in the 1870’s, friends of a major short-seller got together on the shores of Newport, Rhode Island, where they admired the enormous yachts of New York’s richest brokers. After gazing long and thoughtfully at the beautiful boats, the short seller asked wryly, ‘Where are the customers’ yachts?’”
Jason Zweig, in his introduction to Fred Schwed’s 1940’s Wall Street classic, “Where Are the Customers’ Yachts – A Good Hard Look at Wall Street”