In 1955, Fred Schwed wrote a book entitled “Where are the customer’s yachts”, where someone visited the harbours of New York and found the waters littered with luxury yachts belonging to bankers and brokers who made it big on Wall Street. The visitor then asked the guide a naïve question: “Where are the customer’s yachts?” The book raises an important point about the financial industry, giving financial advice was highly lucrative, but receiving and acting upon that advice was not. Because if advice worked, there would be more yachts belong to the customers. The customer’s yacht: An ERM graduate’s $500,000 portfolio The Early Retirement Masterclass (ERM) program has graduated 21 batches or 552 alumni. Being a program that has run for three years, we are finally seeing an opportunity to present some of the more stellar results coming out from the program. One student was kind enough to allow me to pay a visit to his “yacht”, hints of a lifestyle based on adopting 12 sample portfolios of the ERM program....