where are all the customers yachts summary

A Wealth of Common Sense

10 Great Lines From ‘Where Are the Customers’ Yachts?’

Posted February 15, 2015 by Ben Carlson

Where Are the Customers’ Yachts by Fred Schwed was written almost 75 years ago. I only read this book for the first time a few months ago and it’s remarkable how well it still holds up after all these years. It’s probably the funniest investment book I’ve ever read (out of an admittedly small set of competitors).

Here are some of my favorite lines:

1. On using statistics to your advantage:  “One can’t say that figures lie. But figures as used in financial arguments, seem to have the bad habit of expressing a small part of the truth forcibly, and neglecting the other part, as do some people we know.”

2. On the value of “I don’t know”:  For one thing, customers have an unfortunate habit of asking about the financial future. Now, if you do someone the single honor of asking him a difficult question, you may be assured that you will get a detailed answer. Rarely will it be the most difficult of all answers – “I don’t know.”

3. On the cyclical nature of the markets:  “When “conditions” are good, the forward looking investor buys. But when “conditions” are good, stocks are high. Then without anyone having the courtesy to ring a bell, “conditions” get bad.”

4. On the usefulness of theories:  “All of these theories are true part of the time; none of them true all of the time. They are, therefore, dangerous, though sometimes useful.”

5. It’s a little different every time: “History does in a vague way repeat itself, but it does it slowly and ponderously, and with an infinite number of surprising variations.

6. On the emotions of losing money:  “Like all of life’s rich emotional experiences, the full flavor of losing important money cannot be conveyed by literature. You cannot convey to an inexperienced girl what it is truly like to be a wife and mother. There are certain things that cannot be adequately explained to a virgin by words or pictures.”

7. On second-level thinking: “Those classes of investments considered “best” change from period to period. The pathetic fallacy is that what are thought to be the best are in truth only the most popular – the most active, the most talked of, the most boosted, and consequently, the highest in price at that time.”

8. On leverage: “A man who borrows money to buy a common stock has no right to think of himself as a constructive social benefactor. His is just another fellow trying to be smart, or lucky, or both.”

9. On short sellers before the Great Depression:  “Before October 1929, nobody objected to short sellers except their families. The families objected to going bankrupt.”

10. On who’s to blame for poor advice:  “The burnt customer certainly prefers to believe that he has been robbed rather than that he has been a fool on the advice of fools.”

Source: Where Are the Customers’ Yachts

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A Wealth of Common Sense is a blog that focuses on wealth management, investments, financial markets and investor psychology. I manage portfolios for institutions and individuals at Ritholtz Wealth Management LLC . More about me here .  For disclosure information please see here . 

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Book Summary of Where are the Customers’ Yachts

Key takeaways and quotes from a classic book on markets and the investment business.

Where are the Customers’ Yachts was written in 1940 by Fred Schwed, an investment professional. It’s one of my favorite books on markets and I’m sure it will still be timeless 80 years from now.

The origin of the title:

Here are my takeaways from the book plus some great quotes:

• Making money is different than sounding smart. “I don’t know” is the most difficult answer – but usually the correct one. Some financial professionals have invented a new language for saying nothing in a variety of ways.

• Knowing a problem doesn’t mean you know the solution. For example, some Canadian pension funds are leveraging their portfolios because low expected returns raise the likelihood of future deficits. They identified a problem – but I’m not confident the solution is to lever up ten years into an economic expansion with high valuations and low yields.

• The biggest problem for most investors is their own emotions. This is a trope in financial writing – but it’s so true. If you constantly jump between different strategies you’ll look up at 65 and have little to show for all your years of saving. The best portfolio is the one you’ll actually stick with.
• Safe investments can fall out of fashion. Canal bonds were considered safe until railroads upended the canal industry. Russian government bonds were staples of European investment portfolios until the 1917 revolution wiped out their value.

• The truth about most investors. Most  investors don’t admit they are expert rationalizers in finding profound reasons for hunches. “The inability to grasp ultimate  realities is the outstanding mental deficiency of the speculator.” Some investors would rather go broke than admit their guess was wrong.

• The ability to sit still is a superpower. Most people “suffer from the inability to do nothing.” Some investors want to own as many securities as possible. Occasionally I get asked why I don’t make satellite allocations to assets like REITs or gold. I wrote a post showing why. A 5% tilt might make an investor feel diversified but it doesn’t impact portfolio performance.

The book is a rare combination of wisdom and wit – I highly recommend it. You can find used copies on Amazon for $5.

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

Fred schwed jr. , peter arno  ( illustrator ) , jason zweig  ( introduction ).

208 pages, Paperback

First published January 1, 1940

About the author

Fred Schwed Jr.

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MoneyWeek book review: Where are the customers' yachts?

An entertaining look at the realm of finance in New York in the early twentieth century shows just how little has changed since then

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Sometime in the early 1900s, an out-of-town visitor was being shown around New York's booming financial district. After touring Wall Street, he and his guide arrived in the Battery, where they saw dozens of expensive ships riding at anchor. "Look," said his guide. "Those are the bankers' and brokers' yachts." The visitor who was either extremely naive or extremely astute responded with the obvious question: "Where are the customers' yachts?"

Whether it's true or not, this story was part of Wall Street folklore during the roaring 20s, and inspired the title of this witty and elegant memoir of financial folly. Its author, the implausibly named Fred Schwed Jr, was a professional trader and seemingly a rather unfortunate one: his career began in 1927 and spanned the final excesses of the boom, the Great Crash and the Great Depression. "Shortly after that I left Wall Street, and I believe it was the next day that stocks began going up; they have continued to go up, with all but negligible interruptions, ever since," he noted wryly, some 15 years later.

Fortunately, he was more successful as a writer. More than half a century on, Where are the Customers' Yachts? remains a fascinating read and a potent illustration of how little has changed in the markets. Computer screens may have replaced ticker tapes, but greed, fear and stupidity still rule the roost, making Schwed's cynicism about the entire financial profession as justified as ever. "Wall Streetis a street with a river at one end and a graveyard at the other," he writes, repeating another vintage 1920s joke. "This is striking but incomplete. It omits the kindergarten in the middle."

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But this is an amusing, almost affectionate book rather than an angry one. Schwed was fascinated by Wall Street, and particularly the way in which people delude themselves about their own abilities. "Pitifully few financial experts have ever known for two years what was going to happen to any class of securities The majority are usually spectacularly wrong in a much shorter time than that." And his barbed prose often worthy of Twain, Mencken or Bierce effortlessly skewers some of the more absurd notions to which markets are prone; witness an incisive section on the then-nascent world of options.

In what is obviously a zero-sum game, it's often claimed that "the buyer does well, the seller does well and it is not necessary to stress the point that the broker does well enough. Many examples can be cited to show all three of them emerging from their adventures with a profit. One wonders why the problem of unemployment cannot be solved by having the unemployed buy and sell each other options, instead of mooning around on those park benches".

Where are the Customers' Yachts? by Fred Schwed Jr is published by

John Wiley and costs £14.99

Cris Sholto Heaton is an investment analyst and writer who has been contributing to MoneyWeek since 2006 and was managing editor of the magazine between 2016 and 2018. He is especially interested in international investing, believing many investors still focus too much on their home markets and that it pays to take advantage of all the opportunities the world offers. He often writes about Asian equities, international income and global asset allocation.

Cris began his career in financial services consultancy at PwC and Lane Clark & Peacock, before an abrupt change of direction into oil, gas and energy at Petroleum Economist and Platts and subsequently into investment research and writing. In addition to his articles for MoneyWeek, he also works with a number of asset managers, consultancies and financial information providers.

He holds the Chartered Financial Analyst designation and the Investment Management Certificate, as well as degrees in finance and mathematics. He has also studied acting, film-making and photography, and strongly suspects that an awareness of what makes a compelling story is just as important for understanding markets as any amount of qualifications.

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Where are the Customers Yachts

Fred schwed jr., recommended by, book reviews.

Mike Novogratz: "Read this book. And know that Defi is coming after the Wall Street."

Warren Buffett: "The funniest book ever written about investing, it lightly delivers many truly important messages on the subject."

Book Summary

Humorous and entertaining, this book exposes the folly and hypocrisy of Wall Street. The title refers to a story about a visitor to New York who admired the yachts of the bankers and brokers. Naively, he asked where all the customers' yachts were?

Of course, none of the customers could afford yachts, even though they dutifully followed the advice of their bankers and brokers.

Full of wise contrarian advice and offering a true look at the world of investing, in which brokers get rich while their customers go broke, this book continues to open the eyes of investors to the reality of Wall Street.

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Fred Schwed's Where are the Customer's Yachts?: A modern-day interpretation of an investment classic

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Leo Gough is an experienced investment writer, a financial journalist and a dedicated private investor. He is the author of several books, including The Financial Times Guide to Business Numeracy, How the Stock Market Really Works, Going Offshore and Asia Meltdown. He is also the UK editor of Taipan, a newsletter on direct equity investment in emerging markets.

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Fred Schwed’s Where are the Customers’ Yachts?

A modern-day interpretation of an investment classic.

The title of this 1955 book refers to a story about a visitor to New York who admired the yachts of the bankers and brokers. Naively, he asked where all the customers’ yachts were. Of course, none of the customers could afford yachts, even though they dutifully followed the advice of their bankers and brokers. Full of wise contrarian advice and offering a true look at the world of investing, Where Are the Customers’ Yachts? continues to open the eyes of investors to the reality of Wall Street. Here, Leo Gough’s interpretation of Where Are the Customers’ Yachts? illustrates the timeless nature of Fred Schwed’s insights by bringing them to life through 52 modern case studies. This brilliant interpretation is an entertaining accompaniment to one of the most famous books on investment ever written.

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July 21, 2021

Where are the customer’s yachts?

Dividend Investing , REITs

Written by:

Christopher Ng Wai Chung

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.

Student M, a finance professional in his mid-30s, attended my program as part of Batch 10, which was conducted in December 2019. I was not aware of his stellar performance until he participated in a refresher session last weekend.

I designed ERM so that all portfolios built by each batch are accessible in a private Early Masterclass Facebook group. So M was able to gain access to the portfolios constructed by batches 11 through 21.

In less than two years after attending the ERM course, M achieved the following mind-boggling results.

M accumulated almost half a million worth of stocks in his account with an internal rate of return of 10.45%.

About half of the portfolio is his equity, and the other half are borrowed funds from his broker.

But wait, there’s more. What’s interesting is that M’s wife, who is also a high flyer in the finance industry, has a larger portfolio based on the same set of stocks. This is a million dollars worth of stocks in a margin account after less than two years of accumulation!

Examining his portfolio in closer detail, we get the following results:

We can find the classic properties of an ERM portfolio here: a beta of around 0.8 , indicating a risk lower than the rest of the market and almost half of all gains arising from dividend payouts.

M produced dividend payments of $22,182 over a short span of two years.

3 tips from a successful ERM graduate

During the lab session last week, M shared some tips on maximising the utility of the knowledge gained in the ERM program.

1 – Ignore market downturns

The fact of the matter is that M did not join ERM at the best of times . December 2019 was almost the market peak before the pandemic crash. If you had followed Batch 10, based on my records on Stocks café, you have lost up to 24% at the depths of the pandemic.

This would have been enough for many students to throw in the towel, declare the trainer a charlatan, and give up investing for good.

M explained that he did the opposite and tried to adapt my approach during the recession of 2009. He kept building up new portfolios and farmed his income into his margin account to buy more stocks.

Throughout this entire process, the Singapore stock market turned from being the worse stock market in Asia in 2020 into an outperformer in 2021.

2 – Have the courage to employ financial leverage

Another aspect of M’s approach was that he was a steadfast supporter of leverage , which is also highly unusual given that he endured the pandemic crash at ground zero.

M employed an equity multiplier of x2 throughout the pandemic crash. In other words, for every dollar that he and his wife has farmed into the portfolio, he borrowed one dollar more from his margin broker—doing this required “balls of iron”, as Batch 10 could have been down 24% at its lowest point. As M employed leverage, he would be nursing a loss of approximately 51% in March 2020.

So his current performance of 10.45% was closer to about (10.45% x 2 – 3%) or 17.9% assuming his margin financing costs of 3%. 

3 – Maintain a high earning power

An astute observer would note that M is hardly an ordinary Singaporean from an earnings standpoint. As a family unit, M’s family earns easily within the top 10% bracket of taxpayers in Singapore.

Both he and his wife are successful PMETs in the finance industry. He shared that with their combined incomes, they could farm up to $30,000 into every portfolio published by the ERM program, and in the months when I did not conduct training, he would perform his screening and build his portfolio for a fresh injection of these funds.

When I asked M whether he made lifestyle adjustments to build the portfolio, he replied that he did not have to. Still, he said that switching employers once every 3 to 4 years helped increase portfolio growth rate quite drastically.

I get that most of us earn a more ‘average’ salary, I wasn’t even in the top 10% bracket when I was building my own ERM portfolio. That said, most ‘average’ folks like us can practically work towards owning our yacht.

Even without a yacht, M is a shining example for future ERM students

Finally, I would like to apologise to the reader who was expecting a picture of M’s yacht. He does not own one yet, but he did share that he actually intends to downgrade to living in a HDB in Singapore and build a palatial mansion in Thailand instead. For this alone, I’m cautiously optimistic that he would easily be able to afford a yacht one day.

M’s family is highly likely to will their first million dollars of net worth if they continue along this path. They manage their earnings very astutely, can save a generous portion of their profits, and has shown grit and determination to leverage an ERM portfolio even through the pandemic.

ERM is lucky to have someone like M on board. He is a brilliant showcase of what an actionable investment workshop can do for your life.

S-REITs Portfolio Performance: DIY versus ETF

Do Singapore REITs have a place in our portfolio?

Zhi Rong Tan

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Fred Schwed: Where are the Customers Yachts? Summary

Post by captmorgan50 » Mon Mar 20, 2023 2:03 am

Re: Fred Schwed Where are the Customers Yachts? Summary

Post by captmorgan50 » Mon Mar 20, 2023 2:04 am

Post by David Jay » Mon Mar 20, 2023 3:12 am

Post by David Jay » Mon Mar 20, 2023 3:19 am

Post by er999 » Mon Mar 20, 2023 3:37 am

Post by captmorgan50 » Mon Mar 20, 2023 3:40 am

Post by Carol88888 » Mon Mar 20, 2023 4:11 am

Post by captmorgan50 » Mon Mar 20, 2023 3:24 pm

Post by Bill Bernstein » Mon Mar 20, 2023 3:57 pm

Post by captmorgan50 » Mon Mar 20, 2023 7:43 pm

Bill Bernstein wrote: ↑ Mon Mar 20, 2023 3:57 pm Not to steal the OP's thunder, but here's my fave: In 1929 there was a luxurious club car which ran each week-day morning into the Pennsylvania Station. When the train stopped, the assorted millionaires who had been playing bridge, reading the paper, and comparing their fortunes, filed out of the front end of the car. Near the door there was placed a silver bowl with a quantity of nickels in it. Those who needed a nickel in change for the subway ride downtown took one. They were not expected to put anything back in exchange; this was not money – it was one of those minor conveniences like a quill toothpick for which nothing is charged. It was only five cents. There have been many explanations of the sudden debacle of October, 1929. The explanation I prefer is that the eye of Jehovah, a wrathful god, happened to chance in October on that bowl. In sudden understandable annoyance, Jehovah kicked over the financial structure of the United States, and thus saw to it that the bowl of free nickels disappeared forever.

Post by Harmanic » Mon Mar 20, 2023 8:56 pm

captmorgan50 wrote: ↑ Mon Mar 20, 2023 2:03 am • Rarely will it be the most difficult of all answers---“I don’t know.”

Post by Bill Bernstein » Tue Mar 21, 2023 12:10 am

Post by captmorgan50 » Tue Mar 21, 2023 1:48 am

Bill Bernstein wrote: ↑ Tue Mar 21, 2023 12:10 am Thanks for the kind words. I assume you're referring to VDE/VENAX having near zero foreign holdings. I guess I'm fine with that, I'm not willing to pay 30 more bp to get the foreign exposure from say, IXC.

Fred Schwed's Where are the Customer's Yachts?

Description.

According to an old joke, a visitor to New York who was admiring the yachts of the bankers and brokers naively asked where all the customers' yachts were. Of course, none of the customers could afford yachts, even though they dutifully followed the advice of their bankers and brokers. The customers had not got rich from the stock market. Although Fred Schwed had a deep understanding of and few illusions about the world of investment Where are the Customers' Yachts? is very far from cynical. Schwed's insight into the psychology of investment professionals and their customers is as relevant today as it was in 1940. He did not say that investment is pointless, or that private investors never make any money. Rather, he cast doubt on the ability of the financial services industry to provide any really valuable advice to its customers. Leo Gough's interpretation of Where are the Customers' Yachts? brings Schwed's insights to life with modern examples. Readers will discover: • How to spend their income, not their capital; • That just because someone works in the stock market doesn't mean they are a good investor; • Why exceptions are the rule; • How to ride the winner and avoid the collapses; • The secret of the 'fat, stupid peasant' approach. Gough explains why investment is ultimately about psychology rather than numbers. This lucid, concise and jargon-free book shows you how you can adopt Schwed's original techniques and become a real investment ace. This interpretation of Fred Schwed's Where are the Customers' Yachts? illustrates the timeless nature of Schwed's insights by placing them in a twenty-first century context and is an inspiring reworking of one of the most influential investment books ever written.

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• Release date: July 1, 2011

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• ISBN: 9781908189608
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Business Finance Nonfiction

Publisher: Infinite Ideas Ltd

Kindle Book Release date: July 1, 2011

OverDrive Read ISBN: 9781908189608 Release date: July 1, 2011

EPUB ebook ISBN: 9781908189608 File size: 688 KB Release date: July 1, 2011

• Leo Gough - Author
• Formats Kindle Book OverDrive Read EPUB ebook
• Languages English

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Where are the customers' yachts: or a good hard look at wall street audible audiobook – unabridged.

Humorous and entertaining, this book exposes the folly and hypocrisy of Wall Street. The title refers to a story about a visitor to New York who admired the yachts of the bankers and brokers. Naively, he asked where all the customers' yachts were? Of course, none of the customers could afford yachts, even though they dutifully followed the advice of their bankers and brokers. Full of wise contrarian advice and offering a true look at the world of investing, in which brokers get rich while their customers go broke, this book continues to open the eyes of investors to the reality of Wall Street.

• Listening Length 4 hours and 2 minutes
• Author Fred Schwed Jr., see all
• Narrator Mark Moseley
• Audible release date July 10, 2020
• Language English
• Publisher Recorded Books
• ASIN B08B43P3MG
• Version Unabridged
• Program Type Audiobook
• See all details

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Where Are the Customers' Yachts?

• or A Good Hard Look at Wall Street
• By: Fred Schwed Jr. , Peter Arno
• Narrated by: Mark Moseley
• Length: 4 hrs and 2 mins
• 4.4 out of 5 stars 4.4 (133 ratings)

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Publisher's summary

Humorous and entertaining, this book exposes the folly and hypocrisy of Wall Street. The title refers to a story about a visitor to New York who admired the yachts of the bankers and brokers. Naively, he asked where all the customers' yachts were? Of course, none of the customers could afford yachts, even though they dutifully followed the advice of their bankers and brokers. Full of wise contrarian advice and offering a true look at the world of investing, in which brokers get rich while their customers go broke, this book continues to open the eyes of investors to the reality of Wall Street.

• Unabridged Audiobook
• Categories: Money & Finance

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• Story 4.5 out of 5 stars 256

A comprehensive and practical guide to the stock market from a successful fund manager - filled with case studies, important background information, and all the tools you’ll need to become a stock market genius. Fund manager Joel Greenblatt has been beating the Dow (with returns of 50 percent a year) for more than a decade. And now, in this highly accessible guide, he’s going to show you how to do it, too. You’re about to discover investment opportunities that portfolio managers, business-school professors, and top investment experts regularly miss.

Good book if interested in the niche he discusses

• By Amazon Customer on 02-23-20

What listeners say about Where Are the Customers' Yachts?

• 4.5 out of 5 stars 4.4 out of 5.0
• 4.5 out of 5 stars 4.6 out of 5.0

Reviews - Please select the tabs below to change the source of reviews.

Audible.com reviews, amazon reviews.

• Overall 4 out of 5 stars
• Performance 5 out of 5 stars
• Story 5 out of 5 stars

• Srisai Vikash Akkineni

Keep reading and finish this book for a good laugh!

Funny, informative, and generally light on material and wisdom. This book was definitely worth a read for a couple of good laughs. And the author is not wrong. The world needs Wall Street. But nobody, not even those on Wall Street, can truly know what they are doing when it comes to investing due to psychological, social, and political forces.

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1 person found this helpful

• Overall 5 out of 5 stars

• Anonymous User

entertaining and enduring

markets and investors haven't changed much over last century. concise , insightful, and funny. recommended for anyone want to get an honest and piercing take and wall street

Laughing at myself, most enjoyably

No one, having dabbled in active securities trading for longer than a year, should put off reading this book, even a moment longer. You owe it to yourself to take a good, solid look in the mirror and explore the mirth of seeing the absurdity of it all. I still trade and will still trade and will likely make a tradition of reading this book at the end of every fiscal year.

• Overall 1 out of 5 stars
• Story 1 out of 5 stars

• James R. Eagleton Jr.

I doubt that Warren Buffett ever recommended this book

This book is not funny and it has no material of value to me whatsoever

• Story 4 out of 5 stars

Great read after working with Private equity

most people on Wall Street aren’t any luckier or any smarter than the average person. After working with Private Equity I came to really appreciate the humor. Hit me at the right time

Surprisingly good!

I was blown away by how entertaining and insightful this book is, considering how long ago it was written.

Comedy more than anything

Was a descent book, more comedy about wall street than anything else. Still worth a listen for entertainment only

Pretty funny

Very entertaining. I did get a few laughs out of it. Great advice in a not direct way.

Relevant Insights for today

Amazing to think this was written so long ago…. Demonstrates that Wall Street hasn’t changed much

• Overall 2 out of 5 stars
• Performance 4 out of 5 stars

• Kindle Customer

the intro was the best part

I did not like this book. First, the book is only 4 hours long. However, there are 3 introductions. this leaves the book at 3 and a half hours. Second, the prose of the main text is nothing like the story provided in the sample (which is from one of the introductions). Third, the book tells no stories. It is a wordy tongue in cheek attempt at humor describing various participants tied to the act of investing. On a positive side, the narration was good.

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HHS Statement Regarding the Cyberattack on Change Healthcare

The U.S. Department of Health and Human Services (HHS) is aware that Change Healthcare – a unit of UnitedHealth Group (UHG) – was impacted by a cybersecurity incident in late February. HHS recognizes the impact this attack has had on health care operations across the country. HHS’ first priority is to help coordinate efforts to avoid disruptions to care throughout the health care system.

HHS is in regular contact with UHG leadership, state partners, and with numerous external stakeholders to better understand the nature of the impacts and to ensure the effectiveness of UHG’s response. HHS has made clear its expectation that UHG does everything in its power to ensure continuity of operations for all health care providers impacted and HHS appreciates UHG’s continuous efforts to do so. HHS is also leading interagency coordination of the Federal government’s related activities, including working closely with the Federal Bureau of Investigations (FBI), the Cybersecurity and Infrastructure Security Agency (CISA), the White House, and other agencies to provide credible, actionable threat intelligence to industry wherever possible.

HHS refers directly to UHG for updates on their incident response progress and recovery planning. However, numerous hospitals, doctors, pharmacies and other stakeholders have highlighted potential cash flow concerns to HHS stemming from an inability to submit claims and receive payments. HHS has heard these concerns and is taking direct action and working to support the important needs of the health care community.

Today, HHS is announcing immediate steps that the Centers for Medicare & Medicaid Services (CMS) is taking to assist providers to continue to serve patients. CMS will continue to communicate with the health care community and assist, as appropriate. Providers should continue to work with all their payers for the latest updates on how to receive timely payments.

Affected parties should be aware of the following flexibilities in place:

• Medicare providers needing to change clearinghouses that they use for claims processing during these outages should contact their Medicare Administrative Contractor (MAC) to request a new electronic data interchange (EDI) enrollment for the switch. The MAC will provide instructions based on the specific request to expedite the new EDI enrollment. CMS has instructed the MACs to expedite this process and move all provider and facility requests into production and ready to bill claims quickly. CMS is strongly encouraging other payers, including state Medicaid and Children’s Health Insurance Program (CHIP) agencies and Medicaid and CHIP managed care plans, to waive or expedite solutions for this requirement.
• CMS will issue guidance to Medicare Advantage (MA) organizations and Part D sponsors encouraging them to remove or relax prior authorization, other utilization management, and timely filing requirements during these system outages. CMS is also encouraging MA plans to offer advance funding to providers most affected by this cyberattack.
• CMS strongly encourages Medicaid and CHIP managed care plans to adopt the same strategies of removing or relaxing prior authorization and utilization management requirements, and consider offering advance funding to providers, on behalf of Medicaid and CHIP managed care enrollees to the extent permitted by the State. 
• If Medicare providers are having trouble filing claims or other necessary notices or other submissions, they should contact their MAC for details on exceptions, waivers, or extensions, or contact CMS regarding quality reporting programs.
• CMS has contacted all of the MACs to make sure they are prepared to accept paper claims from providers who need to file them. While we recognize that electronic billing is preferable for everyone, the MACs must accept paper submissions if a provider needs to file claims in that method.

CMS has also heard from providers about the availability of accelerated payments, like those issued during the COVID-19 pandemic. We understand that many payers are making funds available while billing systems are offline, and providers should take advantage of those opportunities. However, CMS recognizes that hospitals may face significant cash flow problems from the unusual circumstances impacting hospitals’ operations, and – during outages arising from this event – facilities may submit accelerated payment requests to their respective servicing MACs for individual consideration. We are working to provide additional information to the MACs about the specific items and information a provider’s request should contain. Specific information will be available from the MACs later this week.

This incident is a reminder of the interconnectedness of the domestic health care ecosystem and of the urgency of strengthening cybersecurity resiliency across the ecosystem. That’s why, in December 2023, HHS released a concept paper that outlines the Department’s cybersecurity strategy for the sector. The concept paper builds on the National Cybersecurity Strategy that President Biden released last year, focusing specifically on strengthening resilience for hospitals, patients, and communities threatened by cyber-attacks. The paper details four pillars for action, including publishing new voluntary health care-specific cybersecurity performance goals, working with Congress to develop supports and incentives for domestic hospitals to improve cybersecurity, increasing accountability within the health care sector, and enhancing coordination through a one-stop shop.

HHS will continue to communicate with the health care sector and encourage continued dialogue among affected parties. We will continue to communicate with UHG, closely monitor their ongoing response to this cyberattack, and promote transparent, robust response while working with the industry to close any gaps that remain.

HHS also takes this opportunity to encourage all providers, technology vendors, and members of the health care ecosystem to double down on cybersecurity, with urgency. The system and the American people can ill afford further disruptions in care. Please visit the  HPH Cyber Performance Goals website for more details on steps to stay protected.

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