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Sometimes, it’s done in a way known as a chip chop—you get the amount of the prize pool proportional to your portion of the chips. Other times, it’s done according to a principle known as ICM, or the Independent Chip Model, in which each chip is not created equal: your payout also takes into account the existing payout structure (the percentage of
... See moreMaria Konnikova • The Biggest Bluff: How I Learned to Pay Attention, Master Myself, and Win
The viewer was led to believe that poker is easy to learn, easy to profit from, and incredibly action-packed—none of which is true. But that didn’t stop many of them from concluding that only a ticket to Las Vegas separated them from life as the next Chris Moneymaker. The number of participants in the World Series of Poker’s $10,000 main event expl
... See moreNate Silver • The Signal and the Noise: Why So Many Predictions Fail-but Some Don't
Invested: How I Learned to Master My Mind, My Fears, and My Money to Achieve Financial Freedom and Live a More Authentic Life (with a Little Help from Warren Buffet, Charlie Munger, and My Dad)
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(“Sign up for Run It Once,” he tells me early on. I find out it’s a coaching site, and when I start looking at the library of available topics, I suddenly feel very, very lost and very, very small and very, very silly.
Maria Konnikova • The Biggest Bluff: How I Learned to Pay Attention, Master Myself, and Win
Erik Seidel, for whom the challenge of poker is slightly different. For over three decades, he has led the poker world. He holds eight WSOP bracelets (only five players in the tournament’s history have more) and a World Poker Tour title. He is in the Poker Hall of Fame, one of just thirty-two living members. He boasts the fourth-highest tournament
... See moreMaria Konnikova • The Biggest Bluff: How I Learned to Pay Attention, Master Myself, and Win
“Oh, there is one thing. Charity tournaments are shove fests.” Shove fests? “They’re basically turbos. The blinds go up really quickly. You’re going to have to be aggressive. Really ramp it up.”
Maria Konnikova • The Biggest Bluff: How I Learned to Pay Attention, Master Myself, and Win
activity involves skill: ask if you can lose on purpose.
Michael J. Mauboussin • Think Twice: Harnessing the Power of Counterintuition
Okay, so maybe diversification wasn’t the answer either. Maybe you could put all of your eggs in one basket and still get rich by watching the basket very closely.