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Poker tournament is often called the microcosm of our own capitalistic "democratic" world and as I learn how to play it more and more I realize how true this is
by deutschew 5y ago
Poker tournament is often called the microcosm of our own capitalistic "democratic" world and as I learn how to play it more and more I realize how true this is.
As you've said luck is a very very important factor. As you get lucky, you tend to continue getting lucky because the more chips (capital) the cost of failure or unlucky runs is a lot lower than somebody about to be knocked out of the tournament.
Playing tight (risk averse) or loose (risk tolerant) or mania (risk indifferent) can yield very different outcomes and often professionals adjust their appetite for risk throughout the tournament.
Similarily, yes Steve Jobs got lucky and because he kept getting lucky he was in a position to make other bets without really suffering vs someone who bootstraps their business and exposed to the fluctuations of the market is going to have a tough time.
Nassim Taleb explains this better but to me the biggest shock when I started playing poker was, how much of an impact it's made no my perception of randomness and risk.
- mason55 5y agoThe other important major lesson that poker teaches you is that you can make the right decision and still lose, along with the corollaries (winning/losing doesn’t mean you made the right/wrong decision).
- deutschew 5y agoand survivor ship bias and entrepreneur pron really diminishes this. it really made me feel how out of control the world really is and as Charlie Munger said it the best, it is envy that drives capitalism.
- JohnBooty 5y agoYeah, hugest lesson in life. Just because something worked out, doesn't mean you made the right call. You can cross the street with your eyes closed and (depending on the street) survive most of the time. Doesn't mean it was the right call.