Money and Finance
- Revisiting “moneyball” With Paul Depodesta
Have you ever been surprised by a player who outperformed his statistical profile? Oh, yeah. A main part of our reasoning is to put ourselves in a position to get lucky. With the amount of competition there is in the industry, it’s hard to put together...
- Ray Dalio Quote
“The bets are zero sum. In order for you to beat me in the game, it’s like poker, it’s a zero sum game. We have 1,500 people that work at Bridgewater, we spend hundreds of millions of dollars on research, and so on. We’ve been...
- Inside Warren Buffett's Private Poker Game
Found via the Corner of Berkshire and Fairfax. Warren Buffett is a famously world-class bridge player, putting in 12 hours a week at the table, often with Bill Gates, and sponsoring the Buffett Cup, which mimics golf’s Ryder Cup, except with cards....
- Evolution: A Game Of Chance
One of the toughest concepts to grasp about evolution is its lack of direction. Take the classic image of the evolution of man, from knuckle-walking ape to strong, smart hunter: We view this as the natural progression of life. Truth is, there was no guarantee...
- Steven Crist: Publisher And Columnist, Daily Racing Form
I am here to talk about why most of what you have heard about horse racing is wrong, and why horse racing is much more similar to what you do than other forms of gambling. The general public probably thinks that for the most part, horse racing is just...
Money and Finance
The Role of Skill versus Luck in Poker: Evidence from the World Series of Poker - By Steven Levitt and Thomas Miles
In determining the legality of online poker – a multibillion dollar industry -- courts have relied heavily on the issue of whether or not poker is a game of skill. Using newly available data, we analyze that question by examining the performance in the 2010 World Series of Poker of a group of poker players identified as being highly skilled prior to the start of the events. Those players identified a priori as being highly skilled achieved an average return on investment of over 30 percent, compared to a -15 percent for all other players. This large gap in returns is strong evidence in support of the idea that poker is a game of skill.
- Revisiting “moneyball” With Paul Depodesta
Have you ever been surprised by a player who outperformed his statistical profile? Oh, yeah. A main part of our reasoning is to put ourselves in a position to get lucky. With the amount of competition there is in the industry, it’s hard to put together...
- Ray Dalio Quote
“The bets are zero sum. In order for you to beat me in the game, it’s like poker, it’s a zero sum game. We have 1,500 people that work at Bridgewater, we spend hundreds of millions of dollars on research, and so on. We’ve been...
- Inside Warren Buffett's Private Poker Game
Found via the Corner of Berkshire and Fairfax. Warren Buffett is a famously world-class bridge player, putting in 12 hours a week at the table, often with Bill Gates, and sponsoring the Buffett Cup, which mimics golf’s Ryder Cup, except with cards....
- Evolution: A Game Of Chance
One of the toughest concepts to grasp about evolution is its lack of direction. Take the classic image of the evolution of man, from knuckle-walking ape to strong, smart hunter: We view this as the natural progression of life. Truth is, there was no guarantee...
- Steven Crist: Publisher And Columnist, Daily Racing Form
I am here to talk about why most of what you have heard about horse racing is wrong, and why horse racing is much more similar to what you do than other forms of gambling. The general public probably thinks that for the most part, horse racing is just...