By Aaron Brown
Wall highway is the place poker and smooth finance?and the idea at the back of those "games"?clash head on. In either worlds, actual chance capability actual cash is made or misplaced in a center beat, and neither camp is often rational with the danger it takes. hence, company and fiscal execs who are looking to use poker insights to enhance their task functionality will locate this exciting ebook a "must read." So will poker gamers looking for an area in utilising the insights of risk-takers on Wall highway.
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Additional info for The Poker Face of Wall Street
Qxp 18 ♠ 1/30/06 9:24 AM Page 18 THE POKER FACE OF WALL STREET assessing a time charge or rake, as one of the players). R. Tolkien’s “one Road” (from The Lord of the Rings trilogy): He used often to say there was only one Road; that it was like a great river: its springs were at every doorstep, and every path was its tributary. “It’s a dangerous business, Frodo, going out of your door,” he used to say. “You step into the Road, and if you don’t keep your feet, there is no knowing where you might be swept off to.
GAMBLING AND FINANCE The second part of the claim—that gambling acts as a financial market—is more controversial. The standard view of gambling is that it is a zero-sum game at best: Someone must lose whatever the winners win. At worst, when the game is organized by professionals, the house always wins, so it’s a less-than-zero-sum game for the players. qxp 1/30/06 9:24 AM Page 13 THE ART OF UNCALCULATED RISK ♠ 13 entertainment. It’s true that many people enjoy this kind of recreation, but it’s not the gambling I’m talking about.
She would never have folded a pair of queens or aces against sevens betting one chip, so she probably had one of your kings. 71 percent. qxp 1/30/06 9:24 AM Page 41 POKER BASICS ♠ 41 close to the folding point already, but it gets worse. 59 percent chance of beating you if you do get your king (because 7 cards—2 remaining aces, 2 remaining sevens, and 3 remaining twos—out of the 34 cards are left after you get a king). 54 percent. You might have misfigured one or both of the hole cards, but it does not make sense to call.