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Jane Street's Figgie card game

figgie.com

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Re: Jane Street's Figgie card game

#91
post #71
post #42

Earlier quoted context omitted.

https://chisness.substack.com/p/automate-the-food

Is this satire or was he a conspiracy theorist? It didn’t take very long into the article before he started talking about “seed oil infiltration”. My eyes rolled into the back of my head and I was unable to continue reading any more of the article after that

I don’t think it requires conspiratorial thinking to believe that seed oils are less healthful than more traditional sources of cooking oils / fats (for one reason or another). Regardless of that, given that seed oils can be produced cheaply and incorporated in to foods to increase profit, “seed oil infiltration” into foods is very real.

Re: Jane Street's Figgie card game

#92
post #82

I've enjoyed playing this. The basic strategy that works for me: 1. If I have an obvious skew in the distribution of cards I've been dealt, I can assume the common suit and hence the goal suit and try to buy the cards of that suit. 2. If the distribution of cards I have is more or less even, then I just save that round and try to make back the base cost. The hard part has been trying to understand how to update my be…

Another way of playing is just simple buy low sell high without considering the goal suit. The reward for this style of playing isn't as high as correctly deducing the goal suit, but it's adequately successful. I think this is similar to market making: no matter how the market moves, the market maker makes a small amount of money regardless.

Yup, that's what I mean by point #2.

Re: Jane Street's Figgie card game

#93

I've enjoyed playing this. The basic strategy that works for me: 1. If I have an obvious skew in the distribution of cards I've been dealt, I can assume the common suit and hence the goal suit and try to buy the cards of that suit. 2. If the distribution of cards I have is more or less even, then I just save that round and try to make back the base cost. The hard part has been trying to understand how to update my be…

A better strategy would be to estimate card value based on your starting hand (i.e., probability that each suit is goal suit). It requires some non-trivial combinatorics but I guess if you take the game seriously you just memorize those once. Then you buy cards if the price are lower than your estimate and sell if it is higher. You also should pay a somewhat more for the card that gives you majority (4th/5th). The up…

Pretty much exactly what I meant.

Re: Jane Street's Figgie card game

#94

There is a fantastic blog post by Ross Rheingans-Yoo about the shortcomings of poker as a tool to teach trading and why Figgie is a better one. https://blog.rossry.net/figgie/ He also wrote an equally brilliant eulogy about Max Chiswick, one of his colleagues, who helped him develop it. https://blog.rossry.net/chisness/

Beautiful eulogy. I don't know the author nor the eulogized but reading the eulogy made me appreciate people like those two (poker players, options traders, sports gamblers etc).

I often see in HN comments about how trading and Wall St in general is evil - when I feel completely the opposite. The two inventors of Figgie may not have contributed directly to curing cancer, saving the dolphins or the whales - dare I posit that most of tech building enterprise JIRA-esque todo-lists, e-commerce middleware and ad trackers don't either.

What I love about their friendship is that I see poker/gambler-mindset of always going for it, shoving the chips to the middle of the table when the pot-odds are good and it is a +EV play. I think they went all-in on several projects such as Figgie, AI Poker and teaching - seemingly all without the whole LinkedIn life coach-advised manner of building up your brand, client-base etc.

The older I get, I find more value too in the honesty of finance and trader types. Yes trading is about money but being honest about that is ironically one of the most altruistic things that can happen for a person. I find that most traders and gamblers who become aware of their greed and selfishness in their work - ironically also causes them to be very generous and selfless people in life due to their constant awareness of that limitation; and to also have zero fox given about what other people think of them professionally and socially (vs. in tech nowadays).

As an options trader/gambler, I'm thankful for the author's eulogy and their efforts in inventing the game. It's a bittersweet story. I read from the eulogy that Max Chiswick embraced the variance of life. Their friendship albeit short and sweet for me is like a fat right tail call option - the holding period might've only been a year and change - but the payoff is one that enriches the soul for life.

Re: Jane Street's Figgie card game

#95

There is a fantastic blog post by Ross Rheingans-Yoo about the shortcomings of poker as a tool to teach trading and why Figgie is a better one. https://blog.rossry.net/figgie/ He also wrote an equally brilliant eulogy about Max Chiswick, one of his colleagues, who helped him develop it. https://blog.rossry.net/chisness/

Beautiful eulogy. I don't know the author nor the eulogized but reading the eulogy made me appreciate people like those two (poker players, options traders, sports gamblers etc). I often see in HN comments about how trading and Wall St in general is evil - when I feel completely the opposite. The two inventors of Figgie may not have contributed directly to curing cancer, saving the dolphins or the whales - dare I pos…

price discovery of more assets will providing more liquidity and faster financing to cure cancer

so thats an easy rebuttal to keep in the back pocket

Re: Jane Street's Figgie card game

#96
post #71

Earlier quoted context omitted.

Is this satire or was he a conspiracy theorist? It didn’t take very long into the article before he started talking about “seed oil infiltration”. My eyes rolled into the back of my head and I was unable to continue reading any more of the article after that

I don’t think it requires conspiratorial thinking to believe that seed oils are less healthful than more traditional sources of cooking oils / fats (for one reason or another). Regardless of that, given that seed oils can be produced cheaply and incorporated in to foods to increase profit, “seed oil infiltration” into foods is very real.

It does require conspiratorial thinking because it’s a conspiracy theory.

It’s not a particularly old one either, it started showing up a year or two before Covid if I recall right.

Re: Jane Street's Figgie card game

#97

Earlier quoted context omitted.

Beautiful eulogy. I don't know the author nor the eulogized but reading the eulogy made me appreciate people like those two (poker players, options traders, sports gamblers etc). I often see in HN comments about how trading and Wall St in general is evil - when I feel completely the opposite. The two inventors of Figgie may not have contributed directly to curing cancer, saving the dolphins or the whales - dare I pos…

price discovery of more assets will providing more liquidity and faster financing to cure cancer so thats an easy rebuttal to keep in the back pocket

What if curing cancer needs education, applied intellect, and inspiration more than it needs "financing"?

No small number of examples of places with plenty of financiers that have said "aha, we need to have [thing X], let's [throw some money at it]" without much useful results because they don't actually have the necessary people, knowhow, networks, or institutions.

Re: Jane Street's Figgie card game

#98
post #78

Earlier quoted context omitted.

1. Grab at least 4 cards of each suit 2. Sort them to follow a repeating pattern of 4 distinct suits, e.g. ♥♦♣♠♥♦♣♠♥♦♣♠... 2. Cut the deck, putting the top part under the bottom part 3. (The deck will still have that pattern, but shifted by an unknown amount) 4. Counting out from the top, remove the following cards: - 1st, 5th, 9th, 13th - 2nd, 6th - 3rd, 7th Or: take 3, skip 1, take 3, skip 1, take 1, skip 3, take 1…

or sort them into piles and have people shuffle the piles?

I should've clarified that, but I wanted to find out how to do it as a single person.

Re: Jane Street's Figgie card game

#99

Earlier quoted context omitted.

price discovery of more assets will providing more liquidity and faster financing to cure cancer so thats an easy rebuttal to keep in the back pocket

What if curing cancer needs education, applied intellect, and inspiration more than it needs "financing"? No small number of examples of places with plenty of financiers that have said "aha, we need to have [thing X], let's [throw some money at it]" without much useful results because they don't actually have the necessary people, knowhow, networks, or institutions.

> What if curing cancer needs education, applied intellect, and inspiration more than it needs "financing"?

unlocking liquidity of currently hard to value assets will remove distractions for a broader set of people to get education, apply their intellect, and be inspired including to cure. many people are not applying their intellect because they are distracted by their illiquidity, basically all of their life.

> plenty of financiers that have said "aha, we need to have [thing X], let's [throw some money at it]" without much useful results

misallocated capital is a symptom of current market inefficiencies and has nothing to do with the concept of people working in finance versus whatever you prefer

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