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The Hustler's MBA
11–20 of 74 posts
Re: The Hustler's MBA
#12This post would have held more sway for me if it had been touted as a preparation for school - not as a replacement.
I am of the opinion a number 18 year olds are very far from being emotionally mature and self possessed enough to get the most ouf of college. Such individuals would probably be well served by making a go at dealing with the world, which might well include some form of the OP's syllabus.
However, touting this as an alternative to higher education is IMO doling out plain bad advice. I'm not even going to touch the highly dubious claims made about poker as a source of reliable income (by an amateur with one year of experience).
Re: The Hustler's MBA
#13He also lost me at poker. A lot of us entrepreneur types love poker because we just love risk, IMO. To say that you can comfortable make 85k a year playing poker is the most outlandish statement I've ever heard. I also hate how people try and tell me poker is a skill. Yes to a degree it is, but it's more luck than anything once you understand the game, let's be real. Seemed like a good blog post until he became delus…
Poker is unquestionably a game of skill.
You need be able to separate the orthogonal components of EV and variance.
Over a large sample of hands, a professional poker player will wipe the floor with you.
There is a great deal of variance in poker, but that doesn't mean that one person can't be significantly better than another in the long run.
Re: The Hustler's MBA
#14And here I thought the answer to life was 42, not Poker.
Re: The Hustler's MBA
#15He also lost me at poker. A lot of us entrepreneur types love poker because we just love risk, IMO. To say that you can comfortable make 85k a year playing poker is the most outlandish statement I've ever heard. I also hate how people try and tell me poker is a skill. Yes to a degree it is, but it's more luck than anything once you understand the game, let's be real. Seemed like a good blog post until he became delus…
If its about luck, than why do we see the same familiar faces deep into WSOP finals?
Luck is only relevant if you're playing for the short run. Professionals generally make decisions that favor them in the long run against natural statistical deviations. That's why playing against a beginner is incredibly hard; they make poor choices that don't necessarily result in poor results. But put compare the results of that beginner vs a pro after 1000+ hands, and you'll see how much luck vs skill matters.
Re: The Hustler's MBA
#16In 2006, you actually could fairly easily make $85K in a year playing poker. Not anymore, though, and not for the past few years.
what happened after 2006 that caused the dropoff in payout?
Re: The Hustler's MBA
#17He lost me at the part where the secret to life is becoming a professional poker player. Because in a highly competitive game of chance you're pretty much guaranteed to come out on top to the tune of $50-60 an hour... Does this post strike anyone as completely f'ing delusional? Perhaps applicable to the author, one of the greatest card sharks alive today, but seems silly to the vast majority.
Yeah it's off putting that poker was #1 on the list. His remaining suggestions were actually things that seemed sensible, like reading, writing, programming, and starting a business, but the poker stuff was so distracting it was hard to continue.
Re: The Hustler's MBA
#18This post would have held more sway for me if it had been touted as a preparation for school - not as a replacement. I am of the opinion a number 18 year olds are very far from being emotionally mature and self possessed enough to get the most ouf of college. Such individuals would probably be well served by making a go at dealing with the world, which might well include some form of the OP's syllabus. However, touti…
I think this is pretty insightful, I was comparing my daughter (17) as she looks at colleges to some of the other potential freshman. It was clear that a noticable number of young people were going to be lost.
I'd guess that its the 'hovering parent' syndrome which trys so hard to keep their kids 'safe' and 'competitive' that they don't let their kids develop into adults, but I don't know. It is definitely a factor though.
Re: The Hustler's MBA
#19In 2006, you actually could fairly easily make $85K in a year playing poker. Not anymore, though, and not for the past few years.
what happened after 2006 that caused the dropoff in payout?
UIGEA [1]. It basically killed the entire U.S. online poker market. And what little that remained was destroyed by Black Friday [2].
It certainly was possible (with a little bit of study) to make $85k/year playing online poker back then, but those days are long gone.
[1] http://en.wikipedia.org/wiki/Unlawful_Internet_Gambling_Enfo...
[2] http://en.wikipedia.org/wiki/United_States_v._Scheinberg
Re: The Hustler's MBA
#20He also lost me at poker. A lot of us entrepreneur types love poker because we just love risk, IMO. To say that you can comfortable make 85k a year playing poker is the most outlandish statement I've ever heard. I also hate how people try and tell me poker is a skill. Yes to a degree it is, but it's more luck than anything once you understand the game, let's be real. Seemed like a good blog post until he became delus…
I absolutely disagree. Poker is not a game about taking risk, it's a game about managing risk. This is an incredible important distinction that separates winning players from losing players.
Looking at another industry, take the extremely 'risky' business of a VC partner; if you look at one investment of his, you might say the odds dictate that his investment is more luck than anything, because he is investing $10,000 and has done so in a way which gives him a 10% chance to make $1 million. However, if you look at his track record of the 250 investments that he has put $10,000 into, you would see that for the $2.5 million he has invested, it has made him $25 million in return.
Is playing poker and investing in VC risky? Absolutely. Does it involve more luck than skill? In one iteration of the game, yes, but in 150 or 250 iterations? Not likely.