“Everything has an Actual and an Expected value derived from historical information. Define it, and you can benefit from it.”
Didn’t do well at poker today. Started off up about 1.5 buy-ins or $150-ish and then proceeded to lose that and $750 more. About 3.5 buy-ins at a mix of stakes. Not a huge swing I suppose but disappointing and disheartening all the same. Like I’ve said before, it is one of the toughest things to deal with in this game or close to the worst for sure. I’ll get it back though. A positive approach is the best approach. As for finding value, I may have to look deeper into my database to figure out some repeatable edges that I can exploit. Positive expected value is everything! Poker and gambling are not unique in that sense. Everything that can be used to generate money has a value in itself. This value can always be defined from its historical information. For example, any action that generates money can be consistently repeated. If this action ‘costs’ less than the income generated upon its completion, it is of positive value to the executor. Simply, find out all actions that cross your path that fit this criterion and repeat them, no matter what form they take. Basic Economics. Essentially, finding the value of everything will prove its worth to you in the end.
Next Task: Still on the stamina thing; that may show improvement over time and would seem a life long commitment, but worthwhile. Value analysis of about all I’m involved in seems wise, and yet not daunting given its inevitable scope. It’s actually the part I enjoy the most I think.
What did you do to discover your most useful skills? What lessons did you learn that are like mine? I’d really appreciate you leaving a comment, thanks…
Filed under: Economics, Poker | Tagged: Economics, ev, Expected Value, Mental Strength, Pattern Recognition, Poker, Self Analysis, Tenacity, Wisdom
