substackmaxxer

Game theory teaches that if you have an edge over other players, you must shut up about it. Don't announce you have the winning hand unless that's the way you win. Ed Thorp would only bet when math was on his side: he invented card counting in blackjack and his hedge fund had 20% returns over 20yrs with only 3 months down. (He invented a formula for option pricing that he never publicized; when others did, they got a Nobel prize). Buffett thought the same way; when he felt out of touch with the game, he closed his partnership in 1969. These Masters go around teaching how they did it, but they know no one can compete with them. Game selection is as important as skill, and it can't be taught in a one-hour speech. "If 30 mins into a poker game you don't know who the patsy is, you are the patsy"