Learning advice from traditional business can apply to poker
October 03, 2018 3:00 AM
by George Epstein
You never know where good poker advice will come.
The Sept. 14 issue of the Los Angeles Jewish Journal had a special column entitled “The Young Real Estate Mogul” by contributing writer, Deborah Danan. For me, the highlight of this article was a quote by Matan Pertman, a very successful young Israeli “real estate mogul” who previously had served as a naval commando in the Israeli Defense Forces.
Pertman makes a thought-provoking comment: “The gap between investing and gambling is knowledge.”
That column got me to review my column, “Skillful players always have an edge,” in the Sept. 19 issue of GamingToday. In particular, that column recognizes that there is risk in both gambling and investing. In both cases, you are risking money to try to gain even more.
What’s more, as Pertman suggests, knowledge is the essential key.
Just as he checks out the desirability of the property under consideration before committing to purchase, the smart poker player does essentially the same thing. We use our poker skills to gain information that helps us make the key decisions.
Before and after the Flop, just as Pertman uses his skills to gain pertinent knowledge before committing to a new real estate investment, so too the smart poker player applies his special skills to the extent possible. Before the flop, he considers the value of his holecards, his betting position in the hand, his knowledge of his opponents and their playing traits.
At the same time, he looks for tells for even more information (all relevant knowledge). Then, he studies the flop and how it helps his hand; he considers the pot odds vs. the chance for success.
That’s valuable information, very important in achieving success. Knowing all that, the skilled player is ready to decide whether, and how, to further invest his money.