Mar
22
Always Remember, from Victor Niederhoffer
March 22, 2011 |
One must always remember Slansky's admonition which is that you have to take account of whether you're a winner or loser, and what your average rate of win is relative to the distribution of losses. If you're a good player, never accept a bet with a small edge if it might subject you too close to gambler's ruin, or getting stopped out of you position even if you have an edge. Many a good player doesn't call bets in one's favor if it has too high a variability relative to his bank roll. Many a t-grade should not be taken when the variables like an announcement put the normal tit and tat into jeopardy. I hate to force a weaker player, (assuming I might ever have that luxury again) into making a good shot. Board players are the same way. They can sometimes create a crisis, a tension where if the weaker player makes the rite move, he might pull out a draw or victory. Much better to grind the poor sinner or market into oblivion.
Anatoly Veltman comments:
This is very right about chess and checkers. Grandmasters often lose sight of this good advice: forcing a weaker opponent into a series of the only possible moves on his part - will not necessarily lead to your definite win; but it will certainly prevent your opponent from making a poor move of his own!
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Through a curious turn of circumstance I found myself working for a while with David Sklansky’s son back in the early aughts. Anyone know what he’s been up to since?