WC Varones

Don't lend your hand to raise no flag atop no ship of fools

How is poker like investing?

The FT writes about a new book that compares poker and investing:
Investing and poker are two forms of gambling that are separated by a thin thread. Individuals who recognise this link – and recognise that both involve taking uncalculated risks and favour those with a keen knowledge of self – will be the most profitable.

Individuals have drawn comparisons between gambling and the stock market for decades but the observations were an attempt to knock the art of investing down a peg. However, in recent years a combination of factors – behavioural finance, the rise of quantitative analyses of investing and gambling, and the collapse of the stock market bubble – and has led to a more serious investigation.
I have often thought about the parallels -- and I can't wait to read the book.

Of course, poker is a negative-sum game (at least when there's a house rake), meaning you have to be better than average to make money. The stock market is a positive-sum game (relative to bonds, cash, and other silly asset classes), meaning everyone should play -- if you're the dumbest investor in the world, you should still be investing in index funds at least.

2 comments:

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