Book Review: Your Best Poker Friend: Increase Your Mental Edge
The poker culture is still anti-introspective," claims Dr. Alan Schoonmaker, author of Your Best Poker Friend: Increase Your Mental Edge. "Poker players focus on learning strategy and reading other people, not on looking at themselves." With Your Best Poker Friend, Schoonmaker continues with his efforts to counter that trend, offering readers numerous useful strategies for increasing their self-knowledge -- and thus, hopefully, their edge at the table.
Your Best Poker Friend further explores themes and concepts previously introduced by Schoonmaker in The Psychology of Poker, Your Worst Poker Enemy, and his CardPlayer columns (where some material
In his new book, Schoonmaker continues to identify and explain various emotional and psychological forces that affect poker players' decisions and actions, as well as suggest valuable strategies for understanding and/or counteracting those forces where necessary.
As with Schoonmaker's other books, Your Best Poker Friend is not for players without some prior experience with the game. He assumes a basic understanding of strategic principles -- for those in need, he provides a list of recommended texts -- and instead tries to provide help in areas other poker writers tend to neglect. "My goal is to help you think logically about psychological issues that most poker writers have ignored or minimized," says Schoonmaker.
The importance of thinking logically, as opposed to relying solely on intuition or 'feel' to understand either the game or how it tends to be played, is the premise upon which Schoonmaker bases most of his advice in both Enemy and Friend. Using logic to explain the sources of emotional or irrational behaviors at the table is, of course, challenging, but immensely useful. "You must ruthlessly analyze yourself," Schoonmaker repeatedly insists, if you ever hope to realize your potential as a player.
Anyone familiar with Schoonmaker's columns or poker podcasts knows he is himself an avid reader of poker literature. Frequent allusions to other writers' words and ideas prove especially helpful in Your Best Poker Friend, both to clarify certain concepts and to help distinguish Schoonmaker's contributions from those of others. Schoonmaker is also himself an editor of poker books, so it is not surprising to find Your Best Poker Friend an especially well-organized read.
Part One of Friend, titled "Getting and Using Information," offers valuable, concrete advice about how to become a better student of the game -- and of yourself. Here Schoonmaker draws on his background as a teacher to suggest effective learning strategies. For those truly hoping to understand themselves and the game, it is vital to "learn actively." Thus does Schoonmaker recommend activities that force one to take an active role in one's learning, such as self-reflective writing, note-taking, participating in discussion groups, and soliciting other forms of feedback and/or coaching. He even invites the reader, after each chapter, to take a reading quiz in order to help reinforce the lessons being advanced.
Part Two, "Increasing Your Edge," takes a number of those emotional and psychological forces discussed in Enemy and considers how to benefit from recognizing them operating in one's opponents. There's an especially useful discussion here about the psychology of first impressions (and how creating false first impressions can reap rewards later on), as well as insights regarding how to deal with poor players, the relative importance of competitiveness, how to handle rushes, and tilting.
Part Three contemplates the question "Should You Play No-Limit Hold 'em?" At first glance, the subject might appear a detour from the main topic, but it soon becomes evident that no-limit hold 'em particularly highlights and even exaggerates many of the emotional and psychological issues discussed thus far. Here Schoonmaker begins by encouraging readers to consider their own skills, mental abilities, and psychological traits in order to determine how suited they might (or might not) be for the special challenges NLHE presents. From there Schoonmaker pursues a lengthy contrast between NLHE and limit games, with specific guidelines for reading and adjusting to players, game and seat selection, and making the transition.
Finally, in Part Four, "Developing Yourself," Schoonmaker provides poker players a step-by-step plan for accomplishing long-term goals. Following a discussion about the several factors one should consider before attempting to move up in stakes and/or make a greater commitment to poker, Schoonmaker outlines a comprehensive "Poker Improvement Plan" for setting goals and monitoring progress.
That focus on the long term is the primary difference between Schoonmaker's new book and its precursor, Your Worst Poker Enemy. Whereas Enemy concentrated more on the immediate problem of understanding and dealing with one's own emotions, prejudices, values, and stressors, Your Best Poker Friend highlights ways to take that understanding and move forward as a player and as a person. That is to say, while in Your Worst Poker Enemy Dr. Al told us to "get real" and stop denying who we are and what motivates us at the poker table, in Your Best Poker Friend, he shows us how to "get real good" and start taking our self-knowledge and making poker a profitable -- and positive -- part of our lives.
Letters to 10)
2, as a certified public accountant verify the non-recurrent profit and loss tables units: yuan
3, the main financial indicators
4, the management of the company nearly three years a financial position and operating results of the discussion and analysis
(1) constitute a major asset impairment and extraction conditions
The company s assets mainly by the current assets and fixed assets. The last three years and one, liquid assets accounted for a higher proportion of total assets in fixed assets to total assets ratio slightly lower, a higher proportion of liquid assets showed good mobility assets, with investment in fixed assets has gradually increased business development , the company s assets structure more reasonable. The end of 2004, the company received Yinzhou District Land Reserve Center of the real estate to pay 15,013 yuan compensation, land acquisition and new plant construction and demolition compensation area supporting high-voltage power facilities earmarked 1,987 million, and as a result the end of the total liquid assets a higher proportion of assets, in addition, the last three years and a liquid assets to total assets ratio remained stable.
Company Provision for impairment of assets in line with the state policy of the financial accounting system, the company s main asset impairment for the extraction full, reasonable, and the company s assets in line with the actual situation of the quality.
To sum up, by the company s assets quality and structure analysis, the company s management believes that the current company s relatively high quality of assets, asset structure and the operational capacity of the company to match.
(2) Liabilities main component analysis and solvency
During the reporting period, major corporate liabilities as current liabilities, with the exception of 2004 because of Yinzhou District Land Reserve Center paid to the company for a new plant to handle the demolition of land requisition compensation and the building of the new district supporting high-voltage power facilities construction funds to meet the long-term special , the company had long-term liabilities. 6 At the end of 2006, the company total liabilities 35,235.81 million, current liabilities total 33,965.52 million, representing a ratio of total liabilities of 96.39 percent; Total long-term liabilities 1,270.29 million, representing a ratio of total liabilities 3.61% .
Current liabilities, short-term borrowing to meet the Bills and the proportion of higher accounts payable. Current liabilities of the reporting period a higher proportion of the reason is that: (1) short-term borrowings, the company is mainly to guarantee loans, mortgages and other ways to raise with the expansion of the scale of business, the growing financing needs; by the State Macroeconomic regulation
Accounts payable, the end of the reporting period gradually increase, primarily with the rapid growth of export sales, the company increased inventory of raw materials such as bulk, and make full use of the supplier s credit policy to extend the payment period, resulting paying substantial increase in the balance; accounts payable also explained that the increase in the vendor has a good commercial credit.
During the reporting period, the company Sudongbilu: flow ratio and an average of 1.07 and 0.81, moderate levels of two indicators, as companies such as accounts receivable and inventory turnover faster liquid assets, short-term solvency of the company stronger. During the reporting period, the parent company of assets and liabilities of slightly lower consolidated statement of assets and liabilities rate slightly higher, mainly because of the holding company by the subsidiary operating liabilities, but generally speaking, the company reasonable basic level of assets and liabilities, reflecting the growth of business development financing needs. Company multiples higher interest protection does not exist unable to pay interest on a bank loan of the possibility and the company never had any overdue bank borrowings outstanding principal and overdue interest payments; credit assessment by the Ningbo City Committee assessment, 2005 the Company s credit rating for the AAA-level, corporate reputation, strong financing ability.
The last three years, and a company from operating activities net cash flows are positive, cumulative net cash flow 21,486.02 million, total net income was 19,312.40 million. 2003, 2004, 2005 and 2006 from January to June, or generated from operating activities for the cash flow of 1.04 yuan, 0.36 yuan, 1.20 yuan and 0.43 yuan.
2003, 2005 and 2006 business activities of the company from January to June net cash flows for the period were higher than the net profit. 2004 operating cash flow and net profit for the poor -5,827.82 million, the main reason for 2004, Yinzhou District of Ningbo City Urban Planning
Construction, by Yinzhou District Land Reserve Center of the Company to purchase the land use right and the ground buildings, fixtures, the company brought in fixed assets liquidation proceeds 6,695.61 million, resulting in a total profit of the company in 2004 increased substantially over a year , the matter does not belong companies operating cash flow areas. Report a higher quality of corporate earnings during the period, operating cash flows sufficient cash to pay normal.
To sum up, through the main components of corporate liabilities and solvency analysis, the company s management believes the company a reasonable level of debt, the higher the level of interest, and adequate operating cash flow, bank credit in good condition and has strong indemnity debt capacity.
(3) the ability of the Working Capital assets
During the reporting period, the company accounts receivable turnover and inventory turnover remains basically stable, normal turnover rate, the average number of days accounts receivable turnover is about 48 days, the average number of days inventory turnover is about 73 days. Among them, accounts receivable turnover faster, for one thing, because for the majority of exported products, customer credit of the higher rate of return relative timely payment; On the other hand, the company has always attached importance to accounts receivable management, and will return money Sales for assessing the work of the key indicators, so that accounts receivable loans faster, the smaller the probability of the occurrence of bad debts. Inventory, the company used to sell Dingchan mode of production, and through the ERP inventory management system for scientific inventory management, inventory size and sales to match the scale of business.
(4) profitability analysis
The first half of 2006, representing a growth of the 2005 semi-annual 15.61%. After years of development, the product has become the album s core products, the company s book products exports and the volume of exports in recent years has been in the first place domestic enterprises. In recent years, the company keep up with market demand,
Sales of this product, since the company has been awarded the 2003 Iraq students of the products (from Shanghai East Gallant Crafts Inc. with the procurement of plastic 1,615.38 million), the printing business, allows the company of the year 2003 higher product sales, after deducting this factor 2003-2004-2005 period, the growth of product sales was the trend in 2005 to overcome the appreciation of the renminbi, the company relocated after the still unfavorable factors such as the previous year 7.55%; the first half of 2006, more than 2005 half-year have increased substantially. In recent years, the company should focus on the list of
A, three years and a major source of profit
The last three years and one, the company profits from the production of paper products and stationery sales, with the exception of 2004 due to a relocation compensation larger operating income, the other phases of the investment income, income and operating subsidies payments net impact on the company s profits are relatively small.
In the operating profit, the other smaller amount of business profits, in 2003, 2004, 2005 and 2006 from January to June, accounting for the proportion of operating profit respectively -0.45% -0.48%, 2.56%, 0.50%, The operating performance of the less affected. And the company s main business as a source of income, the last three years and an operating profit comes mainly from production for the book, the volumes, packaging, and other products. The last three years, and a variety of products on the operating profit contribution was as follows:
The company s main business of production profits were mainly from the production and sale of products, including: the company s main business album is the main source of profits, or about one-third of the products of corporate profits is the second largest source, accounting for about 30%, in 2003 the contribution rate higher volumes was mainly due 2003 Shanghai Arts Crafts Co., Ltd. Provisional East Gallant to the Company the procurement of 1,615.38 million caused by the packaging of the company s main business profit contribution rate relatively stable, accounting for about 10 percent of other types of products on the operating profit contribution to maintain a comparatively high growth rate in 2006, from January to June reached 26.87%; outsourcing products and exports due to the lower operating profit, the company 2006 gradually reduce the export of products with the purchase.
B, affecting the profitability of the issuer continuity and stability factor
A raw materials rose factors. 2005 companies of raw materials (including paper and plastic materials) Procurement average rose 5.66 percent, the main business and the main business costs increased considerably.
B, more than 80 percent of products exported in 2005 about 2.5 percent appreciation of the renminbi, although the company has been in accordance with the appreciation of the RMB rate, adjusted the prices, but the company has sold but not yet started, as well as foreign exchange money orders but not yet under production price appreciation of the exchange rate of orders in the operating income constitutes a certain degree of loss.
C, and holding company owned subsidiary of the import-export credentials, stationery products exported directly implementation of value-added tax avoidance, Credit and retreat policy. 2003, the company s book value product export tax rebate rate to 15 percent, and the value-added tax on products for the export tax rebate rate of 13% since January 1, 2004, the company s book value products from the export tax rebate of 15 per cent reduction to 13%, to a certain extent, affected the company s export products Maori.
D, the company completed the extensive 2004 cars a Science and Technology Park Ho factory building, and began to carry out the relocation of the workshop, in 2005 the company began printing equipment crucial for the relocation, and the end of 2005. Although the company relocation organizations properly, the company 2005 operating results unaffected, but the relocation of the company in the circumstances, the company has not arranged a large-scale production tasks, in 2005 a relatively small increase in sales.
At the same time, the Company will be in accordance with domestic and international market for paper products stationery needs, the active use of the company s product technology, quality, cost, brand and sales network advantages, the development of new markets, the development of new customers, the company s growing production scale, upgrade products in the market.
The Company based on the basis of the original product, will make full use of capital operation measures, and strengthen the development of new products and market development efforts to further enhance the company s profitability.
5, Dividend Policy and dividend distribution of the calendar year
(1) Dividend Policy
People s Republic of China Individual Income Tax Law and the State Administration of Taxation issued a number of issues on the personal income tax provisions, by the Company Daikou paying personal income tax.
(2) distribution of the calendar year dividend
The last three years, the company shareholders to a total of six times dividends, as follows:
February 18, 2003, the company in 2002 adopted by the Annual General Meeting of the year 2002, profit distribution programme, by the year 2002, from a net profit of 10 per cent of the statutory reserve 5% of the statutory and the Community Chest, in accordance with the shareholding ratio of cash dividends 7.8067 million yuan.
February 10, 2004, the company adopted by the General Assembly in 2003 annual shareholders in the 2003 annual profit distribution programme, by the year 2003 from a net profit of 10 per cent of the statutory reserve 5% of the statutory and the Community Chest, in accordance with the shareholding ratio of cash 1,064.55 million bonus.
May 8, 2005, the 2004 annual shareholders adopted by the General Assembly in 2004 profit distribution programme, by the year 2004 from a net profit of 10 per cent of the statutory reserve 5% of the statutory and the Community Chest, in accordance with the shareholding ratio of cash Red Lili 2,271.04 million.
June 23, 2006, the 2005 annual general meeting of shareholders adopted by the 2005 annual profit distribution programme, according to the 2005 annual net profit from 10% of the statutory reserve 5% of the statutory and the Community Chest, in accordance with the shareholding ratio of cash 1,419.40 million bonus.
