Learning about risk - the hard way

Fortune Magazine) -- I am not a player. I work hard for my money, and I can't stand to lose it. I don't even enjoy poker, because to play you need a certain attitude, so you can say, Hey, I lost $200 but it was a fun evening, so it was worth it. When I lose, I say to myself, Schmuck. You lost.

This way of thinking has been shaping my investment decisions for the past five years or so. I like banks, for instance. They seem a little risky right now, but what can you do?

I also favor instruments that are triple-tax-free and insured. Even those seem dicey of late, since I am now aware that insurance companies can fail. But all in all, banks, bonds, the occasional piece of real estate that I actually live in ... these are the ways I save and protect the lint balls, assorted pieces of string, and old rubber bands that I have accumulated over a lifetime of backbreaking, soul-destroying, gut-churning labor.

Last summer I got a call from a lady at an institution where I have a smallish savings account. I'm looking at your account, said the woman, whom I'll call Betty, because that is not her name. We could be doing so much better for you than the 3 1/2% you're now getting. That's ridiculous.

I hate being ridiculous. And since this was about the tenth call of this nature that Betty had placed to me on the issue, I said, Okay, fine. I'll come in. So I did. That was when I met Ken. This is Ken, said Betty. He'll be managing your account.

Ken was big and warm and booming and seemed like a great guy. Ken showed me charts that were very colorful and demonstrated the historical growth of their funds over time. Given your risk-tolerance level, I think we can get you into the high single or low double digits real soon, he said. That sounded pretty tasty.

I put a nice chunk of change in the Huge Growth Mid-Cap Aggressive Wowsers account I established with Ken. I figured, Hey, if I'm going to make a bet for a higher return, I should wager enough to produce a good payout, right?

Stooge! Numskull!

The first statement came, and the return was about the same as my savings account. I called Ken. You gotta look at the annualized copranchy on the mung bean, Ken said. This soothed me.

The next statement revealed that I had lost two grand. Hmm. I called Ken and yelled at him. The equity markets are going through a little readjustment on the soft tissue underlying their garbishnord, he explained. I thought he was probably right. Besides, he said, when things are down is not the time to sell, it's the time to buy. I remembered reading that such is the strategy Warren Buffett employs to build value. So I doubled down.

Dork! Boob! Stupidhead!

The next statement was in December. My Supercalifragilisticexpialidocious Growth fund had lost 15% of its value. I called, more in sadness than in anger. Ken was on vacation, but I told the fellow covering for him that I wanted to put everything back into my old stinky savings account. Oh, the young voice with the Indian accent replied, I will do as you wish, but that is not the smartest thing to do when the market is making an adjustment.

I listened to the kid. What he said made sense to me. You know why? Because I don't know my butt from a hole in the ground. And unless you're Warren Buffett, neither do you.

Yesterday, having lost some $15,000, I called Ken. He didn't argue when I told him to close the Totally Awesome Demento Pot of Gold fund. He did observe that nothing was doing very well in the equity world right now, and I agreed with him.

I knew there was risk. I'm a grownup. It's what I get for trying to pretend I'm not a loser.

I guess the moral of this story is that if you are inherently doomed - if such is your inexorable fate, always, without fail - don't play. Of course, you don't have to listen to me. In fact, you'd be a fool to do so.

Last month I bought Google at $700.

STANLEY BING's latest book, crazy bosses (Collins), is available at finer bookstores everywhere. He can be reached at stanleybing@aol.com; for more Bingstuff, go to his website, stanleybing.com.

Poker is a lot of play and a variety of licensing approach. At the same time, in the past three years, the on-line Championship by the audience is becoming increasingly pro-Lai, present, the number of Championship slightly more than some online cash games. This change is that we could not imagine a few years ago. .

But most of the game room also offers other standard series of poker games, such as Texas Hold em, Omaha (size), seven points and the size Championship. Some game room also offers a number of other poker games, such as pumping card, and five or size Reese (Razz).

Today, the most popular cash poker betting is the point limit Texas Hold em, followed by the Open-point size of Texas, once again is to limit the total amount of bets Texas poker. Other substantial amount of cash gambling game is Omaha, the main point is the limit of small Limit Omaha and the Omaha large. . In a small part of a specific poker room you can also find a small number of 5 game. If you want to know more about these games more specific strategies and techniques, click the poker skills link. . Classic five face of the poker and Rob (Lowball) very popular in the 1980s, but now only a handful of sites to play.

We propose beginners from fixed limit Texas Hold em starting point. This is a relatively easy game of poker, as we said earlier that, and it is the most popular poker, the overwhelming majority of beginners are to play this poker. Almost all online poker room has a large number of small bets (restricted), Texas poker, Jinjin 0 US dollars you can be more than 10,000 hours. Texas poker at the same time the fluctuation is also very limited, family game nights few beginners normally does not lose games because losing a lot of money, unless he leap-level boundaries.

Small bets fixed quotas Texas poker careful, patient card player. As long as compliance with the standards and the start of basic skills, your performance will fall on more general within reasonable limits, there will not be much loss. If in order to win higher betting, you need to know more about the opponents, and to study and master more offensive play.

No limit Texas Hold em cash is not suitable for beginners, unless they are very small bets. Texas no limit for those bold but cautious offensive and passionate audience. This requires players to the battlefield is tempered by. This does not mean that we do not recommend beginners to play no limit Texas Hold em, on the contrary we must be careful to encourage beginners to learn the Sunda Sunda and use some of gaining experience in the Championship. For a higher bet to win, you need regular care and patience, and even used some small tricks, and through carefully calculated defeated opponent (a Peculiar Tricks). .

Some participants in the lack of short-hand Licensing Board (such as six or below), the game s technical requirements are higher, because this is not fully in the audience were forced to or difficult to calculate estimates of the number of licences under the judgement. This requires a more aggressive licensing, and use more trick and turn eyes Act. Beginners should minimise participation in such Licensing Board. But if you are good at observation and offensive, the Board can also profit from it.

Given the limits of Texas Poker Championship is the most commonly used form of the fact that participating in such championships to acquire experience to the fixed limits from the game to no limit Dekesa. In the Championship, you can set your first adventure for the money, such restrictions can not lock the risk of Texas. At the beginning, you can try to take part in some three US dollars or five dollars betting on the Notes. In addition, many online poker room also offers zero bet that the practice of the championship. You can use our free poker practice website, a few hours of free practice. Championship betting because of the different cash combat Board, as well as the actual combat Board restrictions raise many players were forced to play championship. Cash played with real need to be very careful and patient, but also lucky in the actual combat comparatively small.

In the championship, all participants in the buy Note (family game nights) to the poker room pay less in service charges. Buy into the bonus pool was family game nights. The final dividend bonus pool a few top award winners, and most of them awarded to the first, and the remaining by ranking reduced accordingly presented. (General will be the first major championship of all dividend 25%, and in small-scale single-table

In the championship, sometimes only 10% of the participants receive dividends. If you would also like to learn more about the skills Championship details, please read the Championship skills. Championship difference in the size of larger, several participants, as many as several hundred participants. All Championship is a common mode of bets kept overweight, only one until the final winners.

Championship allows you to the small risk. For example, Greg Raymer in the 2004 WSOP Championships in the top winner, received 5 million US dollars dividends. His trial took turns to cheap Internet access to the T bets dividends. Therefore, participate in the Championship is the best way to accumulate experience, and is likely to Yibenmoli.

Championship win different types of technology varies greatly. As a beginner, you can always play some small-scale or single-table tournament (play-fixed limits will let you easily competition). These Championships and similar large-scale championship, but playing faster, they closed lower licensing began earlier and the high licensing is closed late at the Palais on the merits of licensing practice. At the same time card errors accumulated more on the overall performance of your smaller impact, because the structure is Championships fast-paced, and you hand out the total number of licences will not be too much.

If you want to play with very little money for a lot of poker games, the minimum limit of Note 5 US dollars, or 10 dollars more than major championships on the most suitable for you. You can often play many hours, competition is not very keen, because strong opponents generally avoid playing small-stakes game. Beginners at the beginning must have patience, and then gradually upgrade.

As long as the rules Who knows Poker Championship may have won a very basic and rigorous techniques can allow you to have a lower limit game in the win. A typical scenario, players do not fully meet the licensing and closed bets, which makes the general audience in the early shots too much, and in the subsequent Board needs bold shots to get the points (points), only a few conservative and passive bets card. Beginners usually easy to commit a mistake in the first place when shots Jupai or too soft. When you have the Ace-licensing or not based on your opponent easily escape depression or very important. If you are playing in the Championship but has not read books on poker championship guidance, we strongly recommend that you read the book in this regard. See this site Editor s Note in this regard more recommended. .

If you have a good player, you can consider small single-table

However, you may need to play several licensing at the same time to make up for these large Championship lengthy Board time, in order to gain more profits.

Usually, excellent cash combat financial players in the tournament than large audience, because cash betting game unit time, the relatively high amount of bets, cash combat Players Championship and the licensing audience on the wind field is different, Championship experts often make in terms of time lost to the reality of actual combat audience. In fact some of the world-class players cash combat Championship licensing room often miserable record in the offensive. .

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