Comment by ericd
2 days ago
Ability vastly increases your luck surface area. A single poker hand has a lot of luck, and even a game, but over long periods, ability starts to strongly differentiate peoples' results.
2 days ago
Ability vastly increases your luck surface area. A single poker hand has a lot of luck, and even a game, but over long periods, ability starts to strongly differentiate peoples' results.
Win a monster pot and you can play a lot of more interesting hands.
Except you can play hundreds of thousands of poker hands in your lifetime, but only have time/energy/money to start a handful of businesses.
Sure, but within running a single business, there are a huge number of individual events. Those are the hands.
That's where the analogy starts to fall apart then. Because the variance in those decisions is not very similar, since you're sampling very different underlying distributions. And estimating the priors for a problem like "what is the optimal arrangement of tables to maximize throughput in a cafe" is very different from a problem like "what is the current untapped/potential demand for a boardgaming cafe in this city, and how profitable would that business be".
The main reason why professional poker players are playing the long-game, is because they're consistently playing the same game. Over and over.
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