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Have not heard of the Peter Principle...link?
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It's been discussed on the boards before, don't know where though. It's a business principle that I think applies more accurately to poker than business. The difference is in poker we get to promote ourselves.
The Peter Principle:
The original principle states that in a hierarchically structured administration, people tend to be promoted up to their "level of incompetence".
A link:
http://pespmc1.vub.ac.be/PETERPR.html
Here's someting from Mike Caro:
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Don't make the mistake of routinely promoting yourself to higher limits as you continue to win.
You might eventually find a level you can't beat. When this happens, most players refuse to step back down, and they lose or "spin their wheels" for the rest of their poker careers.
This is actually an application of the Peter Principle (about how people get promoted until they reach their level of incompetence) to poker.
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