[jschaud]

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I think poker has a lot in common with aggressive forms of banking. I know a hedge fund manager who will take major positions "short" or "long" in ways to hide his total position from competitors. His competitors do the same. There are rules, and within the rules, if one player has a big hand but plays it badly, then the other players can dilute or even destroy his winnings. But if he plays the hand well, he can clean up - usually at the expense of some of the other players.

Is high stakes investing a form of gambling? I think it has a lot in common, that's for sure. There is definitely an element of chance. The weather for example. The profitability of my position in June on heating oil or oranges, for example, will very depending on the weather over the winter and spring.

But options trading and similar banking activities is obviously a game of skill in which people spend their lives trying to get the most money in on +EV situations, maximize wins, and minimize loses.

Just like poker.

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I like this analogy. Pretty much everything in the world is subject to some element of chance. Poker does rely on it more heavily in the short term than a lot of things.