Re: So Am I A NIt?
 

I see you in the sports book betting $20 to show, you are a nit.

Re: So Am I A NIt?
 

The question gives 7-5 on a coin flip. David, my question is at what odds would you risk your entire bankroll on a coin flip? 2-1, 3-1, 4-1, 5-1 .... 20-1, 100-1? What point should you be willing to go broke or is there a point.

Re: So Am I A NIt?
 

[ QUOTE ]
By posting this question you just proved you're a NIT (I'm one too, it's not always a bad thing)

A true "are you a nit or not" question would be, assume the coin is fair, it's 50/50, and you only get one toss. What % of your bankroll would you flip for? That's seperates the nits from non-nits.

[/ QUOTE ]
but his question is still good for comparing nittiness of one person vs that of another..

Re: So Am I A NIt?
 

Everyone who uses good table selection and practices good bankroll management is a nit. Anyone who utilizes Sklansky/Malmuth ideas to try to maximize EV is a nit.

Re: So Am I A NIt?
 

a) i think david would bet ((1.2 * .5) - .5) / 1.2 = 1/12th of his bankroll

http://en.wikipedia.org/wiki/Kelly_criterion

Re: So Am I A NIt?
 

If you have strong borrowing ability i don't see why you wouldn't bet it all???

Re: So Am I A NIt?
 

[ QUOTE ]
a) i think david would bet ((1.2 * .5) - .5) / 1.2 = 1/12th of his bankroll

http://en.wikipedia.org/wiki/Kelly_criterion

[/ QUOTE ]zzzzzzzzzzzzzzz

Re: So Am I A NIt?
 

When people say that you are a nit they are comparing you to other professional poker players so your questions are worthless. But in my limited experience playing with you i would definitely have to say that you are a nit.

Re: So Am I A NIt?
 

[ QUOTE ]
a) i think david would bet ((1.2 * .5) - .5) / 1.2 = 1/12th of his bankroll

http://en.wikipedia.org/wiki/Kelly_criterion

[/ QUOTE ]


Divide 5 into 7 again and recalculate.

Re: So Am I A NIt?
 

[ QUOTE ]
You should just go ahead and create your own forum...oh wait

[/ QUOTE ]

Re: So Am I A NIt?
 

"Liquid bankroll"? Dave, you get a regular income from books, and you're old. Boasting that you're more degenerate than the average American, having been goaded by losers into caring, is not just weakwilled (do you feel like you're back at school, crying that no matter how hard you try to fit in, you're unpopular?), it's a bad question.

Let's gamble for our lives. Say we're all 20 years old, the world at our feet, our optimism not yet crushed. How much money would you accept to play Russian Roulette?

Re: So Am I A NIt?
 

If I had 10m Id gamble 0% of it becuase I would be too busy sipping Hennessey in The Bahamas and nailing broads who are only after my money

Re: So Am I A NIt?
 

it dependes if you like eating peanut butter for a year? DUCY????

Re: So Am I A NIt?
 

This is a stupid question. I would find a degenerate that wanted to gamble on the flip at 1 to 1. If I was betting heads at 7-5 I'd bet tails at 1 to 1. I would put my entire bankroll on the line in the appopriate sums such that I cannot lose overall.

One instance where hedging is a good idea.

Re: So Am I A NIt?
 

David,

"A. How much do you think I would REALLY bet as a percentage of my bankroll?"

My answer to that depends on:

a) How much you are currently worth
b) How much you are making annually

"B. What proportion of all 100K to 10 Mil Americans would bet a higher proportion of their bankroll (lets also elimate those with pressing expenses)?"

I think that's pretty irrelevant. Once you answer a) and b) I just wrote, then I can give you an answer for B where the group we compare you to is people who are something like +/- 20% of your answers on a) and b).

Re: So Am I A NIt?
 

[ QUOTE ]
[ QUOTE ]
a) i think david would bet ((1.2 * .5) - .5) / 1.2 = 1/12th of his bankroll

http://en.wikipedia.org/wiki/Kelly_criterion

[/ QUOTE ]


Divide 5 into 7 again and recalculate.

[/ QUOTE ]

rofl

lets try .2 / 1.4 = 1/7 [img]/images/graemlins/smile.gif[/img] i suck

My Answers
 

I was assuming as much as possible similar stations in life. It was only the amount of "gamble" that would be different.

I would bet about ten percent. Any good gambler who says more than 25 percent is a moron. Probably 80% of poker players would bet a bit more than me. Thus I am to them a nit. But the average amount bet by non gamblers is probably less than 3%.

Re: My Answers
 

[ QUOTE ]
I was assuming as much as possible similar stations in life. It was only the amount of "gamble" that would be different.

I would bet about ten percent. Any good gambler who says more than 25 percent is a moron. Probably 80% of poker players would bet a bit more than me. Thus I am to them a nit. But the average amount bet by non gamblers is probably less than 3%.

[/ QUOTE ]


I'd like to think I'm a pretty good gambler. I'm also overrolled for what I do.

I'd bet 50% of my roll @ 7:5. Too many DS bucks to pass up.

Re: My Answers
 

[ QUOTE ]
Any good gambler who says more than 25 percent is a moron.

[/ QUOTE ]
[ QUOTE ]
I''d bet 50% of my roll @ 7:5

[/ QUOTE ]

you sir are a moron

Re: My Answers
 

[ QUOTE ]
[ QUOTE ]
Any good gambler who says more than 25 percent is a moron.

[/ QUOTE ]
[ QUOTE ]
I''d bet 50% of my roll @ 7:5

[/ QUOTE ]

you sir are a moron

[/ QUOTE ]

Explain to me why instead of throwing a weak insult. Did you miss the part about being over rolled? Anyone wishing to give me a gamble with hundreds of thousands of dollars worth of +EV is fine by me... I'm looking for opportunities.

Re: My Answers
 

[ QUOTE ]
I was assuming as much as possible similar stations in life. It was only the amount of "gamble" that would be different.

I would bet about ten percent. Any good gambler who says more than 25 percent is a moron. Probably 80% of poker players would bet a bit more than me. Thus I am to them a nit. But the average amount bet by non gamblers is probably less than 3%.

[/ QUOTE ]

Nice made-up numbers, nit. Very rigorous.

Re: My Answers
 

5 percent i think , and its a little nitty

Re: My Answers
 

First of all, I think MANY Americans would choose to pass up on this bet because of the negative stigma that gambling holds.

And, [ QUOTE ]

im always really surprised at these poor families who pass up on 100k to go for more, when they have a 1 in 4 (or whatever) shot of getting like $50.

[/ QUOTE ]

the reason they take the gamble is because they feel as though they are freerolling.

Re: My Answers
 

[ QUOTE ]
[ QUOTE ]
Any good gambler who says more than 25 percent is a moron.

[/ QUOTE ]
[ QUOTE ]
I''d bet 50% of my roll @ 7:5

[/ QUOTE ]

you sir are a moron

[/ QUOTE ]

I don't agree at all...someone with the tendency (in other words degeneracy) to gamble far higher percentages of their net worth on -EV gambles would be morons NOT to wager much, much more than 25% on a 7:5 flip. That would be the extreme other end of the Nit Spectrum, and I could also see plenty of people in the middle-ground, over-rolled to whatever degree, who would be wise to do it for 50% (or whatever number seems absurd to you but works with someone else's concept of money). Depends on priorities in life, utility of the money/financial responsibilties, risk of ruin with the remaining %, philosophy on money, etc. Definitely not moronic, per se.

Re: My Answers
 

I'd wager my entire bankroll and then sell most of it in pieces of myself at slight discount.

Re: So Am I A NIt?
 

im a giant nit because currently I wouldnt do this with more than 2% of my bankroll (which is like 86k). I just wouldnt want to risk more than like 2k on something like this, the problems having less money outweigh the rewards of having more money.

Re: So Am I A NIt?
 

What you have to remember here is the marginal utility of money.

If you have 1mil USD, it gives you about 10,000 utility (made up). The next 1 mil on top of that that you get will give you less than 10,000 utility, maybe like 9,200 or wahtever number you like.

This is the reason that someone worth 100K would gladly take 1mil over a 1/2 chance of 2.2mil. The utility of the first 1mil is greater than 1/2 the utility of the 2.2mil. You would probably be a moron if you took the 1/2 chance of 2.2mil, either that the value of money does not decline for you. But in reality, it declines for everyone.

This has to be factored in when considering the 7:5 shot. Earning an extra X dollars onto your net worth or bankroll will not make you as happy as losing X dollars will make you sad. In a 50/50 flip, you should not go because of the marginal utility of money. You stand to lose more when you lose X dollars than to gain when you gain X dollars.

This phenomenon would be likely to make rational people more risk averse than you might think, although how much so is debateable.

Re: So Am I A NIt?
 

The thing with DS is that I am pretty certain he has a ton of passive income coming in regularly so going broke wouldn't really be an issue.

Re: So Am I A NIt?
 

i guess i'm an moron. at 22, i'd bet everything i'm worth apart from a 5/10 br and living expenses for a year. I'd change my plans if i was worth > 1.5m though.

Re: My Answers
 

"Any good gambler who says more than 25 percent is a moron."

Care to briefly explain why? IDNCY.

Re: My Answers
 

[ QUOTE ]
Nice made-up numbers, nit. Very rigorous.

[/ QUOTE ]
Did making that post give you an intense hard-on? 7-5 it did.

Re: My Answers
 

[ QUOTE ]
I'd wager my entire bankroll and then sell most of it in pieces of myself at slight discount.

[/ QUOTE ]
That is smart. I'd wager my entire bankroll and sell 100% of my action at the same odds - I bet you'd get plenty of takers, and you lock in the profit for no risk.

Re: My Answers
 

I would bet 75%. [censored] it.

Re: So Am I A NIt?
 

[ QUOTE ]
im a giant nit because currently I wouldnt do this with more than 2% of my bankroll (which is like 86k). I just wouldnt want to risk more than like 2k on something like this, the problems having less money outweigh the rewards of having more money.

[/ QUOTE ]

how can you play 10/20 nl and say this?

Re: So Am I A NIt?
 

I'm not a gambling expert but wouldn't the better question be how much money you're willing to gamble on an even money coin flip? That seems like the kind of thing a nit would have a real problem with because nits demand an edge in every bet they take.

By the way, I'm a nit and I wouldn't make an even money coin flip for very much at all, maybe 1/2000th of my net worst at most, and only if I was goaded into it by a friend.

Re: So Am I A NIt?
 

[ QUOTE ]
I'm not a gambling expert but wouldn't the better question be how much money you're willing to gamble on an even money coin flip? That seems like the kind of thing a nit would have a real problem with because nits demand an edge in every bet they take.

By the way, I'm a nit and I wouldn't make an even money coin flip for very much at all, maybe 1/2000th of my net worst at most, and only if I was goaded into it by a friend.

[/ QUOTE ]

No, it wouldn't. And you sir are a nit.

Re: So Am I A NIt?
 

[ QUOTE ]
a) i think david would bet ((1.2 * .5) - .5) / 1.2 = 1/12th of his bankroll

http://en.wikipedia.org/wiki/Kelly_criterion

[/ QUOTE ]

This isn't a repeated game.

Re: So Am I A NIt?
 

[ QUOTE ]
[ QUOTE ]
I'm not a gambling expert but wouldn't the better question be how much money you're willing to gamble on an even money coin flip? That seems like the kind of thing a nit would have a real problem with because nits demand an edge in every bet they take.

By the way, I'm a nit and I wouldn't make an even money coin flip for very much at all, maybe 1/2000th of my net worst at most, and only if I was goaded into it by a friend.

[/ QUOTE ]

No, it wouldn't. And you sir are a nit.

[/ QUOTE ]
Care to explain why it wouldn't? I'm a nit and I would take 7:5 odds on a $20K flip. That's just a good investment. But I wouldn't bet even money on a coin flip for more than $100, and preferably less.

I think that a true non-nit (eg. Grimstarr) would bet huge amounts of money on an even money flip, and even more ridiculous amounts of money on a flip getting 7:5.

So what percent of your net worth would you wager on an even money flip?

Re: So Am I A NIt?
 

[ QUOTE ]
[ QUOTE ]
a) i think david would bet ((1.2 * .5) - .5) / 1.2 = 1/12th of his bankroll

http://en.wikipedia.org/wiki/Kelly_criterion

[/ QUOTE ]

This isn't a repeated game.

[/ QUOTE ]

Doesn't need to be.

Re: So Am I A NIt?
 

I think a lot here depends on your opportunity cost. Do you think you have a better expectation in risking your money someplace else? If offered this deal 50 years ago I think Warren Buffett would have turned it down for even greater odds probably. He knows he can compound his money at super high rates in investments with little to no downside and tremendous upside.