Buffetology of Poker

[Landlord79]

<font color="blue"> I posted this on my blog the other day and thought that I would put it here for you guys to read. </font>

"The important thing is to keep playing, to play against weak opponents and to play for big stakes."- Warren Buffet

This is my motto for online poker. In fact, I might just make it my signature statement. Warren is speaking of playing bridge in this situation, but boy, does it ever apply to poker!

"The important thing is to keep playing,” if I don’t have a bankroll because I blew it on playing some game that was out of my league, I’m out of the game and can’t continue to make money. Taking shots is one thing, but over estimating your abilities and over extending your bankroll is just arrogant. Spending your bankroll is akin to being a quitter, IMHO. Bankroll management is key in our game, if you don’t have any tools you can’t do any work. Our Bankroll is the tool of our trade. No money, no play, it’s that simple. <font color="blue"> Also, to make any consistent money, you have to put in the hours. </font>

“To play against weak opponents,” Many people have ego problems that keep leading them to play tougher and tougher games. I guess that their motivation is different than mine. My motivation is to make money at a hobby that I enjoy, not to beat the best players in the world. I think that eventually one will lead to the other, but I’m not going to risk a substantial portion of my bankroll against players who have developed their game far beyond mine. “You can sheer a sheep many times, but only skin it once” has a key thought in it that you may not readily see. I’m looking to sheer sheep, not fight wolves! That’s why I don’t play my current stakes on some of the more populated sites. I’m a 4 lb bass in a 2-acre pond where I’m currently playing, but if I were to move over to Poker Stars… well, a 4 lb bass is snack food in one of those games. Yes, a Brian Townsend who is driven by ego to conquer the game will run up the gamut of the poker world faster than me and will probably always be a better poker player than me, I’m okay with that. I just want my little piece of the pie on a steady and consistent basis.

“And to play for big stakes." This is kind of a see rules 1 &amp; 2 statement, if you manage your bankroll and stay in the game and you consistently play against weaker players with the occasional, calculated shot taken to move up in the poker world, eventually you will play higher and higher stakes that will give you a bigger and bigger return. 8 months ago I was playing $10NL with a $24 Bankroll. This was the smallest stakes game that was available to me and I was consistently playing weaker opponents. In the last 8 months I have moved up to $100NL and I still feel that I am one of the best players on the site and stakes that I am playing. Do I want to move up to $400 and $600NL, yes, when I’m ready and when my bankroll is large enough to sustain the variance of that stake. Without bankroll management, I am likely to become just another shooting star.

That’s my $0.02 on how this snippet of Buffetology relates to poker.

[toymach776]

nh. seems like you have a good head on your shoulders.

[King Spew]

Warren Buffet


Hack. He'll never amount to anything.

[seki]

discipline + game selection, staples of solid poker.

[Chargers In 07]

Thanks for posting this Landlord. This may be the biggest leak in my game (not playing enough). I'm gonna favorite it and read it before every session.

Once upon a time I was beating the $200 full ring game and having to cash out brought me down to the $25 and $50 games and I need to grind the hours to get back there.