Discussion in 'Wall St. News' started by THE-BEAKER, May 27, 2012.
Very interesting article. Thanks for posting it.
Stuy grad making noise.
In 2005, Warren Buffett invited this former Deutsche Banker to a poker tournament, where he won a Maserati. He said he often hired poker players for his trading division.
He was also at the table in 2006 with other poker players Peter Muller, Cliff Asness and Ken Griffin.
Weinstein is also a chess master, and a blackjack player too. He picked up poker at MIT.
Read more: http://www.businessinsider.com/wall-streets-best-poker-players-2011-6?op=1#ixzz1w5j5yxxN
How come all the good card players are overachievers. I read that Deng Xiaoping, the ex paramount leader and economic architect of China was a master bridge player.
It's not that card players are overachievers (although the people listed in this thread all are), it's that the activity helps you think in terms of probabilities and not absolutes, which are helpful traits in our industry.
Ok, this is obviously going to sound stupid since he's made way, way more money than me but is this guy really a good trader?
It seems that every few years he's one trade away from a big blowup. First it was the GM trade in '05 which he got lucky on by doubling down, then he blew up with his $2B loss, and now he's down 20% before this trade turned around. It also hasn't made his year if my info is right, since he's only up a few bps for the year - so it basically just saved him from a blowup rather than making blowout #s.
Yes, I'm saying this knowing full well that's he's smarter and richer than I and I'm sure he doesn't give a sh!t what I think, but I still think I'm right.
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