Homer Hounds Revisited
I just did a nice little article about the joys of small ball poker. Small ball leads to longevity. I'm always equating poker to life and that really connects these days.
I guess another way I might have talked about Dennis' approach is his avoiding systemic risk with regards to his stack. Systemic risk in our current financial picture is folks going for the home run without regard to cost. It may not be a useful poker term. We have bankroll management in its place.
The real world game changes all happened over the course of many years. The big impact was the loosening of banking rules but the problem would have still been there. It has been an era of mergers. Company have diversified or involved themselves in consolidation moves. These get lauded by the stock analysts who can ignore the other guys stack because they are or at least preach being diversified. Diversification is a form of small ball. Corporate leaders are or were rewarded for homeruns.
Pots and business can grow to gargantuan levels. It can happen for the best of reasons early on and then – ouch – pot committed. Many banks or huge corporations ended up pot committed. Table selection has gotten very important out there in the real world. There isn't one where we can find a comfortable seat.
As we try to rebuild that crippled IRA or 401-K, remember small ball. The all-in era isn't one to emulate in this game. Take modest position and a willingness for modest profit. It is time to play tortoise instead of hare.
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