Wall Street Practice Leans on Poker Theory
In his book Beating the Street, Peter Lynch draws comparisons to playing the markets on Wall Street with playing poker - not the first to do so. If you bet without looking at your cards you can’t expect to do well, and the same is true if you buy stocks for a company that you know nothing about. Poker players attempt to get every edge possible, stacking the odds in their favor, and good investors should do the same…
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Casino poker language:
- SHARK - A good/crafty player often posing as a fish early in the game.
- OUT - [1] A card that will improve your hand, often substantially. A hand with many OUTS is preferable to a hand with only 1 or 2. [2] Folded, ineligible to bet or win this hand. "I'm out" is often a synonym for "I fold".
- BAD GAME - Any game in which you figure to be the loser, because the other players are better than you.
- SET - In Hold'em, three of a kind where two of the cards are hole cards.
- MARKED CARDS - Cards that have been (illegally) altered so that their value can be read from the back.
- PAY STATION - A player who rarely folds, thus who frequently calls better hands and loses. Almost as much fun as a LIVE ONE.
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