#投资哲学
The investment philosophy I learned from Texas Hold'em In the past two years, more and more friends in the circle have used Texas Hold'em as a way of socializing. The reason I like this game is that I think the skills required to play this game well and to make good investments are almost the same. I can understand many investment principles through this game.
1. Positive EV. Texas Hold'em is a probability study like investment. Why some people can play Texas Hold'em well is because of the high quality of decision-making. If the quality of your bets is higher than that of your opponent every time, you can naturally defeat your opponent. So the formula for profit is: profit = + EV + a large number of repeated experiments. 2. Position. For the same hand of cards, the difficulty of winning in a good position and a bad position is completely different. In investment, if you realize the importance of position, such as the industry niche you are in, and the valuation at which you can get chips for the same project, the advantage is that in investment, as long as you stand in that position, you can basically stay there. Texas Hold'em is much fairer.
3. Range. Basically, this determines what type of player we are. In fact, in investment, most people want to win, and they should practice to become tight and aggressive players, that is, you have to find a track with a high winning rate to become an expert. Everyone envies loose-aggressive players, but the difference between being good at loose-aggressive and being bad at tight-aggressive is not one or two times as great. It's like you can play well at level one, level two, local dog, and hair-pulling. This is a very small number of players. 99% of people can only focus on one track.
4. Decision-making quality. Ordinary people fear the consequences, while Bodhisattvas fear the causes. What an excellent poker player really fears is whether the reason for making this decision is sufficient. He is worried that the scope of his thinking is not wide enough and his adaptability is not strong enough. He is not afraid of the result. The result is just a probability, and even a small probability may happen. This is exactly the same in investment. What determines whether you get the result is the quality of your decision on the key opportunity. In this regard, we should be more demanding, but should treat the result with a normal mind.
A good decision essentially depends on the level of our thinking model, because most people make decisions based on their subconscious and thinking inertia. This is everyone's weakness. If you can realize this, you can start to play this game well.
5. Mentality management. It is often seen at the poker table that people’s mentality is directly affected because of the turn and river cards that are dealt to them after they have a very high winning rate. People tend to attribute this problem to luck, which leads to distorted actions, and the quality of decision-making will be greatly reduced later. If you truly understand the importance of decision-making quality, your mentality will get better and better. You will know that we should spend time studying why this information was not taken into account when making decisions, rather than blindly being affected by the emotions brought about by the results. Emotions are fake because they cannot change anything.