Friday, February 4, 2011

Skin in the game

Investopedia.com defines "skin in the game" thus:

A term coined by renowned investor Warren Buffett referring to a situation in which high-ranking insiders use their own money to buy stock in the company they are running.

To do well in poker, you need to have enough skin in the game; if you don't have enough, you won't lose big, but you'll also never win big. Last night, I had plenty of skin in the game in the following hand:

Table 'Bowell II' 9-max (Play Money) Seat #4 is the button
Seat 2: (4145 in chips)
Seat 4: (635 in chips)
Seat 5: (4550 in chips)
Seat 7: (600 in chips)
Seat 8: neostreet (2470 in chips)
Seat 9: (2290 in chips)
Seat 5: posts small blind 5
Seat 7: posts big blind 10
*** HOLE CARDS ***
Dealt to neostreet [Qs 6d 7h Ad]
neostreet: calls 10
Seat 9: calls 10
Seat 2: calls 10
Seat 4: calls 10
Seat 5: calls 5
Seat 7: checks
*** FLOP *** [Qd Qc 5c]
Seat 5: checks
Seat 7: checks
neostreet: bets 10
Seat 9: folds
Seat 2: calls 10
Seat 4: calls 10
Seat 5: calls 10
Seat 7: folds
*** TURN *** [Qd Qc 5c] [5s]
Seat 5: checks
neostreet: bets 20
Seat 2: raises 140 to 160
Seat 4: calls 160
Seat 5: folds
neostreet: raises 140 to 300
Seat 2: raises 860 to 1160
Seat 4: calls 455 and is all-in
neostreet: raises 860 to 2020
Seat 2: raises 860 to 2880
neostreet: calls 430 and is all-in
Uncalled bet (430) returned to Seat 2
*** RIVER *** [Qd Qc 5c 5s] [8d]
*** SHOW DOWN ***
neostreet: shows [Qs 6d 7h Ad] (three of a kind, Queens)
Seat 2: shows [9h 8c 5h Qh] (a full house, Queens full of Eights)
Seat 2 collected 3670 from side pot
Seat 4: shows [Kh 4d Kd 6c] (two pair, Kings and Queens)
Seat 2 collected 1945 from main pot

It didn't pan out for me, but I'd play this hand the same way every time. At the next table, I won it all back plus a little extra.

During current Omaha session you were dealt 17 hands and saw flop:
- 3 out of 3 times while in big blind (100%)
- 2 out of 3 times while in small blind (66%)
- 8 out of 11 times in other positions (72%)
- a total of 13 out of 17 (76%)
Pots won at showdown - 4 of 5 (80%)
Pots won without showdown - 1

delta: $1,045
balance: $1,023,149

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