A very interesting and thought-provoking column, Bob. Working from, and capitalizing on, one's strength is usually the best course to follow.
You mentioned paying an adviser to manage your investments because that's not your area of expertise - a wise decision in almost all cases. A reputable adviser can do much to lower the inherent risk in your portfolio while maximizing the opportunity to earn profits, but perhaps the most important function of a good adviser is to prevent investors from making dumb mistakes. Having spent my career in the investment business, hiring an adviser is not for me - that would be like you having someone tell you what to hold on a VP hand ; )
But speaking of risk and uncertainty, your points about playing in profitable situations, and for an appropriate percentage of your available bankroll, are exactly what an investment adviser does with a portfolio: spreading risk among various asset classes actually lowers the overall risk of the portfolio, depending on the correlation of returns among the various assets and by using a number of assets each represents only a portion of the whole portfolio.
On the other hand, like you, knowing where the oil drain plug is is something I leave to someone else, and as far as gourmet goes, if it can't be grilled on my BBQ, that's also someone else's wheelhouse.
Certainly the game is rigged. Don't let that stop you; if you don't bet, you can't win. -Lazarus Long
In theory, there is no difference between theory and practice. But, in practice, there is. -Yogi Berra
There is no such thing as luck. There is only adequate or inadequate preparation to cope with a statistical universe. -Robert Heinlein
From: "vpFREE3355 vpfree3355@gmail.com [vpFREE]" <vpFREE@yahoogroups.com>
To: vpFREE@yahoogroups.com
Sent: Tuesday, July 14, 2015 1:24 PM
Subject: [vpFREE] Bob Dancer's LVA - 14 JUL 2015
Bob Dancer's LVA - 14 JUL 2015
Risk and Uncertainty in Video Poker
http://www.lasvegasadvisor.com/bob_dancer/2015/0714.cfm
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