A Quote by Whitney Tilson
Humans are hard-wired to be irrational when it comes to financial decisions. We must understand that so we don't become the sucker at the poker table.
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The most important thing when you study hypnosis is that you learn that humans are irrational. Until you understand that, hypnosis is hard to do... For me, it was this great awakening to understand that humans are deeply irrational, and it's probably the greatest influence on me in terms of my writing.
To be a great poker player, you're going to have to learn this fact: Everything that's said at a poker table is worth listening to. It's all information that you can use to make better decisions, whether people are talking about baseball, politics, or, oh yeah, poker.
If you're playing a poker game and you look around the table and and can't tell who the sucker is, it's you.
Some might argue humans are hard-wired to fight. I don't agree: we are conscious beings who have the capacity to make decisions.
I think humans are just hard-wired to process people's faces and understand meaning and expression at such a more granular level than other types of communication.
If you can't spot the sucker in your first half hour at the table, then you ARE the sucker.
Look around the table. If you don't see a sucker, get up, because you're the sucker.
Listen, here's the thing. If you can't spot the sucker in the first half hour at the table, then you ARE the sucker.
I've been at the table with some really great poker players. I'm sure Vince McMahon is a hell of a poker player.
While the apostles of the new so-called "behavioral" theory present ample evidence of how often human beings make irrational financial decisions, it remains to be seen whether these decisions lead to predictable errors that create systematic mispricings upon which rational investors can readily and economically capitalize.
People are wired for lots of things. We're wired for novelty. We're wired for humor. We're wired for new pieces of information that surprise us in some way or add value to our lives. We're wired for fear.
Our poker table is eight guys, and then I'm the ninth; I'm usually the only girl at the table.
Because of who I am, when I sit at a poker table, I meet people who engage me in conversation, not only about poker, but also about the movie business and about the world of celebrities.
I've never argued that humans are massively hot-wired. What I was trying to point out was that you can't understand how we learn unless you identify the learning mechanisms. And these have some genetic basis.
Before you can become a millionaire, you must learn to think like one. You must learn how to motivate yourself to counter fear with courage. Making critical decisions about your career, business, investments and other resources conjures up fear, fear that is part of the process of becoming a financial success.
I've read the poker books, but at this point, everybody who's playing has read the poker books. I feel like I'm knowledgeable enough to understand what's going on in the game, and I understand why I suck. And I'm not sure if I'll ever rise beyond that to the level where I don't suck.
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