#217: “Mixed Metaphors”

Posted Uncategorized

June was a big month for The Portobello Grindhouse. I am of course talking about the apartment/poker cave in which Daragh Davey and I reside, not the Men Only Bath House & Sauna on Richmond Street which I have frequented on three occasions, each time by accident. (To be fair, their recent renovations are simply divine!). As I mentioned in my last blog, this time of year is the nuts online and it seems like lots of Irish pros have been making hay while the cat’s away. I’m sure several of them are heading out to the desert for the big dance but it was noticeable that perennial winners like Tom Geleziunas (recently becoming a Daddy no doubt a factor), Big Mick Graydon, Dara O’Kearney, Paul Delaney, Cathal Shine, Nelius Foley, Kevin Killeen, Andrew Sweeney, Fintan Hand, John Willoughby, James Noonan, Nick Newport, Derek Wall, Dan Rankin and David Caffrey were not at the WSOP but were instead burning the midnight oil at both ends on the virtual felt in June.

In my last blog, I asserted that this fact was evidence of a sea-change in attitude from many of Ireland’s top players. In retrospect, this was a bit presumptuous of me. There are probably a whole host of reasons why these lads aren’t doing big Vegas campaigns. A loose tongue spoils the broth and it was classic projection on my account to suggest that this was indicative of a greater respect for Kelly Criterion. John O’Shea made some good counter arguments in his blog, giving some great reasons why players worth their salt should be out in Vegas for as long as possible and as per my response to him, our differing opinions probably boils down to two clear distinctions between how John and I view Vegas (A duck out of water, I wouldn’t be caught dead there with a ten-foot pole) and risk (Should I be stepping up to the plate and laying my cards on the table?).

A few years ago, I remember John writing about this subject in his blog, advocating a “take more risks when you’re young because if it goes tits-up, you have time to rebuild” outlook. It went tits up for John two years ago and he has been rebuilding aggressively since. Fair play to him for not just bouncing back but for also showing that the attitude he expressed wasn’t just a waffly aphoristic justification for shot-taking. I remember Paul Wasicka saying something similar in a Bluff piece 5 years ago so he’s far from alone on that wealth creation strategy. John prefers to grab the bull by the tail and look him straight in the eye. For me, it’s more a case of ham-fisted salami-slicing by a bean counter.

The truth though is that I wouldn’t be able to do what John has done. When I was still green behind the ears, swings far smaller rocked me to my core. Over time, I learned that there is a mathematical solace in observing Kelly Criterion just as there is in shoving precise Nash Equilibrium ranges. Get all your ducks on the same page and you cannot go wrong long-term. Knowing that has been a massive psychological and emotional comforter when variance threatened to tear my bankroll to shreds. It has also helped me consistently play my A-game when the chips were down.

I’ll never be a dreamer and I’m okay with that. I’m a great believer in “I’ll burn that bridge when I come to it!” There is nobility in cowardice. There is splendor in prudence. There is no shame in being the guy who keeps his eye on the ball, his ears to the ground, his nose to the grindstone and his shoulder to the wheel.