Jack, JIm and John are frends living in Las Vegas. Each of 'em is pro in a different way. Jack is a self-employee making ~$100.000/year (his business worth $100,000); Jim is a card counter, has a bankroll of $100,00, plays BJ on the weekends about 1000 hands with $200 average bet, and has an advantage of about 1%; John is a casino tournaments player, also has a bankroll of $100,000, plays once a week for an average $2,000 entree fee (can be poker, BJ, craps, etc.), and has a double ratio over the average player (means in average nets around the entree fee). As we can see, all of them are making approximately an equal amount of money ($100,000/year) and worth about the same. Who you think is in the best/worst situation?
tirle_bj asked that I attach a poll to his thread here, so I've done just that. I voted for Jack the businessman. I can't imagine any $100K/yr business that would have the kind of risk profile of either of the other two. The certainty equivalent for Jim's income is bound to be higher than the others. And, he probably won't be kicked out of his office, a risk the others face every weekend. :laugh: I guess the main offsetting benefit for the other two is a 2-day work week.
I agree Where Jack doesn't have to worry about getting asked to leave, or not getting invited to events, and where both Jim and John HAVE to be there for any type of possible income. Jack could have employees to still make him income, while going to play either the regular tables or tournaments himself.
All other things being equal, I'd agree with Ken. But it also depends on the mindset of the three gentlemen in question. Personally, being a businessman cooped up in a prairiedog office cubie all day would have me in a padded room in 6 months, tops. :laugh:
you think businessmen have it easy? having been in business for myself - I think you are seriously underestimating the risk factor for small businesses - I lost 80% of my contracts in one day - when the state of Oregon passed a property tax limitation - and local governments instantly canceled most of their consulting contracts the next day - also owned/operated a small specialty gift product manufacturing business (5-6 employees) - very seasonal - one bad Christmas season could have put us in bankruptcy - have also done consulting for small bsinesses - many operate right on the edge - most startups fail within three years - how about how the restriction on internet gaming affected your web site's income from advertising, Ken? the tournament player has it the best - he is in the same position as a sucessful stock market investor - both are playing a pari-mutual pool - and have an edge over the average player - which allows them to make a long term profit - proper risk/reward analysis - and that's it -
Trick Question - WHY? Jack is a self-employeed contractor. Depending upon what business he has dealing with employees is usually a business person's headaches. Does Jack own a Subway or a computer firm? Is he a home builder or an independant landscaper? Jim - As an AP player All Jim has to worry about is variance and getting 86'd. Jim only works on the weekends so he has 5 days to relax, study, etc. Given the larger amount of free time maybe that is what Jim is looking for. In fact Jim may be writing a book, "BJ for Dummies" John - He works the least of the 3 but, in my opinion, has the most risk/exposure due to the limited tournaments that he plays in. While he has a 2% advantage with the HUGE luck factor there may be many dry spells. However with 6 days of down time if lesiure is a favoite activity this may be the best for John The main thing is what makes these people HAPPY. Making 100,000 as a business person who hates what they do may be more mentally taxing and burdensome that the BJT player. Since all 3 make the same income, 100,000 other factors take precident like quality of life issues and personal challenges. Just my .25
