Phil Gordon on Not Chasing Losses

Gordon:    For me, the losses themselves aren’t nearly as tragic as the people who chase their losses.  You know, people can handle losing 10% of their bankroll, 15%, 20% of their bankroll in a short amount of time, but the people that I see that are really self destructive and end up broke are the guys that say, “Well, I used to have 100, now I’ve got 80.  I’ve got to get back to 100, and the only way to do that in a short amount of time is to play bigger.”  That starts a process that’s almost assuredly self-destructive, and, you know, I see this in financial markets all the time, where people, you know, their fund runs up a small loss and suddenly, well, they’re not going to get their bonus unless they can finish in the positive.  We’ve got to pile on the risk now, and that happens over and over and over, and it just, especially in the poker world, it’s 100% a path of destruction.  You just, you can’t multiply your risk after you lose.  You really have to step back and play smaller, and I don't know too many people that have that kind of discipline.  You know, you’re used to playing at 20/40 or 30/60 and you lose, and you have to go down and play 10/20 now or you’re really significantly increasing your chances of going dead broke and there just aren’t too many people that are able to do that.

Phil Gordon says the worst business strategy is trying to hard to make up for a loss.

Afghanistan is the most depressed country on earth

No, depression is not just a type of 'affluenza' – poor people in conflict zones are more likely candidates

Image: Our World in Data / CC BY
Strange Maps
  • Often seen as typical of rich societies, depression is actually more prevalent in poor, conflict-ridden countries
  • More than one in five Afghans is clinically depressed – a sad world record
  • But are North Koreans really the world's 'fourth least depressed' people?
Keep reading Show less

Banned books: 10 of the most-challenged books in America

America isn't immune to attempts to remove books from libraries and schools, here are ten frequent targets and why you ought to go check them out.

Nazis burn books on a huge bonfire of 'anti-German' literature in the Opernplatz, Berlin. (Photo by Keystone/Getty Images)
Culture & Religion
  • Even in America, books are frequently challenged and removed from schools and public libraries.
  • Every year, the American Library Association puts on Banned Books Week to draw attention to this fact.
  • Some of the books they include on their list of most frequently challenged are some of the greatest, most beloved, and entertaining books there are.
Keep reading Show less
Videos
  • Oumuamua, a quarter-mile long asteroid tumbling through space, is Hawaiian for "scout", or "the first of many".
  • It was given this name because it came from another solar system.
  • Some claimed 'Oumuamua was an alien technology, but there's no actual evidence for that.