Billionaire investor thinks Poker players are patsys...:-)

nitulbhatia

nitulbhatia

Legend
Bronze Level
Joined
Nov 7, 2010
Total posts
1,421
Awards
1
Chips
41
“If you've been playing poker for half an hour and you still don't know who the patsy is, you're the patsy.”

This is a quote from Warren Buffett one of the shrewdest people of our time who made a fortune in an unforgiving business like the stock market.

Warren Edward Buffett born August 30, 1930 is an American business magnate, investor, and philanthropist. He is widely considered the most successful investor of the 20th century. Buffett is the primary shareholder, chairman and CEO of Berkshire Hathaway and consistently ranked among the world's wealthiest people. He was ranked as the world's wealthiest person in 2008 and as the third wealthiest person in 2011. In 2012, American magazine Time named Buffett one of the most influential people in the world.

Guilty as charged im one of the patsys that plays poker freerolls in my free time, :D
 
Last edited:
absoluthamm

absoluthamm

<==Poker Face
Silver Level
Joined
May 5, 2008
Total posts
5,692
Awards
1
Chips
0
I don't think you understand the statement, and you've posted the quote twice today.

It isn't saying that poker players are patsy's, it is saying that if you can't find the person at the table who is the patsy(in poker terms, the donk) then you are the donk.

Rounders has basically the exact same quote in the movie, "If you can't spot the sucker in the first half hour at the table, then you ARE the sucker"
 
nitulbhatia

nitulbhatia

Legend
Bronze Level
Joined
Nov 7, 2010
Total posts
1,421
Awards
1
Chips
41
I was very fascinated to know his thoughts on the subject and just keen to share it with all my friends here. I understood it just the same as you interpreted it.
 
nitulbhatia

nitulbhatia

Legend
Bronze Level
Joined
Nov 7, 2010
Total posts
1,421
Awards
1
Chips
41
Also let me tell you, the quote from rounders was:

"Listen, here's the thing. If you can't spot the sucker in your first half hour at the table, then you are the sucker."

That is different from what warren buffett is saying actually.
 
bz54321

bz54321

Visionary
Silver Level
Joined
Oct 29, 2012
Total posts
842
Chips
0
Not shy about his bridge skills, Buffett is very self-effacing about his poker prowess. “You will find me about five minutes after the tournament starts on the sidelines–knocked out as usual in the first round,” he e-mailed me before the tournament. He later explained the difference between the two card games this way: “I just don’t care about poker as much.” Temperamentally this makes sense. Buffett’s favored holding period for his positions is “forever”; poker demands immediate exploiting or discarding. Traders make great poker players; investors, less so.

http://www.forbes.com/sites/randalllane/2012/08/27/inside-warren-buffetts-private-poker-game/
 
Deco

Deco

Legend
Silver Level
Joined
May 7, 2009
Total posts
2,544
Chips
0
Lucothefish

Lucothefish

Visionary
Silver Level
Joined
Mar 18, 2009
Total posts
656
Chips
0
They are both saying the same thing.

Warren Buffet is not saying all poker players are patsys, he's saying that bad players are patsys and that if you can't spot the bad player then you're the bad player.

It's basically some barely amusing quote on table selection that has been floating around for years.
 
AlfieAA

AlfieAA

Legend
Silver Level
Joined
Mar 17, 2012
Total posts
10,689
Awards
4
Chips
0
I dont know what a patsy means, but I can deffo spot fish at the table within 2 orbits....its not exactly the hardest thing to do is it,,,,,
 
nitulbhatia

nitulbhatia

Legend
Bronze Level
Joined
Nov 7, 2010
Total posts
1,421
Awards
1
Chips
41
Luco and deco, i do respect your views and they do seem like the same thing but the way i interpreted warren buffetts statement was very simplistic: if you dont know who the patsy is in the first half hour, your the patsy (which could mean warren buffett saying your a patsy because you play poker)

let me tell you what warren buffett actually thinks about poker:

Warren buffett later explained the difference between the two card games (bridge and poker) this way: “I just don’t care about poker as much.” Temperamentally this makes sense. Buffett’s favored holding period for his positions is “forever”; poker demands immediate exploiting or discarding. Traders make great poker players; investors, less so.

I could be wrong but reading his comments on poker in general i do believe what i wrote in my subject line is correct.
 
nitulbhatia

nitulbhatia

Legend
Bronze Level
Joined
Nov 7, 2010
Total posts
1,421
Awards
1
Chips
41
Really only warren buffett could clarify what he really meant, but its open to interpretation, and if you read his thoughts on poker v/s bridge in the forbes article it does show his non chalance towards poker, further re-iterating the possibility that he considers poker players patsys.
 
nitulbhatia

nitulbhatia

Legend
Bronze Level
Joined
Nov 7, 2010
Total posts
1,421
Awards
1
Chips
41
Dunno why I came in. :p

Well maybe you should ignore posts from patsys like me who are interpreting a persons comments in a certain way. Good luck at the tables.
 
nitulbhatia

nitulbhatia

Legend
Bronze Level
Joined
Nov 7, 2010
Total posts
1,421
Awards
1
Chips
41
Infact maybe you guys are right. Warren Buffett did use a version of this quotation in a letter he sent to the shareholders of his conglomerate Berkshire Hathaway Inc. The letter was dated February 29, 1988, and it summarized business activity in 1987.

Im sorry if im wrong. Warren did make a slight alteration to the word you in his quotation.
 
bz54321

bz54321

Visionary
Silver Level
Joined
Oct 29, 2012
Total posts
842
Chips
0
Its just kind of a negative quote. So you got kind of negative responses.

I mean we were all patsys\producers\fish at one time or another. Hell I still donk off chips all the time.

:cheers:
 
dmorris68

dmorris68

Legend
Loyaler
Joined
May 27, 2008
Total posts
6,788
Awards
2
Chips
0
LOL, so you think Warren, who himself admits to playing poker, thinks all poker players are patsies? I think it obviously that you just grossly misunderstood the quote. Patsy is a term to describe someone as naive, gullible, and easily taken advantage of. In other words, a fish. So his quote is clearly a rephrasing of the famous poker quote.

I work for the man (ultimately that is, I work for a BH subsidiary) and I've heard/seen him speak on a number of occasions. He has often referred to poker or playing poker, although his main game is bridge. Bill Gates and his wife are/were his regular bridge opponents.
 
nitulbhatia

nitulbhatia

Legend
Bronze Level
Joined
Nov 7, 2010
Total posts
1,421
Awards
1
Chips
41
LOL, so you think Warren, who himself admits to playing poker, thinks all poker players are patsies? I think it obviously that you just grossly misunderstood the quote. Patsy is a term to describe someone as naive, gullible, and easily taken advantage of. In other words, a fish. So his quote is clearly a rephrasing of the famous poker quote.

I work for the man (ultimately that is, I work for a BH subsidiary) and I've heard/seen him speak on a number of occasions. He has often referred to poker or playing poker, although his main game is bridge. Bill Gates and his wife are/were his regular bridge opponents.

Maybe i did get it wrong. Ive misunderstood the quote, its human to interpret something in a certain way that might be wrong. My bad, and peace to all, didnt intend to offend anybody.
 
P

postflopper

Rock Star
Silver Level
Joined
Jan 16, 2009
Total posts
449
Chips
0
it'll be fun to see warren going up against the corporation, ala andy beal style. he'll definitely bust them all over time given the size of his roll
 
Chronical23

Chronical23

Rock Star
Silver Level
Joined
Mar 28, 2007
Total posts
161
Chips
0
Good quote that i personally always need to remember sittin in at a new table
 
coyotegal

coyotegal

Rock Star
Silver Level
Joined
May 3, 2010
Total posts
391
Chips
0
OP: Words are meant to be strung along in a sentence in a way that the writer (or in this case, the speaker) can get his meaning across to others. It's very obvious that he is saying that if you don't know who the patsy is at the table then its you. (in other words, if your a good player, YOU WILL KNOW who the patsy ...(meaning donk, or fish, or weak player) .... is within a half hour..) BUT... I can imagine that in various cultures the way words are put together can mean different things. Maybe that's why you mis-understood. ????
 
LuckyBundy13

LuckyBundy13

Visionary
Silver Level
Joined
Jan 12, 2013
Total posts
512
Chips
0
Talk about over-analyzing a simple comment. How can I get my 2 minutes back?
 
P

pokerjack43

Rock Star
Silver Level
Joined
Jun 11, 2012
Total posts
106
Chips
0
Maybe i did get it wrong. Ive misunderstood the quote, its human to interpret something in a certain way that might be wrong. My bad, and peace to all, didnt intend to offend anybody.

wow. I might actually screen shot this and frame it.

Actually admitting a mistake on line and apologising.

You sir, have restored my faith in humanity.
Fairplay.
 
T-Dubs82

T-Dubs82

Legend
Silver Level
Joined
Mar 26, 2007
Total posts
1,289
Awards
1
Chips
0
since when is this something new? does anyone actually disagree with Big Warren's statement?!?
 
S

smidjet

Rock Star
Silver Level
Joined
Mar 22, 2013
Total posts
285
Chips
0
after reading all your replies in this thread i feel that you are probably one of those players who refuse to lay down a pair in weak position no matter what, you know kinda stubborn. same thing been said different ways forever
 
Top