Step 11. Position – A Vital Factor in Investing and Texas Holdem
“In the long run we are all dead” – John Maynard Keynes
In the long run all Texas Hold’em players are dealt the same cards.
The main difference between consistent winners and losers in Texas Hold’em is how the two categories of player understand the value of the cards that they have been dealt and how this value changes because of position on the table and the betting actions of other players in the game.
Investors make selections from the same field of securities and their selections are based on an understanding of the accurate valuation of securities. Deriving an accurate valuation for a security is based on understanding the position of the security in the investing cycle and the behaviour of other investors regarding the security.