Yes Tom "durrrr" Dwan will go bankrupt soon, and one may wonder how Full Tilt Poker could hire him within Full Tilt Poker Team, in what will turn out to be the biggest poker blunder of the decade.
Tom Dwan is a perfect example of the theory of the "risk of ruin" in application. It does not matter how a player did it to reach a five million dollars bankroll, or if he wins the largest pot ever in a live ring game. Or even if that pot was against Phil Ivey himself.
No, this has not relation to the risk of ruin, and the way Tom Dwan does bankroll management is a certain way to lead to ruin. And rather sooner than later.
But what did Howard Lederer think when he hired him? Howard justified Full Tilt Poker adding Tom Dwan to their prestigious team by saying that Tom had an extraordinary passion for poker that will attract thousands of young kids looking to learn the game from the best and bravest. This is true, but is it not a bit expensive to pay millions to hire a poker teacher?
If there is one thing that Tom Dwan cannot teach, this is bankroll management. As a matter of fact, poker follows the same principle as finance as far as managing expected values. And we know what happened recently to the wallet of the ones who did not apply sound risk management principles with their financial investments.
Many men made a fortune from scratch in the financial markets, just to lose everything when the tide changed. This is exactly the same in poker. Risk management principles apply to both fields, and the ones who do not listen will pay dearly. If you disagree, just read the work of Blaise Pascal, in particular the problem of points (1654). He started probability after all.
But for you poker friend, this is going to be a great lesson to be learned. Bankroll management is one of the priority when you play poker. So watch Tom Dwan and his crazy playing style, ..., until it lasts.
Watch and enjoy the execution of Tom Dwan in the public poker arena as it unfolds. This will be swift and bloody.
By the way, did Tom Dwan fall on his head when he challenged some of the best poker players in the world in matches where he has a negative expected value? yes you read correctly, his ego is so inflated that he challenged some of the best poker players in the world in what turns out to be matches where he has a negative expected value.
This is the so-called durrrr challenge. Tom has challenged any player in the world at for now the challenge has started with Patrik Antonius.
Stu Ungar used to do that in gin rummy, but just because he dominated the game so unequivocaly. And his expected what not even negative, he gave his opponents an advantage, but kept positive expected value. Unlike Tom Dwan, who does not have a Ph.D. in Statistics, obviously. So let us see how long he will last, the dice are rolling.