Investing like a Poker Player
Event description
Professional poker players have developed a number of strategies to optimize their financial returns from playing hands with uncertain outcomes that are revealed over time.
This sounds a lot like early stage venture capital investing. The future of a startup is initially uncertain, and gets clearer over time as the company succeeds or not. Can VC investors optimize their returns by following poker player strategies, including small antes to see each hand, discrimination on which hands to invest further on, and large raises on hands that develop well?
Topics discussed will include:
- Is investing more like cooking from a recipe or playing poker?
- Why do so few venture deals become home runs?
- Learnings from the Bessemer Ventures anti-portfolio
- False positives and false negatives
- The importance of diversification: playing many hands
- Investing progressively more as you learn more
- Managing investor/player psychology: the importance of rules
- Pilot and scout investing: a form of ante
- Q&A
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