Good poker players know that if they are seated at a table of novices, they’ll lose everything if they don’t adjust the strategy.
If the player bets aggressively on a strong hand, too many gamblers will come along for the ride and one will get lucky. You have to play the cards you’re dealt and the players you’re seated with.
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Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
