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But volatility, which dominates far beyond 1,000 trials, paints a different picture.
For typical short-term play, think about their status after 1,000 rounds.
You can lose a lot more from volatility, than from edge. It is that same volatility that gives Jerry a better chance at making a profit than Tom.
When does edge begin to overshadow volatility?
Raising volatility with progressive bets boosts the importance of fluctuation relative to edge.
For equivalent amounts at risk, lucky players get higher profits while the less fortunate suffer greater and faster losses.
So if you think that progressions have no effect on the outcome, think again.
While you are doing that, let me mention the world’s oldest profession, and I’m not talking about used car sales, although the two professions DO have a lot in common.
Where you have men with money, you have prostitutes. Where you have a lot of men with obscene amounts of money, you have the cr�me de la cr�me of prostitutes. In Monte Carlo, you have a LOT of money. These ladies are not the $5 for 15 minute “crack-ho’s” who frequent America’s inner-city streets; they are the $5,000 to $30,000 per evening entrepreneurs who ply a trade that is as old as cave-men. Regardless of the geography, both sets of women are selling their “companionship”.
Ernest Hemingway, in a drunken and randy mood at a late 1950’s society party once asked a woman if she would sleep with him for a million dollars. She smiled and said, “Of course I would.” Hemingway then asked if she would do the same thing for one dollar. Aghast, she was appalled and screamed, “What do you think I am…a whore?” Old Ernest with his keen sense of timing and wit, replied, “We’ve already established WHAT you are, now we’re just negotiating a price.”
The streets, bars, restaurants and casinos are filled with opportunistic women looking to improve their fortunes. Come to think of it, there were a lot of women there who would never consider their gold-digging searches for rich men akin to prostitution, but in one way or another, it seems that there is a cost to everything we do. Hmmm, it gives one pause for thought on a subject that may not be appropriate for this forum.
I was at a table where a very elderly gentleman was being charmed by a young lady who was about one-quarter of his age. Her hands, lips, and arms were all over him as the evening progressed. She kept saying, “I’m going to marry you…let’s get married tomorrow…I’ll make you really, really happy…I’ll do anything you want, just ask.” After about the thirtieth time she said that, be replied, “Honey, you can do one thing for me. Stop stepping on my oxygen-hose, because then I’ll be really, really dead.” I chuckled at the irony, and proceeded to throw a reasonably good hand.

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