Strategy in Poker, Business, and War

This is a small and concise introduction to the issue of strategy. Easily read in a weekend or less with great value. This is a keeper for sure.

The first thing that potential readers will probably want to know about this book is that it was actually written in 1950, but re-released in 1996. It definitely is dated as Hold'Em, the game most of us play, was not even a twinkle in a Texan's eye at the time it came out. Strategy is not a "how to" manual. It is philosophical in nature. In fact, some of the technical things he explains do not jive with our current perception of how poker should be played. He recommends playing conservative in a conservative game and loose in a loose game; although, every expert I've read says the opposite. Other than its fifties feel (he talks about bridge quite a bit), it is an intriguing little book with some excellent ideas. The main subject is strategy, and how people arrive at the decisions they do. McDonald gives an overview of game theory which is perfect for those unfamiliar with it. We learn about "minimax" and the way in which games are played in general. Then game theory is examined in relation to poker, business, and the military. Concerning poker itself, America's new obsession is analyzed in the first 60 or so pages. The author clearly has some new things to say, and this is surprising considering that Strategy was written over half a century ago. As a narrator, McDonald can be profound. The idea that gambling and capitalism are reflective of man's true nature is intriguing. Undoubtedly, such a belief is correct as it is the promise of fortune that creates societal innovation, enrichment, and millions of people spending dollars (that they don't have) on everything from The Lotto to poker. Another great point Thompson makes is that it is female curiosity undermines their capacity to excel in poker because curiosity about what your opponent holds can be deadly (for an example of female curiosity, think of Annie Duke illegally grabbing Johnny Chan's mucked cards last year in the WSOP). I liked the notion that poker embodies all the traits civilization discourages, and then the counter-notion that when we make use of these deceptive traits at the table it decreases our need to do so during life on the whole. Strategy has much to offer, but I would not pay full price for it. It's no more than 100 pages of text, so you should check out the z shop price first. I got mine for about $2.00.

This book is really a study of games - specifically strategical games such as poker. Strategical games are those where information is imperfect. The author uses poker as a model for describing strategy in business, war, and politics - Three of life's other strategical games.He correctly deduces that the optimal strategy in poker is not to have one - that is, to vary unpredictably. Poker playing requires deception, and to do that, the poker hand "must be concealed behind a mask of inconsistency," as he puts it. This is critical poker knowledge, but you don't have to buy the book for that.He makes the important observation that the winning strategy in general is to have better information than one's opponent. Thus, poker players bluff representations of strength and weakness, in order to deny information about their hands to their opponents. People involved in capital markets try to get better, faster information (e.g. "real time quotes") because that is the only way to win.Don't buy any poker books besides this one. It has everything you need. Don't buy any other gambling books - no sense wasting more money on games you can't win. As for business, war, and politics, this book describes a good "mindset" for thinking about these fields.

Game theory,also known as strategy,is hard if the readers are not math geniuses or haven't any knack for analyzing things.But it's also fun and easy if the readers choose for themselves a good introductory book like this book of McDonald's. It not only introduces the key elements of game theory in a concise and clear way, but uses three interesting dimensions to make readers further understands what's behind these scenes that are so close to our everyday life. So this is what I call 'helpful'.Next time when you go to the Vegas, you can be sure that what you learn from this book is so helpful. Bensides, it also provides business people and outspoken politicians with recommendable strategical points. Any educated reader, with or without math or ecnomics background, will learn this theory easily, which I believe is what Mr.McDonald has been trying to achieve and has done an excellent job. Different from any other introductory books, this book simplies and systematizes the basics of GAME THEORY, which, since J.von Neumann and Oskar Morgenstan first published their masterpiece on this subject, has been belonging to those who are talented enough to understand it, so as to make this science more accessible for we ordinary people.