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 Mike Caro's 1st Appearance

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Join date : 2008-03-01

PostSubject: Mike Caro's 1st Appearance   Sat Mar 01, 2008 8:25 pm

Internet Poker Radio Online Show Transcript

Mike Caro Interview Highlights 8-25-07

PPH: Years ago, one of the first things Randy and I did when we became friends was pop a couple beers open and watch a couple of your videos and that was one of our first steps toward becoming very serious poker players together.

CARO: That's very flattering -- especially the beer part.

PPH: I can't remember what beer it was. Randoman drinks like one beer a year.

CARO: Mark, you're humble. I'm not humble. Good quality. I wish I had it.

PPH: I saw something about your top ten tips. And one of them was that the cards won't break even in your lifetime. Could you elaborate on that a bit?

CARO: One of the concepts that I think will sincerely help a lot of poker players and your listeners -- all of us get very frustrated from time to time because we think we're on the world's worst streak. And think if we could only videotape it and show it to our friends and family they would understand how bad it really is. In the course of a random distribution of cards you will go through some big winning streaks and some bad streaks. The thing that we need to keep in mind is the cards won't break even. Whether or not they do is kind of immaterial because if they break even, fine -- and if they don't, fine. Your job as a poker player is only to make quality decisions. And you have to look at it that way. When I start teaching people poker -- we sit down on the carpet here (at my school and we cut out like 10 pictures of people from magazines and we put them around in a circle and then I have these people (students) deal out cards to them. And I say "try to be fair, give each person cards" and this goes on for an hour and it gets very boring sometimes because I say "did I give him enough (good) cards" and I say "we're trying to be fair about the distribution of cards" and then I say "is this the job you want to have?" And they say "no, this is boring -- I want to move on to something else." And they find out that it isn't your job. It isn't your job at poker to worry about who's getting better cards, worse cards, average cards. That's not your job.

PPH: I agree.

CARO: Your job is to just take whatever cards you end up with and make the best possible scientific decisions with those cards. And you'll be fine. And in life itself things don't break even. Some people spend an inordinant amount of time in the hospital -- and other people have very healthy lives -- and poker's the same way. You can't guarantee that the cards will break even. I know it's an old statement that the cards will eventually break even. But eventually is a long time. Well, they'll pretty much break even in your lifetime if you're talking about -- how many full houses you'll get, how many flushes you'll get, how many bad beats you'll get in a certain game. But the thing is in poker -- you can't guarantee you'll be in the right place at the right time when those good opportunities come by.

PPH: The situations may not be there.

CARO: Yes, there might be a billionaire unloading a hundred million dollars one night (on a poker table) and you might be in the next city. See that's bad luck. And the breaks don't break even in poker and you shouldn't worry about what they do. A winning poker player will win probably almost every year. But he won't win every night. And some poker players will do better in their careers than others but that doesn't necessarily mean they're better than the players who don't. It's a slight indication that they might be.

PPH: Right.

CARO: Let's talk about a poker tournament. Let's look at who might be the best poker player in the world. A lot of us might think that we are. And so, there's probably a thousand people up there that all think they're the best player in the world. That's probably the reason I don't play very many poker tournaments. Let's say you have thousand players in a tournament. Now, how often will an average player -- a typical player win (1st)? One in a thousand times. How much will a great player win? About one in 300 times. You can go many years without winning a poker tournament and still be the best in the world.

PPH: Randy's been finding that out, ha ha for the last couple months -- over and over and over. Ha ha.

CARO: Ha ha. That's because he's been using commodity charts for poker. Don't tell him that ha ha -- cause I don't wanna hurt his feelings.

PPH: You can't hurt my feelings. Ha ha. A true poker player -- it's hard to get their feelings hurt.

PPH: I love your (poker training) website by the way --

CARO: Thank you. We're going to dramatically change it by the way. We're going to add tons and tons of (training) stuff to it.

PPH: I saw a great article on your site -- called something like "Does stop/loss equal stop/win?"

CARO: Yes, the stop/loss has been something that has been used by gamblers for a long time. But the problem is -- if you set a pre-determined limit on how much you can go down -- you can be in a very good game and all you're doing is stopping your wins. Remember, wherever you are on this streak -- this streak will continue tomorrow. It doesn't matter if you break it up for now. And you come back the next day. Now, you're just getting the bad streak in little doses. So, assuming you're a profitable player, a winning player -- you can say that on average -- and there can be big fluxuations -- but on average -- you make so much per hour. And that means that on average under favorable conditions the more you play -- the more money you'll make. So, that's why when applying an arbitrary stop/loss when conditions are good -- just you've been running bad doesn't make a lot of sense.

PPH: You could probably write a book just on that topic alone. The question I have -- what do you think is a good way to develop proper money management techniques?

CARO: First of all, the term "money management" is not appealing to me. So, I gotta tell you that. I think the first article I ever wrote after Doyle Brunson led me out of anonymity into the publishing world with his "supersystem" and I wrote it for this magazine, it was "the curse of MM" or something like that. And there is no secret formula to how to manage your money. You can't really criticize somebody for taking dramatic risks with a small bankroll. All you can say is -- the more they risk -- assuming they're winners, the more likely they are to suddenly become rich. And the more likely they are to go broke in the process. So, it's up to each individual person to determine how much risk he wants to apply. Now, there are ways to nurse a bankroll along -- something called a "Kelly Criteria" which is very valid. And it means that you only bet certain percentages of your bankroll in accordance with how much risk you're taking. But that also fails in my mind because there are collisions with the real world. In other words, if you only have a hundred dollars -- you don't want to nurse that along too much because you can collide with the real world and get another hundred dollars later on. But if you've started with a hundred dollars and you've built your bankroll over time to where it's a million dollars -- that's going to be hard to replenish in the real world. So, now you have to start being more protective of your bankroll.

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Mr. Rive

PostSubject: I like Mike Caro   Tue Mar 04, 2008 5:35 pm

This dude is funny. I listened to his show and I read a couple books he wrote and learned a lot for sure.
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PostSubject: Who is this guy?   Mon Mar 10, 2008 11:17 am

I never seen this guy on any of the shows? Is he real famous or something? He seems funny.
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PostSubject: Caro is one crazy poker player   Fri Mar 21, 2008 12:54 pm

i met this mad genius years ago in las vegas. i was watching him play a cash game and didn't even know who he was. his hair was all messed up and he was making goofy faces and the whole table and people crowded around it were laughing at him. i seriously thought he was slightly retarded or something. then someone told me he was this famous player. i saw him win money because other players let their guards down against him while he was joking around. i always remembered that and actually talked to him for a few minutes while he was taking a break from the game. he was winning big money and having a great time doing it plus entertaining everyone else. i wanted to be like him but i suck at poker.
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