When my financial advisor,
investor, guru comes to my house to give me a rundown
on what I own, what I sold, what I made, what I
lost, and what it all cost, I go into an alpha state
of relaxed, meditative awareness or, rather, unawareness.
I know he is talking intensely about a multitude
of important things but I hear very little as I
am transported to another state of consciousness.
Here is what I hear:
“In
this fund, om, ah, om, hedging, ohm, oohmmm, we took
the, ohm, ahhh, ohm, and transferred, om mani padre
hummm, to these funds because, ah ing, we hedged our
bets, ah in ah innn.”
Thirty minutes later, he’ll say: “Any questions,
Frank?”
I’ll rouse: “No, no it’s as clear as
the nose on the face of the Sphinx.”
Then I’ll say: “Uh, did I make money?”
To which he’ll
say either “yes” or “no” with
a quick, real-world explanation like: “Because
the market was good,” or, “The market
was awful.” Then I’m perfectly content
as I found out what I wanted to know.
Many craps players
go into altered states of consciousness when assaulted
with the mathematics of the particular bets they
love to make. We gaming gurus love to throw around
formulas that speak volumes about the outcome of
various betting styles, when all the craps player
is really interested in is this: “Will I make
money betting this way?” If the craps player
is really savvy, his question will actually be:
“Will I lose less money betting this way?”
A simple “yes” or “no” with
some backup proof is all that most craps players
want. All else is befuddlement.
Nowhere is befuddlement
more, well, befuddling than concerning the question
of hedging bets at craps. Spend some amount of time
at the craps tables and you will see and hear a
host of hedges, the most common of which are hedges
that increase or decrease your chances of winning
or losing on the Pass Line. Some craps writers are
advocates of hedges as they believe it protects
players from variance and volatility. But are hedges
really worth it?
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Columns By Franki Scoblete
