WEBVTT - How A Poker Pro 'Reads' His Opponents

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<v Speaker 1>Hello, and welcome to another episode of the Odd Lots podcast.

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<v Speaker 1>I'm Joe and I'm Tracy Halloway. Tracy. Today we're going

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<v Speaker 1>to talk about a subject that we've talked about a

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<v Speaker 1>lot on Odd Lots over the years, but I don't

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<v Speaker 1>think we've done an episode on it recently. Do you

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<v Speaker 1>know what it is? I mean, it could be anything,

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<v Speaker 1>but go on, what is it? Okay, So I'll give

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<v Speaker 1>you another hint. It's a subject that I really like

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<v Speaker 1>and I'm interested in, and you always sort of claim

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<v Speaker 1>that you know nothing about it and are not interested

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<v Speaker 1>in it. Uh, it's totally not a claim, Joe, and

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<v Speaker 1>I think I know where you're heading with this. It's

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<v Speaker 1>the objective truth. I know nothing about the subject, and

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<v Speaker 1>if we were to engage in this particular subject together,

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<v Speaker 1>that would become rapidly apparent. Okay, Well, we're going to

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<v Speaker 1>do another episode about the game of poker, which I

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<v Speaker 1>really like, which a lot of people in markets and

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<v Speaker 1>finance like to do in their spare time. And the

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<v Speaker 1>reason is obviously because a lot of the things that

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<v Speaker 1>go on in trading and a lot of the decisions

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<v Speaker 1>that people have to make are similar to decisions that

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<v Speaker 1>people have to make in poker because there is the

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<v Speaker 1>sort of calculable aspect to it. There is math involved,

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<v Speaker 1>but there's also a lot of psychology involved and things

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<v Speaker 1>that you just cannot brute force compute, and that's of

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<v Speaker 1>course what makes markets so interesting. We've obviously hit this

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<v Speaker 1>subject from many ways in the past. One thing that

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<v Speaker 1>we haven't really talked about is something that a lot

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<v Speaker 1>of people think is a very important aspect of poker,

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<v Speaker 1>which is tells. And that is your city across from

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<v Speaker 1>someone at the other side of the table and they

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<v Speaker 1>do something weird like maybe they run their hand through

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<v Speaker 1>their hair, or they pick their nose or just whatever

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<v Speaker 1>it is weird, or they put on their sunglasses and

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<v Speaker 1>a big hand. You know, I'm just saying like different,

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<v Speaker 1>different sort of impulses that people have. The people at

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<v Speaker 1>the table try to read, right, Uh so this is

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<v Speaker 1>something I mean, you have to be living under a

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<v Speaker 1>rock not to know about this one. But yeah, there

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<v Speaker 1>are tells and you're supposed to be able to read them,

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<v Speaker 1>and that's going to help you in figuring out what

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<v Speaker 1>the other person's hand is and then maybe even if

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<v Speaker 1>you have a terrible hand, you can still beat them

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<v Speaker 1>using human psychology. I know this, yes, and I think

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<v Speaker 1>there's like I think in the movie Rounders, which is

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<v Speaker 1>about poker, there's some major stuff tells. Anyway, So today

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<v Speaker 1>we are going to be talking with a guest whose

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<v Speaker 1>specialty is exactly this reading poker tells and how you

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<v Speaker 1>can sort of watch someone and look at someone and

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<v Speaker 1>learn something about maybe what they're holding or their psychology

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<v Speaker 1>from their physical actions, and much in the same way

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<v Speaker 1>that other aspects of poker may have applications to other

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<v Speaker 1>things in the world, like investing and other sorts of

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<v Speaker 1>making decisions that involve risk. So too to poker tells. So,

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<v Speaker 1>without further ado on a brigand Zachary Ellwood. He is

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<v Speaker 1>the author of multiple books on the subject of poker tells. Zach,

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<v Speaker 1>thank you very much for joining us. Hey, thank you, guys,

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<v Speaker 1>I appreciate it. Zach. What is your background and what

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<v Speaker 1>is a tell? How would you define a tell? Well,

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<v Speaker 1>I would say I have a more formal definition my book,

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<v Speaker 1>but off the cuff, I would say it's a behavior

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<v Speaker 1>that gives information about something someone's hand in poker, obviously,

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<v Speaker 1>but outside of poker, you could, you know, just get

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<v Speaker 1>his information about anything that they're concealing. Why are you

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<v Speaker 1>qualified to tell us about poker tells. Sure, that's a

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<v Speaker 1>good question. Yeah. So basically, I played for a living

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<v Speaker 1>full time for about three and a half years. This was,

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<v Speaker 1>you know, two thousand, forty two dozen seven time period,

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<v Speaker 1>and since then i've played, you know, on the side supplementally. Uh.

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<v Speaker 1>And before that, I grew up playing poker, and I've

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<v Speaker 1>always had an interest in it. During the poker boom,

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<v Speaker 1>you know years which were when everyone was playing poker,

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<v Speaker 1>which was about two thousand three two thousand eight or so,

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<v Speaker 1>somewhere in there, I was playing a lot of poker, playing,

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<v Speaker 1>playing for a living and and supplementally, and I was

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<v Speaker 1>always wondering why there wasn't a better poker book, poker

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<v Speaker 1>tells book, And there were some books out there, but

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<v Speaker 1>I didn't think they were that good. So that's what

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<v Speaker 1>led me to, you know, being inspired to it. Wasn't

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<v Speaker 1>that I thought I was some super genius at the subject.

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<v Speaker 1>It was more more like I thought I could do

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<v Speaker 1>a better job than what was out there currently. Well,

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<v Speaker 1>so I know you say that you don't consider yourself

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<v Speaker 1>a super genius by any means, but when it comes

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<v Speaker 1>to telling tells As a poker player, how how can

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<v Speaker 1>you tell that you're good at recognizing tells versus just

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<v Speaker 1>good at playing poker, Like, what are the two different skills? There?

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<v Speaker 1>One thing I tell people I always try to communicate

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<v Speaker 1>up front is that tells are a small part of

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<v Speaker 1>winning live poker. You know, because you can be a

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<v Speaker 1>very good player and never think about tells. You can

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<v Speaker 1>be a very you know, highly winning player and never

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<v Speaker 1>think about tells. So there's kind of a romantic idea

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<v Speaker 1>that tells are super important in the game of poker.

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<v Speaker 1>And I always like to make it clear to people that,

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<v Speaker 1>you know, because experienced players know that, you know, strategy

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<v Speaker 1>is is the biggest part of the game. Uh. Tells

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<v Speaker 1>are sort of like the icing on the cake, something

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<v Speaker 1>you do to get get a little bit more edge

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<v Speaker 1>on people, and they can be really important, you know,

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<v Speaker 1>some people, I'd estimated after talking to a lot of

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<v Speaker 1>experienced players too over the years. I think, you know,

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<v Speaker 1>being good at reading tells can add you know, anywhere

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<v Speaker 1>from one to to your win rate, just depending on

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<v Speaker 1>how good you are strategically. They begin with and just

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<v Speaker 1>how good you are at reading tells, So there's a

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<v Speaker 1>wide range but most experienced players would say the range

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<v Speaker 1>is somewhere in that area of boosting your edge, right,

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<v Speaker 1>like in movies about poker, which is probably where people

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<v Speaker 1>got this romantic notion about tells. There's obviously an over

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<v Speaker 1>emphasis on their importance because I don't know, it doesn't

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<v Speaker 1>seem very cinematic to depict someone who's genuinely good at

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<v Speaker 1>poker and folds forty hands in a row and sort

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<v Speaker 1>of waits until the implied pod odds are making so

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<v Speaker 1>they should bet, which is not as fun, not as fun,

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<v Speaker 1>but it's much sexier to say that someone always does

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<v Speaker 1>the same shifted their seats when they have a big

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<v Speaker 1>hand or what they're bluffing. Yeah, the requirements of cinema

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<v Speaker 1>kind of it's it's interesting that how the requirements of

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<v Speaker 1>cinematic drama, you know, affect society and people's expectations, you know.

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<v Speaker 1>But yeah, it's uh, it's definitely much sexier side, which

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<v Speaker 1>is one of the reasons I think, you know, writing

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<v Speaker 1>about this stuff. There's a lot of people that have

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<v Speaker 1>written about poker strategy, you know, very good players, and

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<v Speaker 1>it's kind of hard for them to get much attention

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<v Speaker 1>for their books. But writing about poker tells, uh, you know,

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<v Speaker 1>makes people listen a lot more like it's more mainstream.

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<v Speaker 1>In other words, So since you're talking about movies, I'm curious,

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<v Speaker 1>Like in the movies, there's always you know, it's like

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<v Speaker 1>a really important hand and then the opponent does something

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<v Speaker 1>and the player is like a ha, I know that

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<v Speaker 1>he's lying or bluffing or whatever, and it's really dramatic.

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<v Speaker 1>So when it comes to tells, is there a hierarchy

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<v Speaker 1>of tells? Is like a verbal tell more important or

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<v Speaker 1>more informative than a physical tell. There's definitely a range

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<v Speaker 1>of reliability just in general, depending on certain behaviors. I mean,

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<v Speaker 1>there's some behaviors that I would rank is highly reliable.

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<v Speaker 1>I would that I would rely on in a vacuum

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<v Speaker 1>without knowing anything about a player, just because they are

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<v Speaker 1>so generally reliable. And then there's other tells that you

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<v Speaker 1>want to be you would want to observe a player

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<v Speaker 1>more and see what category of behavior they're falling into

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<v Speaker 1>you generally, and then you know, there's a lot of

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<v Speaker 1>tells that are just you know, obviously not all tells,

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<v Speaker 1>or there's lots of tells that might make you like, sure,

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<v Speaker 1>it's one way or another. But that can be very

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<v Speaker 1>important if you're in a big you know, a big

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<v Speaker 1>like on the fence scenario where you could go either

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<v Speaker 1>way between calling or folding. You know, So even a

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<v Speaker 1>little bit of information if you think, oh, this makes

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<v Speaker 1>it slightly more likely this guy is doing this, that

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<v Speaker 1>can be valuable too. But and also verbal. When you

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<v Speaker 1>mentioned verbal, I wrote a whole book on verbal poker

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<v Speaker 1>tails called verbal Poker Hotels, and spent eight months full

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<v Speaker 1>time working on that and actually learned a lot doing

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<v Speaker 1>it too. Because I initially thought, oh, I won't have

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<v Speaker 1>much to learn here. I kind of know what I

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<v Speaker 1>want to write. But the more I spent researching and

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<v Speaker 1>watching videos and taking notes when I played, I had

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<v Speaker 1>a lot more to say than I thought, and I

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<v Speaker 1>ended up concluding my My final takeaway was that verbal

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<v Speaker 1>poke tails when they're when they're present, when there's something

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<v Speaker 1>interesting there. When someone speaks during a hand, it's it's

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<v Speaker 1>much more reliable than physical poke taels. Just because they're

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<v Speaker 1>people are less. They don't know the patterns as much. Basically,

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<v Speaker 1>they're not as well known when it comes to verbal patterns,

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<v Speaker 1>so people are are looser when it comes to their

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<v Speaker 1>talk So the first time I ever played poker actually

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<v Speaker 1>in a casino, I didn't know how I was going

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<v Speaker 1>to act, and I caught myself when I was bluffing.

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<v Speaker 1>I had no problems, sort of like keeping my composure

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<v Speaker 1>and just acting very relaxed. But when I had like

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<v Speaker 1>a winning hand or a big hand, I noticed looking

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<v Speaker 1>at my hands that I would shake more. And I

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<v Speaker 1>didn't know that. I didn't expect that would happen, but

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<v Speaker 1>it was something about myself that I noticed. So talk

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<v Speaker 1>to us about the sort of general framework. How do

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<v Speaker 1>you how do you start Let's say you sit down

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<v Speaker 1>at a table in a tournament or a cash game

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<v Speaker 1>in a casino. You've never seen any of the players before,

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<v Speaker 1>so you don't have any sort of preconceived reads on them.

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<v Speaker 1>How do you start to collect in your mind a

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<v Speaker 1>database of tells and uh put that to your advantage quickly. Yeah,

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<v Speaker 1>well that's a pretty big that's a pretty big question

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<v Speaker 1>started from scratch. But I'll give a few things that

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<v Speaker 1>I like to tell people as far as like the

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<v Speaker 1>most important things to look for. I'd say I contact

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<v Speaker 1>an eye movement in general when people are making large

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<v Speaker 1>beat is one of the most important behaviors to watch for. Basically,

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<v Speaker 1>when somebody makes a big bet, where where are they looking?

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<v Speaker 1>How loose are their eye movements when they look you know,

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<v Speaker 1>say they look from their opponent back, you know, a

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<v Speaker 1>few times or something. In general, like the more restrained

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<v Speaker 1>his stoic behavior will be tied to um, you know,

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<v Speaker 1>weak hands bluffs, whereas like the more relaxed behavior will

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<v Speaker 1>show itself as loose movements, loose eye movements basically like

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<v Speaker 1>more more dynamic, and that is restrained. So that's one

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<v Speaker 1>aspect of eye movement. And then the other one is

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<v Speaker 1>whether someone's looking at you or not looking at their

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<v Speaker 1>opponent or not after you know, when they're making a

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<v Speaker 1>big bet, and that can go either way, but in

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<v Speaker 1>general it's something you want to watch and see how

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<v Speaker 1>it's showed up before, and if you do get a

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<v Speaker 1>pattern of someone how they're acting over time, that can

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<v Speaker 1>be super valuable. And in general, looking at an opponent

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<v Speaker 1>after betting is going to be slightly more tied to

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<v Speaker 1>strength than weakness, just because most people are more comfortable

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<v Speaker 1>when they're betting a big hand, so they're more likely

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<v Speaker 1>to engage interact with an opponent, you know, with with

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<v Speaker 1>their eyes, including and most people, you know, when they're bluffing,

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<v Speaker 1>want to avoid that they're uncomfortable. They just want to

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<v Speaker 1>sit there and not interact with anyone, right, So those

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<v Speaker 1>kind of things come out, and yeah, there's a lot

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<v Speaker 1>of variety there and a lot of that you want

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<v Speaker 1>to keep. You know, some people will be very stoic

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<v Speaker 1>and consistent, so it's it's more like you want to

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<v Speaker 1>see when people's One of the one of the magive

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<v Speaker 1>things to watch for in general, just in general foretells

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<v Speaker 1>is where where people are behavior varying their behavior, because

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<v Speaker 1>if someone's not varying their behavior in different spots, you know,

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<v Speaker 1>it's pretty unlikely you're going to find a find to read.

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<v Speaker 1>But the first thing to look for is when people

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<v Speaker 1>act differently in different spots. So seeing someone behave you know,

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<v Speaker 1>just seeing them alter their behavior a good amount in

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<v Speaker 1>different spots, you know, in the same situations over time,

0:11:51.960 --> 0:11:53.760
<v Speaker 1>will give you an idea that you should be looking

0:11:53.760 --> 0:11:55.880
<v Speaker 1>at that person. So that's why in general, yeah, you'll

0:11:55.920 --> 0:11:59.120
<v Speaker 1>you'll be wanting to first study the people that seem

0:11:59.160 --> 0:12:01.920
<v Speaker 1>to have more varie d and less consistency in their behavior.

0:12:02.040 --> 0:12:05.200
<v Speaker 1>You know, that's a that's just a general clue. So

0:12:05.280 --> 0:12:08.720
<v Speaker 1>on that note, Zach, is the best way to obscure

0:12:09.160 --> 0:12:13.280
<v Speaker 1>your own tells to basically try to be as consistent

0:12:13.520 --> 0:12:16.560
<v Speaker 1>as possible in in your behavior and just make sure

0:12:16.600 --> 0:12:19.960
<v Speaker 1>that you're sort of reacting the same way every time.

0:12:20.240 --> 0:12:24.000
<v Speaker 1>Or or is it could you be super eccentric and

0:12:24.320 --> 0:12:27.480
<v Speaker 1>try to obscure it that way? Like which way should

0:12:27.520 --> 0:12:29.880
<v Speaker 1>you go? Yeah, it's a good question. I mean you

0:12:29.920 --> 0:12:32.760
<v Speaker 1>can go either way. Really, you can be stoic to

0:12:32.800 --> 0:12:36.600
<v Speaker 1>be consistent, or you can be highly variant and and

0:12:36.679 --> 0:12:38.760
<v Speaker 1>you know, eccentric as you say, and as long as

0:12:38.760 --> 0:12:42.360
<v Speaker 1>there's no correlations, no one's going to give anything from you. Um. Yeah,

0:12:42.520 --> 0:12:46.000
<v Speaker 1>I think the safer route is, you know, being stoic,

0:12:46.040 --> 0:12:48.160
<v Speaker 1>and that's what more people would you know, most most

0:12:48.200 --> 0:12:49.880
<v Speaker 1>people are going to have a hard time pulling off

0:12:49.880 --> 0:12:53.520
<v Speaker 1>the highly variant behavior. It's definitely possible, and I have

0:12:53.679 --> 0:12:56.000
<v Speaker 1>you know, there's plenty of examples of people who are

0:12:56.040 --> 0:12:59.200
<v Speaker 1>good at talking and moving around and being loose, you know,

0:12:59.240 --> 0:13:01.400
<v Speaker 1>without giving any in a way. I mean, one of

0:13:01.480 --> 0:13:03.120
<v Speaker 1>one of the big things that just is just knowing

0:13:03.320 --> 0:13:05.600
<v Speaker 1>the common ways that information can leak, you know, with

0:13:05.679 --> 0:13:08.480
<v Speaker 1>your physical or oral behavior. So if you're aware of

0:13:08.480 --> 0:13:10.600
<v Speaker 1>those ways, you can definitely, you know, play with the

0:13:10.679 --> 0:13:12.920
<v Speaker 1>rules a little bit and and move around and talk

0:13:13.480 --> 0:13:16.120
<v Speaker 1>and not give anything away because you know the common

0:13:16.120 --> 0:13:19.400
<v Speaker 1>ways that you know, information might leak. And I think

0:13:19.600 --> 0:13:22.319
<v Speaker 1>what people get into trouble with is when they they

0:13:22.360 --> 0:13:25.640
<v Speaker 1>try to be fancy with their behavior or super loose

0:13:25.679 --> 0:13:29.240
<v Speaker 1>and they think that they're not giving any way, but

0:13:29.280 --> 0:13:31.760
<v Speaker 1>they're just not aware of some of the more common

0:13:31.800 --> 0:13:34.640
<v Speaker 1>ways that that can can happen, you know. So I think,

0:13:35.640 --> 0:13:38.319
<v Speaker 1>you know, for example, some people try to do fancy

0:13:38.440 --> 0:13:41.800
<v Speaker 1>reverse psychology and trick trick and opponent, but those kind

0:13:41.800 --> 0:13:44.720
<v Speaker 1>of things can actually become that person's tells because they're

0:13:44.760 --> 0:13:47.280
<v Speaker 1>just not aware of how common that kind of reverse

0:13:47.440 --> 0:13:50.800
<v Speaker 1>psychology attempt is, you know. So they're they they're thinking

0:13:50.880 --> 0:13:53.680
<v Speaker 1>they're doing a reverse tell, but they're actually just having

0:13:53.679 --> 0:13:55.760
<v Speaker 1>to tell you know that that can happen a lot

0:13:55.800 --> 0:13:59.199
<v Speaker 1>for you know, the more inexperienced players. Yeah, I was

0:13:59.240 --> 0:14:02.920
<v Speaker 1>gonna ask exactly about that, like this idea of reverse tells,

0:14:03.000 --> 0:14:06.440
<v Speaker 1>because I have to imagine that as awareness of tells

0:14:06.520 --> 0:14:11.200
<v Speaker 1>grows and people learn things like okay, if this guy

0:14:11.600 --> 0:14:14.760
<v Speaker 1>puts on his sunglasses and shoves a bunch of chips

0:14:14.880 --> 0:14:18.160
<v Speaker 1>into the middle of the table. It folds his arm

0:14:18.320 --> 0:14:21.440
<v Speaker 1>and looks down. This is like sort of like maybe

0:14:21.600 --> 0:14:24.080
<v Speaker 1>a classic bluff because he's trying to look super stoic

0:14:24.160 --> 0:14:28.400
<v Speaker 1>and badass. But then over time, if everybody sort of

0:14:28.440 --> 0:14:31.440
<v Speaker 1>believes that that's what a bluff looks like, then theoretically

0:14:31.480 --> 0:14:34.720
<v Speaker 1>people would change their behavior. So is there sort of

0:14:34.760 --> 0:14:37.960
<v Speaker 1>like a there's your mental catalog of what sort of

0:14:38.000 --> 0:14:40.480
<v Speaker 1>classes of tells look like, have to be sort of

0:14:40.520 --> 0:14:44.560
<v Speaker 1>constantly updated, have to sort of anticipate how people might change.

0:14:44.920 --> 0:14:47.080
<v Speaker 1>Now that's that's kind of interesting thing about it. You

0:14:47.120 --> 0:14:50.080
<v Speaker 1>would think that that might happen with experienced players who are,

0:14:50.080 --> 0:14:52.640
<v Speaker 1>you know, operating on these multiple levels and trying to

0:14:52.680 --> 0:14:55.120
<v Speaker 1>full people, But really, when it comes down to it,

0:14:55.240 --> 0:14:57.960
<v Speaker 1>you don't see that much. And the the reason is

0:14:58.040 --> 0:15:01.320
<v Speaker 1>because if you're trying to fool someone, say you have

0:15:01.440 --> 0:15:05.200
<v Speaker 1>two good a good players playing each other, it's just

0:15:05.280 --> 0:15:09.600
<v Speaker 1>really hard to predict how an opponent will interpret your behavior.

0:15:10.160 --> 0:15:13.160
<v Speaker 1>And so it helps to explain a lot of things

0:15:13.320 --> 0:15:16.600
<v Speaker 1>I think outside of poker too, because theoretically there's all

0:15:16.640 --> 0:15:18.760
<v Speaker 1>these levels of deception, but when you get down to it,

0:15:18.760 --> 0:15:21.120
<v Speaker 1>it's it's just super hard to know how someone will

0:15:21.600 --> 0:15:24.720
<v Speaker 1>interpret your behavior. And that means, you know, you would

0:15:24.720 --> 0:15:27.120
<v Speaker 1>have to be very sure that they would interpret it

0:15:27.160 --> 0:15:28.840
<v Speaker 1>in the way you want to interpret it. And and

0:15:29.760 --> 0:15:31.760
<v Speaker 1>that's hard to know because they might see you do

0:15:31.840 --> 0:15:34.720
<v Speaker 1>something and just pull the opposite conclusion. They might you

0:15:34.760 --> 0:15:36.720
<v Speaker 1>might be doing something on a second level of meaning,

0:15:36.760 --> 0:15:38.640
<v Speaker 1>but they're taking the first level of meaning, you know,

0:15:39.040 --> 0:15:41.600
<v Speaker 1>or you know, some an extra an extra level of meaning.

0:15:41.840 --> 0:15:45.840
<v Speaker 1>So there's for that reason you just won't see many

0:15:46.080 --> 0:15:51.360
<v Speaker 1>complex reverse towels. I see it very very infrequently, much

0:15:51.480 --> 0:15:53.120
<v Speaker 1>less frequently than I would have thought, you know, a

0:15:53.120 --> 0:15:55.400
<v Speaker 1>few years ago. And I think it's just because you know,

0:15:55.520 --> 0:15:58.200
<v Speaker 1>it's just for that reason that the main strategy is

0:15:58.240 --> 0:16:00.240
<v Speaker 1>just to be stoic and then occasionally made you do

0:16:00.400 --> 0:16:04.880
<v Speaker 1>some fairly simple reverse psychology. For example, one common one

0:16:04.920 --> 0:16:08.000
<v Speaker 1>that I've seen strong players do, but you know, I

0:16:08.000 --> 0:16:09.800
<v Speaker 1>think it's kind of died down a bit. As like that,

0:16:10.240 --> 0:16:12.840
<v Speaker 1>it was well known that when someone someone bets and

0:16:12.880 --> 0:16:14.680
<v Speaker 1>they call it the clock on their opponent, you know,

0:16:15.280 --> 0:16:17.680
<v Speaker 1>basically forcing their opponent to act in a certain time.

0:16:17.720 --> 0:16:20.400
<v Speaker 1>When when the person whose bed has done that, typically

0:16:20.440 --> 0:16:24.000
<v Speaker 1>it shows that they're relaxed, right, because normally someone who's

0:16:24.000 --> 0:16:26.840
<v Speaker 1>bluffing wouldn't want to potentially anger their opponent by calling

0:16:26.880 --> 0:16:29.160
<v Speaker 1>the clock on it. So then but then you had

0:16:29.240 --> 0:16:32.960
<v Speaker 1>good players, you know, who recognize that, and they would

0:16:33.160 --> 0:16:36.080
<v Speaker 1>sometimes call the clock on other good players because they

0:16:36.120 --> 0:16:39.440
<v Speaker 1>knew that this other good player might would likely interpret

0:16:39.520 --> 0:16:42.040
<v Speaker 1>it as this guy being relaxed, you know. And good

0:16:42.080 --> 0:16:45.080
<v Speaker 1>players also try to take make use of the more

0:16:45.080 --> 0:16:48.400
<v Speaker 1>of the lesser known tells because they would be less

0:16:48.440 --> 0:16:51.080
<v Speaker 1>likely to rely on super well known tell just because

0:16:51.120 --> 0:16:53.640
<v Speaker 1>then it makes the other guy, I think, oh, that's

0:16:53.680 --> 0:16:56.359
<v Speaker 1>a super well known one. He wouldn't be likely to

0:16:56.400 --> 0:16:58.480
<v Speaker 1>do this because he's pretty decent, you know. So there's

0:16:58.520 --> 0:17:01.440
<v Speaker 1>these levels of you know, basically, the good players are

0:17:01.480 --> 0:17:03.960
<v Speaker 1>going to try to rely more on the on reversing

0:17:04.000 --> 0:17:06.400
<v Speaker 1>the lesser known tells that most people don't know because

0:17:06.440 --> 0:17:08.960
<v Speaker 1>they think that will that's more likely to be interpreted

0:17:08.960 --> 0:17:10.720
<v Speaker 1>in the way they want by another good player. So

0:17:10.920 --> 0:17:12.400
<v Speaker 1>there's just all that you always have to take into

0:17:12.400 --> 0:17:15.520
<v Speaker 1>account the skill level of your of your opponent, and

0:17:15.560 --> 0:17:17.600
<v Speaker 1>that's why it's so complicated because you just don't know

0:17:17.640 --> 0:17:38.760
<v Speaker 1>how it's going to be interpreted. So is anyone capable

0:17:38.880 --> 0:17:42.440
<v Speaker 1>of fully plugging all their leaks so they don't give

0:17:42.480 --> 0:17:46.760
<v Speaker 1>out any tells, or do the really experienced good players

0:17:47.480 --> 0:17:49.840
<v Speaker 1>do their tells just become more subtle. And I guess

0:17:49.880 --> 0:17:52.720
<v Speaker 1>that's sort of also speaks to the sort of broader

0:17:52.840 --> 0:17:56.439
<v Speaker 1>question of why do humans have tells? Why is it

0:17:56.600 --> 0:18:00.199
<v Speaker 1>so that, even against our best efforts, typically something in

0:18:00.240 --> 0:18:04.240
<v Speaker 1>our body or our speech betrays the truth that we're

0:18:04.280 --> 0:18:06.679
<v Speaker 1>trying to or the lie that we're trying to present.

0:18:07.720 --> 0:18:11.160
<v Speaker 1>I think, in general, if you are experienced, if you've

0:18:11.160 --> 0:18:13.840
<v Speaker 1>played a lot, I mean, if you know the common

0:18:13.840 --> 0:18:16.399
<v Speaker 1>ways that information can leak, then I think you're gonna

0:18:16.480 --> 0:18:19.800
<v Speaker 1>be pretty good at being unreadable, you know, and except

0:18:19.840 --> 0:18:23.320
<v Speaker 1>in rare cases and unusual cases. But I think it's

0:18:23.359 --> 0:18:26.960
<v Speaker 1>it's easier than most people think. And I think, you know,

0:18:26.960 --> 0:18:31.200
<v Speaker 1>it just basically takes making a concerted effort at understanding

0:18:31.320 --> 0:18:35.240
<v Speaker 1>what is possible and then focusing on those spots. I mean,

0:18:35.280 --> 0:18:37.359
<v Speaker 1>I do think there are you know, let's say, a

0:18:37.480 --> 0:18:41.800
<v Speaker 1>very experienced live player who is you know, near unreadable.

0:18:41.960 --> 0:18:44.960
<v Speaker 1>They still can have small tells. You know. For example,

0:18:45.000 --> 0:18:48.840
<v Speaker 1>a lot of high stakes players like to wear scarfs

0:18:49.480 --> 0:18:51.480
<v Speaker 1>or high collars. You know, to cover up their neck

0:18:51.600 --> 0:18:56.000
<v Speaker 1>because the neck pulse can be even for experienced players

0:18:56.080 --> 0:18:58.959
<v Speaker 1>making a big bluff typically in a tournament. A tournament

0:18:59.000 --> 0:19:00.960
<v Speaker 1>is usually where it's it's going to bring it out

0:19:00.960 --> 0:19:02.920
<v Speaker 1>of people because those are much more higher stakes and

0:19:03.000 --> 0:19:04.600
<v Speaker 1>a lot more on the line than a cash game,

0:19:04.640 --> 0:19:07.960
<v Speaker 1>for example. So they'll where, you know, they'll where things

0:19:08.000 --> 0:19:11.000
<v Speaker 1>that cover their neck pulse because uh, you know, you're

0:19:11.000 --> 0:19:14.119
<v Speaker 1>more likely experienced players anywhere are more likely to have

0:19:14.240 --> 0:19:16.720
<v Speaker 1>a fast heartbeat when they're bluffing. Them when they're value betting,

0:19:16.720 --> 0:19:18.800
<v Speaker 1>they're kind of you know, value betting in a in

0:19:19.040 --> 0:19:20.560
<v Speaker 1>when they have a strong hand, it's kind of old

0:19:20.600 --> 0:19:23.480
<v Speaker 1>hat to them. But even an experienced player can get

0:19:23.480 --> 0:19:25.560
<v Speaker 1>their blood pumping in a in a big tournament spot

0:19:25.600 --> 0:19:28.359
<v Speaker 1>where there's you know, theoretically a million million dollars on

0:19:28.359 --> 0:19:31.360
<v Speaker 1>the line or something. So I have two questions off

0:19:31.359 --> 0:19:33.360
<v Speaker 1>the back of that. One is if you can wear

0:19:33.359 --> 0:19:37.680
<v Speaker 1>a scarf and sunglasses while playing poker, could you come

0:19:37.680 --> 0:19:40.400
<v Speaker 1>in and just wear like a ski mask and completely

0:19:40.400 --> 0:19:43.680
<v Speaker 1>obscure your face? And then the other question is everything

0:19:43.720 --> 0:19:46.960
<v Speaker 1>we're talking about is you know physical or verbal tells

0:19:47.040 --> 0:19:49.879
<v Speaker 1>that you see when you're playing directly across from a person.

0:19:50.280 --> 0:19:55.000
<v Speaker 1>How much of this is applicable if you're playing poker online?

0:19:55.720 --> 0:19:59.440
<v Speaker 1>Oh yeah, So the first question about the ski mask,

0:20:00.119 --> 0:20:03.639
<v Speaker 1>that's definitely a you know, a poker tournament or a

0:20:03.720 --> 0:20:07.800
<v Speaker 1>poker room specific question. I mean, I've seen videos of

0:20:07.880 --> 0:20:10.359
<v Speaker 1>people covering up their faces, but I think most a

0:20:10.359 --> 0:20:14.040
<v Speaker 1>lot of places wouldn't allow that. So yeah, it's definitely. Uh.

0:20:14.040 --> 0:20:16.040
<v Speaker 1>I mean, when people do it, obviously it's it's mostly

0:20:16.080 --> 0:20:17.800
<v Speaker 1>been a joke, but I'm sure there will come a

0:20:17.880 --> 0:20:20.520
<v Speaker 1>day when somebody you know, wants to do that in

0:20:20.560 --> 0:20:23.000
<v Speaker 1>a real situation for a lot of money, and then

0:20:23.040 --> 0:20:25.439
<v Speaker 1>they have to. Yeah, I think I think the I

0:20:25.440 --> 0:20:28.320
<v Speaker 1>think the more popular places don't really allow that, the

0:20:28.320 --> 0:20:30.960
<v Speaker 1>popular card rooms because you know, yeah, but it's a

0:20:30.960 --> 0:20:33.119
<v Speaker 1>good question how much how much can you cover up

0:20:33.160 --> 0:20:35.199
<v Speaker 1>if you can cover up part of your face, you know?

0:20:35.840 --> 0:20:40.120
<v Speaker 1>M hmm. What about the applicability online? Right? Yeah, I'd

0:20:40.119 --> 0:20:45.000
<v Speaker 1>say the only behaviors that are meaningful online that they

0:20:45.040 --> 0:20:50.240
<v Speaker 1>give information or the immediate immediate actions basically fast bets,

0:20:50.400 --> 0:20:54.800
<v Speaker 1>fast calls. Those are the bet timing or action timing

0:20:55.280 --> 0:20:58.359
<v Speaker 1>behaviors that I think contain the most meaning. I'm trying

0:20:58.359 --> 0:20:59.880
<v Speaker 1>I don't think there's anything else I can think of

0:20:59.840 --> 0:21:01.840
<v Speaker 1>a top of my head, unless it's like somebody chatting

0:21:01.840 --> 0:21:05.200
<v Speaker 1>in the in the chat, I think so basically, And

0:21:05.240 --> 0:21:08.480
<v Speaker 1>the most meaningful of that is the fast call. Basically,

0:21:08.520 --> 0:21:11.960
<v Speaker 1>say you've got the flop, which is for non poker players,

0:21:11.960 --> 0:21:14.520
<v Speaker 1>when the first three cards come out and you bet,

0:21:14.920 --> 0:21:17.399
<v Speaker 1>you bet that flop and then somebody calls you really quick.

0:21:17.800 --> 0:21:20.639
<v Speaker 1>In general, quick calls early in the hand, they're gonna

0:21:20.840 --> 0:21:24.919
<v Speaker 1>indicate medium strength to weak hands, basically because somebody with

0:21:25.000 --> 0:21:28.879
<v Speaker 1>a strong hand is generally gonna at least consider raising

0:21:28.880 --> 0:21:31.040
<v Speaker 1>you in that spot because they want to maximize value.

0:21:31.080 --> 0:21:32.919
<v Speaker 1>So they're gonna even if they decide to call you,

0:21:32.960 --> 0:21:34.920
<v Speaker 1>they're gonna give it a little bit of thought and

0:21:34.960 --> 0:21:37.040
<v Speaker 1>be like should I call here or should I raise?

0:21:37.400 --> 0:21:40.120
<v Speaker 1>So those quick calls can be really meaningful for narrowing

0:21:40.119 --> 0:21:43.120
<v Speaker 1>down a player's range to the weaker side of the range,

0:21:43.119 --> 0:21:46.080
<v Speaker 1>and then that can encourage you to keep keep bluffing.

0:21:46.080 --> 0:21:49.000
<v Speaker 1>For example, later in the hand. Let's talk a little

0:21:49.040 --> 0:21:52.959
<v Speaker 1>bit about the psychology of tells as they apply outside

0:21:52.960 --> 0:21:57.199
<v Speaker 1>of poker. So obviously people have this, you know, for

0:21:57.240 --> 0:22:01.480
<v Speaker 1>whatever reason, an inability off to hide the truth, even

0:22:01.520 --> 0:22:03.960
<v Speaker 1>when they're trying to obscure it. Sometimes it's as simple

0:22:04.040 --> 0:22:07.680
<v Speaker 1>as a vein pulsing in their neck that signals a

0:22:07.720 --> 0:22:12.000
<v Speaker 1>faster heartbeat. What is the you know we're talking about earlier?

0:22:12.040 --> 0:22:14.920
<v Speaker 1>A lot of the lessons of poker are applicable elsewhere.

0:22:14.920 --> 0:22:17.600
<v Speaker 1>That's why we keep coming back to the subject. So

0:22:17.720 --> 0:22:21.040
<v Speaker 1>in your research and in your work, what is the

0:22:21.080 --> 0:22:24.520
<v Speaker 1>sort of abstractable lessons from reading poker tells that might

0:22:24.560 --> 0:22:27.239
<v Speaker 1>be useful to people off the table? Yeah, I mean,

0:22:27.240 --> 0:22:29.560
<v Speaker 1>I think it's it's tough one to answer, because I

0:22:29.560 --> 0:22:32.400
<v Speaker 1>think poker is such a unique space. I think it's

0:22:32.400 --> 0:22:38.000
<v Speaker 1>more that the general behavioral you know, being good at

0:22:38.040 --> 0:22:40.800
<v Speaker 1>being focused on people's behavior in general can make you

0:22:41.200 --> 0:22:44.400
<v Speaker 1>good at reading people in general and poker or other places.

0:22:44.400 --> 0:22:48.400
<v Speaker 1>But I think poker is so unique because it's even

0:22:48.440 --> 0:22:51.879
<v Speaker 1>even amongst other competitive games. I would say getting good

0:22:51.920 --> 0:22:54.960
<v Speaker 1>at poker tells will definitely help you with other competitive situations,

0:22:55.320 --> 0:23:00.400
<v Speaker 1>whether it's other games, or whether it's negotiations or high

0:23:00.400 --> 0:23:03.320
<v Speaker 1>stakes business meetings or whatever. And I think there are

0:23:03.400 --> 0:23:05.240
<v Speaker 1>some takeaways. And I've definitely had people tell me they

0:23:05.320 --> 0:23:08.240
<v Speaker 1>read my books and got better as as lawyers and

0:23:08.280 --> 0:23:12.000
<v Speaker 1>as doctors like understanding getting more empathetic with the how

0:23:12.080 --> 0:23:14.560
<v Speaker 1>their how their patients were acting, which was really cool

0:23:14.560 --> 0:23:16.600
<v Speaker 1>for me to hear, because you know, I didn't have

0:23:16.880 --> 0:23:18.960
<v Speaker 1>high hopes said it would that kind of stuff translates

0:23:18.960 --> 0:23:21.119
<v Speaker 1>to other things. But I definitely think there's a lot

0:23:21.160 --> 0:23:24.720
<v Speaker 1>of a lot of things that just makes more sense

0:23:24.760 --> 0:23:26.560
<v Speaker 1>when you key into them at the poker table, like,

0:23:26.600 --> 0:23:29.439
<v Speaker 1>for example, that the eye contact stuff. You know, you

0:23:29.440 --> 0:23:32.120
<v Speaker 1>can you can get a lot of information about where

0:23:32.200 --> 0:23:34.639
<v Speaker 1>people look and if they avoid contact with one person

0:23:34.680 --> 0:23:36.159
<v Speaker 1>over time, you know, it can tell you that they

0:23:36.200 --> 0:23:38.280
<v Speaker 1>don't like that person or whatever. You know, there's those

0:23:38.320 --> 0:23:41.600
<v Speaker 1>kinds of little things that come up, signs of discomfort

0:23:41.760 --> 0:23:44.560
<v Speaker 1>and pauses and speech and things like that. Yeah, I

0:23:44.600 --> 0:23:46.240
<v Speaker 1>think I think it applies to a lot of things,

0:23:46.280 --> 0:23:50.400
<v Speaker 1>but I think it definitely applies to the more competitive situations.

0:23:50.440 --> 0:23:52.960
<v Speaker 1>So Zach, on this note, you actually have your own

0:23:53.000 --> 0:23:56.680
<v Speaker 1>podcast that that's sort of on this topic about how

0:23:56.920 --> 0:24:01.320
<v Speaker 1>people in various professions sort of read other people. What's

0:24:01.440 --> 0:24:05.520
<v Speaker 1>been the most interesting takeaway from that, Like, what's one

0:24:05.640 --> 0:24:10.480
<v Speaker 1>really interesting anecdote that you hadn't considered before. Yeah, there's

0:24:10.480 --> 0:24:11.919
<v Speaker 1>a lot of I've had a lot of fun with

0:24:11.960 --> 0:24:14.400
<v Speaker 1>that show. I really liked the interview I did with

0:24:14.880 --> 0:24:17.639
<v Speaker 1>Mark mcclisch, who wrote a book called I Know You

0:24:17.680 --> 0:24:20.600
<v Speaker 1>Are Lying, and it was about statement analysis, and he

0:24:20.680 --> 0:24:23.439
<v Speaker 1>used to do training with the U. S. Marshals and

0:24:23.480 --> 0:24:26.800
<v Speaker 1>other law enforcement. He wrote books about analyzing written and

0:24:27.160 --> 0:24:30.800
<v Speaker 1>verbal statements, and he was kind of partial influence and

0:24:30.920 --> 0:24:33.560
<v Speaker 1>inspiration for me writing the Verbal Poker Tells book, you know,

0:24:33.640 --> 0:24:36.840
<v Speaker 1>kind of taking that really focused idea of focusing on

0:24:36.920 --> 0:24:39.879
<v Speaker 1>language and bringing it to the poker table. That was

0:24:39.920 --> 0:24:43.119
<v Speaker 1>partially you know, I was inspired by him, so that

0:24:43.200 --> 0:24:45.679
<v Speaker 1>I really am a fan of that one. But just

0:24:45.720 --> 0:24:52.000
<v Speaker 1>recently I did an interview of an experienced restaurant industry

0:24:52.119 --> 0:24:55.200
<v Speaker 1>service industry worker. He's managed restaurants and everything and eat.

0:24:55.680 --> 0:24:59.800
<v Speaker 1>It's just some really interesting psychological tips on how, you know,

0:25:00.040 --> 0:25:03.600
<v Speaker 1>eight staff is trained to get better tips using certain

0:25:03.720 --> 0:25:06.600
<v Speaker 1>verbal patterns. You know, that's something I wouldn't have considered,

0:25:06.640 --> 0:25:09.040
<v Speaker 1>you know, apparently that's like something they do in the

0:25:09.440 --> 0:25:12.200
<v Speaker 1>in the restaurant chain business, you know, as a common

0:25:12.400 --> 0:25:14.119
<v Speaker 1>you know, using these kind of like behind the scenes

0:25:14.119 --> 0:25:17.840
<v Speaker 1>psychological strategies for putting people at ease and getting better

0:25:17.880 --> 0:25:20.080
<v Speaker 1>tips and stuff like that. So yeah, that that was

0:25:20.119 --> 0:25:23.240
<v Speaker 1>my concept for the podcast was just these interesting kind

0:25:23.240 --> 0:25:27.400
<v Speaker 1>of hidden instances of psychology and manipulation, you know, Zack.

0:25:27.480 --> 0:25:31.240
<v Speaker 1>Before we go, I gotta ask, what's the weirdest poker

0:25:31.280 --> 0:25:33.920
<v Speaker 1>tell You've ever seen? Because some of them were sort

0:25:33.960 --> 0:25:37.919
<v Speaker 1>of obvious across your arms and looking down. What's something

0:25:38.040 --> 0:25:41.000
<v Speaker 1>very uh strange that you've seen? Yeah, you know, I

0:25:41.000 --> 0:25:44.120
<v Speaker 1>should have a better ready answer for that. But one

0:25:44.200 --> 0:25:48.399
<v Speaker 1>that just came out recently was somebody somebody had the

0:25:48.400 --> 0:25:51.439
<v Speaker 1>most tells I've ever seen in like a short period

0:25:51.480 --> 0:25:53.320
<v Speaker 1>of time. It was from this show Live at the

0:25:53.359 --> 0:25:56.439
<v Speaker 1>Bike what they play on camera with hull Cards in

0:25:56.520 --> 0:25:59.320
<v Speaker 1>California at the Bicycle Casino, and I wrote I wrote

0:25:59.320 --> 0:26:01.560
<v Speaker 1>a piece about it for Poker News dot com. But

0:26:02.119 --> 0:26:04.840
<v Speaker 1>and it was just it was just so many tells

0:26:04.960 --> 0:26:07.800
<v Speaker 1>of strong hand basically in such a short period of time.

0:26:07.880 --> 0:26:10.960
<v Speaker 1>Like it was basically like six different things I wrote about,

0:26:11.119 --> 0:26:13.919
<v Speaker 1>you know, and and called out. I can't think of

0:26:13.920 --> 0:26:16.879
<v Speaker 1>a really crazy ones were yeah, think they were the

0:26:16.880 --> 0:26:18.960
<v Speaker 1>They were the normal ones, like nothing, you know, nothing

0:26:19.000 --> 0:26:22.480
<v Speaker 1>too crazy. It was like acting uncertain before making a

0:26:22.560 --> 0:26:27.639
<v Speaker 1>decent size bed and like a little shrug behavior and uh,

0:26:27.680 --> 0:26:31.439
<v Speaker 1>you know all these signs of basically that acting acting

0:26:31.480 --> 0:26:34.840
<v Speaker 1>week when you're actually strong, you know, those kinds of things.

0:26:34.840 --> 0:26:37.399
<v Speaker 1>So lots of cliches. Yeah, I kind of clicheates, But

0:26:37.400 --> 0:26:39.800
<v Speaker 1>I can't think of anything. I mean, I'm sure there's

0:26:40.240 --> 0:26:43.679
<v Speaker 1>there's definitely, uh, some weird ones I've encountered, but nothing's

0:26:43.880 --> 0:26:47.479
<v Speaker 1>screamed to mind. All right, Well, Zachary l Wood, Poker

0:26:47.520 --> 0:26:51.040
<v Speaker 1>tell Experts really appreciate you coming on the podcast. Oh,

0:26:51.080 --> 0:27:09.040
<v Speaker 1>thank you, guys, I appreciate it. It's my honor, Tracy,

0:27:09.080 --> 0:27:12.159
<v Speaker 1>I really enjoyed that episode. I love this idea that

0:27:12.840 --> 0:27:17.119
<v Speaker 1>the demands of cinematic drama have sort of changed the

0:27:17.200 --> 0:27:20.480
<v Speaker 1>way people view real life because obviously, again going back

0:27:20.520 --> 0:27:23.760
<v Speaker 1>to how you would depict the game of poker, tells

0:27:23.800 --> 0:27:27.200
<v Speaker 1>are probably the most interesting thing you could depict visually,

0:27:27.600 --> 0:27:29.920
<v Speaker 1>even if the impact on the game in most games

0:27:29.960 --> 0:27:33.120
<v Speaker 1>is pretty marginal. Right, It's kind of hard to visually

0:27:33.160 --> 0:27:36.040
<v Speaker 1>depict someone thinking about whether they should draw another card

0:27:36.119 --> 0:27:39.520
<v Speaker 1>or not. Joe, I gotta ask, what's your biggest tell

0:27:39.720 --> 0:27:43.560
<v Speaker 1>when you play? Do you know? Oh? I really I

0:27:43.640 --> 0:27:46.840
<v Speaker 1>do have a problem with my handshaking. I'm like, and

0:27:46.880 --> 0:27:49.000
<v Speaker 1>I have that always, like if I just like pick

0:27:49.080 --> 0:27:51.399
<v Speaker 1>up a glass or anything, or am I an slightly

0:27:51.440 --> 0:27:54.679
<v Speaker 1>uncomfortable position my people who knows my handshakes, But it

0:27:54.760 --> 0:27:58.239
<v Speaker 1>definitely gets accelerated at the poker table, and I think

0:27:58.320 --> 0:28:01.800
<v Speaker 1>it's typically when I have a winning hand. But now

0:28:01.880 --> 0:28:04.600
<v Speaker 1>you know, if anyone hears that, you can't be sure

0:28:04.640 --> 0:28:07.280
<v Speaker 1>that I'm not trying to psych you out. Oh yeah,

0:28:07.359 --> 0:28:09.080
<v Speaker 1>it might be a reverse tell, or it could be

0:28:09.119 --> 0:28:14.280
<v Speaker 1>a reverse reverse tell. We'll never know. Remind me why

0:28:14.520 --> 0:28:18.320
<v Speaker 1>poker overlaps with finance and markets so much. I know

0:28:18.400 --> 0:28:20.800
<v Speaker 1>a lot of finance people are competitive and they like

0:28:20.960 --> 0:28:24.399
<v Speaker 1>playing games for money, so sure they play poker, But

0:28:24.520 --> 0:28:28.880
<v Speaker 1>what's the applicability of the things we learn from poker

0:28:29.200 --> 0:28:32.480
<v Speaker 1>to markets and investing. I think it really has to

0:28:32.520 --> 0:28:34.879
<v Speaker 1>do with the fact that you can only It's a

0:28:34.960 --> 0:28:37.919
<v Speaker 1>very open ended game and you can only have You

0:28:37.960 --> 0:28:40.640
<v Speaker 1>could never calculate the odds perfectly. So there are other

0:28:40.760 --> 0:28:44.240
<v Speaker 1>games of chance. There are other gambling games in which

0:28:44.280 --> 0:28:46.560
<v Speaker 1>you know the odds going in. So, for example, if

0:28:46.560 --> 0:28:50.160
<v Speaker 1>you were to play roulette, you know going in the

0:28:50.200 --> 0:28:52.520
<v Speaker 1>odds that on any given spin it's either going to

0:28:52.560 --> 0:28:55.720
<v Speaker 1>be black or red or a specific number, and you

0:28:55.720 --> 0:28:58.840
<v Speaker 1>could calculate them perfectly. It is impossible to do that

0:28:58.920 --> 0:29:02.920
<v Speaker 1>in poker because obviously there's math involved, but you just

0:29:02.960 --> 0:29:06.080
<v Speaker 1>cannot fully calculate how the humans are going to perform

0:29:06.240 --> 0:29:09.280
<v Speaker 1>elsewhere on the table. And I think that's like that's

0:29:09.280 --> 0:29:12.320
<v Speaker 1>the relevance to markets, Like we we know all the data,

0:29:12.400 --> 0:29:15.840
<v Speaker 1>we're drowning in data, but you can't fully calculate how

0:29:15.880 --> 0:29:19.000
<v Speaker 1>people are going to behave under periods of extreme stress,

0:29:19.200 --> 0:29:22.160
<v Speaker 1>under periods of tension and panics. You four is, there's

0:29:22.160 --> 0:29:25.320
<v Speaker 1>only so much you can number crunch, and there's a

0:29:25.360 --> 0:29:30.080
<v Speaker 1>certain element of human judgment reading the room, reading, the table, reading,

0:29:30.160 --> 0:29:33.240
<v Speaker 1>and that's why people try to uh, you know, positioning

0:29:33.280 --> 0:29:36.280
<v Speaker 1>and sentiment, all these measures to sort of get at

0:29:36.680 --> 0:29:39.800
<v Speaker 1>the aspects of the market that people can't really fully calculate.

0:29:41.000 --> 0:29:44.080
<v Speaker 1>The humans are the wild card. Yeah, look, look I

0:29:44.120 --> 0:29:47.200
<v Speaker 1>made a card pun Okay, great, very well, all right,

0:29:47.280 --> 0:29:51.360
<v Speaker 1>Well we've done another episode on poker, so it's it's

0:29:51.400 --> 0:29:53.640
<v Speaker 1>my turn next week and we're going to get back

0:29:53.680 --> 0:29:56.720
<v Speaker 1>to capital flows and emerging markets. I think great. I

0:29:56.760 --> 0:30:00.880
<v Speaker 1>can't wait. Okay, this has been an another episode of

0:30:00.880 --> 0:30:03.640
<v Speaker 1>the Odd Thoughts podcast. I'm Tracy Alloway. You can follow

0:30:03.640 --> 0:30:06.280
<v Speaker 1>me on Twitter at Tracy Alloway and I'm Joe wise

0:30:06.320 --> 0:30:09.680
<v Speaker 1>It though. You can follow me on Twitter at the Stalwart,

0:30:10.160 --> 0:30:13.280
<v Speaker 1>and you should follow our guest on Twitter, Zachary Lwood.

0:30:13.520 --> 0:30:16.760
<v Speaker 1>His handle is a poker player. He's also the host

0:30:16.840 --> 0:30:20.400
<v Speaker 1>of the People Who Read People podcasts. You should check

0:30:20.480 --> 0:30:24.000
<v Speaker 1>that out. He discusses psychology and behavior at various activities,

0:30:24.320 --> 0:30:27.400
<v Speaker 1>and you should follow our producers on Twitter to for

0:30:27.480 --> 0:30:31.800
<v Speaker 1>for Foreheads He's at foreheads T as well as Laura Carlson.

0:30:31.960 --> 0:30:35.680
<v Speaker 1>She's at Laura M. Carlson and don't forget to follow

0:30:35.720 --> 0:30:40.400
<v Speaker 1>the Bloomberg head of podcast, Francesca Leap at Francesco Today.

0:30:40.440 --> 0:30:41.240
<v Speaker 1>Thanks for listening.