Evan Tindell - Where Poker and The Market Collide

Evan Tindell joins The Business Brew to discuss how his background as a poker player influences his investing philosophy, how he got started in the business, and he drops some knowledge about shorting. Bill reached out to Evan because Bill wanted to discuss position sizing and “Kelly betting,” which was the catalyst for this conversation. Please pardon some construction noise in the beginning, the conversation’s quality is worth listening past some background noise. You can follow Evan’s firm at https://www.biremecapital.com/ and Evan at @evantindell on Twitter (https://twitter.com/evantindell). We hope you enjoy the conversation. Please leave us a rating in your favorite podcast player/app. Detailed Show Notes 2:00 - Evan’s Background 7:20 - Overtrading 9:30 - How poker losses help investing 11:30 - How price impacts analysis 22:50 - Evan’s start as an asset manager 26:30 - Evan looks for cognitive reasons the market is wrong 28:00 - Evan’s view on size 33:30 - A Netflix Discussion 44:45 - Bet sizing 48:20 - Position sizing and merger arb 53:00 - Incentives and money management 57:26 - How to think about Kelly betting and risk reward throughout an investment 1:02:45 - Fighting the bias to sell early 1:05:43 - Shorting high value 1:10:50 - Managing shorting 1:23:00 - Twitter whistleblower discussion and wrap up