Tuesday, December 02, 2008

Warren Buffet and Las Vegas Buffets

By Pauly
Hollyweird, CA
"To quite an extent, gambling is a tax on ignorance. I find it socially revolting when the government preys on the ignorance of its citizenry. When the government makes it easy for people to take their Social Security checks and pull [slot machine] handles, it relieves taxes on those who don't fall for it. It's not government at its best." - Warren Buffett
I don't always agree with Warren Buffet's business philosophy, but he's got a gajillion more dollars than me, so maybe he knows what he's talking about. But maybe if he spent one night at the Hooker Bar and got a rim job from Tela, he might view Las Vegas in a slightly different light.

One of my readers, Joe E., sent me an interesting article from Motley Fool titled... Is Buffett Right About Gambling?

Here's an excerpt...
Problem gambling goes beyond compulsive gambling. In my opinion, gamblers who gamble more than they can afford can also be included in the category "problem gamblers." Even skilled poker players and blackjack players may be destined to go broke if they lack proper money-management skills.
I dig the use of the adjective skilled before poker players.

Warren Buffet is not the type of guy you'd see at the Excalibur breakfast buffet. And have you seen the humanity at the buffets in Las Vegas? The all-you-can-eat buffet represents everything that is completely awesome about the Las Vegas food experience and at the same times sheds a light on the the worst aspects of our over-indulgent society.

And yes, more people are entering Lotto and buy scratch tickets at record amounts during these bleak economic tims. A dollar and a dream, right? That's part of the essence of gambling is after all, right? Not so much winning the money, but thinking about what you're going to do with the money you win. That's what goes through your mind before the dealer deals the river or as the dice dance on the felt or as the last second field goal hurdles towards the goal post.

Original content written and provided by Pauly from Tao of Poker at www.taopoker.com. All rights reserved. RSS feeds are for non-commercial use only.

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