… and how it should be valued.

Before I begin, I would like to mention a quote by Warren Buffett regarding business evaluation: “A company is ultimately worth the amount of cash it's expected to generate over its lifetime.” We should use the same definition to evaluate information in that the value of information is worth the amount of cash it is expected to help you gain over its lifetime.

The current debate at 2p2 is whether the high cost for information is worth it. Naturally, some say yes and some say no. The main reasoning for no is that eventually, this new information will be well-known in the industry and will be sold at a much cheaper price. Unfortunately, I have to agree because the value of information decreases dramatically as time passes. The reason is in a game of poker (or in any field for that matter), your edge is relative to how much knowledge your opponents have compared to you. If they know more, you lose and vice versa. And this is where everyone who is not a moron should get why the value of new information is worth it. By waiting for the information to be well-known, you aren't gaining much value for your purchase. You are merely trying to keep up with the crowd so that you aren't outclassed by your opponents. Of course, there is value in acquiring common knowledge but you want to beat your opponents right? Obviously, for recreational and amateurs players, being update with the current information isn't as important and buying a good 2p2 book is enough. However, as a professional or as an aspiring professional, it is a crime to wait for common knowledge.

This reminds of something that is very ironic. A lot of people think they are so unlucky because the Party Poker Era passed and there aren't as much idiots anymore. Players got better due to the abundance of resources and thus, the games toughen up. Yet, some people it's a marvelous idea to sit and wait for the inevitable drop in ebook pricing because eventually, the new information will be common knowledge at a huge discounted price. Saving money is a great trait to have, but such a thinking is flawed if you want to maintain a constant edge against your opponents. The best players in the world stay the best because they evolve with the game. They are constantly thinking of new information to improve their play. Once this new information becomes common knowledge, they have to think of new information to stay at the top or else a new wave of players take over.

I know the 2009 version of me would crush the 2006 version. However, at similar stakes, my earnings back then was much higher. And I didn't know anything back then. It just that majority of people didn't know anything either.

There are a few more topics in the thread I'd like to discuss but for now, I'll keep my mouth shut.

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