Hedge Fund Manager Wins $710,000 during Las Vegas Conference 03.06.2012

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Hedge Fund Manager and co-founder of Quantitative Investment Management, Michael Geismar was in Las Vegas, Nevada to attend the SkyBridge Alternatives Conference. While staying at the Bellagio Hotel he was given a $100,000 line of credit in the casino. After just a few evenings at the Bellagio’s blackjack tables Geismar had won a small fortune of $710,000. Geismar was at the blackjack tables before the conference had started and within six hours he headed to his room $470,000 richer. This short run of success didn’t follow him as he lost $20,000 one day and $90,000 the next day. He then decided to hold on to $300,000 and continue to gamble with the rest which was a mere $50,000.

Geismar joined several other conference attendees at another blackjack table and began to play again. His luck turned around and his winnings started piling up again. At one point, Geismar was betting on other player’s hand and in one game he won $50,000 that way. By 6 AM Geismar had $410,000 to add to his previous $300,000.

Geismar has stated that he does not count cards when he plays blackjack. He does say that he follows a simple strategy which was to increase his wagers on each hand as he continued to win and decrease it when he was losing. He said: “The concept is, if I lose 10 hands in a row, I’m going to lose my minimum bet at least nine of those times…but if I win 10 hands in a row by pressing my bet every time-not doubling it, just making it bigger-I’m going to win a lot more than when I lose 10 hands in a row.”

That strategy seems to have worked for him. Maybe it will work for you to.

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