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Participation in ABT events..Apr-June 08 vs this year.
Posted By: Steve Mellen In Response To: Participation in ABT events..Apr-June 08 vs this year. (Rich Munitz)
Date: Wednesday, 10 June 2009, at 10:00 p.m.
Ray is right that if you really want to think in terms of ROI, you need to include all your costs for the weekend, as opposed to thinking of the tournament entry fee as some kind of wholly separate investment. If I run a tournament that offers 100% return, but it's held on a small island in the Pacific that takes days of travel time and many thousands of dollars in travel costs to get to, is everyone going to show up because the tournament itself is a great investment? Of course not!
In the securities field, which Neil knows a little something about, you see this kind of irrational thinking all the time, with people who are so fixated on the commission they get charged that they don't even bother to think about the bottom-line performance of their investments. It's like driving all the way across town to buy gas for a couple cents cheaper. It makes no economic sense.
Yes, it's true, here is one of the economic secrets of life: every time some group of people get a discount, they are effectively being subsidized by whoever doesn't get the discount. Big deal! As Ray says, I'd much rather be a local player not getting a discount than be a traveler paying thousands of dollars on travel costs and getting a tiny rebate on the entry fee - yet somehow it's the former group who thinks they have a grievance. How is it that, whenever there's a tournament offering 100% return in the open division, I never hear anyone complaining that the intermediate players are effectively subsidizing the open players?
Far, far too much was made of this "discount" issue in my view. If it's unfair that Local Player A pays a $400 entry fee and Foreign Player B pays $300 for a shot at the same prize pool, it's likewise unfair that Local Player A pays $400 in entry fees + expenses while Foreign Player B pays $1300 in entry fees + expenses for a shot at the same prize pool. Everyone in life has a grievance if they care to look hard enough for it.
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