“It was the game theorist John von Neumann who first made the distinction that chess is a form of computation, not a game. That’s because, in chess, there is always a right way forward at any point.
Poker and, for that matter, investing, are different as they are each characterized by incomplete information and a significant element of luck. What’s more, valuable information is often hidden from the participants – something that’s not so much the case for chess where each player can see where the other’s pieces are.
As a result, in both poker and investing, you can make the best possible decision at every turn – given what you know – but still lose the hand or the trade because of luck or information you didn’t have access to.”