Those of you who follow this blog might remember this post where I said:
In this week's OMG news: I won a seat via an online mega-satellite (1k buy-in) to the Europeon Poker Tour-London No-Limit-Holdem Championship event, starting October 5th at the Victoria Casino, London. By winning the satellite, I get my buy-in (10k) for the tourney waived, free hotel, free food, free air-fare. I only need to get the visa and everything else is pretty much taken care of, EXCEPT of course freaking work. With a bunch of projects being worked on, my manager is going to flip out if I ask for vacation, lets see how things work out. If I cant make it to London, then I can probably keep the value of the seat I won.
Well as it turned out I could not make it to LOndon due to work commitments, but being the degenerate gambler, I wanted a part of the action anyway. So after several back and forth PMs and emails and AOLs, I bought 10% of Eric Liu's action. In the poker world, in big-buyin (entry fee) live tournaments (such as the 10k EPT london), often players will try and get an insurance by selling a part of their action, that is a backer takes a 10% stake in the player's buy-in and whatever profits (if any) the player makes, the backer takes 10% of that.
Anyhoo to cut a long story short, I had a 10kseat already that I couldnt play in, so I redeemed the seat value for money and bought 10% of Eric's action(incidentally I bought 10% stake in 3 other players for a net 4k investment). And while 3 of my 4 horses came out duds, Eric hit the motherload as he finished 4th --> results here , for a $470k payday for him and a $47k payday for me. I am running really really good in life at the moment, but my taxes are going to get super-complicated next year.
Good luck to all those waiting for your MBA admission results, godspeed.....
PS: I found this interesting blog post by Steve Jacobs (known in the online poker world as stevesbets), he is a Upenn undergrad who dropped out of penn's grad school to play poker professionally (over 1/2 a mill in winnings in 2 years he played pro poker) and last year had applied to several top b-schools (got into fordham, nyc), but was rejected by wharton. He went absolutely ballistic because of the wharton rejection and his follow-up with Wharton and the whole experience associated with that is a very very good read.