How A Hedge Fund Honcho Was Out-Bluffed (at the Poker Table)

 From  BusinessWeek: On Tuesday evening, Greenlight Capital founder David Einhorn was sitting at the final table of what’s been billed as the richest poker tournament in history, a three-day World Series of Poker No Limit Hold ‘Em event in Las Vegas. The contest featured 48 players, who each ponied up $1 million for the privilege.

Einhorn has amassed a fortune calling others’ bluffs, like when he bet against the rosy pronouncements of Allied Capital, Lehman Brothers, and, more recently, Green Mountain Coffee Roasters (GMCR). For much of the night, he had played conservatively, folding often and betting only when he had the surest of hands. But then, in the 53rd hand of the game, he directly challenged Antonio Esfandiari, a professional poker player.

In the rules of Texas Hold ‘Em,…

http://www.businessweek.com/articles/2012-07-06/how-david-einhorn-was-out-bluffed-at-the-poker-table#r=nav