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March 07, 2007



Although you cannot control the unknown, part of "working the angles" is knowing the probability of the outcomes and the associated rewards and risks. Iceberg Slim probably was able to typecast people who were likely to be hustlers and those who were likely to be suckers. He would then game the suckers because it was a much better investment of his time.

In the same way, businesses cannot recklessly attempt any opportunity that comes their way. They have finite resources, so they should seek activities that have the highest reward to risk ratio.

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