This is the transcript, chapter 2 of 5 – Learn How To Leverage Your Personal Skillset, from the PaceMakesTheRace Podcast: Actually Brilliant Ideas that You Need to Know from Mark David
Dave Schwartz Interviews Mark David. Today’s topic is an interesting one and so is the guest, continuing today with How To Leverage Your Personal Skillset. “This was a very enjoyable podcast. Mark turned out to be as articulate a speaker as he is a writer. The bar for podcasts has just been raised.” – Dave S.
Chapter Two: Learn How To Leverage Your Personal Skillset
Dave: If I am hearing you right, everyone should look into their background, learn how to leverage their personal skill set, what they do best?
Mark: That is why our punches are different. Even though we end up playing for value, your best skill set is your ability to organize data and information and how that can be transferred into making value plays.
Dave: I think for me my outlook on the game is to do the work before hand, one could say once and for all nothing lasts forever.
But the idea is I am interested in building an engine that handicaps horse races, not just software but a systematic approach that analyzes horse races for profit because I do not want to reinvent the wheel in every race.
Mark: That is what works well for you so you stick to that and you get your ROI because that is what should work. You are smart.
You have developed a system, and hone it as you go along, to make it better and adapt to the rails or whatever the game changes into. You stick to that and it will work for you because it is your skill set and you are not going to become Pittsburgh Phil and listen to replays on the radio and think that will work for you because that is not your thing.
Dave: If you are saying people should leverage their personal skill set, looking outside of you, do you think you could give an example of what other people might see.
Mark: One of the smartest handicappers I know of, a guy I have never met or spoken to, but I have read some of the things he has written about the plays he has made – named Tommy Massis. Are you aware of him?
Dave: He is a client of mine.
Mark: Are you aware of what he has won in the last couple years?
Dave: Actually I am not.
Mark: He won the Breeder’s Cup the year before, the whole handicapping thing and won $350,000 or something like that.
Dave: Let me take “client” out of there, I do not coach him or anything. I believe he bets through one of my accounts and I could be wrong now that I think about it. I certainly know him on Facebook and he is a powerful player.
Mark: He is just one of those guys that knows what he does well, he would never take either of our approaches. He has an approach that works for him, does it that way, sticks to that and it would probably only work for him or a few people.
There are bits of what he does, that I do, and you do. He knows what works for him, I assume that is how he has lived his life and learned how to live and he lives and dies with that.
He is living obviously because he is winning big scores that no one else can take and there are probably plays or ways of playing that I would not play or you.
It does not matter if you are Pittsburgh Phil or Dave Schwartz or Mark Deutsch or Tommy Massis or anyone who does it their way even John Luman, if you can’t prove.
I do not care what Luman says, prove to me it works. Or Derek Simon or anyone else, I am not singling anyone out here.
Prove to me it works and show me that you can consistently do it in real time, which is all I care about.
Dave: I think what I am hearing you say is if you had someone, say working in a paper mill, a supervisor.
He might look at his skill set which is walking around with a clipboard and organizing things and looking for mistakes or flow patterns in the processes that he manages. Then taking that skill and applying it to handicapping because that is what he is good at. Is that what you are saying?
Mark: It would be applicable right?
Dave: It makes perfect sense to me.
Mark: It does because winners are winners and losers are losers as you hinted at in your Gambler’s Ruin thing. Winners win and losers lose because they have a winning strategy or losing strategy, that kind of thing has a bit of a difference and you have to learn the game to better at it.
But the core of what you do is figure out how to win and figure out why you would lose. Tony Robbins, I am not a big fan, but back in the day when he put those seminars on TV one of the things that stuck with me was watch what winners do and copy them.
They are winning and they must know what they are doing if they are consistently winning at whatever they do, they must have a formula that works. Study them, see what works for them, take that and put towards what you do at whatever you do.
That is why I listen to you and all sorts of people. I want to see how you are doing it and I will add that to what I do and I should get better every time I do it.
Dave: On that topic, don’t you find that that is not the typical horse player?
Mark: It is not, it’s the exception to the rule.
Dave: Horse racing is a strange game in the sense that everyone is an expert. I am not being sarcastic, I’m saying they really are experts.
Mark: They characterize themselves that way.
Dave: I contend they really are. The point is in this industry being an expert is not enough.
Mark: What is an expert anyway?
Dave: I suppose there’s technical expertise which is what I am referring to. We see guys like in our Facebook group or publicly in any place, they will post their opinions and their opinions are usually correct in terms of how they arrived at something. But somehow the pieces do not fit together and in the long run they still lose. Does that make sense?
Mark: Yes but I will put it another way that clarifies this topic I think. To me an expert is someone who can get it right when others can’t get it right.
Dave: But why, what is the difference?
Mark: They do whatever, rely on a skill set they have that you either can’t, don’t have, aren’t willing to try or don’t know how to deploy. All of those or one of those, could be any of them.
I can’t do what you do, probably with the data and the configure programs and whatnot, so I can only buy it from you if I wanted to do that. But I can’t say I could be an expert in doing it the way you do.
I wouldn’t say that because even though I know how to do data and I am a lot savvier than most people doing it, I would never be on your level doing it. I would not contend to be an expert doing it your way.
You can never look at horses and see what I see in an actual horse, you could never do that. You would not even try because it would be a waste of your time, you would be better off buying my expertise in that if you needed help for something.
An expert has a skill set that others generally do not have and they are also willing to work at honing it for themselves. They can prove it in actual betting, or whatever it is they do in life, or whatever else.
Training horses for example, not everyone starts as a good trainer. You learn as you grow by trial and error, innate ability and whatnot. An expert is a different kind of person and to claim you are that, you are going to have to back it up with really good results others can’t get.
Stay tuned folks, Chapter 3 – It IS Possible To Handicap the Handicapping! is up next.
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