YouSaid · the spoken record

Phil Hellmuth

lines on the record: 65
first: 2017-08-24
most recent: 2017-08-24
sittings or episodes: 1
sources: podcast

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“Know, it just doesn't matter to me. It's all threat and bluster, and I probably would have called them if they re raised me because that's just what I was going to do, you know? And so, but it really changed the dynamics of the game. Now, of course, the next day I had like five different investors emailing me, Phil, don't lose it like that again. Phil, what were you thinking? Phil, what are you doing? Why are you playing nine deuce offsuit? Why are you playing Jack 3 offsuit? You know, all of these commentary, you know, and I'm just like, I'm like, doesn't anybody see the brilliance of what I did? No, they see the insanity of what I just did.”
2017-08-24 · The Tim Ferriss Show · #260: Setting Goals, Making Money, and Overcoming Tough Times -- Phil Hellmuth · IDENTIFIED FROM THE TRANSCRIPT
“Oh, I got those emails the next day. Trust me. So now I'm in the big blind. I hadn't look at my whole cards. There's a guy in the small blind. And I said, I'm on a rampage. Everybody else unfold. They don't dare raise my blind. He's like, all in. He puts $2 million in. I looked down at Queen's. I call 700,000. He has a nine and a ten. I win that point. I'm at 1.4 million. And I'm on a rampage. I'm on a rampage. I'm going on and on about it. And finally, I slowed down. Now the next day. So I did this no one understands on the planet why I did this. This is one reason why I'm a bad poker player, they say. What I'm trying to do is just lose my mind, be crazy, and let them know you're not bluffing me for this next 20 hands. You are not going to bluff me. You might beat me, but if you re-raise me, I'm calling all your re-raises too. I'm telling them, you re-raise me, I'm calling. So let's just get it on.”
2017-08-24 · The Tim Ferriss Show · #260: Setting Goals, Making Money, and Overcoming Tough Times -- Phil Hellmuth · IDENTIFIED FROM THE TRANSCRIPT
“So I said, I'm on a rampage. Raise it. And I'm throwing the chips in and I'm saying I'm on a rampage like once every 15 seconds. I'm on a rampage. I'm raised 10 pots in a row and they're like from being this calm patient fill to all of a sudden raising and they're just like I just saw the looks in their faces what the hell is going on here raise it raise it raise it well the whole cards are flashing to the world nine dews off suit jack four offsuit you know seven deuce offsuit just nothing i'm not even looking at my hands i didn't even look at a hand during my rampage raise it raise it raise it i'm on a rampage i'm on a rampage i'm winning every pot accumulating all these chips and i'm like all right i messed up their flow right and i'm and if they do call i'm betting the flop i'm betting the turn firing just throwing chips in there and i'm saying i'm on a rampage i'm on a rampage”
2017-08-24 · The Tim Ferriss Show · #260: Setting Goals, Making Money, and Overcoming Tough Times -- Phil Hellmuth · IDENTIFIED FROM THE TRANSCRIPT
“I have a young great player on my right, Dan Smith, another great player, Fador Holtz on my left, who's been crushing it in 2016, just crushing it. And there's somebody else there. And I just felt like they're onto me. They're playing me too well. And I said, screw this. I might bust myself, but I'm going to try something else. I said, this is it. They're too attuned to me.”
2017-08-24 · The Tim Ferriss Show · #260: Setting Goals, Making Money, and Overcoming Tough Times -- Phil Hellmuth · IDENTIFIED FROM THE TRANSCRIPT
“Watch me play 20 hours of live television in this event, or more than that. And so it's kind of cool. So I sent it out and I also put wiring instructions. And I said, let's see what happens. 540,000. So I'll take a 10% free roll and I'll put in the first $54,000. That way I'm playing for 20% Let's see what happens. Well, within 20 hours I sold up. And then people were mad at me because I didn't get them in. So now I'm playing this $300,000 buying tournament and it's live on Fox SportsNet. And we're on day two or whatever. I think it's sold out at 48 players. We're on day two, it's late, and maybe even day three, and I'm feeling boxed in.”
2017-08-24 · The Tim Ferriss Show · #260: Setting Goals, Making Money, and Overcoming Tough Times -- Phil Hellmuth · IDENTIFIED FROM THE TRANSCRIPT
“So we had a $300,000 buying tournament in May. And I decided there was a 300K, there was another 100K, another 100K. And so I thought, you know what, I've been bad at raising money to play poker. I've let one guy stake me. I've made him like 1.5 million. It's been great. But let me try this other way. And so I reached out to my friends, but I wasn't sure they would respond. So I reached out, so I thought, but I only want to reach out once. So in this email, I'm going to list, I'm going to say the first thing it's a high-risk investment. You're putting up $540,000 for me to play six tournaments. High risk. So be aware, you're probably going to lose your money. That's how I led the email. And then I said, I listed the events, when they would be on television, because it's kind of fun when you're staking someone to watch them live on television. They're playing your money.”
2017-08-24 · The Tim Ferriss Show · #260: Setting Goals, Making Money, and Overcoming Tough Times -- Phil Hellmuth · IDENTIFIED FROM THE TRANSCRIPT
“Wasn't expecting the ripple effects. Yeah. But it happened. And it was just wonderful. I'm like, wow, this is something I'm going to do the rest of my life. I've had guys write 80 negative blogs about me, about the way I play poker. Never cross a line to personal. Maybe a little bit in there and forgave those guys. I knew this guy who attacked me all this time that actually kind of loved me. So I forgave him and we moved on and we're friends. So I've never written anything negative about him ever, but it's okay. I don't feel the need to, you know?”
2017-08-24 · The Tim Ferriss Show · #260: Setting Goals, Making Money, and Overcoming Tough Times -- Phil Hellmuth · IDENTIFIED FROM THE TRANSCRIPT
“So, this guy calls me three years later and led me to, and said, hey, listen, I recommended you for this deal. I made like $14 million. So I got to tell you, I meant to forgiveness. So, I forgive everybody. But I haven't had some of the really horrible stuff happened or stuff like that. I wouldn't know how to counsel someone who said really traumatic stuff happen. But I know for me forgiving people stealing from me and all this other stuff has led to amazing results. And I have no hatred in my heart. I get to walk around happy every day. Again, I think it's really huge. I'll say it again. When you're walking down any hallway and anybody on the planet walks towards you, I don't have to turn left or right.”
2017-08-24 · The Tim Ferriss Show · #260: Setting Goals, Making Money, and Overcoming Tough Times -- Phil Hellmuth · IDENTIFIED FROM THE TRANSCRIPT
“My head And sometimes that's an act where I'll lie down on a bed, I'll close my eyes, and I'll try to meditate, and I'll send love towards that person that I hate. Just waves of love, whatever that means to the individual. But when I'm doing that, I usually am on the bed a long time because then I'm like, well, I have to send love to all the people I love too. I'm there 20 minutes, but I don't know, I can't explain it to you. Then the very next time I see someone like that who I've sent love to, it's like they've received it. So, did they just notice that my demeanor towards some change that I'm happy to see them, or what happened? I don't know, I can't explain it.”
2017-08-24 · The Tim Ferriss Show · #260: Setting Goals, Making Money, and Overcoming Tough Times -- Phil Hellmuth · IDENTIFIED FROM THE TRANSCRIPT
“Partly that probably thought I was acting up a little bit, but I think it was mostly didn't want me in the game because I was winning so much money in Madison. He banned me for three years. I moved in 1993. In 1994, I saw him with some other friends and I invited him out to a movie. We went out to a dinner and a movie, and that was nice as I could be, and I completely forgave him.”
2017-08-24 · The Tim Ferriss Show · #260: Setting Goals, Making Money, and Overcoming Tough Times -- Phil Hellmuth · IDENTIFIED FROM THE TRANSCRIPT
“What had been stolen from me. So I got the 280,000. The guy paid me back in full, and he's been a protector of mine. All because I forgave this really bad act, bad actor act, right? So I love the concept of forgiveness. This isn't the only time. I have another great forgiveness story. In fact, I'm going to tell it because if anything makes us edit, I want the forgiveness stuff to make the edit. Another guy who I used to play poker with in the 80s in Madison, Wisconsin, he made sure that I was banned from the big game. He didn't want me to play in the big game in Madison. He banned me. There's a lot of animosity towards him”
2017-08-24 · The Tim Ferriss Show · #260: Setting Goals, Making Money, and Overcoming Tough Times -- Phil Hellmuth · IDENTIFIED FROM THE TRANSCRIPT
“But I never had to worry about him again after shaking his hand, right? This is the freaky thing. I played in that tournament. Now, if I were at war with him, and I don't know, he couldn't say anything negative about me, but he might just start throwing mud trying to come up with stuff, right? I don't know. He could never attack me. But people would make shit up, right? So rather than some mud throwing contest, my mind is focused on the poker tournament. I won $280,000.”
2017-08-24 · The Tim Ferriss Show · #260: Setting Goals, Making Money, and Overcoming Tough Times -- Phil Hellmuth · IDENTIFIED FROM THE TRANSCRIPT
“My wife said, He's turning to a protector of yours. So now this is a big profile guy. He's defending me to everybody, telling everybody what a great guy I am. And I remember the other amazing thing about this. This happened on a Monday night. I could have released it. All hell breaks loose. The internet just goes crazy in the poker world. Instead, I flew to Connecticut to play in a poker tournament. $10,000 buying on Friday. You can't make this up. I saw the guy who walked down me of the hallway. I shook his hand. It hurt a little bit Hurt a little bit, but I shook his hand. I wouldn't give him a hug. Shook his hand”
2017-08-24 · The Tim Ferriss Show · #260: Setting Goals, Making Money, and Overcoming Tough Times -- Phil Hellmuth · IDENTIFIED FROM THE TRANSCRIPT
“Release the evidence, crush him, destroy him for life. We had the evidence, neat pile of evidence released on the internet, he's destroyed for life. But what good does that do me? What good? And so I was just furious and steaming and whatever, and I called the guy and he was crying on the phone. And I finally just decided, honey, you and I are going out to dinner. We're going to have the most expensive dinner and the most expensive bottle of wine I can have because my life is amazing. And I've spent one hour or two hours of my time steaming because someone stole from me. We went out, we had a really nice dinner. At the end of that dinner, I said, I'm going to completely forgive the guy. Nothing was ever released. Here's the beauty. Here's what I didn't expect. I got paid back in full. This guy defends me to everybody on the planet”
2017-08-24 · The Tim Ferriss Show · #260: Setting Goals, Making Money, and Overcoming Tough Times -- Phil Hellmuth · IDENTIFIED FROM THE TRANSCRIPT
“SLN's spiritual place that was famous from the 60s. It has natural hot springs and it's really fun. And so when I studied Buddhism, the concept of forgiveness was important. I had someone steal $28,000 from me. Now understand. Was staking this guy. I was feeding his family. Of that $28,000 that he had online that he stole from me, $14,000 was his. All he had to do was call me and say, Phil, I need $7,000. You take $7,000. We'll leave $14,000 on. Instead, he chose to steal $28,000 from me When I got the phone call that this has happened I said, what happened? I was in shock This guy just stole 28,000 from me. I'm sending money to his family. Staking them, what's going on here? And I called my friend John Benetti. And he's like, Fry him.”
2017-08-24 · The Tim Ferriss Show · #260: Setting Goals, Making Money, and Overcoming Tough Times -- Phil Hellmuth · IDENTIFIED FROM THE TRANSCRIPT
“What was it two days ago? I went and we had lunch together and we had a drink and just kind of chilled. And I'll go to his house once a week and spend four hours in the afternoon sitting in the backyard. He has a one-year-old and a three-year-old and a six-year-old, and they're coming by, always spicing up the atmosphere. And I enjoy that. I enjoy the friendship thing. I didn't get that. I didn't get that until 2010. I was all about poker and family. And then I just, I kind of realized it seeped into my life the importance of strong friendships. There's a concept of forgiveness that's hugely important. And so for me personally, when I was studying Buddhism, we spent a week at Essel and Kathy and I, my wife and I, a week at Esselin. We weren't allowed to talk.”
2017-08-24 · The Tim Ferriss Show · #260: Setting Goals, Making Money, and Overcoming Tough Times -- Phil Hellmuth · IDENTIFIED FROM THE TRANSCRIPT
“I think when Alan flies over to Paris to do a climate change, there's one other guy in the plane. It's Bill. And Bill, because Bill's brilliant, and you want Bill with you because Bill is going to help you write your climate speech. When the Giga Factory opens, you want Billy next to you. And so these guys... They're living. They're having really nice lives. And Bill is one of the best angel investors in history. Maybe the best angel investor in history. We don't know. But he's been involved, but he sits in his backyard.”
2017-08-24 · The Tim Ferriss Show · #260: Setting Goals, Making Money, and Overcoming Tough Times -- Phil Hellmuth · IDENTIFIED FROM THE TRANSCRIPT
“So, but it's what he's done. He placed poker great. His family's great. Is an amazing wife, Bridget, and three young children, and I see the effort that he puts into like, you know, they used to, as a lot of people in Silicon Valley, the three nannies, the maids, all that kind of stuff. And these guys have gone a little bit away from that. And Shamas, he's been cooking meals for his wife and kids a little bit, which I've never done. But it's amazing to me. He's put family first. And yet still change the world, you know, deployed billions, 1.2 billion dollars now out into the field. He's crushing it. And then I look at my friend Billy, who spends a fair amount of time in his backyard. His young kids. And deals come to him. As you know, he's really good friends with Elon Musk.”
2017-08-24 · The Tim Ferriss Show · #260: Setting Goals, Making Money, and Overcoming Tough Times -- Phil Hellmuth · IDENTIFIED FROM THE TRANSCRIPT
“The thing I like about I define success a little bit differently. So chamoth, I mean I tease him that he got lucky. He didn't want to go to Facebook. They just kept giving him more and more stock. He's like, I don't know if this thing's going to work. So finally he took the stock and went. So each point is worth, what, $2 billion now?”
2017-08-24 · The Tim Ferriss Show · #260: Setting Goals, Making Money, and Overcoming Tough Times -- Phil Hellmuth · IDENTIFIED FROM THE TRANSCRIPT
“For why is that? If you think what Alan must have done is beyond success, what he's doing. You know, he thinks we live in a matrix. He's sending people to Mars. He has Tesla. He has SpaceX. That's extraordinary. Sorry, I was thinking Shamaf, Polyhapati, and Billy.”
2017-08-24 · The Tim Ferriss Show · #260: Setting Goals, Making Money, and Overcoming Tough Times -- Phil Hellmuth · IDENTIFIED FROM THE TRANSCRIPT
“Wow. I mean, I think of some of my best friends. I think of Shamath Palihapatia. I think of Bill Lee. People don't really, unless you're a business insider, you haven't heard of these guys.”
2017-08-24 · The Tim Ferriss Show · #260: Setting Goals, Making Money, and Overcoming Tough Times -- Phil Hellmuth · IDENTIFIED FROM THE TRANSCRIPT
“He's a crazy guy. He just said, hey, he just went to the Nobel Prize winners and said, hey, I have a new concept. You know how we're trying to starve cancer cells? I'm just going to feed them platelet-rich plasma and see how that works. So there's been some progress. So that probably sounds stupid. You can keep this in, but I'll probably sound stupid saying he's going to, I think he's going to cure cancer, but I'm sticking by it.”
2017-08-24 · The Tim Ferriss Show · #260: Setting Goals, Making Money, and Overcoming Tough Times -- Phil Hellmuth · IDENTIFIED FROM THE TRANSCRIPT
“He's the guy that invented the surgery that Kobe had on the knee where he went to Germany. Alan invented PRP. Alan owns the U.S. patents on PRP And yet, when Kobe goes over to Germany, no one mentions Alan Mishra's name as the inventor. Some doctor in Germany. It's amazing what he can do. Imagine this, folks. You have your own blood. He spins out the PRP, the growth hormone. Let's just say that you have Alzheimer's. They pour the PRP on the area with Alzheimer's. He thinks that may be one area that he can help. So you had a heart attack. They've already proven that your heart will come back 85% better with your own blood. So imagine we've been searching the top of the Himalayas for amazing things. When it's inside your blood, all this ability to cure. And Alan's working on some curing cancer stuff, which is amazing. And I don't know.”
2017-08-24 · The Tim Ferriss Show · #260: Setting Goals, Making Money, and Overcoming Tough Times -- Phil Hellmuth · IDENTIFIED FROM THE TRANSCRIPT
“But anyway, Alan told me that playing poker has helped him read his patients. These high profile patients come to him and he says, Well, did you hurt your knee doing this? If I hesitate, he's like, no true answer is coming. He can, have you been taking your medicine the last three weeks? And he can tell whether they're lying or telling the truth, and that's good for him because then he can design a better program for them.”
2017-08-24 · The Tim Ferriss Show · #260: Setting Goals, Making Money, and Overcoming Tough Times -- Phil Hellmuth · IDENTIFIED FROM THE TRANSCRIPT
“It's just one where you have to pick a winner each week. You can only pick a team once per year. So by the end, you're picking Cleveland and Other teams that haven't won many games”
2017-08-24 · The Tim Ferriss Show · #260: Setting Goals, Making Money, and Overcoming Tough Times -- Phil Hellmuth · IDENTIFIED FROM THE TRANSCRIPT
“Amazing guy. He came to me in And said I have this PRP thing. So I got involved with them Like, dude, you're going to change the world. And he's like, that's just what I needed to hear. And so I've invited him to my poker camps and we hang out. And right now we're in a suicide football league together. We have one team left.”
2017-08-24 · The Tim Ferriss Show · #260: Setting Goals, Making Money, and Overcoming Tough Times -- Phil Hellmuth · IDENTIFIED FROM THE TRANSCRIPT
“And I think now at my age, I'm probably safe to be with her for another 25 years. I know how to avoid the temptations. I play with fire a little bit sometimes and that I'm in those positions and having fun. But it's just like, I just don't think after 27 years of not cheating, I'm going to go out and cheat.”
2017-08-24 · The Tim Ferriss Show · #260: Setting Goals, Making Money, and Overcoming Tough Times -- Phil Hellmuth · IDENTIFIED FROM THE TRANSCRIPT
“And so at the end of it, I was like, well, she made me into a better man, and we ended up coming out like this. And so Remember six months later, I'm like, man, I miss this growth. I want to go back into therapy just so I can get better and grow more. And so, I mean, that's one thing that's been really smart for us. And then, you know, I mean, and then in the 30s, we all know that a lot of women are leaving men. And in the 40s, a lot of men are leaving women. The math and the science are undisputed. And so when I struggled a little bit with whether or not I wanted to be in this relationship, I asked her to change a few things. And we went into therapy together, and she did. And so we just keep growing. We keep getting better and better, better understanding of each other.”
2017-08-24 · The Tim Ferriss Show · #260: Setting Goals, Making Money, and Overcoming Tough Times -- Phil Hellmuth · IDENTIFIED FROM THE TRANSCRIPT
“Figuring out how things I might have done wrong to her, mostly unintentionally. Sometimes I'd be trying to do her a favor, but of course sometimes women think differently than men. Men are from Mars, one or from Venus, right? So I learned a lot about that stuff, and it changed my primary relationship. So I grew for a year and a half, massive growth. What I found is all the other relationships changed. One of my friends, John Bennetti, was crying in the car. Phil, it's the first time you've listened to me in 10 years crying. Wow. And I was like, that's my wife's effect. So, in changing the primary relationship and focusing and becoming better, it made me smarter and wiser in all my other relationships, and it helped my poker too. Because poker is a people game.”
2017-08-24 · The Tim Ferriss Show · #260: Setting Goals, Making Money, and Overcoming Tough Times -- Phil Hellmuth · IDENTIFIED FROM THE TRANSCRIPT
“But my wife's smart, so she didn't do anything drastic. We went into therapy together and I worked really hard at all my faults. Too much ego, too self-centered, too narcissistic, blah, blah, blah, right? A lot of stuff that was really important to work on. And I saw the truth in all of that. And I was thinking about it every week. We'd spend an hour and a half, two hours, three hours a week. And, you know”
2017-08-24 · The Tim Ferriss Show · #260: Setting Goals, Making Money, and Overcoming Tough Times -- Phil Hellmuth · IDENTIFIED FROM THE TRANSCRIPT
“It's rare, you know, and it's not always easy. I think one thing is that I still have great desire for my wife. I still lust after her. Honey, I love you. That's important to keep that It's important to keep that. I think for me. I think my wife was probably ready to leave me in 99. Like, who the hell is this guy? Married a diamond in the rough. He's still in the rough. You're still a piece of coal. I mean, you were supposed to change and grow up. You're a smart guy. Her threatening, to leave me devastated me.”
2017-08-24 · The Tim Ferriss Show · #260: Setting Goals, Making Money, and Overcoming Tough Times -- Phil Hellmuth · IDENTIFIED FROM THE TRANSCRIPT
“But I erased one and put my... And I erase the other and I put my wife and sons up over the next two weeks. And as I did it, I thought, wow, this is the Antonio effect. You know, I think if Alan's ever struggled, which of course he never has, I think Antonio's helped him out. He's just been amazing. And so just that one question just kind of, I felt like it rerouted my life. And then in four sessions in my home game, I won so much money. I won like 4x what I'd lost over the last three months. And I just became more solidly entrenched in the process. Like that was the key. Family first. You have your fun movie star life where all these great things happen. But family first. And so that was significant for me. Just that question.”
2017-08-24 · The Tim Ferriss Show · #260: Setting Goals, Making Money, and Overcoming Tough Times -- Phil Hellmuth · IDENTIFIED FROM THE TRANSCRIPT
“And then Antonio Gracias asked me, he said, Phil. How many bracelets would you have without your wife? And I wanted to answer selfishly well, I might have more because I'd play more tournaments. But I knew that wasn't true. I was like Said, you have 14. Nine? Really think you'd have that many without her? Thought, wow Maybe seven. And the minute that that connected with me, this egotistical guy walking around, not mistreating anybody, nice to everybody, I've learned that. Respect everybody. I've learned that. But still flying high in his own jet stream, you know, just kind of like thump. Week later, my iPhone picture was, I had two iPhone pictures, one on the outside, which was Clinton and I, and then the other one on the inside, George Bush and I, right? So don't come at me. I said Democrats and Republicans.”
2017-08-24 · The Tim Ferriss Show · #260: Setting Goals, Making Money, and Overcoming Tough Times -- Phil Hellmuth · IDENTIFIED FROM THE TRANSCRIPT
“No, I mean, it was pretty amazing to be there. But anyway, so Antonio Gracias, last year my ego was flying out of control. I won a bracelet. And then for three months straight, I was losing, maybe 10 sessions. I've never lost more than three sessions that I can remember for years. Lost 10 sessions in a row. My ego's flying out of control, right? I'm more tempted than ever by these beautiful smart women, you know, and so I'm treading on this ego path. And I'm having fun every day, just popping from, I'm doing events in New York, Chicago appearances. Just like, I just feel like I just feel like I felt like I was attracting. And I'm just having a blast with it, you know, and I'm in the Hamptons, you know, and just all this fun stuff is happening. And so it's leading to a little bit of a car wreck for me.”
2017-08-24 · The Tim Ferriss Show · #260: Setting Goals, Making Money, and Overcoming Tough Times -- Phil Hellmuth · IDENTIFIED FROM THE TRANSCRIPT
“That six of spades hit, I was, you know, I was. Was going to tell you about the question that Antonio asked me that I told you about last night.”
2017-08-24 · The Tim Ferriss Show · #260: Setting Goals, Making Money, and Overcoming Tough Times -- Phil Hellmuth · IDENTIFIED FROM THE TRANSCRIPT
“When he had a7 of spades, I was kind of surprised. It was a little weaker. And I think he decided this kid is tough. He and I had faced off in the 1988 World Series. He'd seen me, we'd faced off in August at the tournament I won when I won the major at the bicycle club that I just mentioned. And so he knew that I was there. He'd even come out in Esquire magazine in January and said, this kid is going to win the main event as soon as he learns to tuck it in a little bit. There was more fuel from my fire reading myself in Esquire magazine. That was a big thing, man. Back then, you know, I mean, nobody talked about poker. And so when he called with A7 of Spades, I was kind of surprised, but again, I thought, already he's going to find a way to outdraw me. I mean, it's just like, it's not that I felt the negativity. It's more like you have to be prepared for him to hit it. He's been lucky. You've watched him get lucky. And so, I mean,”
2017-08-24 · The Tim Ferriss Show · #260: Setting Goals, Making Money, and Overcoming Tough Times -- Phil Hellmuth · IDENTIFIED FROM THE TRANSCRIPT
“I'm raising all your chips right back on you. And it was two black nines, a pretty strong hand. And now he started studying and thinking. And I thought to myself, if he had Ace King or Ace Queen or Ace Jack or Ace 10, he would have put the money in already. And those hands are very close, like maybe I'm a 12 to 10, 13 to 10 favorite. I don't want to play a pot where I'm only 12 to 10 or 13 to 10. I don't want to leave it to chance. I also thought that he would call with any pair above 10s instantly. So at that point, I'm thinking, wow, what does he have? Do I want him to call or not? And I'd been around poker long enough where I didn't want to influence the action by acting strong or acting weak. I said, just let things play out and see where it lands. But if he had King Queen, I didn't want him to call him only a small favorite. When he had the A7 of spades, I was kind of surprised. Also, he would have called right away with eights or sevens. Which is a great position for me.”
2017-08-24 · The Tim Ferriss Show · #260: Setting Goals, Making Money, and Overcoming Tough Times -- Phil Hellmuth · IDENTIFIED FROM THE TRANSCRIPT
“Everybody else in the world back then would put a lot of money in with any ace, especially Ace 7 suited. Said, I'm going to fold this, but I notice he's changed his style, and my mind was just completely encompassed in how am I going to win this. Exactly four hands later, I looked at two black nines, and it was like the script was already written. I'm going to open for $35,000. He's going to raise $130,000, and I'm going to just pile in 700,000 Boom that quick. And so it was like sometimes scripts are written from hands, and so I did that. He did it, I waited, I didn't want to give anything away. I didn't want to show any excitement. I didn't want to do anything that would change him from doing what he was going to do. He re-raised $130,000 the minute those chips hit the pot, I said, I'm all in. He started the hand with 600,000.”
2017-08-24 · The Tim Ferriss Show · #260: Setting Goals, Making Money, and Overcoming Tough Times -- Phil Hellmuth · IDENTIFIED FROM THE TRANSCRIPT
“Now, if the cameras had been working in those days, that's one that would have been played a lot, and people would have said, boy, that kid's cocky. But I wish it, just so Chan could hear. And exactly four hands before I had had the A7 of Diamonds. I still remember. And I opened for $35,000. So you have to think in terms of how much money you're raising. That's three and a half times the big blind. That's how they look at it these days. A 3.5 is pretty big. But then Shan called the 35 and raised $130,000 more, almost twice the size of the pot. These are unheard of big numbers. And a mental note went off. I said, I'm not going to play with them this hand. He's stepping on the aggression now. I can see he's putting a lot of money. He's become very aggressive. I'm going to fold this. I don't like folding it.”
2017-08-24 · The Tim Ferriss Show · #260: Setting Goals, Making Money, and Overcoming Tough Times -- Phil Hellmuth · IDENTIFIED FROM THE TRANSCRIPT
“The interesting thing about this is more for poker people. I'll try to make it so everybody can understand. So the blinds were 5,000 and 10,000 when we were heads up. And first thing I had whispered to Johnny Chan, we played 32 minutes. I'd whispered at the beginning. You're going to have to play perfect and get lucky to beat me.”
2017-08-24 · The Tim Ferriss Show · #260: Setting Goals, Making Money, and Overcoming Tough Times -- Phil Hellmuth · IDENTIFIED FROM THE TRANSCRIPT
“I think it would have been devastating, but I would have still had 350, 400,000. But you have to understand at that point I was already, there were four majors per year. And then there were like nine World Series. So that year they were, say, 11 World Series of Poker championships. And then there were like three other ones who really wanted to win, which I considered majors. And one of them was the Bicycle Club main event. And I won that one in 1988 in August. So I'd already won one of the majors and was all over the poker press. And so to win that was just kind of like, you know, that was the greatest moment, maybe the greatest moment in my poker career just to win that. It's nice to back it up. More times”
2017-08-24 · The Tim Ferriss Show · #260: Setting Goals, Making Money, and Overcoming Tough Times -- Phil Hellmuth · IDENTIFIED FROM THE TRANSCRIPT
“Correct. You're correct, correct. And I just figured, and so for me, that was a big step. I implemented this five years ago. And it's been super successful for me because 10,000 doesn't last too long in the games I play in, right? But I can't always tell when I've lost 10 whether I'm, the reason I implemented it, I can't always tell if I'm playing poorly or if I'm just getting unlucky. There's always mystery there, mystery surrounding how good you're playing. And so I just decided, like for me, it's been a great system. If I lose it, I'm like, all right, I can't do anything. I can't play for 24 hours or whatever until I wake up. All right, well, I might as well go to the movie. I might sleep a couple of times, a couple of shifts, watch some movies in the room chill and show up fresh the next day. And I don't want to lose 10 today. I just did it yesterday. So you come up like ready to play and you've thought about did I do everything right? So, I mean, that's been a good.”
2017-08-24 · The Tim Ferriss Show · #260: Setting Goals, Making Money, and Overcoming Tough Times -- Phil Hellmuth · IDENTIFIED FROM THE TRANSCRIPT
“I'm proud of that because actually if I could translate to people at home, I don't know what that would be for someone at home. Take a guess.”
2017-08-24 · The Tim Ferriss Show · #260: Setting Goals, Making Money, and Overcoming Tough Times -- Phil Hellmuth · IDENTIFIED FROM THE TRANSCRIPT
“And Ted Forrest was great. Like if I had money due, if my bills were a lot less than if I had $5,000 a month in bills or $7,000 or whatever it was, he would just press a button and send me the money. Was getting staked and I had no worries. I played less. I spent more time with my family at that point. And then all of a sudden 2001, I won 500,000 tournaments quickly, and Ted was entitled to like 400 of it. Maybe I won, yeah, 400 of it or whatever. And I was more than happy. He had faith in me and he made a bunch of money because of me. And that was great. But that's what discipline it takes to have great money management. And now today I have a system where I'll only risk $10,000 a day. What I'm playing.”
2017-08-24 · The Tim Ferriss Show · #260: Setting Goals, Making Money, and Overcoming Tough Times -- Phil Hellmuth · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, and assets. Call it 1997. I was on the way down. And I was like, all right, I'm getting staked. I'm going to have Tud Forrest stake me, you know, because people were lining up to stake me. I had pretty good results. And so I'm going to have TED Force stake me. And I was celebrating, honey, I'm getting staked. But I wasn't celebrating the fact I was getting staked. I was celebrating the fact that I could hit a million dollars in net worth and get staked. No one in history had done that to that point that I have ever heard of. Everybody else would go, hey, let's get $200,000 from the house. Let's sell a car. Let's sell some stocks. Not me, so I was celebrating. And my wife, I just remember in a hotel in San Francisco, I was all like, yes. And my wife just was staring at me like with daggers. Like, what's wrong with you? You're getting staked and you're celebrating. But that wasn't it. The point was I was going to draw this line in the sand and I did it. And I got staked for the next three or four or five years until 2001.”
2017-08-24 · The Tim Ferriss Show · #260: Setting Goals, Making Money, and Overcoming Tough Times -- Phil Hellmuth · IDENTIFIED FROM THE TRANSCRIPT
“So I remember saying as soon as I'm worth a million dollars, I'm going to get staked. That meant, based on what my house was worth, on stocks, all the stuff that I had in my life. And so I determined I hit the million dollar mark.”
2017-08-24 · The Tim Ferriss Show · #260: Setting Goals, Making Money, and Overcoming Tough Times -- Phil Hellmuth · IDENTIFIED FROM THE TRANSCRIPT
“Someone banks rolls him, but he has so much skill that he hits for 500,000 in a tournament. But his backer gets 250,000. But still, now he has 250,000. Now he's back in action. And he has a couple of successful months, runs it up to 400,000. But then over a series of two weeks, loses the whole 400,000, borrows from all of his friends again because he paid him back last time. This time he borrows more, gets staked again, he can't pay his bills. That's a miserable, that's a tough existence. And so that's why money management is more important than poker skills. Now, how specifically, I remember a story where my wife thought I was a madman. It was 1997. She thought I was a madman.”
2017-08-24 · The Tim Ferriss Show · #260: Setting Goals, Making Money, and Overcoming Tough Times -- Phil Hellmuth · IDENTIFIED FROM THE TRANSCRIPT
“I'm glad you came back to this because I think the people out there should know this. What's more important? Great poker skills or great money management. Money management. I'll tell you why. If you have a guy that has poker skills, let's do a diagram here, poker skills of 80, let's say poker skills of 90, okay, and you have a guy of poker skills of 80. But the guy with 80 manages money better, he's gonna have a much more comfortable life. He's gonna win his money, he's gonna sit down in the smart games at the right time with the right amount of money, and he's just gonna flow along. He's gonna pay all of his bills, it's going to look boring, some of the outsiders are going to say, oh, you're too conservative. But meanwhile, look at the guy who is 90, all right, but no money management skills, loses all his money in one night. Now he has to borrow money from his friends, loses that too. Then he gets staked, right?”
2017-08-24 · The Tim Ferriss Show · #260: Setting Goals, Making Money, and Overcoming Tough Times -- Phil Hellmuth · IDENTIFIED FROM THE TRANSCRIPT
“Holds it up on ESPN. Hi, Red Philhemmy's book and I cashed for $17,000. Not a million. Not two $17,000. Boom. My book hits the best seller list. So You know, that's a lifetime doll. So I remember Harper Collins calls me. They somehow, I guess we had cell phones by then. So yeah, so they And they said, okay, your book just hit the New York Times bestseller list. We just sent a bottle of DOM to your room. And I'm like, and it was a how-to list. So I just walked around high for weeks because that was one of the last goals that I had to accomplish. Yeah, y”
2017-08-24 · The Tim Ferriss Show · #260: Setting Goals, Making Money, and Overcoming Tough Times -- Phil Hellmuth · IDENTIFIED FROM THE TRANSCRIPT
“So, I mean, basically, the World Series of Poker has a seven-card stud tournament, a hold'em tournament, Omaha, all these different variations of poker. So he's playing in a seven-card low. He said, I read Philhelmy's book.”
2017-08-24 · The Tim Ferriss Show · #260: Setting Goals, Making Money, and Overcoming Tough Times -- Phil Hellmuth · IDENTIFIED FROM THE TRANSCRIPT