Re: specific question from little green book
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the fact is if you win your first couple of them you'll have a monster stack so it won't matter if you lose the 6th one or whatever.
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He is assuming in all cases that his stack is covered. His point is that even with an 80/20 edge, with enough repetitions, the math quickly catches up with you. Even with an 80/20 edge, you are the dog with 4 or more all-in bets.
His bigger point here is that given enough trials, no matter what your edge on a single hand, in the aggregate a bad beat is not only possible but highly probable.
Note: the OP cited this text at p.221. In fact, the discussion begins on p. 172.
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