After 9 levels of play, Day 1 of the 2014 Paddy Power Irish Open has come to a close. 411 players showed up to the Double Tree hotel in Dublin and put up their €2,250 ...
The Poker Peter Principle
by Steve Zolotow | Published: Dec 26, 2012
The “Peter Principle” was formulated by Dr. Laurence J. Peter and Raymond Hull in their 1969 book The Peter Principle, a humorous treatise. In simple terms it states that in a typical business, employees who are successful and perform their jobs well are promoted. Each promotion takes them to a more demanding level, requiring greater and greater skills and abilities. Eventually, however, they are promoted to such a high level that they are no longer competent. Thus most people eventually reach and languish in a position for which they are incompetent. If a business is expanding very rapidly, someone may be in a position for which they lack the necessary skills without even being promoted. (In the recent Full Tilt debacle, Ray Bitar, whose business experience consisted of being Chris Ferguson’s college roommate and running a day trading office, suddenly found himself in sole command of a multi-billion dollar enterprise. ...
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