Photo: Flickr / seandreilinger
Michael Geismer, the founder of Quantitative Investment Management, arrived at the SALT hedge fund conference at the Bellagio in Las Vegas two weeks ago with $10,000. After staying for three days, he left with $710,000 in his pocket on a private jet back to his home in Virginia.How? He won big at the blackjack tables.
Lawrence Delevingne at AR has a lengthy chronicle of Geismer’s lucky gambling streak at SALT, which he was attending for the second year in a row. Geismer liked the contacts he was able to make at SALT, but also enjoyed the fact that he was able to gamble—and he was particularly fond of blackjack.
His tactics? Gesimer wasn’t a card counter, but he’s read plenty of books on blackjack strategy, according to AR. So during SALT, Geismer was careful in scaling bets and adhering to the law of averages. With several lucky hands also in play, he pocketed a $460,000 profit his first night at SALT.
Geismer’s next two nights weren’t so lucky, but on his last night at SALT, he made it big again by betting on the hands of other players at the table, and made $250,000 profit off that tactic, AR reported.
But it wasn’t just Geismer that had a winning night—he apparently also doled out thousands of dollars in tips to the dealers and cocktail waitresses. Not bad.