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1. What is meant by "no tears"?

"No tears" is part of the phrase in Liar's Poker, "one hand, one million dollars, no tears." The loser is expected to suffer a great deal of pain but not whine about it.

2. What is the difference between managing and trading?

The difference between managing and trading is that trading is admirably direct. You make your bets and you either win or lose. When you manage, you receive your quota of fear and respect, but for all the wrong reasons.

3. Why does Gutfreund challenge Meriwether to Liar's Poker?

Gutfreund challenges Meriwether to Liar's Poker because he wants to prove he is still part of the game and a player even though he has become a manager. He makes the stakes high to show off and because it has powerful meaning to traders.

4. What is the hard part of Liar's Poker?

The hard part of Liar's Poker is reading faces. Though statistical likelihoods of different scenarios plays a role, it is important to be able to read the opponents well.

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