These are my thoughts on zero sum games. From poker to quant trading. Zero-sum games are fundamentally informational contests. The GTO (unexploitable) strategy is often suboptimal in practice because it is either unimplementable or even unknown and assumes everyone else is playing optimally. The GTO strategy is not maximally exploitative it is minimally exploited. In a game of non-optimal participants, the GTO strategy is not guaranteed to be the one that makes the most money. In order to craft ...