Charity is still getting 25,000. Then there were four. One huge hand and bill perkins has taken over the drivers seat in this tournament. Steve kuhn folds, over to jim chanos on the button. 20. He raises it up to 20,000. I like to raise more than i like limping. But with seven big blinds left, i prefer to see him take a page out of steve kuhns book and just go all in. Perkins not considering folding here. Hes trying to decide whether to call or go all in. Maybe its marios seat. Im all in. He does push all in. Thats easy. Its not the easiest call for chanos with his tournament life at risk, but its one he has to make. Right now perkins is a slight favorite. So we go to the flop. The flop is jack, seven, queen. Chanos pulls ahead with a pair of jacks. Understandably. Turn is the 10 of spades, chanos still in front. Perkins needs only an ace. And only an ace. Give him a king. The river is the four of hearts. Chanos wins a huge pot. Just like that takes it from bill perkins. Sometimes you lose. 59 total. Just like that back down in the poor house. Is there chatter about hong kong down there . Whats going on. Jim is a china bear. China bear. I got nothing. Welcome back to poker night on wall street at the borgata in atlantic city. Lets see where we are. Down to four players. Einhorn and gabelli have both headed home. Dark horse steve kuhn in the lead with 133,000 chips. John rogers downs and 5,000. Where did his stack go . Rogers has been folding hand after hand and the blinds are starting to bite. Take a look at his hand during the break. 20. Rogers is folding his stack down to nothing. I dont care at this point if hes got two napkins in his hands, hes got less than two blinds left, just get your chips in the middle, stop folding that kind of restraint has not helped him in tonights tournament. But it has helped john rogers become one of the most respected Money Managers on wall street. Hes known for patience, both in investing and at the poker table. I think slow and steady, the patient approach that we build our firm around does work when you are playing poker. John rogers is the founder, chairman and c. E. O. Of aerial investments, a chicagobased mutual fund firm with more than 7 billion under management. He has been playing poker since high school. Me and my buddies played poker. We just loved it. The same group plays now 35 or 40 years later. I was playing poker at the same time i was investing. In high school, you were investing . Yes. My father bought stocks for me as a kid and i would talk with him about what stocks we should buy and it was a real passion of mine. What do you think the similarities are between playing poker and playing the market . Many. You have to be able to be imaginative, and that is the same in the markets as well in poker. Creativity matters. You have to not always be too predictable. Thought rogers can be somewhat predictable on things, like where he has eaten every day for the last three decades. Is it true that you eat one meal a day at mcdonalds . I do eat at least one meal a day at mcdonalds. I have been doing that. Wow. I love mcdonalds. It is another place i can get away from the stresses and the strains of the market and get all my Research Reports and newspapers and magazines and just think about the market, have a great snack, have a great lunch. What do you eat when you go there . French fries in the afternoon. A biscuit in the morning. Your cholesterol is ok . So far, so good. As for his chances tonight . I had the good fortune of playing Michael Jordan oneonone. And winning a very short game. But it was because we played to three. If he played to 10, he wouldve killed me. So i understand when it is a short game, theres a fair degree of luck. We wish you a lot of luck. Thank you so much. What is your most public position . Do you have anything that is public . We are short china. The china property companies, real estate. Hong chong market shares . Is there a little chatter about hong kong down there. Whats going on . Jim is a china bear. The blinds are eight and 16,000. With a 2000 ante. John rogers, our short stack, all in for his last 3000 chips. Rogers is a micro stack here. He hasnt lost any big hands. But he hasnt been playing. It is like he is a batter watching strike after strike without even taking a swing. Steve kuhn folds and its jim chanos versus john rogers with queen, 6. Well, ive got nothing. Does rogers need to get lucky . Rogers doesnt need to get luck, he just needs to avoid getting unlucky. The flop comes, 337. Both players get a pair of 3s. Rogers is still ahead with his queen kicker. The turn is a king of clubs. Rogers is still looking good. The river is an eight of clubs. Jim chanos pairs his eight and john rogers is eliminated. A conservative, lowrisk approach works for managing money but it didnt work for him tonight at the poker table. He told me he came into this game with the same strategy patience. I think even though most people think pokers a game of high risk, at the end of the day, those players with the most patience ultimately win. Unfortunately, not tonight. John rogers becomes the third player to sign the felt and head home. And then there were three. And then there were three. Im ahead . Holy shmoley. We are down to the final three here in atlantic city. Jim chanos, bill perkins and steve kuhn. The blinds still at 8000 and 16,000 with a 2,000 ante. With blinds so high at this stage of the tournament, you cannot afford to bet and fold to a raise preflop. You cannot afford to give up if you miss a flop. Remember, most hands miss most flops. So your best bet will be to try to steal the pot preflop. How to do this . All in. In other words, take risks. Jim chanos limps in with queen seven. Bill perkins checks his options with 82. And we go to the flop. 326. Perkins ahead with a pair of deuces. He moves in the rest of his 38,000 and goes all in. Perkins has just a pair of twos with an eight kicker but he knows he cannot fold. Chanos quickly calls. Why dont you give me that bond advice here . So chanos will call with just queen high on a flop or why not push all in preflop and try to steal . Perkins is a 31 favorite now. Im ahead . Holy moly he cannot believe he got called. The turn comes, the three of diamonds. We will get him. Yo. Got river. The river is a queen of hearts. Chanos pairs his queen and knocks out bill perkins. What a tough river. Perkins played well tonight. It was fun to watch. Maybe there is more than one reason chanos chose miracle house as his charity. So jim chanos and steve kuhn will go headsup for the championship with the winners charity taking home 150,000. You have got the short seller versus the mortgage bond master. Miracle house versus the Robin Hood Foundation. And trish, dont forget, steve kuhn has promised an additional 150,000 to the Andy Roddick Foundation if he wins tonight. Pretty generous. I have got to go to the hat for the final, too. Here comes the hat. Steve kuhn going for the lucky hat. Hey, i wore pink pants against phil ivy. Whatever works for you. We all have our thing. Chanos has roughly a 32 advantage over kuhn but with average stack just below 10 big blinds, every stack is critical. Indeed. 86 and raises to 36,000. Ace6 is a solid starting hand here. A good hand to raise with. 32. Steve kuhn looks at king, 2. Normally, you would throw it away. But a playable hand. Call he does. The flop comes, 2, 2, 5. Steve kuhn has flopped a set of deuces. Kuhn flops a monster here with king, deuce, look for him to try to track. Kuhn checks his set of deuces. He is learning chanos here. Hes trying to get in a bet. It looks like it will work. 20,000. Chanos bets 20,000. And kuhn with a smooth call. And a turn card. Kuhn could check here but i like to call. The turn, eight of spades. Steve checks. Steve kuhn will check and jim chanos is reaching for his chips again. He bets another 20,000. Drawing dead now. Kuhn picks up a king high flush draw to go along with his trip deuces. I do not mind chanos taking a stab at the pot at the flop. When kuhn calls, he shouldnt throw another chip in the pot unless he improves. Steve kuhn doing a little acting here, trying to make chanos think this is a hard decision for him. He does eventually call the 20,000. The river is the six of clubs. Lets see how much kuhn can tackle him for here. He checks again, hoping chanos will bet. Dont do it chanos does exactly that. Chanos bets another 20,000. Looks like a charitable donation to Robinhood Foundation to me. Steve kuhn pushes all in, 24,000 more for chanos to call. Chanos knows he has too much invested in the pot to fold. Chanos calls. And he is beat. Steve kuhn doubles up and takes a commanding chip lead. You see how small problems and poker can lead to big problems . It is just like trading. You put on a short, and without a strong view, and the market goes against you, you put on more, the next thing you know you have a big, bad position. Sometimes in poker, you have have the discipline to get out. Were down to the last few hands on poker night on wall street. Who will triumph, chanos or kuhn . The winner will be revealed after this break. Welcome back to poker night on wall street. Only two players left at our table steve kuhn and jim chanos. Chanos lost a big hand before the break. And hes feeling the pressure. I dont know, steve. Its going your way, i think. The hat did it. I got pretty lucky with the deuce. Ill take the luck. Steve kuhn looks at 103 off suit and pushes all in immediately. Chanos considering putting his tournament at stake with a jacktwo suited. Andy, should he call when youre as short as chanos, he has just over one big blind left. He should expect kuhn to move in with any two cards and chanos should call with any two cards. Chanos does call. Good luck. Yeah, good luck. Chanos still ahead. But its really anyones hand. Good luck. Flop comes queen, 7, 6. Nobody catches a piece of that flop. Chanos is still ahead. Turn card is a 7 of hearts. They say you have to get lucky to win at tournament poker. I like to say you have to play well enough to put yourself in a position to get lucky. Kuhn has done so. But can he get lucky here . Not yet, andy. The river comes five of diamonds. Jim chanos doubles up and lives to see another hand. Steve kuhn still has a dominant chip advantage, though. Still alive. Chanos checks his hand and sees jack, queen, off suit. Giving it some thought, he pushes all in. Steve kuhn looks down at 67 off suit going through the math in his head, as he told us he does. Kuhn should expect the chance to move in with any of his two cards. 7, 7, about a good chance of beating a random hand. Lets have some fun. Steve kuhn does call. If he can win the hand, he will win the tournament. 67. Queenjack. Both players turn over their hand and the flop is 29, queen, all spades. Chanos flops a pair of queens and also a flush draw. The turn comes. King of spades. Chanos with his pair of queens and a gut shot straight flush draw. Kuhn is drawing very dead. The river is the four of diamonds. Chanos wins the hand. Keeping his seat at the table for the time being. He keeps grinding away. Chip and a chair and a head full of hair. That, he has. Jim chanos checks his whole cards and sees queen, 5, off suit. Steve kuhn first to act with an ace, king. He pushes all in. A tough spot for chanos. He could be doing that with any two cards, but in this case, he has got the goods. Whatever his allin, mine is less. Chanos calls and he is all in with queenfive against kuhns aceking. This time i have got a real hand. Im sure you do. Lets see if it holds up. It will. Kuhn does have a hand. Hes a 21 favorite to win the tournament right now but if he doesnt, its back to even. The flop comes, king, ace, three. Steve kuhn flopped two pair. Turn card comes, 2 of spades. Chanos still in the game with an inside straight draw. Chanos needs to catch a miracle 4 for miracle house. Otherwise kuhn will be our winner. The river card is the nine of clubs. No 4 for jim chanos and steve kuhn has won poker night on wall street. Steve kuhn beating out five of the worlds top investors. Well played. You made very smart decisions. Caught the big hands when you needed them but rocksolid play. Well done. He came here on a mission tonight. He wanted to win. He was chipping in an additional 150,000 for the Andy Roddick Foundation. So a grand total of 325,000 to steve kuhns charity. Congratulations. Thank you. Fantastic, really, really well played. That was fantastic. What an amazing evening. It was sowch fun. Was there a moment when you thought, i have got this i fete bad, my pair of 3s, i thought i made a good play there and i lost that hand and at that moment i thought i was going to be in trouble. But then, i got fortunate cards at the end. The ace, king, obviously. A lot of fun. What a great evening. This guy called it. Really . He said at the beginning. Y about we started, he said i think steve kuhn has a fantastic shot at winning this game tonight. You told me you came in with a strategy. You you have a strategy. Were you able to employ it . If you look at what i said, i said i thought perkins would come out firing and he did. That prediction was right. Were you surprised einhorn was the first out he had a very bad deal with a pair of queens and that cost him well over his stack. When that happens, even the best players will have a hard time. 175,000 that you won for the Robin Hood Foundation and you will also match that for another charity . Yes, i will do that for the Andy Roddick Foundation, which is a charity i recently joined the board in. I am excited about that. Obviously, the amount of good this will do both at robinhood and the Roddick Foundation is amazing. This is a former trader turned professional poker player. What you think . Is he going to the top id play with him. Hes got the game. I like my job already. Steve kuhn, congratulations. Steve kuhn is the winner of poker night on wall street. The Robin Hood Foundation will receive a total of 175,000 in donation from our six players. Plus, steve is donating an additional 150,000 to the Andy Roddick Foundation. My thanks to andy frankenberger, the borgata, and all the wall street titans who joined us tonight. For bloomberg, i am trish regan. Have a great night