I like to gamble a little. I'm not here to convince you of the merits or discuss the moral implications of gambling. It's just something I enjoy once in a while. Sometimes you win, sometimes you lose (Sorry about the WAMU stock, dear). Whether playing the stock market or $15 hands of 21, I do enjoy the action.
I am currently involved in a legal dispute where the stakes are rapidly increasing. Once the case is over, I will reveal the details, but suffice to say, the stakes are fairly high. Anyways, I was watching TV the other night and came across some Poker. I play very little poker. It's a moderately easy game to play, but, like anything else, notoriously hard to master. The guys you see on TV with their designer sunglasses, stoic faces, and colorful personalities look like regular people, but, they are professionals. Since my involvement with this case over the last few months, I have discovered two simple poker strategies that can also apply to life:
1) You don't make money in poker by trying to win the most. You make money by trying to lose the least;
2) It's better to get bluffed and fold than to make a bad call and lose your whole stack.
Over time, I think I have come out on the winning side when I gamble; nothing significant, but still ahead. I have a pretty good handle on my skill level and defer when I am overmatched. I only bet what I am comfortable with losing and, of course, am prepared to lose. While playing poker, I use a personal gambling strategy that is pretty simple: When I consider the cards already showing and have studied the other player's habits, I can make a reasonable determination of the odds of the value of the remaining cards. At this point, I see the cards already played and have observed the other player for a long time. I like my odds right now.
I'll see that bet and raise.