I usually watch poker when working. Poker is risk personified and exciting to watch. I'm not a great player, but watching poker has taught me a lot about risk:
- Players who never lose a hand make the most money
- You'll always win and lose individual hands
- It's what happens in the long run that counts
- The dynamics of the game always change
- Those who are flexible get the edge to win
- Debt = blinds
- You've got to pay the blinds before you play a hand
- You can do everything right and still lose
- Only bet what you can afford to lose
Critical investing topics like risk, uncertainty, wit, grit, and opportunity reveal themselves in all kinds of fields.
The most important point about poker – which I didn't include is:
Look beyond the game you sat down to play. Investing is learned from daily decision making, not fancy books, blogs, or forecasts.
Lessons can be learned from things that have nothing to do with investing – like poker.