Lifetime Expected Value: The Intersection of Poker and Business
Poker, Business, and Decision-Making: Lessons from the Table
Life and business are games of decisions, just like poker. The years I spent playing poker for a living ended up being a masterclass in strategy, risk management, and emotional control. The lessons I learned at the poker table have deeply shaped how I approach challenges and opportunities in business and life.
One concept that has stuck with me is lifetime expected value (EV) - the idea of making decisions based on their long-term outcomes rather than short-term gains. This mindset, rooted in poker, has been a guiding principle in every area of my life.
Play the Hand You’re Dealt
In poker, you can’t control your cards, but you can control your decisions. The same applies in business. Success isn’t about starting with the perfect hand; it’s about understanding your position, leveraging your strengths, and knowing when to hold or fold.
It’s easy to get caught up in what you don’t have, but focusing on how to make the most of what you do have is what creates lasting results.
Think in Terms of Lifetime EV
In poker, every hand has an expected value - whether it’s worth betting on based on probabilities and potential outcomes. Winning players don’t make decisions for the immediate hand; they think about the EV of their actions over hundreds or thousands of games, knowing that making the correct decisions, in the long run, will result in profit.
In business, this translates to making choices that maximize long-term value rather than short-term wins. Whether it’s investing in relationships, infrastructure, or personal growth, focusing on lifetime EV ensures you’re building something sustainable.
Manage Risk Intelligently
Poker is a game of calculated risks. You don’t win by playing it safe, but you also don’t go all in on every hand. The same is true in business - success comes from weighing risks against rewards and taking decisive action when the odds are in your favor.
Risk isn’t something to avoid; it’s something to manage. Every risk has a lesson, and every loss is an opportunity to fine tune your strategy.
Control Your Emotions
Emotional discipline is one of the most valuable skills in poker and business. In poker, letting emotions dictate your actions (aka “tilt”) can lead to poor decisions. In business, the stakes are higher, but the principle is the same.
Staying calm, reading the situation objectively, and separating emotions from strategy allow you to make sound decisions, no matter the pressure.
Adaptability is Everything
Poker games are dynamic - strategies that worked yesterday might not work today. The best players adjust to new circumstances and learn from every session.
In business, adaptability is the key to staying relevant. Markets shift, challenges emerge, and unexpected opportunities arise. Your ability to pivot and evolve ensures you’re always one step ahead.
Final Thoughts
Whether at the poker table or in the boardroom, every decision matters. Thinking in terms of lifetime expected value, managing risks, and maintaining emotional control are all part of building long-term success.
Life is about making the best possible decisions over the long haul. When you play with patience, strategy, and a focus on sustainability, you set yourself up for success that lasts well beyond the game.