Taking Risks

/ Editor / 18 September 2007 / Leave a Comment

The Poker Anorak notes an article on Bloomberg entitled: "Tips for Would-Be Billionaires: Skip College, Play Poker, Sweat."

Writer James Pressley poses the question: "Want to be rich?" he then answers it: "Of course you do."

He offers a quote: "Just remember this tip from billionaire H. Wayne Huizenga: 'No one ever drowned in their own sweat.'''

Mr Pressley has clearly not seen Emile Heskey after a showing for England. The Wigan striker gives new meaning to the term 'early bath'. But we take his point.

Huizenga, a college dropout, created Blockbuster Inc. He features in 'All the Money in the World', a tome that marks the 25th anniversary of Forbes magazine's annual list of the 400 wealthiest people in the U.S.

The book, as noted, is packed with poker fans. Why? Because they understand risk. Hedge-fund colossus Steven A. Cohen is said to have played poker all night at school.

And with all risk there is a chance of failure. You bet big to win big. You bet big, to lose big.
The trick is knowing when you are beaten, when to consolidate and when to go all in.

The risk is the same for everyone. You just need to know the odds and take your chances...