Let's talk long term life EV.
Let's forget about the non-monetary factors like free-time and stresslessness for now (undoubtedly huge factors in one's decision making, of course)
What's your best bet?
Is it poker?
Is it law?
Is it engineering?
Is it a start up?
Is it finance?
Is it day trading?
Is it in sales?
In my case, I'm fairly confident I could make 100k/year at poker if I truly put my mind into it and I had to depend on it by grinding the hell out of PLO100.
However, my other options have so much more potential that it seems foolish (note: in my case) to devote myself to poker beyond mild entertainment purposes.
Top Lawyers can charge $600/hour. So can independent business consultants. Executives at tech companies with 500 employees are compensated at roughly $300k-$500k per annum. A graduate of a top MBA program makes $100k-$150k his/her first year out of school. Learning how to minimize your tax exposure can often net you a greater hourly rate than actually grinding poker.
Our +EV choices will be different.
For me, it entails investment, business and marketing.
For my friend, it is music.
For another friend, it is finance / futures trading.
The secret to your financial success is inside yourself. If you become a critical thinker who takes no Wall Street "fact" on faith, and you invest with patient confidence, you can take steady advantage of even the worst bear markets. By developing your discipline and courage, you can refuse to let other people's mood swings govern your financial destiny. In the end, how your investments behave is much less important than how you behave."
Taken from the introduction of "The Intelligent Investor" by Benjamin Graham. (the words are those of Jason Zweig)
If you exchange Investing with Poker, then you'd think this was written exactly for the poker player!
Patience, cold-hearted analysis, tilt-control, and not taking any "fact" for granted and putting in the hours to truly understand *the game* is what it takes to succeed in either field.
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