Poker Book Review

Poker Strategies for a Winning Edge in Business

By David Apostolico

Review by Al Spath

David Apostolico's book is divided into eight chapters that clearly illustrate the applicable relationships between poker and business. So it begs the question: "How can a book about poker relate strategies to the business world, in particular; Investing, Negotiating, Marketing, Managing, Running a business, and Dealing with co-workers?"

"The common thread among successful businesspersons and poker players is a strong desire to succeed and win. They want in on the game and to take their chances, win or lose." David paraphrases Mike Caro when talking about the objective of playing poker: "The right answer is to make correct decisions. If you can consistently make the right decisions, then the results will eventually come." This is true in poker and the business world for certain.

One of the best paragraphs I could relate too was: "A common mistake of both poker players and investors is to hold onto a poker hand or investment because they have invested a lot and they want to at least get their money back. Beginning poker players are notorious for staying in hands until the end because they have some money invested in a pot." He hits the nail on the head with this observation as beginner players fail to realize the money in the pot is no longer theirs.

When talking about laying down a strong hand, he reminds the reader that players know how to get rid of those hands when they realize they are in danger, and relates those actions to the business theory of investing, where one should never tolerate more than a 10% loss. So if your stock goes down 10%, sell it (dump it). Seems I've heard that in poker too.

His discussion of the "40/70 Rule" (championed by Colin Powell) is another example of how David compares playing poker to operating in the business world. Powell believes action should not be taken until you have enough information to assume the probability of being at least 40% correct. However, never wait until you have enough information to be 100% correct it will lead to paralysis by analysis. As it turns out the sweet spot for action actually does lie somewhere between the 40% and 70% probability rate. So in poker, without the absolute nuts, and having incomplete information, if your play falls between the 40/70 ranges you will be successful most of the time. Each player needs to establish their "comfort" level within that range.

To this reader the common theme throughout the book is, KISS (Keep It Simple Stupid). He uses a direct approach to show these relationships and weaves into the conversation many tips and relates many personal stories to illustrate such statements as:

"Do Not Be Afraid of Losing"
"Avoid Playing Marginal Hands"
"Strike the Balance between Greed and Fear"
"Table Leader: Negotiate from Power"
"Project the Right Table Image"
"Take What You Want, Not Just What Your Opponent Gives You"

I particularly like the advice (again relating to business): Location, Location, Location! It's the primary consideration in the purchase of real estate and it's essential at the poker table. You will win more money from those players seated to your right due to your position and smart players look to gain the "high ground," and maintain this advantage.

David finishes up by reminding us what to do when the cards are not running favorably. First, never fall in love with your cards, know when to look for a reason to fold, try to deceive your opponent and always try to play the hand from your opponent's vantage point. These tips are invaluable in saving you unnecessary bets and losses to your bankroll.

This book is not your average poker theory book and certainly won't make you a WSOP champion nor will it make you a Donald Trump type business person, but what it will do is provide you a comparison in ways you can use what you have learned in business at the tables, and what you learn (sometimes the hard way) at the tables, for being successful in business.

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About the Author:
Al Spath is the "Dean" at PokerSchoolOnline, and has authored: the "Poker Journal." In addition to having one place for all your poker records you'll get advice and tips on reading hands, playing live, reading tells and so much more (www.alspath.com). Al's poker expertise coupled with his insight and ability to communicate effectively to both large and smaller sized audiences, make him an ideal speaker for any company, convention, college, or organizational group venue. Al co-hosts a monthly radio show with Konan Luce and Cowboy Kenna James (The Online Poker Insiders) - stored podcasts available at (http://www.pokerpages.com/poker-podcasts/)

Comments to: AlSpath@pokerschoolonline.com

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