Some thoughts on what I know about playing poker...

1. One of my favorite axioms: “if you can’t figure out who the sucker is in the game—get out; it is probably you” (famously quoted in Rounders).

2. In essence, the law of averages says that everyone at the table with a modest amount of ability will win the same amount of hands over the course of the night; therefore, the key to winning at poker is to maximize the hands you win and minimize your losses on the ones you lose. Sounds simple—but there is great art to this.

3. A corollary to this is the Kenny Rogers advice: “know when to hold ‘em and know when to fold ‘em.” Don’t chase good money after bad. Get out early on bad hands. Drive up the pot on good hands.

4. A poker face is essential—but the whole art of “bluffing” is much overrated; it is very Hollywood—but unlikely to make you a consistent winner.

Now you know everything I know about playing poker.