You may have heard the Kenny Rogers line, "Know when to hold em, know when to fold em." Value investing is NOT about all that. True, investing is about making more income which demands taking risk, but investing is also about an attitude and a philosophy. I believe in general, that the value investor is more of an idealist, the gambler more cynical. Only you can decide what side you fall on.
Great poker players aren't really gamblers first and foremost, they are experts at accessing risk. The gambling part comes in when deciding if the gain/loss is worth the implied risk.
The desperate gambler has fewer choices, because he/she is often backed up against a wall with nowhere to go. This is where the problems come in.
CONCLUSION: Devise a game plan and stick with it. Learn what works for you and stay true. Chances are, you will have long term success.
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