As a poker player, I recognize that you can be ruined both by making plays with a negative expected value (= valuation) or by making plays with positive expecte

As a poker player, I recognize that you can be ruined both by making plays with a negative expected value (= valuation) or by making plays with positive expected value but which you are not adequately bankrolled for (= risk). Doyle Brunson wrote in his tome Super System from the seventies that he would gladly bet his entire net worth on a 51% chance of success. Even though this is technically a bet with an expected positive outcome, its clearly very risky. Modern gamblers recognize this and pay attention borh to the expected value and the variance.