Mastering risk and decision making: Insights from former professional poker player Caspar Berry

How does the poker mindset apply to corporate settings? Caspar Berry, Decision Making Expert & Former Professional Poker Player, discusses key similarities between the two worlds.

In this interview, learn why inaction is not an option in poker or life and how to prepare for volatile, uncertain scenarios. Discover the surprising revelations about decision-making in high-stakes environments and how professional poker strategies can offer valuable lessons in business and beyond.

Understanding risk in poker

For a poker player, risk is not just acceptable – it's necessary. Berry explains that while many companies and their employees consider themselves risk averse, poker players are quite comfortable with risk, often proud of it. For them, the biggest risk is not taking any risk at all. Poker, after all, involves calculated risk-taking where mathematical strategies have become essential.

Preparing for the unknown: The concept of black swans

One of the most compelling aspects of Berry's insights is his approach to dealing with black swans – unknown risks and unexpected events that can have massive impacts. Berry refers to the notion of preparing for chaos rather than specific crises. He states, "What you need to prepare for is the chaos," underscoring the importance of being able to operate under extreme conditions.

Inaction as a decision

In addressing whether inaction is ever an option, Berry points out that even inaction is, in itself, a decision. In poker, pausing play or "checking" is an action made outwardly. He tells the story of emergency medicine doctor Kevin Fong, describing a scenario in a field hospital: deciding whether to evacuate under missile threat or remain in place. Both choices are decisions, highlighting the lesson from poker that every choice is intentional.

Berry notes that players who fold more often tend to make more money than their counterparts. This perspective is a valuable lesson in resource allocation under uncertainty, not only in poker but also in business and life. Whether you're holding them or folding them, remember to always make a choice.

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