The advice is the same. In poker, be patient, see a lot of hands, fold most of them. Translate that to investing – be patient, look at a lot of companies, say “no” to most of them.

Here is the major difference between the two:

Poker is a game of tough decisions. Why? For one, you can’t sit back and wait for pocket aces. At times, you may find yourself playing 7-4 (the “Birdman” as you call it) – either out of frustration or because you were forced in from the blind.

Investing is a game of easy decisions. No need to get frustrated. No need to ever be “forced in from a blind.”

Start first by looking at companies you know – companies whose products or services you buy. Then, look at their competitors. Once you’ve exhausted thoses lists, look at the Dow Jones Industrial Average and the Fortune 500. Few companies make those lists because they are “Birdmen” companies.

Your goal is to find wonderful companies. Then, sit back and let the gamblers bid them down to discount prices. You can control the first; you can’t control the market.

Hope that helps!