Bankroll Management - Should You Take Your Shot?

In this week's video, Phil takes your questions from the comments section in previous videos and discusses bankroll management, common misconceptions about it, and what he found was the best system for him. Plus, what books he's reading (or not reading) these days!

00:00 From JeffDanielsPoker: "I'd love to hear about your view on bankroll management for tournaments as a lot of people have different views."
00:46 Phil's method and the exception to the rule
05:48 From Philip: "What are the books on your shelf?"

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Producer: Thomas Deming-Henes
Post Producer: Anne Johnson
Music: DJ Spinello

[grizzo]

This guy is probably the only person I've ever heard admit that he hasn't read the books on his shelf. That's great

[j.sarnak]

Got to love Phil and his honest no BS approach to everything. Thanks for the content.

[SvenCallsSoRare]

Your philosophy videos were the first bit of content I stumbled across in my career. I was 18 and was mind blown hearing advanced concepts about NLHE. I’m 24 now and have been a successful pro for half a decade.
Learning the ‘probe’ concept or more generally the concept of a capped range so early in my career really set me up for success.
Thanks so much Phil, you’ve helped so many of us.
Absolute legend

[Alex-Bunin]

Awesome video as always !

Thinking of a (very) old video of yours about downswings, one of the things that you said that stuck with me was along the lines of 'After you lose X, you can no longer think of the bankroll you used to have before the swing, now your bankroll is Y and you work with it form this point onwards'.

I can't help but think that this kind of presence is key to the shot-taking approach you are describing. Only a player that can truly maintain it under fire can take a swing and be back to it the next day (or prefrrably even, the next hand). Personally I found these to be great mental building blocks and quite fun tbh, once recognized, the challenge to maximize the moment's creative potential is really enjoyable.

Not that I play 50-100, but who knows, with some work the day may come :)

[jeffdanielspoker]

Thanks for the reply Phil . I sometimes feel I don’t take enough shots but it’s good to know we think alike 🥰.

[brandonsheils]

The point about how it impacts happiness took me too long to realise. Thoroughly enjoying the content :)

[JohnG]

Short but sweet, thanks for the video Phil!
Just went through what you described having to take time off because of poor BRM, really helps to hear advice from a world renown player like yourself.

[shpendi]

I can relate to the books, i stopped buying but have many books and all the books i have I researched them first or discovered them while reading another book and another author but since the smart phones and poker life i have zero patience to get back into it. I remember the sadness of imagining the paper books going way but now even my new book library is all digital on my phone and is easier to pick up and drop anytime.
I think poker keeps the mind enough busy also, the results of losing and winning on plo games daily keeps me enough busy plus the podcasts.

[brettblaster]

Great video!! We did this last week in Vegas with 50-100 plo, worked out really well

[hubcio]

Ha, we do have something in common. I also buy books with intentions to read them, but I don’t. In 2022 I’m gonna set two days a week ( Wednesday and a Sunday or Saturday) when I have to read 1-3 chapters per session ( about an hour, pending the size of the chapter.) trying to create a study habit.

[Adam-glqv]

Is there a more likeable and cogent poker player on the planet than PG? Excellent as always.

[Jack-wcqj]

Phil has always been the best at avoiding the minutia that poker players like to obsess over and strike the important topics. Shot take aggressively people.

[moebius]

Obviously everyone's disposition and mindset are different; if you can shot take the way Phil describes in which you commit to risking X number of buy-ins and if you burn through those you calmly move back to your regular stake without it affecting you much psychologically, then I think that's great. Overall, however, I would think that the better approach is just to play within your means; of course there's no strict answer to what that means either. I would say probably the best approach is having a bankroll for whatever stake/game your playing which allows you to focus solely on the poker decisions and not worry at all about the short term results.

[joeysilver]

rec mtt player but enjoy cash too / really enjoy these videos

[Stockholm_Syndrome]

You seem to have a sound view on money, that's good. Respect the money. I play maybe a little too high for my BR, but I think I play better then. Because at lower limits I tend to play splashy. My BR is about 15 x max buy-in. I should play lower limits with x45 buy-ins BR, but then I play splashy + the rake is higher. And the players at the lower limits are so bad = I am not developing my game.

[misteriamthepope]

OMGClayAiken sent to the showers taking jump to bigger games? No way, I don't believe it, not Phil f___ing Galfond!!
Edit: Incredible this channel is pretty much under the radar..good on me to have found the Holy Grail

[Goatboy]

Wow. I can't believe you don't read much (only because I'm such a bookworm). I must've read over 500 books I think. Maybe you just haven't found the right books for you. Thanks for the video, Phil.

[EL_lorenzo]

Can someone explain me the easy definition of 'variance' in poker

[patriciofalotico]

i love your content phil, and u are a beAst in every way, but I would have liked you to talk about the number buy ins its good or standar for any level, i know this is relative, but I would have liked to hear it

[Go-utkz]

Phil, why do you not read books? Very curious, since you’re clearly intelligent.