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'know when to hold em; know when to fold em'

Posted by Ward Fredericks on March 13, 2004

There is an expression in the states that it's important to know when to hold em and know when to fold em. This, of course, refers to the skill that a successful poker player has in knowing when to stay in or drop out of a hand.
We use it in all kinds of business and personal situations to describe the decisions to stay in the battle or drop out asnd fight another day. In a recent e-mail to my favorite Aussie blond, I used the expression without thinking. Is it used around the world?