You can let good pitches go by
At a 2026 Family Office Club event, Richard talked about saying no. He used poker, baseball and a point he attributes to Warren Buffett. The theme was the same in each. Wait for the best opportunities and pass on the rest.
Top 1% hands
In college Richard played small online poker tables, 12 to 15 hands at a time. He folded everything except the top 1% of hands, like pocket jacks or better. He says business can work the same way.
Raise the bar as you grow
Richard quotes Sun Tzu: as opportunities are seized, they multiply. More things come at you as your business grows. So the bar should rise. Pocket jacks or better this year might be pocket queens or better next year. He adds that Buffett has said he could just reinvest in the businesses he already owns.
Baseball has the wrong rule for business
In baseball, if you watch three good pitches go by, you are out. Richard says real life works differently. You are hurt by swinging at the wrong ball, like a partner who turns out to be a fraud, not by letting good ones pass.
In Richard's words
"And in business, you can do the same. You can just not say yes to any opportunities that are not pocket kings or better if you want to, right?" (Richard C. Wilson, 2026 Family Office Club event)
"So, you can let some good opportunities go by, but you need to wait and get the very best of them." (2026 Family Office Club event)
"So just play top 1% hands" (2026 Family Office Club event)
How to use this
- Write down what a top 1% opportunity looks like for you before the next pitch arrives.
- Raise that bar each year as more deals come in.
- Ask whether a new deal beats putting more into what you already own.
- Treat a bad yes as the real risk, not a missed good one.
Questions and answers
What does Richard mean by top 1% hands?
Only saying yes to the very best opportunities, the way a disciplined poker player folds everything but premium hands.
Why is business different from baseball?
In baseball, three good pitches you do not swing at get you out. In business, Richard says, you get hurt by swinging at the wrong ball, not by letting good ones pass.
Should your standards change over time?
Yes. Richard says opportunities multiply as you grow, so raise the bar each year.
What did Buffett say about new investments?
Richard says Buffett has noted he could just reinvest in his current businesses instead of buying new ones.