When I was studying for my degree, part of my course involved taking classes in business management. Business is well-known for having its buzzwords – unnecessary, complex or roundabout ways of describing simple things. Well, it’s come to my attention that the same thing is happening in the poker world. We have ‘reverse implied odds’, ‘fundamental theorems’ and ‘semi-bluffs’.

One of the most prolific buzz terms of today is ‘fold equity’. But what is it exactly? Is it a useful concept, or is it a waste of time? If it’s so important, how come Chris ‘Jesus’ Ferguson, widely regarded as one of the best game theory experts, doesn’t know what it is?