You’re on Jeopardy and going into final Jeopardy you’re in third place with $6000. Second place has $8000 and first has $9000. Regardless of how much you think you know about the final Jeopardy category, how much do you bet?
NOTHING! The answer is nothing – you’re in third place and you’re only hope is the other two answering incorrectly, so you just need to keep your money. I’m amazed at how often I see people who would have won with this strategy but instead they bet everything they had so they lose.