EV & Tournaments

Following up on our discussion of EV last week, I came across an interesting concept from Sklansky. It's one of those things that I understand without ever thinking it through. Maybe this is common sense. The starting point is: "Is it always right to follow EV?"

Let's say you bet $100 to win $1,100 10% of the time. You're EV is positive ($20/play). Given the nature of tournament play (i.e. staying alive), the wise thing is probably NOT to make a positive EV play as a big dog.