That doesnt make any sense. If makes the call once he could certainly win the hand, and if he makes it 100 times he could certainly lose every single time. In fact, if we assume he'll win 40% of the time, he'll get exactly 40 wins over 100 calls only 8.12% of the time.

Thats not how expected value works. We know how to calculate it, and we know that by the law of large numbers that the average value of many many trials is going to approach the expected value. But trials dont have memory. The deck doesnt remember that the last time you were in this situation that you folded or that you've won your last 4 trials. Sure, if we expect to have positive expectation in something and then not do it, then we just chose a 0EV thing over a +EV thing and our income likely suffered because of it. But the expected value of doing that thing didnt change because we did this.