Risk management lessons from poker

In today’s epic show, we interview World Series of Poker bracelet champion Annie Duke. Annie is a nationally sought-after speaker who combines her mastery of poker with a study of the cognitive sciences in a truly unique and brilliant way.

In this show, you’ll have your mind blown by Annie’s insights regarding following conventional wisdom (even if it doesn’t make sense), focusing too much on the results (and not enough on the right choice), and accepting a level of uncertainty to gain a HUGE advantage over your competition. Annie’s theories on “thinking in bets” are designed to help others navigate a world where we can’t be certain of an outcome, but still come out on top over time.

This is an absolute can’t-miss episode for those looking for strategies to overcome apprehension, fear, or uncertainty. Be sure to listen to this incredibly brilliant and powerful interview—and get the tools to take your next steps today!

In This Episode We Cover:

• Annie’s backstory and how she got into professional poker
• Her concept of risk management
• Thoughts on luck and circumstances we have no control over
• Elements of luck versus elements of skill
• Pete Carroll’s endgame decision
• The concept of “resulting”
• What constitutes a consensus choice
• Winning and losing—and caring about your decision-making process
• The difference between real estate investing and poker
• The importance of confidence and certainty
• Why one shouldn’t be afraid of losing and being blamed
• A champion versus a victim
• And SO much more!

Links from the Show

• BiggerPockets Forums
• Rounders
• BiggerPockets Podcast 074: Buying My First Investment Property- A Newbie Podcast with Jordan, Jacob and Jeromie
• Jordan Thibodeau’s Author Profile
• Scott’s Instagram
• David’s Instagram
• BiggerPockets Podcast 157: A Simple Morning Ritual to Help You Dominate Every Area of Your Life with Hal Elrod

Books Mentioned in this Show

• Thinking in Bets by Annie Duke
• The Miracle Morning by Hal Elrod
• The Geometry of Wealth by Brian Portnoy
• Decide to Play Great Poker by Annie Duke
• Superforecasting by Dan Gardner and Philip E. Tetlock
• Extreme Ownership by Jocko Willink
• Radical Candor by Kim Scott
• Thinking, Fast and Slow by Daniel Kahneman
• The Signal and the Noise by Nate Silver
• Set for Life by Scott Trench

Tweetable Topics:

• “Every decision, even small executional decisions all the way to the larger goals, carries risks.” (Tweet This!)
• “There are no small decisions.” (Tweet This!)
• “The most important person we need to worry about pointing fingers at is ourselves.” (Tweet This!)

Connect with Annie

• Annie Duke’s Personal Website
• Annie Duke’s Twitter Profile

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