What Are the Smorgasport Issues?

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Recent academic research shows that money managers tend to make good by decisions, but don't make good cell decisions. Most of the time when we decide to turn around on Everest, it's way later than we should have. When you look at expert investors on the buy side, they're generally doing somewhere around like 100, 120 bips or so better than the beta. But yet when you look at their sell side decisions, usually about 70 bips worse than the benchmark.

Annie Duke is a former professional poker player, decision making expert, best-selling author, and fortunately, a repeat guest on the show. Our first conversation about Annie’s background and best-seller Thinking in Bets is replayed on the feed. Her latest masterpiece releases tomorrow. It’s called Quit: The Power of Knowing When to Walk Away, and I’m going on record predicting it will be a best-seller in short order. Our conversation covers Annie’s compulsion to write another book, our instinct for grit, the case for quitting, the emotional and cognitive biases that stand in our way, and some techniques to improve our ability to quit effectively. Along the way, Annie shares some terrific stories from the book about Everest, Sears, the NBA draft, and the California bullet train.

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