How to Manage Your Bank Role Effectively

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Ted Drexler: I want to see how you might apply some of these tools to kind of the parallel with poker and investing. If someone manages their bank role well, what does that mean? You recognize what your edge is. And you make sure that however much money you have at risk in any given session is essentially your applying Kelly, you know, Kelly, great. Yeah. Here's the problem is that we're really bad at that. Intuitively we're bad at it for a couple of reasons. We think we're better than we are. We also underestimate the vol.

Annie Duke is a renown public speaker and decision strategist. For two decades, she was one of the top poker players in the world, including winning a World Series of Poker bracelet and the $2 million winner-take-all WSOP Tournament of Champions. Her study of the science of smart decision-making began with a National Science Foundation Fellowship, which she used study Cognitive Psychology at the University of Pennsylvania. Among her charity work and television appearances, Annie was a runner-up to Joan Rivers on Celebrity Apprentice, during which she raised $700,000 for Refugees International. She is a natural teacher and storyteller with an active mind that constantly searches for accurate truth. I highly recommend Annie’s new book, Thinking in Bets, which comes out this week. In her life after poker, she is a featured speaker, writes a newsletter and a blog, and advises companies on improving their decision-making process. Have a look at her website, annieduke.com, for more information. Our conversation discusses Annie’s path from an Ivy League education to professional poker, the nature of a bet, how we form beliefs, why we make bad decisions, and what we can do to improve our decision-making process. Towards the end, we also talk about bankroll management, poker faces, and advice she would give the President on how to make better decisions. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership