Almost all the cognitive forces that are working inside of your head are going to get you to quit too late. The sunk cost fallacy, which is just we take into account like how do i get my money back in the stock if i sell it? That would be basically the sunk cost fallacy. And problem number two is, as danny coniman says, the worst time to make a decision is when you're in it. So write it down in advance, say what you're going to do. This is something i call kill criterian.
Annie Duke was a professional poker player before retiring in 2012. Now, she is a decision-making consultant for a venture capital firm and author of the upcoming book, “Quit: The Power of Knowing When to Walk Away.”
Morgan Housel interviewed Duke in front of a live audience about: - Key differences between patience and stubbornness - How a quitter created Slack - Avoiding the sunk cost fallacy - How pre-mortems can make you a better investor
Host: Morgan Housel Guest: Annie Duke Producer: Ricky Mulvey Engineer: Tim Sparks
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