The Problem of Identity in Money Management - What's Left of Sears?

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At one point they represented 1% of the total GNP of the United States. But then we also know the sort of decline of Sears. It starts faltering in the 70s as these other bargain retailers start coming along like Walmart and Kmart. And their share of that market starts getting smaller and smaller until in the beginning of the 90s they actually end up not being the number one retailer anymore. Eventually as we know they declare bankruptcy and they go out of business.

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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