In Good Company with Nicolai Tangen Annie Duke: Quitting, Bill Gates, and poker
49 snips
Feb 14, 2024 
Annie Duke, a world champion poker player and bestselling author, shares her unique insights on quitting and decision-making. She discusses the sunk cost fallacy, emphasizing how past investments can hinder future choices. The conversation explores the fine line between quitting and failing, using the metaphor of climbing Mount Everest. Annie also highlights the importance of unbiased advice in poker and the impact of misinformation on decision-making. Ultimately, she illustrates how enhancing decision-making skills can positively shape our lives and society.
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Difficulty of Quitting
- Quitting is difficult due to cognitive biases and cultural stigma.
- These biases, like sunk cost and endowment effect, hinder our ability to stop.
Sunk Cost Fallacy
- Evaluate continuing something as if starting it today.
- Sell a losing stock if you wouldn't buy it at its current price.
Mountaineering Analogy
- Nicolai Tangen and Annie Duke discuss climbing Mount Everest.
- They use it to illustrate how expected value relates to individual goals.
