In this book, James P. Carse distinguishes between finite and infinite games. Finite games are instrumental activities with clear rules, boundaries, and winners, such as sports, politics, and wars. Infinite games, on the other hand, are authentic interactions that aim to continue the play, changing rules and boundaries as needed. Carse explores how these concepts apply to various aspects of life, including culture, religion, sexuality, and self-discovery. He argues that finite games offer wealth, status, and power, while infinite games provide something more subtle and grander, such as true freedom and endless possibility. The book offers insights into how approaching life as either a finite or infinite game affects one's choices, satisfaction, and success[2][4][5].
My guest this week is with Annie Duke, and the topic of our discussion is how to improve decision making.
We break decisions down into their component parts: values, beliefs, decisions, randomness, and outcomes. After diving into each, we discuss how to make better decisions, how to work in group settings, and how to harness power of tribes and identity to improve our behavior.
Annie has thought about this as much as anyone, and her various tricks for getting us to think in probabilities and to stop evaluating decisions based on outcomes that have been tainted by randomness will be useful for anyone listening.
Please enjoy.
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag
Show Notes
1:23 - (First Question) – Why people don’t take the best investing advice
2:11 – Investing tribes
4:21 – Jay Van Bavel twitter
6:34 – Rule setting as a way of crafting an investment strategy
11:13 – How much control do we have in choosing our values
15:52 – Anatomy of a decision
19:28 – Her concept of resulting
26:47 - How beliefs impact your decision making
34:28 – Tact’s for making the best decision
42:40 – Ego and decision making
47:06 – People who are exceptional at changing their decision making
48:18 – How often do people who change their decision making, stick with the rules of the game
50:07 – Finite and Infinite Games
50:28 – Psychology of making decision that involves other people
59:20 - Never close doors on other people
1:01:57 – Best decision that Annie made
1:04:24 – Kindest thing anyone has done for Annie
Learn More
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub
Follow Patrick on twitter at @patrick_oshag
Invest Like the Best with Patrick O'Shaughnessy 
