Resolve Riffs Investment Podcast

ReSolve Riffs with Annie Duke on Biases and Optimal Decision Making in Markets and Life

Jun 16, 2021
Annie Duke, a former World Series of Poker champion and author, dives into the complex world of decision-making. She shares her academic journey in cognitive science, drawing parallels between poker strategies and investment decisions. The conversation highlights biases like the Dunning-Kruger effect and the sunk cost fallacy, while exploring the importance of cognitive flexibility and diverse perspectives. Annie also reflects on the value of knowing when to quit, reshaping how we perceive success and failure.
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ANECDOTE

From Academia to Poker

  • Annie Duke's academic plan was interrupted by an illness, leading her to poker.
  • This unexpected career shift connected her cognitive science background to decision-making under uncertainty.
INSIGHT

Instinct vs. Strategy

  • Duke's poker success wasn't initially driven by explicit application of academic concepts.
  • However, her game improved significantly after consciously integrating cognitive science principles.
INSIGHT

Defining Expertise

  • In poker, "best of the best" can be specialized or adaptable.
  • Some excel in specific formats, while others possess deep conceptual understanding applicable to any game.
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