We Study Billionaires - The Investor’s Podcast Network
TIP623: The Art Of Decision Making w/ Annie Duke
Apr 14, 2024
Annie Duke, a former professional poker player and author known for her insights on decision-making, shares her journey and the concept of quitting in this engaging discussion. She reveals the significance of base rates for better investment choices and how to close feedback loops in long-term investing. Duke emphasizes the role of 'kill criteria' in identifying when to exit a failing investment and advocates for using a quitting coach to challenge our cherished ideas. Dive into her unique blend of poker strategy and investment wisdom!
01:10:25
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Quick takeaways
- Understanding base rates enhances decision-making by providing expected values.
- Using kill criteria in investing helps improve decision-making and quit losing investments.
Deep dives
Annie Duke on Decision Making and Investing Insights
Annie Duke, a former professional poker player and author, shares valuable insights on decision-making and successful investing. She emphasizes the importance of mental tools for maximizing returns and making smarter choices, drawing from her experience in poker where decision-making is crucial. By discussing pre-commitment devices in investing, she highlights the significance of having strategies to avoid costly mistakes and enhance profitability. Duke's emphasis on creating data points for long-term investments showcases how anticipating business downturns and making informed decisions can lead to more profitable outcomes.
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