The Jordan Harbinger Show cover image

757: Annie Duke | The Power of Knowing When to Quit

The Jordan Harbinger Show

ANECDOTE

Sears' Downfall

  • Sears, once a dominant retailer representing 1% of US GNP, went bankrupt despite owning successful financial services companies like Allstate Insurance, Discover Card, and Coldwell Banker.
  • When their retail business faltered, they chose to double down on retail instead of focusing on their profitable financial services.
  • This decision stemmed from their identity as a retailer, ultimately leading to their downfall.
  • This illustrates how clinging to identity can prevent adapting to change, even when the incentives are clear.
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