Annie DukeEvery podcast appearance, updated as new ones drop

What if the reason your investment decisions feel so hard isn't the market -- it's how you're wired to think about outcomes? Annie Duke spent years as a professional poker player winning over $4 million in tournaments, then devoted the next chapter of her career to understanding why smart people consistently make bad decisions. The answer has nothing to do with intelligence and everything to do with how we confuse results with quality. She brings the full framework down to the basement today. What You'll Walk Away With Why certainty is the enemy of good decision making -- and the mindset shift that makes uncertainty feel like an advantage instead of a threat The Pete Carroll problem: how tying the outcome of a decision to the quality of the decision is quietly wrecking how you evaluate your investments Why being smarter actually makes this bias worse -- and how intelligent people spin data to confirm what they already believe more effectively than anyone else The difference between wanting to be right and wanting to be accurate -- and why that single distinction changes everything about how you process new information How to hold your beliefs as "works in progress" rather than positions to defend -- and why that opens you up to information that actually improves your decisions Why the stock market's short-term volatility is almost never the signal investors treat it as -- and what a 40-year Berkshire Hathaway chart actually tells you The poker table parallel to long-term investing -- and why you can make all the right moves and still lose, which means a bad outcome never proves a bad decision What the Philly Special play reveals about how we reward boldness only when it works -- and what that tells you about how you judge your own financial choices A listener question on market-cap weighted index funds -- why the s and p is built the way it is and what you'd actually need to do to weight it differently The best personal finance and business books the crew is reading right now -- including picks from OG that go well beyond the usual recommendations Why This Matters Now For Stackers in their 40s watching a volatile market and second-guessing decisions that were perfectly sound six months ago, this episode is a direct intervention. The temptation to call a good decision bad because the market moved against you -- or to abandon a long-term strategy because of a short-term result -- is exactly the bias Annie Duke has spent her career studying. The framework she brings today doesn't just apply to poker. It applies to every financial decision you'll make for the rest of your life. From the Basement Annie Duke joins Joe and OG to walk through the decision-making framework behind her book Thinking in Bets -- including the Super Bowl story that reframes how most people evaluate every financial move they've ever made. The headline segment tackles parents spending six figures on kids' extracurriculars and what the trade-off actually looks like for retirement savings. Doug arrives with poker-themed trivia about the all-time tournament earnings leader, gets it mostly right, and declares victory anyway. Whether the basement poker tournament ended in anyone's favor is a matter of some dispute. Resources Mentioned Thinking in Bets by Annie Duke -- available wherever books are sold Annie Duke's website and weekly newsletter -- annieduke.com Annie Duke on Twitter -- @AnniedDuke The Truth About Money by Ric Edelman -- recommended by Joe Set for Life by Scott Trench -- recommended by Joe Broke Millennial by Erin Lowry -- recommended by Joe How to Be a Financial Grownup by Bobbi Rebell -- recommended by Joe The Behavior Gap and The One-Page Financial Plan by Carl Richards -- recommended by

About this episode: Annie Duke is an author, speaker, and consultant in the decision-making space. She loves to dive deep into decision-making under uncertainty. Her latest obsession is on the topic of quitting. In particular, she is on a mission to rehabilitate the term “quitting” and get people to be proud of walking away from things. Annie is the author of two bestsellers , Quit: The Power of Knowing When to Walk Away (2022), and Thinking in Bets (2018). As a former professional poker player, she has won more than $4 million in tournament poker. During her career, Annie won a World Series of Poker bracelet and is the only woman to have won the World Series of Poker Tournament of Champions and the NBC National Poker Heads-Up Championship. Annie retired from poker in 2012. Prior to becoming a professional poker player, she was awarded a National Science Foundation Fellowship to study Cognitive Psychology at the University of Pennsylvania, where she earned her master’s degree. In 2023, Annie completed her Ph.D. in Cognitive Psychology. Annie is the co-founder of The Alliance for Decision Education , a non-profit whose mission is to improve lives by empowering students through decision skills education. Learn more and subscribe at flourishfmpodcast.com Follow us: YouTube @flourishfmcast Instagram @flourishfmpodcast LinkedIn @flourishfmpodcast Twitter @flourishfmcast Facebook @flourishfmcast Links: Website Substack LinkedIn Instagram YouTube Twitter Facebook The Alliance for Decision Education Make Better Decisions course on Maven Decision Education Podcast 00:00 Meet Dr. Annie Duke: Decision-Making, Poker, and the Case for Quitting 05:22 Defining a “Good Decision”: Goals, Values, and the Four Quadrants 09:14 Luck vs. Choice: Avoiding Nihilism and Leaning Into Uncertainty 12:49 Sponsor Break: The Anti-Fragile Academy 14:21 Decision-Making for Flourishing: Agency Without Illusions of Control 18:33 Quitting Well: Updating Beliefs, Identity Threats, and Mental Time Travel 28:03 Quitting, Happiness & the Forecasting Problem (Tying the Strands Together) 29:38 Why We Misread Our Values—and Resist Changing Course 30:52 The ‘Future Unhappy’ Exercise: Mental Time Travel for Better Decisions 32:42 Get Outside Perspectives (Independently): Friends, Mentors & Written Answers 34:11 Real-World Example: Forecasting Rev

Send us Fan Mail Why Poker Makes You a Better Thinker - Annie Duke on Decision Science About the guest: Annie Duke is a decision strategist, author, and former professional poker player known for her expertise in cognitive science and decision-making under uncertainty. Originally pursuing a PhD at the University of Pennsylvania, she shifted paths due to illness and went on to win a World Series of Poker championship, eventually becoming one of the most successful female players in the game’s history. Leveraging her background in cognitive science and poker, Annie transitioned into writing, speaking, and consulting, authoring acclaimed books such as Thinking in Bets, How to Decide, and Quit. She is also the co-founder of the Alliance for Decision Education, advocating for better thinking skills in K–12 education. Annie’s work bridges rigorous research with practical frameworks for better decisions in life and business. Connect with Annie! https://x.com/annieduke?lang=en Connect with Ryan! https://twitter.com/RyanJAyala Connect with Us! https://www.instagram.com/alchemists.library/ Chapters: 00:00 Introduction & Life Pivot 03:38 Entering the Poker World 06:08 The Bridge Between Poker & Cognitive Science 09:00 Decision Education & Career Evolution 10:59 Forecasting in Personal Decisions 14:24 Qualitative vs. Quantitative Thinking 18:12 The Danger of “Going With Your Gut” 23:12 Aligning Internal & External Perspectives 25:48 Defining Terms & Clarifying Assumptions 34:01 The Myth of Mysticism in Decision-Making 40:43 Experience vs. Explicit Models 53:40 Closing Thoughts on Self-Improvement Connect with Us! https://www.instagram.com/alchemists.library/ https://twitter.com/RyanJAyala

In this episode, Clay explores the book Thinking in Bets by Annie Duke, a guide to making better decisions under uncertainty. Drawing from her career as a professional poker player, Annie shares how to separate decision quality from outcomes and avoid the trap of “resulting.” Clay also discusses how our brains are wired for certainty, why embracing probabilistic thinking leads to better outcomes, and the value of building a truth-seeking support system. Additionally, he uncovers tools like backcasting, premortems, and kill criteria to improve long-term decision-making as investors. IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 01:36 - What it means to “think in bets” and how poker can sharpen decision-making. 05:57 - The concept of “resulting” and how it distorts our ability to evaluate decisions. 08:17 - Why good decisions can still lead to bad outcomes—and vice versa. 09:41 - The role of System 1 vs. System 2 thinking in making better choices. 10:44 - How investing parallels poker with incomplete information and uncertainty. 26:29 - How to build a feedback loop that separates luck from skill. 34:03 - The importance of building a truth-seeking group or “buddy system.” 35:02 - The dangers of confirmation bias and how beliefs are often formed by default. 52:54 - How backcasting and premortems can help map out future decisions. 57:16 - The power of setting kill criteria to avoid emotional decision-making. And so much more! Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join Clay and a select group of passionate value investors for a retreat in Big Sky, Montana. Learn more here . Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Annie Duke’s book: Thinking in Bets . Mentioned book: Big Mistakes . Related Episode: TIP623: The Art of Decision Making w/ Annie Duke . Related Episode: <a href="https://www.theinvestorspodcast

Is your identity preventing you from making a necessary change? The golden child, the one who spent decades climbing the corporate ladder, often stays miserable because they can't separate who they are from what they do. Annie Duke reminds us that even the toughest career pivots are surprisingly reversible, and encourages us to imagine what we'd do with those reclaimed 60 hours each week if we finally walked away. [Episode 94] Annie Duke is an Author, Professional Speaker & Decision StrategistLearn more about Annie: • Annie's Website: https://www.annieduke.com/ • LinkedIn: https://www.linkedin.com/in/annie-duke/ • X/Twitter: https://x.com/annieduke?lang=en References from the show: • Your Future Self by Hal Hershfield: https://www.halhershfield.com/yourfutureself • How to Change by Katy Milkman: https://www.katymilkman.com/book • Alliance for Decision Education: https://alliancefordecisioneducation.org/ • The Decision Education Podcast: https://alliancefordecisioneducation.org/podcasts/ —- JOIN OUR GROUP COACHING COHORTS: Are you looking to ask deep, introspective and provocative questions about your own life (with Khe and likeminded peers) ⁠⁠⁠⁠⁠Apply today⁠⁠⁠⁠⁠ —- BECOME A RADREADER: 📩 ⁠⁠⁠⁠⁠Join 50,000+ ambitious professionals⁠⁠⁠⁠⁠ for our weekly essays on productivity, money and career. ⁠⁠⁠⁠⁠🐦 Twitter⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠📸 Instagram⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠💼 LinkedIn⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠🌍 RadReads Blog⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠🎥 TikTok⁠⁠⁠⁠⁠ Podcast art by Nate Kadlac , photography by Henry Thong

Like so many, my heart is deeply heavy today for the victims of both the Washington D.C. plane and helicopter collision and now, as of Friday night, the tragic plane crash in Philadelphia. Both incidents — as well as so much else going on in my life right now — have led me to start reevaluating my life. What matters most? What should be prioritized? Today’s guest helps us, through her impressive body of work, learn how to make decisions, including learning when to quit and walk away from something, be it a relationship, a job, or a goal, for example. We’ve got Annie Duke here today to talk in particular about two of her many books: Quit: The Power of Knowing When to Walk Away , and How to Decide: Simple Tools for Making Better Choices . Quit came out in 2022, and How to Decide in 2020. Annie is also the author of Thinking in Bets: Making Smarter Decisions When You Don’t Have All the Facts , which came out in 2018; we briefly mention Thinking in Bets , but don’t delve deep into it in this episode, though I have read it and highly recommend it. To deeper understand Annie’s work, you must first understand Annie — she’s now a prolific self-improvement writer, but she is also a former poker player, and brings those decision making skills into her writing. Annie isn’t just some average poker player, mind you — she is one of the most successful poker players of all time, particularly among female poker players, and won the 2004 World Series of Poker Tournament of Champions. In addition to her mainstream work, she’s also written a number of books for poker players specifically, and published her autobiography in 2005. Annie was educated at Columbia and Penn, an active philanthropist, a business consultant, public speaker, and is an expert in decision fitness, emotional control, productive decision groups, and embracing uncertainty, which is an area I feel like all of us are living in right now. Today on the show we talk about why quitting has an unfairly earned negative connotation; the dichotomy of grit versus quit; how quitting is a key decision making tool; how impactful decisions are on our lives; how her career in poker led her to the work she does today; and so much more. Let’s kick off February with this great conversation. All by Annie Duke: Quit: The Power of Knowing When to Walk Away How to Decide: Simple Tools for Making Better Choices Thinking in Bets: Making Smarter Decisions When You Don’t Have All the Facts

Annie Duke is an author, speaker, and consultant in the decision-making space, as well as Special Partner focused on Decision Science at First Round Capital Partners, a seed stage venture fund. Annie’s latest book, Quit: The Power of Knowing When to Walk Away (https://amzn.to/4goiS7r), was released in 2022 from Portfolio, a Penguin Random House imprint. Her previous book, Thinking in Bets (https://amzn.to/3TA4VJP), is a national bestseller. As a former professional poker player, she has won more than $4 million in tournament poker. During her career, Annie won a World Series of Poker bracelet and is the only woman to have won the World Series of Poker Tournament of Champions and the NBC National Poker Heads-Up Championship. She retired from the game in 2012. Prior to becoming a professional poker player, Annie was awarded a National Science Foundation Fellowship to study Cognitive Psychology at the University of Pennsylvania. In 2023 Annie completed her PhD in Cognitive Psychology at UPenn. Join our free weekly newsletter so you don't miss all of the tech news: https://svic.substack.com/ Follow us: Threads: www.threads.net/@svicpodcast Twitter: https://x.com/svicpodcast LinkedIn: https://www.linkedin.com/company/svicpodcast Tiktok: https://www.tiktok.com/@svicpodcast Instagram: https://www.instagram.com/svicpodcast Spotify: https://podcasters.spotify.com/pod/show/svicpodcast Need consulting help on M&A or do you have questions about AI? Reach out to Jordan on intro - intro.co/JordanThibodeau?source=intro Show hosts Joe (Eng VP) and Jordan (M&A Deal Lead) worked at various companies from Google, Apple, Facebook, Microsoft, Salesforce, Slack, Carta, Splunk, Wealthfront, Adobe, and more. Chapters 00:00 - Two Ways We Make Bad Decisions 01:06 - Guest Introduction: Annie Duke’s Background and Books 02:35 - Alliance for Decision Education: Mission and Vision 04:52 - Decision-Making Biases: An Overview 06:17 - Resulting Bias and Hindsight Bias in Postmortems 08:10 - How Cognitive Shortcuts Lead to Errors 10:35 - Challenges in Recognizing and Correcting Bias 12:31 - Confirmation Bias: The Value of Outside Perspectives 14:38 - Using Base Rates to Make Rational Decisions 16:22 - Overcoming Sunk Cost Fallacy with Pre-Commitment 18:30 - Setting Kill Criteria and the Role of Pre-Mortems 22:13 - Sales Strategy: Identifying and Exiting Lost Causes 24:52 - Postmortems: Pitfalls and Team Dynamics 27:39 - Team Risk Management and Innovation Stagnation 30:08 - Avoiding Groupthink and Fostering Diverse Input 32:56 - Case Study: Google vs. OpenAI on Risk Tolerance 36:41 - The Remote Work Debate and Organizational Alignment 39:02 - Knowing When to Quit: The Value of Letting Go 43:06 - Slack’s Founding: Pivoting from Glitch to Success 45:37 - Opportunity Cost: Seeing New Paths After Quitting 49:02 - Decision Science for Youth: Empowering Agency 52:53 - Teaching Forecasting Skills to Teenagers 56:39 - Annie’s Upcoming Book: Interpreting Data Accurately 59:14 - Using Comparisons for Better Decision-Making 1:02:28 - Final Thoughts: Practical Tips for Better Choices 1:04:50 - Closing Remarks and Upcoming Content

In this episode of The Mentors Radio, Host Tom Loarie talks with Annie Duke , a world champion poker player and best-selling book author. We are all too familiar with the phrase “you’ve got to know when to hold ’em, know when to fold ’em,” but how DO we know? How can we be sure ? Annie Duke is a decision-making expert, a cognitive science expert and a former professional poker player with a PhD in Cognitive Psychology who knows a think or two about high-stakes decisions. As the best-selling author of “ QUIT: The Power of Knowing When to Walk Away ,” Annie challenges the stigma around quitting and reveals how mastering this skill can lead to greater success and fulfillment in work in life. Her contrarian point-of-view provides a compelling argument for the virtues of quitting. Listen to the show broadcast on Salem Radio in San Francisco, via live-streaming on iHeart Radio worldwide or anytime, on ANY podcast platform, including Apple Podcast, Spotify, iTunes, TuneIN, Stitcher, Google Play and all the others. Sign up for the podcast here . SHOW NOTES: ANNIE DUKE : BIO : https://www.annieduke.com/about/ WEBSITE : https://www.annieduke.com/ BOOKS : QUIT: The Power of Knowing When to Walk Away , by Annie Duke Thinking in Bets: Making Smarter Decisions When You Don’t Have All the Facts , by Annie Duke How to Decide: Simple Tools for Making Better Choices , by Annie Duke

In episode 402 of The Brainy Business podcast, Annie Duke, a former professional poker player and author of the book Quit, joins host Melina Palmer to discuss the psychology of quitting and decision-making under uncertainty. Annie's transition from an academic to a professional poker player and her subsequent work in decision science provide a unique and valuable perspective on the topic. Throughout the conversation, Annie challenges traditional perceptions of quitting and emphasizes its crucial role in winning and strategic decision-making. She introduces concepts such as pre-mortems and the mental model of monkeys and pedestals, offering practical tools and frameworks for making better decisions. The episode provides valuable insights into reframing the mindset around quitting, the importance of understanding when to quit, and the potential impact of decision education in various domains. Annie Duke's diverse background and expertise in decision science make this episode a must-listen for entrepreneurs and business owners seeking to enhance their strategic decision-making skills and achieve increased business success. In this episode: Discover the strategic benefits of quitting in business to unlock new opportunities and growth potential. Implement behavioral economics in your business to enhance decision-making and drive better outcomes. Learn how to strategically identify when to quit for long-term business success and resilience. Explore the Monkeys and Pedestals decision-making model for insightful strategies to improve decision-making processes. Overcome analysis paralysis and make decisive, effective decisions to propel your business forward. Show Notes: 00:00:00 - Introduction The episode introduces Annie Duke and her book Quit about the psychology of quitting and decision-making. 00:01:15 - The Importance of Quitting Annie explains how winners often say no and quit things to succeed, emphasizing the need to know what to stick with, what to quit, and when. 00:04:47 - Annie's Background and Transition Annie shares her journey from academia to professional poker and behavioral psychology, highlighting how her poker career led her back to her cognitive science roots. 00:08:40 - The Power of Diverse Perspectives Annie discusses the value of diverse experiences in decision-making and problem-solving, emphasizing the importance of different frames of thinking to bring unique insights to the table. 00:12:05 - The Pre Mortem Skepticism Annie shares her research on pre-mortems, expressing skepticism about their effectiveness as standalone decision tools and the need to combine them with other strategies for improving decision quality. 00:14:18 - Normalize Dissent and Prospective Hindsight Daniel Kahneman's advice on normalizing dissent allows for consideration of both good and bad outcomes. Prospective hindsight can generate 30% more reasons for failure or success. 00:15:19 - Pre Parade and Pre Mortem Tools Pre-mortem exercises influence confidence and introduce self-serving bias. The pre parade increases overconfidence, while the pre-mortem leads to attributing bad outcomes to external factors. 00:18:43 - Challenges in Behavior Change Difficulty in getting people to change plans despite pre-mortem insights. Anecdotal observations and studies show resistance to plan modifications across various domains, raising questions about the effectiveness of the exercise. 00:19:55 - Group Dynamics and Real-world Impact Need for group testing of pre-mortems to understand the impact of group dynamics. Potential for behavior change in high-stakes environments like work projects. Studies underway to explore these aspects in real-world scenarios. 00:22:23 - Thinking in Bets an

Read the full transcript here. Should people spend more time becoming better decision-makers? What are the main things that determine how our lives turn out? What's wrong with pro / con lists? When should we deviate from making decisions based on expected value calculations? What kinds of uncertainty might we encounter in the decision-making process? Are explicit decision calculations self-defeating? How similar is intuitive decision-making to decision-making that's based on calculations? How useful are heuristics? How can we know which decisions are significant enough to warrant calculations? What makes a decision hard? What's the omission / commission bias? What lessons can we learn from monkeys and pedestals? Should decision-making strategies be taught in primary and secondary schools? Annie Duke is an author, speaker, and consultant in the decision-making space, as well as Special Partner focused on Decision Science at First Round Capital Partners, a seed stage venture fund. Her latest book, Quit: The Power of Knowing When to Walk Away , was released in 2022 from Portfolio, a Penguin Random House imprint. Her previous book, Thinking in Bets , is a national bestseller. As a former professional poker player, she has won more than $4 million in tournament poker, has won a World Series of Poker bracelet, and is the only woman to have won the World Series of Poker Tournament of Champions and the NBC National Poker Heads-Up Championship. She is the co-founder of The Alliance for Decision Education, a non-profit whose mission is to improve lives by empowering students through decision skills education. Connect with her on Facebook , Twitter , YouTube , LinkedIn or via her website, AnnieDuke.com ; or subscribe to her newsletter on Substack . Further reading Thinking in Bets: Making Smarter Decisions When You Don't Have All the Facts , by Annie Duke Quit: The Power of Knowing When to Walk Away , by Annie Duke How to Decide: Simple Tools for Making Better Choices , by Annie Duke The Alliance for Decision Education Staff Spencer Greenberg — Host / Director Josh Castle — Producer Ryan Kessler — Audio Engineer Uri Bram — Factotum WeAmplify — Transcriptionists Alexandria D. — Research and Special Projects Assistant Music Broke for Free <a href="https://www.joshwoodward.com/song/AlreadyThere"

Annie Duke is a former professional poker player, a decision-making expert, and a special partner at First Round Capital. She is the author of Thinking in Bets (a national bestseller) and Quit: The Power of Knowing When to Walk Away and the co-founder of the Alliance for Decision Education, a nonprofit whose mission is to improve lives by empowering students through decision skills education. In our conversation, we cover: • What Annie learned from the late Daniel Kahneman • The power of pre-mortems and “kill criteria” • The relationship between money and happiness • The power of “mental time travel” • The nominal group technique for better decision quality • How First Round Capital improved their decision-making process • Many tactical decision-making frameworks — Brought to you by: • Vanta —Automate compliance. Simplify security. • UserTesting —Human understanding. Human experiences. • LinkedIn Ads —Reach professionals and drive results for your business — Find the transcript at: https://www.lennysnewsletter.com/p/making-better-decisions-annie-duke — Where to find Annie Duke: • X: https://twitter.com/AnnieDuke • LinkedIn: https://www.linkedin.com/in/annie-duke/ • Website: https://www.annieduke.com/ • Substack: https://www.annieduke.com/substack/ — Where to find Lenny: • Newsletter: https://www.lennysnewsletter.com • X: https://twitter.com/lennysan • LinkedIn: https://www.linkedin.com/in/lennyrachitsky/ — In this episode, we cover: (00:00) Annie’s background (03:53) Lessons from Daniel Kahneman: humility, curiosity, and open-mindedness (09:15) The importance of unconditional love in parenting (15:15) Mental time travel and “nevertheless” (20:06) The extent of improvement possible in decision-making (24:54) Independent brainstorming for better decisions (35:36) Making sure people feel heard (42:41) The “3Ds” framework to make better decisions (44:49) Decision quality (55:46) Improving decision-making at First Round Capital (01:05:05) Using pre-mortems and kill criteria (01:10:15) Making explicit what’s implicit (01:10:55) The challenges of quitting and knowing when to walk away (01:19:23) Where to find Annie — Referenced: • Daniel Kahneman, Who Plumbed the Psychology of Economics, Dies at 90: https://www.nytimes.com/2024/03/27/business/daniel-kahneman-dead.html • Adversarial collaboration: https://en.wikipedia.org/wiki/Adversarial_collaboration • Does more money correlate with greater happiness?: <a target="_blank" href="https://penntoday.upenn.edu/news/does-more-money-correlate-greater-happiness-Penn-Princeton-research#:~:text=Foundational%20work%20published%20in%202010,leveled%20off%20a

Kyle Grieve chats with Annie Duke about her own story of quitting and how it helped sparked the idea for one of her books, the importance of base rates in helping us make better decisions, how to improve our investing processes when we have long feedback loops, the importance of using kill criteria to quit an investment or hypothesis, how to use a quitting coach to help you quit things we hold onto for too long, the importance of dissociating ourselves from our most cherished ideas, and a whole lot more! IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro 02:28 - Annie's own story of quitting and how it got here to where she is today. 15:50 - Why expected value is so crucial for investors to manage risk best. 20:15 - The importance of understanding base rates. 20:15 - How we can use base rates to help us best understand expected values of our investments. 24:55 - How we can reframe our analysis of a business to close feedback loops on long-term investments. 32:40 - How we can get transfer from one skill to another far away skill (e.g. chess to investing). 45:28 - How we can use kill criteria in our investing decision-making to improve our abilities to quit a losing investment. 45:28 - How to engineer your decision-making to give yourself an outside view. 51:11 - How we can disassociate ourselves from our investments to reduce the impacts of the endowment effects. 51:32 - How to set up a quitting coach by permitting them to disagree with you. And so much more! Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Buy Quit: The Power of Knowing When to Walk Away here . Buy Thinking in Bets: Making Smarter Decisions When You Don't Have All the Facts here . Check out Annie’s substack here . Learn more about Annie Duke here . Related Episode: RWH015: Betting Better In Markets & Life w/ Annie Duke | YouTube video . Related Episode: TIP231: The Mind

Send us a text Dr. Annie Duke is a former professional poker player, an author, speaker, and consultant in the decision-making space. She is the author of the national bestseller, Thinking in Bets , and, the topic of today’s interview, 2022’s Quit: The Power of Knowing When to Walk Away . “Quitting’s for the weak” reverberates through today’s culture. Of course, quitting just because something is hard is not a good idea. However, we don’t tend to evaluate whether what we spend our time on is worth “buckling down” for. We highlight the journey, not the destination when it’s really the destination that we should be focused on. In our last episode ( 116 ), with Dr. Adam Alter, we mentioned Dr. Angela Duckworth’s Grit and Dr. Annie Duke’s Quit . Having already dived into Dr. Duckworth’s work with her in episode 21 , I wanted to hear what might initially seem like a conflicting view. Topics: Is quitting a counterargument or a compliment to grit? Strategies for assessing when to quit "Explore and exploit" mindset: how does that connect to quit and grit? How to apply exploring/exploiting seasons in life "What books have had an impact on you ?" "What advice do you have for teenagers ?" Bio: Annie loves to dive deep into decision-making under uncertainty. Her latest obsession is on the topic of quitting. In particular, she is on a mission to rehabilitate the term and get people to be proud of walking away from things. Annie is an author, speaker, and consultant in the decision-making space, as well as Special Partner focused on Decision Science at First Round Capital Partners, a seed stage venture fund. Annie’s latest book, Quit: The Power of Knowing When to Walk Away , was released in 2022 from Portfolio, a Penguin Random House imprint. Her previous book, Thinking in Bets , is a national bestseller. As a former professional poker player, she has won more than $4 million in tournament poker. During her career, Annie won a World Series of Poker bracelet and is the only woman to have won the World Series of Poker Tournament of Champions and the NBC National Poker Heads-Up Championship. She retired from the game in 2012. Prior to becoming a professional poker player, Annie was awarded a National Science Foundation Fellowship to study Cognitive Psychology at the University of Pennsylvania. In 2023 Annie completed her PhD in Cognitive Psychology at UPenn. Annie is the co-founder of The Alliance for Decision Education, a non-profit whose mission is to improve lives by empowering students through decision skills education. She is a member of the National Board of After-School All-Stars and the Board of Directors of the Franklin Institute. Socials! - Lessons from Interesting People substack : https://taylorbledsoe.substack.com/ Website: https://www.aimingforthemoon.com/ Instagram: https://www.instagram.com/aiming4moon/ Twitter: https://twitter.com/Aiming4Moon Facebook: https://www.facebook.com/aiming4moon Taylor's Blog: https://www.taylorgbledsoe.com/

I recently sat down for a live event and Q&A with the great Annie Duke to discuss her new book, Quit: The power of knowing when to walk away. This episode is the audio from that event. Quit is all about how to develop a very particular skill: how to train your brain to make it easier to know which goals and plans are worth sticking to and which are not. In Quit, Duke teaches you how to get good at quitting. Drawing on stories from elite athletes like Mount Everest climbers, founders of leading companies like Stewart Butterfield, the CEO of Slack, and top entertainers like Dave Chappelle, Duke explains why quitting is integral to success, as well as strategies for determining when to hold em, and when to fold em, that will save you time, energy, and money. • Connections • Newsletter • Annie Duke's Twitter • Annie Duke’s Website • School of Thought • The Conspiracy Test • The Alliance for Decision Education • The Decision Education Podcast • Show Notes Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

“There are only two things that determine the way your life turns out. Luck and the quality of your decisions. That's it.” Annie Duke When we won’t quit a bad idea because we hear a unicorn success story—instead of making the smarter move to invest “our treasure” (talents, time and energy) elsewhere. Why we never have ALL the facts when making decisions (and how luck swings outcomes more than we think). When we have to ignore how much money we’ve “put in the pot” and fold instead (and why pre-bet kill criteria will be your friend). Thinking in bets: how to calculate your expected value from a decision (and why horses are more dangerous than sharks). How soloists can establish truth-seeking groups to get the value of constructive advice (and why this is so critical to high performance). Be sure to stick around to the very end for a lightning round of Q+A on making better decisions. LINKS Annie Duke | Substack | Website | Quit | Thinking in Bets BIO Annie loves to dive deep into decision making under uncertainty. Her latest obsession is on the topic of quitting. In particular, she is on a mission to rehabilitate the term and get people to be proud of walking away from things. Annie is an author, speaker, and consultant in the decision-making space, as well as Special Partner focused on Decision Science at First Round Capital Partners, a seed stage venture fund. Annie’s latest book, Quit: The Power of Knowing When to Walk Away , was released in 2022 from Portfolio, a Penguin Random House imprint. Her previous book, Thinking in Bets , is a national bestseller. As a former professional poker player, she has won more than $4 million in tournament poker. During her career, Annie won a World Series of Poker bracelet and is the only woman to have won the World Series of Poker Tournament of Champions and the NBC National Poker Heads-Up Championship. She retired from the game in 2012. Prior to becoming a professional poker player, Annie was awarded a National Science Foundation Fellowship to study Cognitive Psychology at the University of Pennsylvania. Annie is the co-founder of The Alliance for Decision Education, a non-profit whose mission is to improve lives by empowering students through decision skills education. She is a member of the National Board of After-School All-Stars and the Board of Directors of the Franklin Institute and serves on the board of the Renew Democracy Initiative. LINKS Rochelle | Email List | LinkedIn | Twitter | Instagram Jonathan | Daily List | Website | Ditcherville | LinkedIn | Twitter

Sit down with us as we delve into an intriguing discussion with the brilliant Annie Duke . She navigates our listeners from the world of academia to the high-stakes realm of poker, and back, sprinkling invaluable insights along the way. The episode unfurls the hidden similarities between poker and tennis, and brings to light how the strategic game of poker has influenced her approach to tennis. We also uncover the role of skill and luck in the world of competitive games and how these elements can affect short-term outcomes. Annie bares her personal journey as a woman in the predominantly male field of poker, bringing forth the challenges she faced and the decision that led her to quit. She enlightens us on the power of knowing when to walk away, a skill that is often overlooked. Our discussion also ventures into the purpose of betting in poker, proving that it is more than a gamble; it's a way of gathering information about your opponent. In the concluding part of our conversation, we explore the connection between forced quitting, decision making, and opportunity costs. Annie's books serve as a backdrop as we navigate through the concept of open-mindedness and the complexity of changing beliefs. Tune in to this thought-provoking conversation that's brimming with strategies and insights from the captivating world of poker, academia, tennis, and beyond. You'll be left contemplating your own decision-making strategies and maybe even your next move in poker, or life in general. Check out: Annie's Website: https://www.annieduke.com/ Annie's Substack: https://annieduke.substack.com/ Annie's Podcast: The Decision Education Podcast on Apple Podcast , https://alliancefordecisioneducation.org/podcasts/ Annie's Books: https://www.annieduke.com/books/ Alliance for Decision Education: https://alliancefordecisioneducation.org/ Send us Fan Mail 8 EIGHT SLEEP Save $200 on 8Sleep and get better quality and deeper sleep with automatic temperature adjustment LEORÊVER COMPRESSION AND ACTIVEWEAR Get 10% off Loerêver Balanced Compression and Activewear to elevate your confidence and performance Disclaimer: This post contains affiliate links. If you make a purchase, I may receive a commission at no extra cost to you. This content is also available in a video version on YouTube. If you enjoyed this episode, please share it with someone who may enjoy it as well, and consider leaving a review on Apple Podcasts or Spotify . You can also submit your feedback directly on my website . Follow @GrandSlamJourney on Instagram , Facebook , Twitter , and join the LinkedIn community.

Annie Duke is a World Series of Poker champion, having won more than $4 million in tournament poker. In 2004, she won the World Series of Poker bracelet and is the only woman to have won the World Series of Poker Tournament of Champions. In 2009, Annie was a contestant on Celebrity Apprentice, where she took 2nd and raised more than $700,000 for her chosen charity. She is the author of Thinking in Bets , a national bestseller, and Quit: The Power of Knowing When to Walk Away . Annie was awarded a National Science Foundation Fellowship to study Cognitive Psychology at the University of Pennsylvania, and she recently completed her PhD. She is also the co-founder of The Alliance for Decision Education, a non-profit whose mission is to improve lives by empowering students through decision skills education. In this episode, we discuss the following: Quitting isn’t a bad thing. With whatever we’re doing, don’t be afraid to say, “I don't love it” or “I loved it, but I no longer do” or “I still love it, but I think there might be this other thing that I love more.” All decisions are probabilistic, so it’s important to continually sample.Try a bunch of stuff, figure out what you like, and then keep trying a bunch of stuff. It’s hard for us to leave paths without feeling like we’ve failed. Luckily for Annie, she was forced to try other things when she got sick during her PhD program. And then sampling poker led her to becoming a world champion. Then she realized she liked writing books, giving talks, and running a foundation. Just because something survives a fact check doesn’t mean it’s true…true in the sense that it’s the right model of the facts. If the stock market drops 3,000 points in one day, people might say it’s the largest drop in history. But that would only be true in terms of total points, not true in terms of percentage. Given that every decision we make is a forecast, the quality of our decisions are only as good as the way that we’ve modeled the information that is inputted into the forecast. Annie has developed two questions that are fantastic for modeling facts: “Out of how many?” and “In comparison to what?” By asking ourselves these two questions we will improve our models and make Annie happy. Follow Annie: Twitter: https://twitter.com/AnnieDuke LinkedIn: https://www.linkedin.com/company/annie-duke-professional-speaker-&-decision-strategist/ Instagram: https://www.instagram.com/_annieduke/ Annie's Books: Thinking in Bets: https://amzn.to/3PjJ33s How to Decide: https://amzn.to/3OW0UMv Quit: https://amzn.to/3qM9aqu Follow Me: Twitter: https://twitter.com/nate_meikle LinkedIn: https://www.linkedin.com/in/natemeikle/ Instagram: https://www.instagram.com/nate_meikle/

Outcome Bias Outcome Bias is a common trap we all fall into, when we judge a decision based on the results, instead of looking at the process itself. This impacts learning, leadership, and decision making more than we realize. Annie Duke and Övül Sezer show us how to change that. Quick Links: Learner Lab Podcast Annie Duke Övül Sezer The Learner Lab Website Annie Duke is an author, speaker, and consultant in the decision-making space, as well as Special Partner focused on Decision Science at First Round Capital Partners, a seed stage venture fund. Annie is the co-founder of The Alliance for Decision Education, a non-profit whose mission is to improve lives by empowering students through decision skills education. She is a member of the National Board of After-School All-Stars and the Board of Directors of the Franklin Institute and serves on the board of the Renew Democracy Initiative. Övül Sezer is an Assistant Professor of Management and Organizations at Cornell University. Her research has been featured in top management and psychology journals including the Journal of Personality and Social Psychology, Organizational Behavior and Human Decision Processes, Harvard Business Review and covered in leading media outlets including New York Times, Wall Street Journal and The Washington Post.

Want to continue learning from the world’s experts on time management, networking, career development, better sleep, overcoming burnout, and so much more? → Click here for your customized podcast playlist "Expected value is not just about money. It can be measured in health, well being, happiness, time, self-fulfillment, satisfaction in relationships or anything else that affects you." - Annie Duke Annie Duke is an author, speaker and a consultant in the decision-making space. And as a former professional poker player who has won $4 million in tournament poker, I’d say she has figured out a thing or two in regard to making decisions (especially under pressure). Her book, Thinking in Bets , is a national bestseller and today, we’re going to talk about her latest book, Quit: The Power of Knowing When to Walk Away . In our conversation, Annie and I talk about her unique approach to the concept of quitting, drawing from her study of cognitive psychology and experience in playing tournament poker. We talk about why people tend to default in making bad decisions, and how learning to quit can actually be one of the best avenues you can take on the road to success. Annie walks us through the specific techniques she teaches for the art of decision making, and how you can apply these to your life (and choices) moving forward. If you feel uncertain on whether or not you should quit (whether that be a job, a relationship, a goal, or even a system of habits) Annie’s simple and direct techniques will no doubt have you on the path towards making a clear decision. Her unique take on decision making backed by her study of cognitive psychology are the perfect combination for an eye opening conversation that I can’t wait for you to hear. Want to Hear More Episodes Like This One? » Click here to subscribe and never miss another episode Here's What You'll Learn: Annie’s unique journey of going from a student of cognitive psychology to an award winning professional poker player to what she does today How the concept of a 2-way door is important in helping us decide whether to pursue something or not Why Annie doesn’t like the phrase “make your own luck” and what we should be doing instead (from a logical poker perspective) Why quitting can be one of the greatest strategies available for reaching success The real danger in staying where you shouldn’t… The concept of “kill criteria” and how you can use it to know for certain whether or not it’s time to quit What loss aversion means and how it’s stopping us from making progress How we can use “expected value” to guide our decision making Annie puts me in the hot seat to workshop my American Ninja Warrior goal So…how do you REALLY know if you should grit it or quit it? Useful Resources Mentioned: Quit: The Power of Knowing When to Walk Away Thinking in Bets: Making Smarter Decisions When You Don't Have All the Facts <a href="h

Annie Duke is a former poker player and author. She holds a World Series of Poker (WSOP) gold bracelet from 2004 and at one point won more money in WSOP history than any other female. She is still in the top four as of September 2021, despite being retired from poker, last cashing at a tournament 2010. She is the author of three phenomenal books Thinking In Bets, How To Decide, and Quit. In this conversation, we spoke about how Annie got into poker, how to decide whether to quit a job or relationship, and what she learned from Erik Seidel. (0:00) Intro (3:13) Getting Into Poker (19:59) Visual Memory (22:00) Annie’s Poker Mentor (27:21) Breaking Down Decision Making (30:43 Dr. Olstyn Martinez (39:39) Maintaining Identity (44:11) Deciding In Advance (48:56) Quitting A Relationship Or Job (53:30) What Does Annie Want People To Take Away? (59:20) Challenge Annie’s Links Twitter: https://twitter.com/AnnieDuke Thinking In Bets by Annie Duke: https://www.amazon.com/Thinking-Bets-Making-Smarter-Decisions/dp/0735216355 How To Decide by Annie Duke: https://www.amazon.com/How-Decide-Simple-Making-Choices/dp/B088P4XLVB Quit by Annie Duke: https://www.amazon.com/Quit-Power-Knowing-When-Walk/dp/0593422996 My Links Thinking In Bets Notes – https://dannymiranda.com/thinking-in-bets-notes-summary/ ✉️ Newsletter: https://dannymiranda.substack.com 🎙 Podcast: https://anchor.fm/dannymiranda 🎥 YouTube: https://youtube.com/dannymiranda 🐣 Twitter: https://twitter.com/heydannymiranda 📸 Instagram: https://instagram.com/heydannymiranda 🕺 TikTok: https://tiktok.com/@heydannymiranda

Quitting is often viewed as a sign of failure, but in some cases, it might be the best decision. Whether it's quitting a bad habit, a job, or an unhealthy relationship, it is always important to know when to call it quits. Annie Duke, an expert in decision-making and author of Quit: The Power of Knowing When to Walk Away , inspires us to feel empowered and proud when we choose to quit. She encourages us to embrace the freedom and opportunity that comes with knowing when to let go and move on to something better. So, let us be bold and confident in our choices to quit, and relish the journey of growth and self-discovery that follows. Listen and Learn: Annie’s thoughts on Tom Brady's repeated retirements Why is there such a stigma around quitting Defining expected value decisions How to wisely use expected value decisions The sunk cost fallacy and some ways that we can manage this Asso Teller’s monkeys and pedestals tool for quitting Growth mindset and quitting goals Resources: Learn more about Annie’s work on her website : https://www.annieduke.com/ Get your copy of Quit: The Power of Knowing When to Walk Away : https://bookshop.org/a/30734/9780593422991 Alliance for Decision Education : https://www.annieduke.com/the-alliance-for-decision-education/ Connect with Annie on Twitter or Instagram About Annie Duke Annie is an author, corporate speaker, and consultant in the decision-making space, and a former professional poker player who is the only woman to have won the World Series of Poker Tournament of Champions and the NBC National Poker Heads-Up Championship. Annie’s previous book, Thinking in Bets, is a national bestseller, and her latest book Quit: The Power of Knowing When to Walk Away is, in our humble opinion, nothing short of transformative. We are here to discuss Quit today. Related Episodes: 211. Subtract with Leidy Klotz 200. Growing Grit with Angela Duckworth 291. Finding Freedom From Regret with Robert Leahy Learn more about your ad choices. Visit megaphone.fm/adchoices See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info .

Annie Duke, who gained expertise in quitting from her successful career as a professional poker player on the world stage, advocates for quitting things more frequently. In our interview, she delves into the science of quitting and teaches us how to overcome our obstacles and develop the ability to quit when it's necessary. We discuss her latest book: Quit: The Power of Knowing When to Walk Away . Annie Duke and I Explore How You Get Good at Quitting In our interview, Annie Duke imparts the skills necessary to become proficient at quitting. She cites examples from the experiences of accomplished individuals such as elite athletes like Mohammed Ali, leaders of major companies like Stewart Butterfield, the CEO of Slack, and successful entertainers like Dave Chappelle. Duke argues that quitting is crucial to success and offers techniques for deciding when to persevere and when to abandon a pursuit to save time, energy, and money. Full show notes and resources can be found here: https://passionstruck.com/annie-duke-on-how-you-get-good-at-quitting/ Brought to you by ZocDoc, Shopify, and Fabric. --► For information about advertisers and promo codes, go to: https://passionstruck.com/deals/ Like this show? Please leave us a review here -- even one sentence helps! Consider including your Twitter or Instagram handle so we can thank you personally! --► Prefer to watch this interview: https://youtu.be/Qf9s9OypF-s --► Subscribe to Our YouTube Channel Here: https://www.youtube.com/c/JohnRMiles Want to find your purpose in life? I provide my six simple steps to achieving it - passionstruck.com/5-simple-steps-to-find-your-passion-in-life/ Want to hear my best interviews from 2022? Check out episode 233 on intentional greatness and episode 234 on intentional behavior change. ===== FOLLOW ON THE SOCIALS ===== * Instagram: https://www.instagram.com/passion_struck_podcast * Facebook: https://www.facebook.com/johnrmiles.c0m Learn more about John: https://johnrmiles.com/ Connect with John Pre-Order The Mattering Effect: https://matteringeffect.com/ Book John to Speak: https://johnrmiles.com/speaking/ Keynotes, books, podcast, and resources: https://linktr.ee/John_R_Miles Children

Welcome to another incredible episode of the IDEA Collider│Pharma Book Club series with your host Mike Rea. Today, Annie Duke joins us on the show to discuss her latest book, “Quit: The Power of Knowing When to Walk Away.” Annie is an Author, Professional Speaker, Decision Strategist & co-founder of The Alliance for Decision Education , a non-profit whose mission is to improve lives by empowering students through decision skills education. In the episode, Annie Duke delves into the motivation behind her latest book, “Quit,” when quitting is a valuable option rather than sticking around, grit versus willingness to quit, and Stewart’s Butterfield’s Quit story before founding Slack. In addition, Annie expounds on the fear of changing your mind and why most people worry about failing instead of winning. Ultimately, she delves into the Monkey & Pedestal Model, three reasons behind building the pedestal, the kill criteria & why you should have a quitting coach! Tune in for more! During this episode, you will learn about; [00:00:33] Introducing today’s guest [00:01:37] What motivated Annie in writing her book Quit as opposed to Thinking in Bets that lead to decision making [00:06:40] The difference between grit & willingness to quit [00:09:27] Why eight times more people die on the descent of Mt. Everest than climbing [00:18:53] Muhammad Ali is the embodiment of showing how in one circumstance, Grit can be a virtue & in the other circumstance, a downfall [00:30:20] Stewart Butterfield’s story from one of the world’s greatest quitter to founding Slack [00:39:37] The fear of changing your mind & failing [00:48:36] The monkey & pedestal model [00:56:18] Three reasons behind building the pedestal [01:02:38] The kill criteria & the idea of having a quitting coach [01:10:08] Does Annie act as a quitting coach? [01:18:51] The Reverse Sicilian concept [01:20:17] How to connect with Annie Duke Don’t forget to Follow, Rate, Review, Like, and Share Mentioned Books Thinking in Bets by Annie Duke Quit: The Power of Knowing When to Walk Away by Annie Duke Grit by Angela Duckworth Into Thin Air by Jon Krakauer Let’s Connect! Follow Alliance For Decision Education; Website: https://alliancefordecisioneducation.org/ Follow Annie Duke; Website: https://www.annieduke.com/ Twitter: https://twitter.com/AnnieDuke LinkedIn: https://www.linkedin.com/in/annie-duke/ More Products Follow Mike Rea on; Website: https://www.ideapharma.com/ Twitter: https://twitter.com/ideapharma </li

Innovation always requires some level of risk. For leaders, this means taking the right risks and knowing when to walk away. How do leaders make decisions when the outcome is uncertain? How do they create a culture that promotes innovation and enables risk taking? In this episode, host Gautam Mukunda speaks with Annie Duke, Cognitive Scientist, Decision Strategist, and Author of Quit: The Power of Knowing When to Walk Away, and Paul Misener, the VP of Global Innovation Policy and Communication at Amazon about the process of decision-making and innovation in uncertain conditions. Resources: Thinking in Bets: Making Smarter Decisions When You Don't Have All the Facts, by Annie Duke Quit: The Power of Knowing When to Walk Away, by Annie Duke "If we are not failing ever, we are not trying hard enough; we are not being innovative enough." — Paul Misener, VP of Global Innovation Policy and Communications at Amazon "There's a time-accuracy trade-off when we're making decisions. The more time we take, usually, the more accuracy we're going to accrue. The less time we take, the less accuracy we're going to accrue." — Annie Duke, Author of Quit: The Power of Knowing When to Walk Away, Decision Strategist and Former Professional Poker Player Follow @GMukunda on Twitter or email us at WorldReimagined@nasdaq.com For more information on this episode's guest please visit: Nasdaq.com/world-reimagined-podcast

Annie Duke: Quit Annie Duke is an author, corporate speaker, and consultant in the decision-making space, as well as Special Partner focused on Decision Science at First Round Capital Partners, a seed stage venture fund. Her previous book, Thinking in Bets, is a national bestseller. As a former professional poker player, she has won more than $4 million in tournament poker. During her career, Annie won a World Series of Poker bracelet and is the only woman to have won the World Series of Poker Tournament of Champions and the NBC National Poker Heads-Up Championship. She retired from the game in 2012. Prior to becoming a professional poker player, she was awarded a National Science Foundation Fellowship to study Cognitive Psychology at the University of Pennsylvania. Annie is the co-founder of The Alliance for Decision Education, a non-profit whose mission is to improve lives by empowering students through decision skills education. She is a member of the National Board of After-School All-Stars and the Board of Directors of the Franklin Institute. She also serves on the board of the Renew Democracy Initiative. Annie is the author of Quit: The Power of Knowing When to Walk Away *. We’ve all heard the lie that, “Winners never quit and quitters never win.” In reality, one of the best practices to develop is how to recognize more quickly when you should quit something that’s not working. In this conversation, Annie and I discuss how to set kill criteria for yourself and frame goals in more helpful ways to know when quitting is the best answer. Key Points Kenny Rogers was right; professional poker players know that a big part of success is quitting approximately 75% of the time. “Quit while you’re ahead” is often poor advice since we tend to quit too early when good things are happening. On the contrary, we tend to quit too late when we’ve accumulated sunk cost. Determine kill criteria in advance when you’re not as likely to be swayed by the emotions of the moment. The best criteria contain both a state and a date. Find someone who loves you but doesn’t care about your feelings. Trust and permission are essential to open up these kinds of conversations. Effective goals include at least one “unless…” Resources Mentioned Quit: The Power of Knowing When to Walk Away * by Annie Duke Interview Notes Download my interview notes in PDF format (free membership required). Related Episodes How to Pivot Quickly, with Steve Blank (episode 476) The Way to Make Better Decisions, with Annie Duke (episode 499) How to Build Confidence, with Katy Milkman (episode 533) Discover More Activate your free membership for full access to the entire library of interviews since 2011, searchable by topic.

Annie Duke ( @annieduke ) is a World Series poker champion, a shrewd decision-maker, and the author of Thinking in Bets: Making Smarter Decisions When You Don’t Have All the Facts and Quit: The Power of Knowing When to Walk Away . What We Discuss with Annie Duke: Why "Never give up!" is objectively terrible advice (as even Muhammad Ali might grudgingly admit). Life's too short to keep fighting a battle that's only losing ground when you could better devote the time you're spending to more worthwhile pursuits . Why the worst time to make a decision is when you're already in the middle of it. How the sunk cost fallacy keeps us spinning our wheels in fruitless attempts at progress long after we should have turned back. How we can actually tell the difference between a worthy pursuit and a lost cause — and what we can do to resist our own stubborn impulse to persist beyond reasonable defeat. And much more... Full show notes and resources can be found here: jordanharbinger.com/757 Sign up for Six-Minute Networking -- our free networking and relationship development mini course -- at jordanharbinger.com/course ! Miss our last conversation with Annie Duke — World Series poker champion and author of Thinking in Bets: Making Smarter Decisions When You Don’t Have All the Facts ? Catch up by listening to episode 40: Annie Duke | How to Make Decisions Like a Poker Champ here ! Like this show? Please leave us a review here -- even one sentence helps! Consider including your Twitter handle so we can thank you personally!

Welcome to the What's Next! podcast with Tiffani Bova. As luck would have it, I had the immense pleasure of speaking with Annie Duke this week about not just poker, but mainly about the concepts in her new book on quitting. In this case, it's not the quiet kind, her brand of walking away is actually making the next best move, one that moves you in the right direction for where you need to be. Annie Duke is an author, corporate speaker, and consultant in the decision-making space, as well as Special Partner focused on Decision Science at First Round Capital Partners, a seed stage venture fund. Annie's latest book, " Quit: The Power of Knowing When to Walk Away" was released October 4, 2022 from Portfolio, a Penguin Random House imprint. Her previous book, Thinking in Bets, is a national bestseller. As a former professional poker player, she has won more than $4 million in tournament poker. During her career, Annie won a World Series of Poker bracelet and is the only woman to have won the World Series of Poker Tournament of Champions and the NBC National Poker Heads-Up Championship. She retired from the game in 2012. Prior to becoming a professional poker player, Annie was awarded a National Science Foundation Fellowship to study Cognitive Psychology at the University of Pennsylvania. Annie is the co-founder of The Alliance for Decision Education, a non-profit whose mission is to improve lives by empowering students through decision skills education. She is also a member of the National Board of After-School All-Stars and the Board of Directors of the Franklin Institute. She is serves on the board of the Renew Democracy Initiative. THIS EPISODE IS PERFECT FOR… people who are facing make-or-break business decisions or life-altering life choices – quitting might just be your best option. TODAY'S MAIN MESSAGE… There's such a negative stigma about quitting in our societal viewpoint, but Annie says that this cultural perspective does not serve your best interest. Sometimes quitting is the best option because we are holding ourselves back from pursuing opportunities that would be a better fit for our goals. Yes, it is good to keep your commitments, but you also have to ask yourself if it is really worth it in the end. WHAT I LOVE MOST… Annie knows how to make tough decisions, how to use quitting to her advantage, and ultimately when to cleverly employ her exit strategy to save herself the time, energy, and money in the long run and you can too. Running time: 25:04 Subscribe on iTunes Find Tiffani on social: Facebook Twitter LinkedIn Instagram Find Annie on social: Website Twitter LinkedIn Nonprofit Annie's Book: Quit: The Power of Knowing When to Walk Away

In Episode 406, David and Camden visit with Annie Duke about how to better manage our investment portfolios including when and what to sell. We also discuss a number of behavioral finance topics such as mental accounting, sunk costs, and goal myopia. Annie Duke is an author, speaker, and consultant in the decision-making space, as well as Special Partner focused on Decision Science at First Round Capital Partners, a seed stage venture fund. Annie’s latest book, Quit: The Power of Knowing When to Walk Away , was released on October 4, 2022. Her previous book, Thinking in Bets , is a national bestseller, and is highly influential on the investing philosophy of Money for the Rest of Us. As a former professional poker player, she has won more than $4 million in tournament poker, won a World Series of Poker Bracelet and is the only woman to have won the World Series of Poker Tournament of Champions and the NBC National Poker Heads-Up Championship. She retired from the game in 2012. Prior to becoming a professional poker player, Annie was awarded a National Science Foundation Fellowship to study Cognitive Psychology at the University of Pennsylvania. These days, Annie loves to dive deep into decision-making under uncertainty. As can be seen from her new book, her latest obsession is the topic of quitting. For more information on this episode click here . Sponsor LinkedIn – Post your job for free Show Notes Thinking in Bets: Making Smarter Decisions When You Don't Have All the Facts by Annie Duke Quit: The Power of Knowing When to Walk Away by Annie Duke See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info .

Walking away is never easy. Whether it’s quitting a job, a relationship or an expedition to the peak of Mount Everest, we have a real problem with knowing when to stop. And ironically, when we do quit, we often wish we’d done it earlier. So why do we find it so difficult to quit? Annie Duke addresses the psychological reasons that prevent us from quitting, and how we can overcome them. Annie needs little introduction to the Behavioral Grooves Podcast as she is now the only guest to have been on the show 4 times! Most people know of her as a poker champion and bestselling author but we are lucky enough to call her a friend. One of the reasons we are so fond of Annie is her ability to use relatable stories to explain the complex concepts around decision making. She has emerged as one of the leading thinkers in the field, and is truly an intellectual powerhouse. So we are thrilled to be talking to Annie about her excellent new book, “ Quit: The Power of Knowing When to Walk Away ”. We don't like ambiguity. We don't like uncertainty. We keep chugging along, trying to accrue more certainty. So that we know that it's the right decision....As Richard Thaler, Nobel laureate said to me; “the only time that we were really willing to quit is when it's not a decision anymore.” ~ Annie Duke, Episode 323 In this episode, Annie touches on key themes around quitting. We talk about the reasons we find quitting so difficult, why mantras like “quit while you’re ahead” are complete bunkum, and what techniques we can use to ensure we quit at the right time. Annie also sets the record straight on the myth that grit and quitting are opposite sides of the same coin. The concepts actually overlap. We hope you enjoy this episode (and didn’t quit!). To help others find our podcast content, we would be grateful if you would write us a quick review on your podcast player. It helps us get noticed by other folk who are interested in podcasts about behavioral science. Thank you, and we appreciate your help. Topics (5:36) Annie’s story of quitting and her personal frustration. (12:39) Grit and quit are NOT polar opposites. (22:53) What are some of the psychological aspects that make quitting hard? (36:31) What is the difference between loss aversion and sure loss aversion? (42:29) Why we shouldn’t quit while we’re ahead. (49:10) Gut feel vs rational decisions. (53:29) What Mount Everest can teach us about when to quit. (1:03:36) The second way to help you quit – a quitting coach. (1:10:44) The backstory of Barry Staw. (1:20:40) Grooving Session with Tim and Kurt about quitting. © 2022 Behavioral Grooves Links Annie Duke’s Books: “Quit: The Power of Knowing When to Walk Away”: https://amzn.to/3z47JEP “Thinking in Bets: Making Smarter Decisions When You Don't Have All the Facts”: https://amzn.to/3Vvaick Angela Duckworth book, “Grit: The Power of Passion and Perseverance”: https://amzn.to/3ECSLsS Episode 107, Rory Sutherland: The Opposite of a Good Idea is a Good Idea: https://behavioralgrooves.com/episode/rory-sutherland-the-opposite-of-a-good-idea-is-a-good-idea/ Maya Shankar: A Slight Change Of Plans Podcast: https://podcasts.apple.com/us/podcast/a-slight-change-of-plans/id1561860622 Episode 310, Why You Can’t Find a Cab When It’s Raining – Groove Track: https://be

IN THIS EPISODE, YOU’LL LEARN: 12:49 - How Annie Duke got sick, quit academia, & became a professional poker player. 18:24 - How poker taught her to “embrace uncertainty” & recognize the limits of what we know. 27:26 - How a legendary poker champion taught her to think more rationally about luck & loss. 37:45 - Why it’s important to think probabilistically—and how to strengthen this skill. 41:49 - How Annie helped a venture capital firm to improve its decision-making process. 44:54 - What skills & insights can be transferred from the game of poker to the game of investing. 51:36 - Why Annie never owned Bitcoin or NFTs. 55:13 - How to develop “kill criteria” that will help you decide when to sell an investment. 1:00:31 - Why we tend to make terrible investment decisions when we’re losing money. 1:06:29 - How to think rationally about whether to quit your job . 1:12:11 - How our sense of identity & tribalism can wreck our ability to revise our beliefs. 1:27:53 - Why Daniel Kahneman has a “quitting coach”—and why you should have one, too. 1:42:18 - Why it’s invaluable to open your mind to other people’s dissenting views. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members. Annie Duke’s new book, “Quit: The Power of Knowing When to Walk Away.” Annie’s previous bestsellers, “Thinking in Bets” & “ How to Decide” William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book . William Green’s Twitter . Related Episode: The Mind Of A World Poker Champion W/ Annie Duke - TIP231 . NEW TO THE SHOW? Check out our We Study Billionaires Starte