A Gambler’s Guide To Investing & Life w/ Annie Duke (RWH015)

William Green chats with Annie Duke, the best-selling author of “Thinking in Bets,” “How to Decide,” and “Quit.” After winning over $4 million as a poker player, Annie quit the game, became a leading expert on decision-making, & now advises portfolio managers & venture capitalists. Here, she draws on unique personal experience & deep research to share practical lessons on how to counter our cognitive biases & make better investment decisions. IN THIS EPISODE, YOU’LL LEARN: 00:00:00 - Intro 00:12:15 - How Annie Duke got sick, quit academia, & became a professional poker player. 00:18:17 - How poker taught her to “embrace uncertainty” & recognize the limits of what we know. 00:27:38 - How a legendary poker champion taught her to think more rationally about luck & loss. 00:34:15 - Why it’s important to think probabilistically—and how to strengthen this skill. 00:38:49 - How Annie helped a venture capital firm to improve its decision-making process. 00:45:14 - What skills & insights can be transferred from the game of poker to the game of investing. 00:49:02 - Why Annie never owned Bitcoin or NFTs. 00:52:52 - How to develop “kill criteria” that will help you decide when to sell an investment. 00:58:38 - Why we tend to make terrible investment decisions when we’re losing money.  01:07:50 - How to think rationally about whether to quit your job. 01:11:01 - How our sense of identity & tribalism can wreck our ability to revise our beliefs. 01:23:17 - Why Daniel Kahneman has a “quitting coach”—and why you should have one, too. 01:38:18 - Why it’s invaluable to open your mind to other people’s dissenting views. 🤝 Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig and the other community members: https://theinvestorspodcast.com/maste... 💰Click here to download your FREE guide to Stop Worrying About Your Finances In 4 Simple Steps: https://www.theinvestorspodcast.com/s... ▶️ RELATED EPISODES: The Vigilant Investor’s Guide to Success in Stocks & Life w/ Chris Bloomstran:    • The Vigilant Investor’s Guide to Success i...   Happy, Healthy, Wealthy, & Wise w/ Arnold Van Den Berg:    • Happy, Healthy, Wealthy, & Wise w/ Arnold ...   What Works In Markets & Life w/ John Spears:    • What Works In Markets & Life w/ John Spear...   🎧 Listen to our episodes here: https://open.spotify.com/show/28RHOkX... 🖊️ Access the transcript and learn more about the guest here: https://www.theinvestorspodcast.com/r... 📖  BOOKS MENTIONED: Quit: The Power of Knowing When to Walk Away by Annie Duke: https://amzn.to/3rMwSji Thinking in Bets by Annie Duke: https://amzn.to/3EyUIGH How to Decide by Annie Duke: https://amzn.to/3EyryaS Richer, Wiser, Happier by William Green: https://amzn.to/3RX9gDp Disclosure: Some of the links above are affiliate links that we may earn commission from. This helps keep our show going! 😀 💡 OTHER RESOURCES Seeking Alpha is a crowd-sourced content service for financial markets. Take control of your financial future — Use our link here for a 14-day free trial: https://www.sahg6dtr.com/59QC8Z/R74QP/ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ABOUT OUR SHOW 🎙  On Richer, Wiser, Happier, William Green interviews high-profile guests such as Howard Marks, Joel Greenblatt, and Ray Dalio. Exploring what they can teach us about how to succeed in markets and life. 🌍 Website: https://www.theinvestorspodcast.com/r... ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ 📚OUR FREE INVESTING COURSES/RESOURCES https://www.theinvestorspodcast.com/t... 📊TRY OUR STOCK INVESTING TOOL: TIP FINANCE https://www.theinvestorspodcast.com/t... ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ❗ DISCLAIMER: This show is for entertainment purposes only. Before making any decisions consult a professional. This show is copyrighted by The Investor’s Podcast Network. Written permission must be granted before syndication or rebroadcasting.