Annie Duke on Better Investing and the Danger of Grit
Money For the Rest of Us
J. David Stein
4.5 • 1.4K Ratings
🗓️ 19 October 2022
⏱️ 53 minutes
🧾️ Download transcript
Summary
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.
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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
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Transcript
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| 0:00.0 | Walk into money for the rest of us. This is a personal finance show on money, |
| 0:04.0 | how it works, how to invest it, and how to live without worrying about it. |
| 0:08.1 | I'm your host David Stein. I'm here with my son Camden and we have a special episode, |
| 0:12.0 | episode 406, where we interview and have a discussion with Annie Duke on investing, |
| 0:17.5 | including when to sell investments, and on quitting as well as just decision-making in general. |
| 0:24.0 | And Camden wants to go ahead and introduce Annie Duke in terms of her background and bio. |
| 0:29.4 | I'm really excited for the special interview episode that we have today. |
| 0:32.9 | Annie Duke is an author, speaker, and consultant in the decision-making space, |
| 0:37.1 | as well as special partner focused on decision science at first around capital partners, |
| 0:41.8 | a seed stage venture fund. Annie's latest book, Quit, the power of knowing when to walk away |
| 0:47.4 | was released on October 4th, 2022. Her previous book, Thinking in Bets, is a national best seller, |
| 0:53.6 | and is highly influential on the investing philosophy of money for the rest of us. |
| 0:57.8 | As a former professional poker player, she has one more than $4 million in tournament poker, |
| 1:02.9 | won a World Series of Poker bracelet, and is the only woman to have won the World Series of |
| 1:07.2 | Poker Tournament of Champions, and the NBC National Poker Headset Championship. She retired from |
| 1:12.3 | the game in 2012. Prior to becoming a professional poker player, Annie was awarded a National |
| 1:17.3 | Science Foundation Fellowship to study cognitive psychology at the University of Pennsylvania. |
| 1:22.5 | These days, Annie loves to dive deep into decision-making under uncertainty. |
| 1:26.8 | As could be seen from her new book, her latest obsession is quitting. In particular, |
| 1:30.8 | she's on a mission to rehabilitate the term and get people to be proud of walking away from things. |
| 1:35.9 | As David mentioned, we had an opportunity to sit down with Annie to discuss, |
| 1:39.4 | among other things, quitting, how it can be better at investing and knowing to sell, |
... |
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