Annie Duke Tells All On Money Tree Investing Podcast
Money Tree Investing
Money Tree Investing Podcast
4.6 • 658 Ratings
🗓️ 30 December 2022
⏱️ 67 minutes
🧾️ Download transcript
Summary
This week we interview Annie Duke. She accidentally got into Poker and won a World Series Of Poker Championship before retiring in 2012. She is the author of Thinking in Bets (one of my favorites), How To Decide, and Quit (her most recent book). This is one of the best interviews with her I have heard. Great revelations for anyone who is an investor or student of life.
We discuss luck vs skill, life is like poker not chess, resulting (outcome bias)how to know when to stick or quit, sunk costs, kill criteria, and so much more.
For more information, visit the show notes at https://moneytreepodcast.com/annie-duke-quit
Today's Panelists:
- Kirk Chisholm | Innovative Wealth
- Barbara Friedberg | Barbara Friedberg Personal Finance
- Megan Gorman | The Wealth Intersection
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Transcript
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| 0:00.0 | Welcome to the Money Tree Investing Podcast. |
| 0:04.0 | Stock market, wealth, personal finance, value stocks, invest in your life. |
| 0:10.0 | Hello, Smart Money Tree Podcast listeners. Welcome to this week's show. |
| 0:14.0 | My name is Kirk Chisholm and I will be your host. So today we have Annie Duke on the show. |
| 0:19.0 | How you doing today, Annie? |
| 0:20.0 | I'm doing pretty well. How are you? |
| 0:22.4 | Good. Well, glad to have you in the show. I'm kind of a fanboy for your books. I think they're just really phenomenal at getting to the heart of these mental model concepts that I think are really hard for people to grasp and you do it with such eloquent stories. |
| 0:35.7 | So maybe you could tell the listeners a little bit |
| 0:38.5 | about your background and how you got to where you are now. I started off my adult life as an |
| 0:44.1 | academic. I was studying cognitive science at the University of Pennsylvania. I did five years |
| 0:49.6 | worth of graduate work there with the intention of becoming a professor. But life had other plans for me. |
| 0:56.3 | I got sick in the last year of graduate school and actually ended up in the hospital for a couple |
| 1:00.5 | of weeks. And it happened to be right when I was supposed to go out for my job talk. So it became clear |
| 1:05.4 | that I needed to take some time off in order to heal up. So took a leave of absence, you know, was planning to go back after a |
| 1:14.5 | year to sort of button everything up and go back out on the job market. But it was during that year |
| 1:19.4 | that I frankly just kind of needed money because I didn't have my fellowship. I was taking a leave |
| 1:23.8 | from school. And so I didn't have an income source. And I started playing poker during that year and thought, well, this is fine. I'll do this in the meantime in order to support |
| 1:31.4 | myself and ended up finding success pretty quickly and kept going and did it for 18 years. |
| 1:37.5 | Just so people know how kind of weird that was at the time, this was in the 90s before poker |
| 1:42.5 | was on television or on the internet. And so at that time, |
| 1:48.0 | people really kind of thought about it as, you know, what I would generally go under is |
| 1:52.9 | a sin or an addiction or that category. So most of my conversations when people heard I played |
... |
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