RWH015: Betting Better in Markets & Life w/ Annie Duke
The Investor's Podcast (We Study Billionaires) - The Investor’s Podcast Network
Stig Brodersen
4.6 • 3.6K Ratings
🗓️ 16 October 2022
⏱️ 111 minutes
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| 0:00.0 | You're listening to TIP. |
| 0:03.0 | Hi folks, I'm thrilled to introduce today's guest, Danny Duke, who has a fascinating background. |
| 0:08.2 | Annie was poised to become a college professor when she got ill, dropped out of the academic |
| 0:12.9 | world, and started playing poker as a way to make ends meet. |
| 0:16.9 | Over the next two decades, she won more than $4 million as a professional poker player. |
| 0:22.7 | That experience led her to become a leading expert on decision making, not only in poker, |
| 0:27.4 | but in financial markets and life. |
| 0:30.2 | She wrote a best-selling book titled Thinking in Bets, and she's just published an excellent |
| 0:34.6 | new bestseller titled Quit, which explores how to decide when to fold and when to stick. |
| 0:40.4 | That's a vitally important question for investors, as we're repeatedly faced with difficult |
| 0:45.7 | decisions about when to take our profits on winning investments and when to dump our |
| 0:50.6 | lousy investments. |
| 0:52.5 | As Annie explains in this conversation, we tend to be especially bad at making rational |
| 0:57.0 | decisions when we're losing money, which is a situation many of us are facing right |
| 1:01.6 | now. |
| 1:02.9 | So what can we do to make better decisions both in markets and life? |
| 1:06.5 | That's really the central theme of this conversation. |
| 1:09.8 | As you'll hear, Annie shares some very practical lessons about how to handle loss and uncertainty, |
| 1:15.4 | how to deal with bad luck, and also how to reduce the impact of our many cognitive biases. |
| 1:21.8 | She also talks about her experiences in poker and how they apply to investing in really everything |
| 1:27.4 | from stocks to Bitcoin. |
| 1:29.7 | And she shares what she's learned from a wide range of extraordinary friends, including |
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