Thinking in Bets with Annie Duke
Jill on Money with Jill Schlesinger
Audacy
4.6 • 1.9K Ratings
🗓️ 15 March 2018
⏱️ 31 minutes
🔗️ Recording | iTunes | RSS
🧾️ Download transcript
Summary
Daily life requires numerous decisions. Some easy, some difficult. And some that have to be made without knowing a lot of pertinent information. And what we think is the best decision in the moment, doesn’t necessarily yield the best outcome. No one knows this better than our guest this week, Annie Duke. As a former professional poker player and world champion, Annie made a living based on high pressure decision making and shares the story in her new book, Thinking in Bets: Making Smarter Decisions When You Don't Have All the Facts. There’s always an element of luck that you can’t control, and there is always information that is hidden from view. So perhaps the key to long-term success (and avoiding worrying yourself to death) is to think in bets:How sure am I?What are the possible ways things could turn out?What decision has the highest odds of success?Did I land in the unlucky 10% on the strategy that works 90% of the time?Or is my success attributable to dumb luck rather than great decision making? For most people, it’s difficult to say “I’m not sure” in a world that values and, even, rewards the appearance of certainty. By shifting your thinking from a need for certainty to a goal of accurately assessing what you know and what you don’t, you’ll be less vulnerable to reactive emotions, knee-jerk biases, and destructive habits in your decision making. You’ll become more confident, calm, compassionate and successful in the long run. “Better Off” is sponsored by Betterment. We love feedback so please leave us a rating or review in Apple Podcasts. "Better Off" theme music is by Joel Goodman, www.joelgoodman.com. Connect with me at these places for all my content: http://www.jillonmoney.com/ https://twitter.com/jillonmoney https://www.facebook.com/JillonMoney https://www.instagram.com/jillonmoney/ https://www.youtube.com/c/JillSchlesinger https://www.linkedin.com/in/jillonmoney/ http://www.stitcher.com/podcast/jill-on-money https://itunes.apple.com/us/podcast/better-off-jill-schlesinger/id431167790?mt=2
Transcript
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| 0:00.0 | Hi, it's Jill Schlesinger, host of the Better Off Podcast. Today, we're talking about how to make |
| 0:08.0 | smarter decisions when you don't have all the facts with World Series of poker champion Annie Duke. So let's not get totally |
| 0:16.4 | surprised and unprepared if we don't get the return that we were expecting or the market goes down a thousand points in one day |
| 0:25.0 | let me think about well you know there are going to be days where the market |
| 0:28.0 | crashes so I'm going to decide in advance that on those days I'm not going to react |
| 0:32.4 | to it because one day |
| 0:33.2 | doesn't really matter I'm investing for the long term so that would be an example |
| 0:36.6 | sort of preparing for the worst. Welcome to the Better Off podcast |
| 0:41.0 | where is sponsored by Betterment the largest independent online financial advisor. |
| 0:46.8 | What a treat we have for you today. |
| 0:48.9 | Poker players rejoice. |
| 0:51.7 | Non-Poker players rejoice. Our guest is Annie Duke. She has written a great book. It's called |
| 0:58.4 | Thinking in Betts, making smarter decisions when you don't have all the facts. |
| 1:05.0 | Annie is a World Series of Poker Braclet winner, |
| 1:09.0 | the winner of the 2004 Tournament of Champions |
| 1:12.0 | and the only woman to win the National Poker Heads Up Championship. |
| 1:18.4 | So what does she do now? |
| 1:19.8 | She's written this book, but she wants to basically use what she learned from playing |
| 1:25.4 | poker to help you make better decisions in your life and I think that's so cool |
| 1:32.0 | because what we understand as investors is similar to what |
| 1:37.0 | poker players understand and that is uncertainty is in the entire pursuit. |
| 1:44.6 | Poker has uncertainty. |
... |
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