'You Need Grit to Quit' – Knowing When to Walk Away With Annie Duke

Stansberry Investor Hour

Stansberry Research

America, How, To, Crash, Money, Learn, Stansberry, Income, Research, Debt, Stocks, Porter, Business, Realestate, Banking, Investment, American, Investing, Invest, Howtosave, Sjuggerud, Ferris, Eifrig, Jubilee, Buck, Sexton, Market, Bonds, Churchouse, Savings, Options, Lashmet

4.4 • 677 Ratings

🗓️ 27 February 2023

⏱️ 62 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

We're eager to have former professional poker player, public speaker, and bestselling author Annie Duke on this week's episode to discuss her latest book, Quit: The Power of Knowing When to Walk Away, teaches you how to be a smart quitter.

"Quitters never win, winners never quit." That's not true. Winners actually quit a lot. And it's in fact how they win. When you look at the best investors, they are so good at getting off the positions that aren't so worthwhile that they can then reinvest that capital into things that are worthwhile..."

Annie also discusses the psychology behind other common pitfalls for retail investors, like loss aversion, focusing on portfolio outliers, relying on intuition, and more. Today's episode is one you won't want to miss.

➡️ Watch Here

00:00 Inflation status quo
5:08 Recession prospect
11:26 Quit: The Power of Knowing When to Walk Away
19:59 Winners and losers in stock picking
27:08 How does intuition play out in investing?
32:10 Checklist manifesto in investing
38:21 "Stick to the plan"
47:42 Psychological aspect of investing
51:00 Annie’s investment tips

Transcript

Click on a timestamp to play from that location

0:00.0	Hello and welcome to the Stansberry Investor Hour.
0:09.0	I'm your host, Dan Ferris.
0:10.8	I'm also the editor of Extreme Value and The Ferris Report, both published by Stansberry Research.
0:16.5	And I'm Corey McLaughlin, editor of the Stansberry Daily Digest.
0:20.2	Today, Dan interviews former World Series of Poker Champion,
0:24.3	an author Annie Duke, who has a new book out called Quit,
0:27.6	The Power of Knowing When to Walk Away.
0:29.7	For today's rant, we told you many times that inflation is a sticky phenomenon,
0:35.5	and guess what?
0:36.3	It's sticking around. And remember, you can email us at
0:40.0	Feedback at investor hour.com and tell us what's on your mind. That and more right now on the
0:45.7	Stansberry Investor Hour. Okay, so Corey and I, mostly in the in the Stansbury Digest, me once a week and
1:00.3	Corey four times a week, usually, most weeks, have been telling you, and here on the show,
1:06.9	too, we've been telling you and telling you and telling you, inflation is a sticky, sticky
1:13.1	phenomenon. It sticks around longer than people think. It stays higher longer than people think.
1:19.7	And what happened? Well, last week, the preferred gauge, the preferred inflation gauge of the Federal Reserve, you know, the people who
1:29.2	keep raising interest rates, it came in higher than expected. It rose 5.4%. It's called the Personal
1:36.9	Consumption Expenditures Price Index, the PCE, came in 5.4%. Core inflation by that measure came in 4.7%.
1:48.2	But core inflation leaves out food and energy.
1:50.7	And I don't know about you, but I'm planning on eating every day.
1:54.4	And I'm going to turn the lights on every single day in the heat and all that stuff.
1:58.2	So yeah, we told you it's here. It's probably going to be
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Stansberry Research, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Stansberry Research and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.