Annie Duke – Wanna Bet? – [Invest Like the Best, EP.125]

Listen to This Podcast Episode Here

by Patrick O’Shaughnessy

My guest this week is with Annie Duke, and the topic of our
discussion is how to improve decision making.

We break decisions down into their component parts: values,
beliefs, decisions, randomness, and outcomes. After diving into each, we
discuss how to make better decisions, how to work in group settings, and how to
harness power of tribes and identity to improve our behavior.

Annie has thought about this as much as anyone, and her various
tricks for getting us to think in probabilities and to stop evaluating
decisions based on outcomes that have been tainted by randomness will be useful
for anyone listening.

Please enjoy.

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Show Notes

1:23 – (First Question) – Why people don’t take the best
investing advice

2:11 – Investing tribes

            4:21 – Jay Van Bavel twitter

6:34 – Rule setting as a way of crafting an investment
strategy

11:13 – How much control do we have in choosing our
values  

15:52 – Anatomy of a decision

19:28 – Her concept of resulting

26:47 –  How beliefs
impact your decision making

34:28 – Tact’s for making the best decision

42:40 – Ego and decision making

47:06 – People who are exceptional at changing their
decision making

48:18 – How often do people who change their decision
making, stick with the rules of the game

            50:07 – Finite
and Infinite Games

50:28 – Psychology of making decision that involves other
people

59:20 –  Never close
doors on other people

1:01:57 – Best decision that Annie made

1:04:24 – Kindest thing anyone has done for Annie

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