Sometimes, learning from your mistakes doesn’t work. When a decision you made turns out badly, your first instinct is to not repeat that. But, that decision may well have been the best one with the information you had.

After two decades, champion poker player ANNIE DUKE is used to the uncertainty and high-pressure decision-making that comes with the game. Now she’s taken the lessons she’s learned from playing at high stakes tables around the world, along with her graduate studies in cognitive psychology, and applied them to life in general. Her new book is Thinking in Bets: Making Smarter Decisions When You Don’t Have All the Facts. She comes in to talk with Marty about her career, her interest in psychology, and how to make better choices.

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.

It’s been said that life is a series of decisions. But life is complex and filled with randomness and uncertainty. How do you make decisions when 1) you don’t know everything you need to know to make the optimal decision, and 2) the factors influencing your decision are constantly changing?

Annie Duke, a Former Professional Poker Player, joins hosts Jeremy Schwartz and Wes Gray to discuss her book “Thinking in Bets: Making Smarter Decisions When You Don’t Have All the Facts” and how you can use poker strategies for investing decisions on Behind the Markets.

What if life is really like a game of poker? That’s what Annie Duke believes and she’s here on the 1-3-20 podcast to tell you how to play .. and win at the game of life. Based on her book ‘Thinking in Bets – Making Smarter Decisions When You Don’t Have All the Facts’.

In this edition of the Behind the Markets Podcast hosts Jeremy Schwartz and Wes Gray talk to Annie Duke about her new book “Thinking in Bets” as well as how to use poker strategy in investing. Annie covers everything from prediction models to ‘Tilt,’ a state of distress that causes you to make emotionally charged decisions. Take a listen!

Do you think you make the best decisions under most circumstances? Today’s guest will tell you that if you don’t have all of the information, the more adamant you are about your point of view, the easier you are to “beat.” Annie Duke was a professional poker player for 20 years, winning many top-tier professional tournaments and taking on the best decision makers alive. Equally as important, she brings her academic career in cognitive psychology to bear on decision making that can help you with everything from your investments to your career and more.

For two decades Annie Duke ranked as one of the top poker players in the world. Which means she won a lot. But she couldn’t win without losing. I’ll explain. It’s hard to learn when you win, I think. Because if you win, then you think you’re a genius, but if you lose you blame your opponent for being “lucky”. So how do you become a real master… Skip the 10,000-hour rule. There’s a hack. And Annie figured it out. Listen now.