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