Annie Duke
We’re taught to stay in the game.
Persist. Be gritty. Try, try again.
But sometimes, the best decision is to walk away. Move on.
How do you know when that’s right? When should you double-down … and when should you fold?
Today’s guest, Annie Duke, won more than $4 million as a professional poker champion. She wrote the bestselling book Thinking in Bets and co-founded a nonprofit that teaches kids decision-making skills.
Her most recent book, “Quit: The Power of Knowing When To Walk Away,” teaches the behavioral science, mental models and recognition of cognitive biases needed to successfully quit.
It highlights real-world examples of startup founders, athletes, mountaineers, and entertainers who either quit – or didn’t – and explains how to make a wise, grounded choice.
She joins us on today’s episode to describe the forces that hold us back from quitting – and how to recognize when quitting could lead to a better life.
Approximate timing of discussion points as of January 2023:
02:32: Interview begins
02:51: Why should we know when to quit?
05:39: The three reasons it’s hard for us to walk away
11:29: Making decisions based on expected value
14:28: The role of ambiguity aversion and preferring the status quo
21:15: Thinking through the risk of ruin
24:54: Making decisions and the option to quit
31:50: Acting on good news vs bad news
50:12: How do we get better at quitting?
Resources Mentioned:
- Quit: The Power of Knowing When To Walk Away | Book by Annie Duke
Thanks to our sponsors!
Babbel
Babbel’s lessons are created by over 100 language experts and there are 14 different languages to choose from. Right now, save up to 55% off your subscription when you go to babbel.com/paula.
OUAI
OUAI’s hair care, body, and fragrance products are cruelty-, sulfate-, and paraben-free. Flake-free is the OUAI to be in 2023 with OUAI’s NEW Anti-Dandruff Shampoo. Go to theouai.com and use code “PAULA” to get 15% off your entire purchase.
Your First Rental Property
Interested in rental property investing? Wondering how to succeed in any market — or any interest rate environment? Join our free VIP List to learn how to make residual income as a real estate investor, and how to navigate the 2023 housing market by signing up at Affordanything.com/vip-list
Huel
Huel Black Edition is a high protein, nutritionally complete meal in a convenient shake – it has everything your body needs from a meal in two scoops, including 27 essential vitamins and minerals and 40g protein. Get a free t-shirt and shaker with your first order by going to huel.com/affordanything.
