E242 | Annie Duke: Quit! – The Power of Knowing When to Walk Away

Today’s guest, Annie Duke, is an author, speaker, and decision-strategist.  As a former professional poker player, she has won more than $4 million in tournament poker. During her career, Annie won a World Series of Poker bracelet and is the only woman to have won the World Series of Poker Tournament of Champions and the NBC National Poker Heads-Up Championship. She retired from the game in 2012. Prior to becoming a professional poker player, Annie was awarded a National Science Foundation Fellowship to study Cognitive Psychology at the University of Pennsylvania.

In today’s episode, Annie dives deep into decision-making under uncertainty, and gives you the kick in the pants you need to take action and apply it - so, for once, I don’t have to!

Specifically, she covers these key concepts and tools that are essential to understanding how to make good decisions:

• How to evaluate your situation using a “Cause-benefit analysis” (29:50)
• How to leverage the “endowment effect” to properly place value on things, ideas, or beliefs (32:50)
• How to use the “sunk cost fallacy” to avoid making poor decisions (39:30)
• How to set “kill criteria” so you know when to quit (44:00)

More on Annie:

Annie’s latest book, Quit: The Power of Knowing When to Walk Away, will be released October 4, 2022 from Portfolio, a Penguin Random House imprint. Her previous book, Thinking in Bets, is a national bestseller. 

Website: Annieduke.com

Twitter: @annieduke

Nonprofit Organizations: 

The Alliance for Decision Education

After School All Stars

Renew Democracy Initiative 

A big decision that many of our listeners have told us they struggle with is knowing whether they should start and how they should go about building their own brand.  If this is you, or you’re in a similar situation, come to our  Brand Builder workshop!  You’ll leave not only confident in your decision, but also with a specific plan and action items to help you take the next steps.

We’re keeping this event small and intimate to facilitate practice, repetition and feedback. Spots and limited and going fast- 

Check out artofcoaching.com/brand for more details. 

Today’s episode was brought to you by Dynamic Fitness & Strength and Momentous. 

Dynamic: Our go-to equipment partner. Fully customizable and manufactured in the heartland of America- if you’re looking to outfit your home gym or weight room visit mydynamicfitness.com to get started. Tell them Brett and the Art of Coaching Team sent you!

Momentous: Whether you’re an elite athlete, weekend warrior or just looking to improve your everyday health / performance, check out their entire line of protein and supplements at livemomentous.com and use code BRETT15 at checkout for 15% off! My personal favorites are their fish oil and magnesium, both of which I attribute to my better sleep and recovery.