The Power of Quitting

Annie Duke

Decision Making

Behavioral Finance

Thought Leader

Episode: 273
October 3, 2022

Episode Description:

Annie Duke is a former professional poker player, decision-making expert, best-selling author, and fortunately, a repeat guest on the show. Our first conversation about Annie’s background and best-seller Thinking in Bets is replayed on the feed. Her latest masterpiece releases tomorrow. It’s called Quit: The Power of Knowing When to Walk Away, and I’m going on record predicting it will be a best-seller in short order.

Our conversation covers Annie’s compulsion to write another book, our instinct for grit, the case for quitting, the emotional and cognitive biases that stand in our way, and some techniques to improve our ability to quit effectively. Along the way, Annie shares some terrific stories from the book about Everest, Sears, the NBA draft, and the California bullet train.

Show Notes
4:10 Path to publishing Quit
8:34 Conclusions from research
10:18 Downsides of grit
17:26 Learning how to quit
21:42 Overcoming obstacles to quit effectively
25:36 Behavioral biases
28:50 Sell decisions for money managers
34:12 Anecdote about Sears
40:25 Sports and the Endowment Effect
44:37 Prescriptions for better decision making
57:14 Remedies to quitting better
1:03:49 Leveraging a team
1:11:15 Closing questions

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