Kyle Grieve chats with Annie Duke about quitting, decision-making, and investing. They discuss the importance of base rates, using kill criteria, and dissociating ourselves from our cherished ideas. The conversation also covers using a quitting coach to let go of things we hold onto for too long and more. Annie Duke is an accomplished decision-making expert, author, and speaker. She has won over $4 million in tournament poker and has won the World Series of Poker and other prestigious poker events. Annie completed her Ph.D. in Cognitive Psychology from UPenn in 2023 and co-founded The Alliance for Decision Education, a non-profit organization that empowers students through decision-making skills education. IN THIS EPISODE YOU’LL LEARN: 00:00:00 - Intro 00:00:47 - Annie's own story of quitting and how it got here to where she is today 00:16:10 - Why expected value is so crucial for investors to manage risk best 00:21:03 - The importance of understanding base rates and how we can use it to help us best understand the expected values of our investments 00:26:33 - How we can reframe our analysis of a business to close feedback loops on long-term investments 00:43:13 - How we can get 'transfer' from one skill to another far away skill (e.g., chess to investing) 00:49:26 - How we can use kill criteria in our investing decision-making to improve our abilities to quit a losing investment 00:56:32 - How we can disassociate ourselves from our investments to reduce the impacts of the endowment effects 01:03:12 - How to engineer your decision-making to give yourself an outside view 01:08:09 - How to set up a quitting coach by permitting them to disagree with you 🤝 Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members: https://theinvestorspodcast.com/mastermind 📈 Learn to invest like legend investors do — from the company that has interviewed them. Use YOUTUBE15 to get 15% off! https://theinvestorspodcast.podia.com/how-to-get-started-with-stocks 💰Click here to download your FREE guide to Stop Worrying About Your Finances In 4 Simple Steps: https://www.theinvestorspodcast.com/subscribe-youtube/ ▶️ RELATED EPISODES: - A Gambler’s Guide To Investing & Life w/ Annie Duke: https://youtu.be/lIrAtIZcH5o - The Mind Of A World Poker Champion With Annie Duke: https://youtu.be/QODEVNVNLJQ - Timeless Lessons on What Never Changes in Markets | Same as Ever w/ Morgan Housel: https://youtu.be/pt6m4JzZJ14 - How to Persuade & Influence Anyone | The 7 Psychological Tactics w/ Dr. Robert Cialdini: https://youtu.be/1WSwzyPq2oE - Finding Certainty in an Uncertain World | Investing Excellence w/ Joseph Shaposhnik: https://youtu.be/yglw7oWw1t8 🎧 Listen to our episodes here: https://open.spotify.com/show/28RHOkXkuHuotUrkCdvlOP 🖊️ Access the transcript and learn more about the guest here: https://www.theinvestorspodcast.com/episodes/the-art-of-decision-making/ 📖  BOOKS MENTIONED: - Quit: The Power of Knowing When to Walk Away by Annie Duke: https://amzn.to/43RdTpE - Thinking in Bets by Annie Duke: https://amzn.to/49vueBG Disclosure: Some of the links above are affiliate links that we may earn commission from. This helps keep our show going! 😀 💡 OTHER RESOURCES - Seeking Alpha is a crowd-sourced content service for financial markets. Take control of your financial future — Use our link here for a 14-day free trial: https://www.sahg6dtr.com/59QC8Z/R74QP/ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ABOUT OUR SHOW 🎙  On We Study Billionaires, we interview and study famous financial billionaires including Warren Buffett, Bill Gates, and Ray Dalio. We teach you what we learn and how you can apply their investment strategies in the stock market. 🌍 Website: https://www.theinvestorspodcast.com/we-study-billionaires/  📝 Help us understand our audience better so we can create a more intentional user experience by answering this survey! https://www.theinvestorspodcast.com/survey2023-youtube ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ 📚OUR FREE INVESTING COURSES/RESOURCES https://www.theinvestorspodcast.com/tip-academy/ 📊TRY OUR STOCK INVESTING TOOL: TIP FINANCE https://www.theinvestorspodcast.com/tip-finance/ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ❗ DISCLAIMER: This show is for entertainment purposes only. Before making any decisions consult a professional. This show is copyrighted by The Investor’s Podcast Network. Written permission must be granted before syndication or rebroadcasting.