#692 Annie Duke - Quit: The Power of Knowing When to Walk Away
RECORDED ON OCTOBER 11th 2022.
Annie Duke is an author, speaker, and consultant in the decision-making space, as well as Special Partner focused on Decision Science at First Round Capital Partners, a seed stage venture fund. 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. Her previous book, Thinking in Bets, is a national bestseller. Annie’s latest book is Quit: The Power of Knowing When to Walk Away.
In this episode, we focus on Quit. We start by talking about grit and quit, and how they can complement each other. We discuss if “never quit” is ever a good message, and the social stigma associated with quitting. We talk about planning for quitting, dealing with the “what-ifs”, and setting “killer criteria”. We go through the psychological effects that make it harder to quit, including loss aversion, the sunk cost fallacy, the endowment effect, personal identity, and setting goals. We discuss how other people can help us quit. Finally, we talk about how this all applies in the context of poker playing.
Time Links:
Intro
Are grit and quit mutually exclusive?
Is “never quit” a good message?
The social stigma associated with quitting
Planning for quitting
Dealing with the “what-ifs”
Loss aversion
The sunk cost fallacy
Ownership, and the endowment effect
Personal identity
Setting goals
Can other people help us quit?
Playing poker
A final message on committing and quitting
Follow Annie’s work!
Follow Annie’s work:
Website: https://bit.ly/3wX5JNB
Quit: https://amzn.to/3CJrYtI
Amazon page: https://amzn.to/3cnbhJW
Twitter handle: @AnnieDuke