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Annie Duke on Biases and Optimal Decision Making in Markets and Life

“Life – and investing – are more like poker than chess”. The Resolve AM crew speak to none other than Annie Duke, former World Series of Poker champion, author of “Thinking in Bets” and “How to Decide”, and thought leader in the field of decision-making. Co-hosted by Brian Portnoy (founder of Shaping Wealth), the conversation covered:

▸ How planning for a life in academia led her into a successful poker career

▸ Applying her background in cognitive science to advance her game – Annie’s “Aha! moment”

▸ Not all poker is created equal – tournaments, cash games, iterations, and strategic differences

▸ Nature vs nurture – cognitive flexibility and turning a hedgehog into a fox

▸ Cognitive Reflection Tests and why they may indicate a larger appetite for conspiracy theories

▸ The Dunning-Kruger effect, overconfidence and naïve realism

▸ The pervasive influence of the sunk cost fallacy and how we might keep it in check

▸ Group think, cognitive laziness and why most people tend to anchor to the first response they hear

Also explored: The illusion of explanatory depth (and why often the answer lies within the question), the effects of tight feedback loops, and multiple applications for life and investment decisions.

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      Full credit to Annie Duke & Resolve Asset Management. Follow them on Twitter here: twitter.com/annieduke & twitter.com/InvestReSolve~~◃

      “When you really believe that trading is simply a probability game, concepts like right or wrong or win or lose no longer have the same significance.” – Mark Douglas

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