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Lenny's PodcastThis will make you a better decision maker | Annie Duke (Thinking In Bets, former pro poker player)
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Episode Details
EPISODE INFO
- Released
- May 2, 2024
- Duration
- 1h 21m
- Channel
- Lenny's Podcast
- Watch on YouTube
- ▶ Open ↗
EPISODE DESCRIPTION
Annie Duke is a former professional poker player, a decision-making expert, and a special partner at First Round Capital. She is the author of Thinking in Bets (a national bestseller) and Quit: The Power of Knowing When to Walk Away and the co-founder of the Alliance for Decision Education, a nonprofit whose mission is to improve lives by empowering students through decision skills education. In our conversation, we cover:
- What Annie learned from the late Daniel Kahneman
- The power of pre-mortems and “kill criteria”
- The relationship between money and happiness
- The power of “mental time travel”
- The nominal group technique for better decision quality
- How First Round Capital improved their decision-making process
- Many tactical decision-making frameworks
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Find the transcript at: https://www.lennysnewsletter.com/p/making-better-decisions-annie-duke Where to find Annie Duke:
- X: https://twitter.com/AnnieDuke
- LinkedIn: https://www.linkedin.com/in/annie-duke/
- Website: https://www.annieduke.com/
- Substack: https://www.annieduke.com/substack/
Where to find Lenny:
- Newsletter: https://www.lennysnewsletter.com
- X: https://twitter.com/lennysan
- LinkedIn: https://www.linkedin.com/in/lennyrachitsky/
In this episode, we cover: (00:00) Annie’s background (03:53) Lessons from Daniel Kahneman: humility, curiosity, and open-mindedness (09:15) The importance of unconditional love in parenting (15:15) Mental time travel and “nevertheless” (20:06) The extent of improvement possible in decision-making (24:54) Independent brainstorming for better decisions (35:36) Making sure people feel heard (42:41) The “3Ds” framework to make better decisions (44:49) Decision quality (55:46) Improving decision-making at First Round Capital (01:05:05) Using pre-mortems and kill criteria (01:10:15) Making explicit what’s implicit (01:10:55) The challenges of quitting and knowing when to walk away (01:19:23) Where to find Annie Referenced:
- Daniel Kahneman, Who Plumbed the Psychology of Economics, Dies at 90: https://www.nytimes.com/2024/03/27/business/daniel-kahneman-dead.html
- Adversarial collaboration: https://en.wikipedia.org/wiki/Adversarial_collaboration
- Does more money correlate with greater happiness?: https://penntoday.upenn.edu/news/does-more-money-correlate-greater-happiness-Penn-Princeton-research#
- Income and emotional well-being: A conflict resolved: https://pubmed.ncbi.nlm.nih.gov/36857342/
- Strategic decisions: When can you trust your gut?: https://www.mckinsey.com/capabilities/strategy-and-corporate-finance/our-insights/strategic-decisions-when-can-you-trust-your-gut
- Cass Sunstein on X: https://twitter.com/CassSunstein
- Dr. Becky on Instagram: https://www.instagram.com/drbeckyatgoodinside
- A framework for finding product-market fit | Todd Jackson (First Round Capital): https://www.lennysnewsletter.com/p/a-framework-for-finding-product-market
- First Round Capital: https://firstround.com/
- Brett Berson on X: https://twitter.com/brettberson
- Renegade Partners: https://www.renegadepartners.com/
- Renata Quintini on X: https://twitter.com/rquintini
- Roseanne Wincek on X: https://twitter.com/imthemusic
- Josh Kopelman on X: https://twitter.com/joshk
- Bill Trenchard on X: https://twitter.com/btrenchard
- Linnea Gandhi on X: https://twitter.com/linneagandhi
- Maurice Schweitzer on X: https://twitter.com/me_schweitzer
- Create a Solid Plan on How to Fail Big This Year: https://www.forbes.com/sites/forbesfinancecouncil/2020/02/07/create-a-solid-plan-on-how-to-fail-big-this-year/
- Quit: The Power of Knowing When to Walk Away: https://www.amazon.com/Quit-Power-Knowing-When-Walk/dp/0593422996/
- Richard Thaler on X: https://twitter.com/R_Thaler
- Stewart Butterfield on X: https://twitter.com/stewart
- Glitch: https://en.wikipedia.org/wiki/Glitch_(video_game)
- How the Founder of Slack & Flickr Turned Colossal Failures into Billion-Dollar Companies: https://medium.com/swlh/how-the-founder-of-slack-flickr-turned-failures-into-million-and-billion-dollar-companies-7bcaf0d35d66
- The Most Fascinating Profile You’ll Ever Read About a Guy and His Boring Startup: https://www.wired.com/2014/08/the-most-fascinating-profile-youll-ever-read-about-a-guy-and-his-boring-startup/
- The Alliance for Decision Education: https://alliancefordecisioneducation.org/
- Make Better Decisions course on Maven: https://maven.com/annie-duke/make-better-decisions
Production and marketing by https://penname.co/. For inquiries about sponsoring the podcast, email podcast@lennyrachitsky.com. Lenny may be an investor in the companies discussed.
SPEAKERS
Annie Duke
guestLenny Rachitsky
host
EPISODE SUMMARY
In this episode of Lenny's Podcast, featuring Annie Duke and Lenny Rachitsky, This will make you a better decision maker | Annie Duke (Thinking In Bets, former pro poker player) explores Annie Duke Reveals Practical Systems For Sharper Decisions And Quitting Annie Duke, former pro poker player and author, shares concrete ways individuals and organizations can dramatically improve decision quality by making implicit judgments explicit, structuring how groups think, and shortening feedback loops. She describes lessons from Daniel Kahneman, emphasizing intellectual humility, adversarial collaboration, and the power of asking “why am I wrong?”
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