Ep7: Retirement Income Strategies — Put on your poker face for bestselling author Annie Duke who tells us about her new book, “Quit”
A Note from Actuary and Author Peter Neuwirth, FSA, FCA — I invite you to tune in for this month’s episode of my podcast and video show, Money Mountaineering, where for 30 minutes, financial experts help us answer the question: What’s your future worth?
Meet our guest: Bestselling Author Annie Duke
Today’s topic: When to hold ‘em and when to fold ‘em
Pete says: QUIT, by Annie Duke, is an extraordinary book by an extraordinarily practical author who thinks like an actuary. This new book provides a great deal of practical advice for almost anyone who struggles with important life choices. This book will help people get better at making all kinds of decisions, including “knowing when to hold ‘em and when to fold ‘em.”
This and the many other gambling metaphors that Annie employs throughout the book will not surprise anyone familiar with her life story which includes 20 years as a professional poker player. Annie is one of the most successful women poker players in history, having collected over $4 million in winnings while playing against some of the best players in the world.
While much of what she writes is based on Annie’s very solid understanding of probability, statistics, and the theory of interest to evaluate the present value of alternative scenarios, what sets this book apart is Annie’s acumen as a cognitive psychologist. She earned a Master’s degree in that field from the University of Pennsylvania but decided to quit just short of becoming a Ph.D. This story is told in Quit and provides yet another illustration of how and when to decide to stop doing what you are doing and find another plan. I found Annie’s personal story to be one of the book’s highlights as it provides a rare opportunity for the reader to get to know the author and how she thinks when focusing on her own life choices. I, for one, find it much more impactful when an expert tells me not what they recommend I do but rather what they have done when facing decisions that are similar to my own.
Perhaps the best reason to read this book, however, is to hear Annie’s understanding and practical advice regarding the cognitive errors and biases that we are all prone to as human beings. For example, in one of the extremely helpful summaries she includes at the end of each chapter, Annie notes that “Thinking in expected value helps you figure out if the path you are on is worth sticking to ……if you feel like the choice between persevering and walking away is a close call, it is likely that quitting is the better choice.”
Click here to read Pete’s review of Annie’s book in Rethinking65.com.
About Annie Duke: An author, corporate 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, Annie’s latest book, Quit: The Power of Knowing When to Walk Away, released October 4, 2022 from Portfolio, a Penguin Random House imprint. Her previous book, Thinking in Bets, is a national bestseller. In the book, Annie reveals to readers the lessons she regularly shares with her corporate audiences, which have been cultivated by combining her academic studies in cognitive psychology with real-life decision-making experiences at the poker table.
For two decades, Annie was one of the top poker players in the world. In 2004, she bested a field of 234 players to win her first World Series of Poker (WSOP) bracelet. The same year, she triumphed in the $2 million winner-take-all, invitation-only WSOP Tournament of Champions. In 2010, she won the prestigious NBC National Heads-Up Poker 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, where she earned her master’s degree. In 2021 she returned to her alma mater as a Visiting Scholar, and also teaches executive education there.
Annie now spends her time writing, coaching and speaking on a range of topics such as decision fitness, emotional control, productive decision groups and embracing uncertainty. She is a sought-after public speaker, with engagements ranging from keynote remarks to workshops with executive teams and one-on-one coaching with C-Level executives. Her clients have ranged from CitiBank to the Big 10 to Susqehanna International Group. Annie regularly shares her observations on decision making and critical thinking skills in her newsletter and has shared her poker knowledge through a series of best-selling poker instruction and theory books, including Decide to Play Great Poker and The Middle Zone: Mastering the Most difficult Hands in Hold’em Poker (both co-authored with John Vorhaus).
Annie is a master storyteller, having performed three times for The Moth, an organization that preserves the art of spoken word storytelling. One of her stories was selected by The Moth as one of their top 50 stories and featured in the organization’s first-ever book. Her passion for making a difference has helped raise millions for charitable causes. In 2006, she founded Ante Up for Africa along with actor Don Cheadle and Norman Epstein, which has raised more than $4 million for Africans in need. She has also served on the board of The Decision Education Foundation. In 2009, she appeared on The Celebrity Apprentice, and raised $730,000 for Refugees International, a charity that advocates for refugees around the world. In October 2013, Annie became a national board member for After School All-Stars. In 2014, Annie co-founded The Alliance for Decision Education to build a national movement that empowers teachers, school administrators and policymakers to bring Decision Education to every Middle and High School student. In 2016, she began serving on the board of directors of The Franklin Institute, one of America’s oldest and greatest science museums. In 2020, she joined the board of the Renew Democracy Initiative. Annie resides in Philadelphia. Connect with her on Facebook, Twitter, YouTube, or LinkedIn and visit her website: annieduke.com
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