April 3, 2023 — Is it time to “Quit”?
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Is it time to "Quit"?
April 2023: This month on Peter Neuwirth's podcast and video show, Money Mountaineering, you'll learn "When to hold ‘em and when to fold ‘em" as Pete interviews bestselling author and poker champ Annie Duke about her newest book, "Quit: The Power of Knowing When to Walk Away."
Monday Morning Magic from Inkandescent® PR + Publishing Co. — On this month’s episode of Money Mountaineering with actuary Peter Neuwirth, you’ll meet bestselling author and poker champ Annie Duke: www.PeterNeuwirth.com
Their topic: When to hold ’em and when to fold ’em
Pete explains: Quit: The Power of Knowing When to Walk Away, by author, educator, and poker champion 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, and 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. She is one of the most successful women poker players in history, having collected more than $4 million in winnings while playing against some of the best players in the world.
While much of what Annie writes is based on her solid understanding of probability, statistics, and the theory of interest to evaluate the present value of alternative scenarios, what sets this book apart is her 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 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 similar decisions.
But perhaps the biggest benefit of reading this book is the insight and practical advice Annie shares regarding the cognitive errors and biases to which we are all prone. For example, in one of the 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.
Until next Monday: May life deal you a strong hand as you plan your personal and financial goals! — Hope Katz Gibbs, founder and president, Inkandescent® Inc. Inkandescent.us
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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 is Quit: The Power of Knowing When to Walk Away. Her previous book, Thinking in Bets, is a national bestseller. In Quit, released in October 2022 from Portfolio, a Penguin Random House imprint, Annie reveals the lessons she regularly shares with her corporate audiences, lessons 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. Before 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 taught executive education there.
Annie now spends time writing, coaching, and speaking on 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, to one-on-one coaching with C-Level executives. Her clients have ranged from CitiBank to the Big 10 to Susquehanna International Group. In her newsletter, Annie regularly shares her observations on decision-making and critical thinking skills. She 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 worldwide. Annie became a national board member for After School All-Stars in 2013. The following year she 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 school and high school student. In 2016, she began serving on the board of directors of The Franklin Institute, one of America’s oldest and renowned science museums, located in the city she now calls home, Philadelphia. Three years ago, she joined the board of the Renew Democracy Initiative. Connect with Annie on Facebook, Twitter, YouTube, or LinkedIn and visit her website: annieduke.com