Ep 297. Mastering the Decision Making Process w Annie Duke

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Ep 297. Mastering the Decision Making Process w Annie Duke

Mindy JensenPro Member
BiggerPockets Money Podcast Host · Longmont, CO · Member since 2014 · 7k+ posts · 10k+ votes

In today’s epic show, we interview World Series of Poker bracelet champion Annie Duke. Annie is a nationally sought-after speaker who combines her mastery of poker with a study of the cognitive sciences in a truly unique and brilliant way.

In this show, you’ll have your mind blown by Annie’s insights regarding following conventional wisdom (even if it doesn’t make sense), focusing too much on the results (and not enough on the right choice), and accepting a level of uncertainty to gain a HUGE advantage over your competition. Annie’s theories on “thinking in bets” are designed to help others navigate a world where we can’t be certain of an outcome, but still come out on top over time.

This is an absolute can’t-miss episode for those looking for strategies to overcome apprehension, fear, or uncertainty. Be sure to listen to this incredibly brilliant and powerful interview—and get the tools to take your next steps today!

Listen here or on your favorite podcast app.

[email protected]Podcast Guest on Show #261
BiggerPockets
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Travis Henry
Investor · Camas, WA · Member since 2014 · 95 posts · 91 votes
8y

This one absolutely blew my mind. Having lived in Seattle from 2010-2016, it was crazy to watch the city rage firsthand when our dreams as back-to-back SB champs were dashed on the one. I've heard the explanations and the thought process behind the fateful call, but not the way Annie described it in this episode. Definitely one of my favorites!!

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  • Travis Henry
    Investor · Camas, WA · Member since 2014 · 95 posts · 91 votes
    8y

    This one absolutely blew my mind. Having lived in Seattle from 2010-2016, it was crazy to watch the city rage firsthand when our dreams as back-to-back SB champs were dashed on the one. I've heard the explanations and the thought process behind the fateful call, but not the way Annie described it in this episode. Definitely one of my favorites!!

    5Reply
  • Aaron Poling
    Realtor · WV · Member since 2018 · 454 posts · 310 votes
    8y

    I love it when someone makes me look at everything from a different perspective, and that is exactly what this episode with Annie did. It is making me evaluate what the motivation behind my decision making is, and how best to make those decisions. LOVED IT! 

    Thanks Aaron

    4Reply
  • Account Closed
    Member since 2018 · 1 post · 0 votes
    8y
    @Mindy Jensen Fascinating & insightful! Thanks
    0Reply
  • Jim C.
    Investor · Soldotna, AK · Member since 2015 · 103 posts · 64 votes
    8y

    Out of the box and yet so simple. I'll be looking for her book

    1Reply
  • Kellie Monterrosa
    Member since 2018 · 1 post · 1 vote
    8y

    Mind blowing to hear this presented in this way! My family thinks I am crazy insisting that they listen to this. 

    1Reply
  • Tari Higgins
    Member since 2018 · 1 post · 1 vote
    8y
    @Walter Aaron Poling How doing nothing is also a decision!
    1Reply
  • Jonathan Soto
    Lender · Newark, NJ · Member since 2016 · 695 posts · 252 votes
    8y

    Awesome, I will be looking for her book. Can't wait to share with my family.

    1Reply
  • Phillip Denny
    Rental Property Investor · Knoxville, TN · Member since 2017 · 16 posts · 6 votes
    8y

    Loved this episode.  Definitely made me re-evaluate my attitude towards risk that's been holding me back recently.  I loved going back and thinking about some past successes/failures, then breaking down, what was the product of my good or bad decisions, and what was due to external factors.  I decided my first successful fix and flip was mostly luck.... 

    1Reply
  • Cierra Rose
    Realtor · Cincinnati · Member since 2017 · 11 posts · 4 votes
    8y

    Wonderful Podcasts!! Took lots of notes!!

    1Reply
  • Justin Rank
    Member since 2018 · 9 posts · 3 votes
    8y

    Very insightful show!  I was listening to it as I boarded a plane and due to a delay at Seattle airport, it gave me time to jump on amazon and buy Annie's book. Very good strategies when you don't know all the facts.  It's my goal in business to limit my unknowns, but it does happen.  Similar books if you are into reading business books are "Hope is not a strategy" and "Never split the difference".  I love applying very systematic ways to calm my brain and think rationally through a situation.  This is what makes business fun in my eyes.  Great show, and looking forward to finishing her book.   

    1Reply
  • Mike Dymski
    Investor · Greenville, SC · Member since 2016 · 5k+ posts · 13k+ votes
    8y

    "I'm not in competition against perfect. I'm in competition with the past version of myself." -Annie Duke

    This was a top 10 BP podcast. Real estate is not a complex business...but our psychology is complicated and it's what gets in the way of our success in many cases. Thanks for this podcast and guest...would enjoy more of these types of episodes.

    2Reply
  • Chris Gordon
    Rental Property Investor · Venetia, PA · Member since 2015 · 107 posts · 47 votes
    8y

    This was outstanding...definitely required a relisten to fully grasp.

    0Reply
  • Chris Szepessy
    Catskill, NY · Member since 2018 · 636 posts · 668 votes
    8y

    I almost didn't listen to this podcast, but really glad I did. I liked the part where she talked about "making a bet" and how people change their position on how positive they are about an outcome. She gave the example of a friend and their kid betting on whether they'd like a movie or not. I made a bet with my son this morning (before listening to the podcast) about lyrics to a song. It's a genre of music I don't listen to and he does, so needless to say, I'm out $5 and will now be taking Annie's advice.  

    1Reply
  • Anthony GaydenPro Member
    Rental Property Investor · Omaha, NE · Member since 2014 · 2k+ posts · 3k+ votes
    8y

    I finally had the chance to listen to this whole episode. It was really good. It definitely made me think about my investing style. Sometimes we can do everything exactly in a way that should work, and still end up losing. However that doesn't necessarily mean that we did things wrong.

    Lots of great analogies that really helped a lot.

    Oh and I used to watch Annie Duke play poker on TV back in the day, so I was quite the fan boy listening to this episode.

    Podcast Guest on Show #21
    2Reply
  • Matt Sterling
    Investor · Brownstown, IN · Member since 2015 · 46 posts · 10 votes
    8y

    Geez, would figure BiggerPockets would do some more research on guests.  Annie Duke is a pariah in the poker community.  She has been involved in two businesses that have stolen millions from the poker community.  She also isn't even good at poker and that's why she quit playing and somehow turned herself into a media darling.

    0Reply
  • Tito Huynh
    Kansas City · Member since 2018 · 19 posts · 10 votes
    8y

    Is the podcast not updating on Google Play Music? I only see 295 as the latest.

    0Reply
  • Dolce Deodato
    Kitchener Waterloo, Ontario · Member since 2017 · 9 posts · 16 votes
    8y

    I really liked the idea of being process oriented vs results oriented.  In real estate you may not have that many 'at bat' attempts to swing, so one unlucky strike out should not end your investing career early.

    I liked the driving route analogy with your partner as well.  It helps to remove 'knee jerk' reactions, and placing false blame on something just because results were bad (but process might have been a good option).

    1Reply
  • Matt Sterling
    Investor · Brownstown, IN · Member since 2015 · 46 posts · 10 votes
    8y

    actually expected something about ole ann the scam, but I guess we just sweep it under the rug here too.  Sick life for Annie to rebound from screwing tons and tons of people and become an "expert" in something she can't do on her own.

    1Reply
  • Sebastien Hitier
    Rental Property Investor · Hong Kong, Hong Kong Island · Member since 2014 · 188 posts · 114 votes
    8y

    I thought that Poker and Real Estate Investing are very different things: poker is by nature a very unstable, zero-sum game. Earnings come and go. A player is risking his whole capital every minute during a poker night. 

    Real Estate is a much more routine way to earn. Also, it creates value as properties are improved and a service is offered. There is also work involved ensuring that your property delivers what the buyer or renter expects. This is not an abstract game.

    It seems to me that investors who look for thrills would go for day trading on stocks or crypto.

    Still, she gives great advice on how to improve one's game and not get complacent. Those apply to any domain. These podcasts really open the mind.

    0Reply
  • Tami R.
    Clive, IA · Member since 2013 · 141 posts · 89 votes
    8y
    @Tito Huynh. Yes.... I am not getting any other current episode on my app except 295
    1Reply
  • Justin BrownBusiness Member
    Real Estate Agent · Allentown, PA · Member since 2017 · 343 posts · 156 votes
    8y

    @Mindy Jensen you want to bet my mind will be blown? Whats your percent certainty of the outcome of me listening to this episode being a blown mind? Now if it were @Brandon Turner you were telling that would be 100% certainty because every episode is his favorite episode. 

    [email protected]484-273-2414
    Light House Realty LV4.978 Reviews
    WebsiteView Page
    0Reply
  • Mark Mueller
    South Bend, IN · Member since 2017 · 10 posts · 10 votes
    7y

    A friend of mine suggested I watch this.  Glad he did.  It was very insightful, but one major aspect missing in my opinion.  In poker, you have limited choices.  Bet or fold.  Checking is an option, but doesn't usually get you far and eventually you have to make the bet or fold decision.  The only other decision is how much to bet.  And, in most cases, you have probability to assist.  Poker is SUPER easy when you are staring at the nuts hand.  You just hope and pray others have good stuff at the same time so you can rake in more.  I've yet to find that in RE.  With real estate, you can choose to do a flip, brrrr, long term, host (airbnb), residential, multi unit, or commercial to name a few.  RE can be like 50 poker decisions all at once.  Some of them with very little data to go on.  I don't know that this helps with direction and I think there was a gap in looking at opportunity costs when making decisions.  Those are the things that stump me quite often.   For example, if you have one path with great data and one without much data, how do you choose?  In her examples, I only caught a single decision you face without good data to analyze, and then you look at the other aspects.  If this was easy, more people would be doing it :)  Maybe her included.  Nonetheless a good podcast to help with the types of decisions she is referring to.  Like, if your decision is to get into RE or not, okay.  But if you want to evaluate RE against stocks, collector cars, coins, etc. or set up an antique booth at the local mall, start a website, or maybe buy another type of business, your decisions would be much more analytical.  Also, I kept hearing @Brandon Turner in the background going "always know the numbers!".  LOL!

    1Reply
  • Cheryl Butler
    Professional · Delaware, OH · Member since 2017 · 52 posts · 39 votes
    7y

    This is one I will listen to again and again. It was a revelation for me to realize that just because your outcome isn't what you expected it doesn't mean you made bad decisions. And my, my have I been a lucky investor! Thanks a lot for this one!

    0Reply
  • Brandon Copeland
    St. John'S, Newfoundland and Labrador · Member since 2016 · 4 posts · 1 vote
    7y

    I'm sorry for the bump... but I gotta say. I just listened to this episode for the second time and it was just as impactful as the first. I also shared this episode with a friend of mine who is not at all a real estate guy. Just a business guy. He loved it too.

    This is, in my opinion, one of the best episodes that have been done. Huge props to the team and Annie on this one!

    0Reply
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