Anne LaBarr Annie Duke.

Newsmaker Interviews
Wednesday, February 7th

What is your decision strategy?  Annie Duke is a professional poker player and author of a new book "Thinking in Bets".  She talks with WILK's Sue Henry about how to make good decisions when you are faced with uncertainty.

00:11:50

Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

We are about to talk to a guest who's going to tell us a little bit more about decision making based upon retirement the table and I don't mean the dinner tables and should be fond. We path forward to interviews like this any duke is with us this morning on W I okay thinking and that's making smarter decisions when you don't have all the facts of any good morning it's great to hear your voice. There are welcome to our shelf. Having me. So little bit about the back story about how someone like yourself gets involved in playing. Cards was this a family thing did you learn from your friends and what happens. Eight but we'd like I don't I'd bring up another okay I really learned from my brother my dad Eric when he became my company act and that would literally had to go to college. And ended up actually. About national public plan and that quite a good plan that my dad he had many many campaign and yet I can't I at the end of graduates club and in my house. And I'm confident and chicken money aimed. About actually suggested he would mentored me and hoping he'd been blamed for that pioneered an and then went really dead tired from the world at that point camp yeah. Really great. Are welcome at these tables. And the only name I welcome. I mean here we're certainly glad to sit down and play and I think you know it definitely I have a boy clad about. NA in a big time perfection all. I think that it may only about 3% of the field and women. Through. You know when you're playing that advertisement no HR department cam I don't think it's. What you would expect from that I admire men and you know pick somebody who really elaborate hoax can't without actually super exciting to be engaging in that game and you know what about turn and then. Yeah. They went really come from. An amazing amazing amazing man who played poker killing credibly dear friend of mine I did not want the pain with a time pressure. From the standpoint that we I was here how women have. At great intuition how it plays into another a poker approaches that help you. Depend on what you mean by intuition and I'm not a big fan of certain idea of going with your diet. Keeping your data certainly and farmed by AD experience for them here at face value they talked about against the reality and I think I can make the weather you've got to make and he wanted to keep things decried. I think it's better decision making just a gut instinct. And that apple can't bring that I think that women are better at it and reading other people's emotions. And meet other people promote that says parents can look actually really really important and do you women at different and I I got that happened to be a skill that made. I prepare and my opinions. Don't you think do you take that a skills. Like I'm playing poker and then translated. Into. At the broader topic about a strategy in decision making. A little thing about my history that they can not so greedy. And the potential patent and getting my Ph.D. at the University of Pennsylvania and I had that kind and I'd trying to understand seeing. The wave that we blurred and I had me he had been in the big turn in had a good day evidence that premise that there are lives kind I actually studying this problem to Larry king and how do you make opinions about the world. My Ph.D. You can't compare to the left turn into okay yeah I became a pilot 94 land and think my god eloquent and then climbing the way that I think that pregnant and didn't do a little bit take care lactic. I can speak to do a group and I am. People who were in high and about how poke my slam and opinion making and that I would convert them and that I really started tanking an explicit way of thank you can't think how can they keep. Collision has its content type and Central Command. And that's really acceptable to people can really help them improve their decision making and tell I would have been doing it for quite awhile. Well how can it done can you just give us a little bit of inside because people's look at day even the word bet. And they think it's it's risky and they think that it's it's not for van man and they they don't want a trap I believe underlying every day we are. Making bats are actually even if we don't find it taste at all you know. I think entitlement that we think about that is it in the way that we think about the mapping in any interest however getting on the lottery air horn trade fair campaign like that. It'll definitions but that is to this decision a decision that can find my belief you have about the loud. How do you think the future may turn out. And competition involved investing some sort of eliminate reach RS I think it's saying I'm gonna improve because of the decision they made it to the limit every turn doesn't have to be many number one they can be or how they're happy this year tying him. I can't. About uncertainty about the future gonna turn out because now they know how to answer I don't think it's gonna turn out. It was just isn't that there you're talking about how you don't know what's gonna happen in the member of that right. They're also very gallon now. Think examples. Help if the claims. Like a bad. Rap fan you're trying to decide whether to order that condition credit extensions. Did he can only order one or the other so it's a limited resource. And you're trying to decide which featured make you happier at one Beriault. To check in the money on defense is informed by your beliefs about like the rest trying to hang in Connecticut and eating very well. So either side on the pick and I think that's gonna work out and eat a high end and you know if he can't happier than maybe the chicken and tempered guy. I can tolerate actually even sending it simple and like they are gonna take medication in the back. That's interesting to me and I guess you're ready did taller around us now how how our past practices. Any influence are our future about risk taking or betting I mean some of us may be a little bit more reticent mainly grip and families has said. You just don't do that but how do we get away from those kind of in here and biases the we have about stuff. You appeared a couple of things and there are problematic in terms of what our history its hands. The first is that one please have a belief about campaign weekend to detonate and then it looked golfer can read it and stick confirmed that it had to write it how would we really don't like to change her mind you can get into politics right now commercial airplane people have beliefs about what prayer and ask him a White House and you can't change their mind and that and that's. True effective loud that and that's the first column that we need to add some depth and we means you know find a way to be more open minded and whenever we can do that is. Think about your bad but I feel OK can you believe the campaign that they are willing to bet on it is. That will really change when he beat an outcome how much you're willing to bet on the belief do you have. I think he's kind of my theory your beliefs and just which allowed it to be more open minded and more flexible. I think it would seem to really lay it kind maybe you don't wanna be like cotton greater what is your captain about race. Into waiting you can be willing can't. About how I had to wait I got Marr rented by acknowledging that it can get by knowledge that the future in the center and sometimes the weather advisory comes on fears the villains tough gig. And that's totally OK and sometimes you go to a red light and you get through safely and sometimes you go to a green light and you don't. It will focus on the fact that we're live during our paternity thing a lot of quality that it can't. We had something to say about the saying that determined that it can't hear a lot of good. OK without don't try to control over the last page you came up and think you become more open minded kid can't really be intractable in your game. Elect to come seals this is. Not wait to get elected and you know what there is a way to get it make it can't increase the probability. That it will go your way. You can make it anywhere secondarily can go we'll wait and Canada timer you can make it different in where I think I can go your way to 50% of the time. What we want immediately trying to make this in The King and I waited in Canada I'm an unfair advantage and have to be well and planned and which means that our beliefs have to be really gotten. Which means we need to be really open minded. And we need to be really open minded in particular anti. Here let me get out there are opinions out there they disagree with that I think you'll agree what we're seeing right now is that people I can get it back. I chose to better you can be at that I've been willing to hear people who disagree with the LP. Do you still got a hot new trend in in in the way to eat fatty get elected and you know what you're really doing it can't increase in the tentative Angola. So are learning about the other side by doing them kind of taken somebody's brain and an opening I had to hear. The way they ASEAN to which I always finds to be eye opening and maybe there's something in there. They're discussion that I can take away and you lose in the future if I listened to what they have to say even if I don't agree. In your life is going to be happy or tried because you're not going to be a combative and everybody around you. I mean you're gonna get along with people better when they're more open minded in their opinions. Really just trying to kill my career as a talk show strength and I don't appear clear that pat has we have a lot of people who come on who disagree with you and and then you can really call discussion item finally got in session. Touchy about something let's say you must have found a couple times that at the table and that is clean air Greg because when I have hot irons. We end every hand race you have to now learn how to accept the fact that you lose the hand and then what do you do. How do you move on from that and how do you learn from. Your failures in order to make you a better person I'm around. I don't wave that he would get fat instead it redefine what it means to win. Quick solution. Finally I think as an eyelash enhancement. Are excited to finally came back to define winning as well I guess one that particular hand. I define winning and I want to be the best Lerner possible. Everything I can out of every different and then make and they come way better about it. What happens is that when I lose. I don't know what nylon or not can I go back and look at the defendant. And the enemy even going back and looking at the defendant instead of worrying so much about whether I want her lack a particular hand this is aware. And I'm turning everything into a learning opportunity it's the fact too late I can have eight kids attend the very best possible hands. And I can play it affects me. I can intervene and I can still loose. I don't view that a lot and the failure. And they will let me go back and see if I play the hand lump I think they can't well then that's great. Now I played him poorly. I inhale and long that I learned Shannon. That's how I pray that oily and I think you have to change my defendant client file. Any duke and this is a fun conversation about thinking and that's making smarter decisions when you don't have all the facts thanks to do in the senate really really appreciate that it was sacked. Quite a blast. Yeah thank you for having me ask Jerry in the other things so I'm glad you Roloson thanks a lot.
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