489. How to Overcome Your Own Biases in Decision Making with Annie Duke

Winning a hand doesn't mean you played it well. Losing one doesn't mean you didn't.

In this episode of The Game Changing Attorney Podcast, Michael Mogill sits down with Annie Duke, former professional poker player, World Series of Poker bracelet winner, and best-selling author of Thinking in Bets and Quit: The Power of Knowing When to Walk Away, to talk about why a great decision can still end in a loss, how confirmation bias hides behind our smartest instincts, and what it actually takes to know when to walk away.

Here's what you'll learn:

Why a good decision can still produce a bad outcome, and a bad one can still win

How confirmation bias convinces smart people they've already got it right

What it takes to know the difference between grit that pays off and grit that's costing you

Good decisions and good outcomes are not the same thing. This episode will help you tell them apart.

(00:00:00) Introduction (00:02:33) Why Annie returned to finish her PhD (00:04:48) How Annie built a $4M poker career (00:14:56) Why good decisions can have bad outcomes (00:20:16) Inside Pete Carroll's controversial call (00:27:29) Why confirmation bias feels so good (00:35:16) Why smart people have bigger blind spots (00:37:17) Why waste is a forward-looking problem (00:40:22) When grit stops being a virtue (00:42:59) How mental time travel aids decisions

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Links & Resources:

Annie Duke

Thinking in Bets by Annie Duke

Quit: The Power of Knowing When to Walk Away by Annie Duke

Thinking, Fast and Slow by Daniel Kahneman

Grit by Angela Duckworth

Confirmation bias

Pete Carroll

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Past guests on The Game Changing Attorney Podcast include David Goggins, John Morgan, Alex Hormozi, Randi McGinn, Kim Scott, Chris Voss, Kevin O’Leary, Laura Wasser, John Maxwell, Mark Lanier, Robert Greene, and many more.

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