Annie Duke is a former professional poker player, a decision-making expert, and a special partner at First Round Capital. She is the author of Thinking in Bets (a national bestseller) and Quit: The Power of Knowing When to Walk Away and the co-founder of the Alliance for Decision Education, a nonprofit whose mission is to improve lives by empowering students through decision skills education. In our conversation, we cover:
• What Annie learned from the late Daniel Kahneman
• The power of pre-mortems and “kill criteria”
• The relationship between money and happiness
• The power of “mental time travel”
• The nominal group technique for better decision quality
• How First Round Capital improved their decision-making process
• Many tactical decision-making frameworks
—
Brought to you by:
• Vanta—Automate compliance. Simplify security: [ Ссылка ]
• UserTesting—Human understanding. Human experiences: [ Ссылка ]
• LinkedIn Ads—Reach professionals and drive results for your business: [ Ссылка ]
Find the transcript at: [ Ссылка ]
Where to find Annie Duke:
• X: [ Ссылка ]
• LinkedIn: [ Ссылка ]
• Website: [ Ссылка ]
• Substack: [ Ссылка ]
Where to find Lenny:
• Newsletter: [ Ссылка ]
• X: [ Ссылка ]
• LinkedIn: [ Ссылка ]
In this episode, we cover:
(00:00) Annie’s background
(03:53) Lessons from Daniel Kahneman: humility, curiosity, and open-mindedness
(09:15) The importance of unconditional love in parenting
(15:15) Mental time travel and “nevertheless”
(20:06) The extent of improvement possible in decision-making
(24:54) Independent brainstorming for better decisions
(35:36) Making sure people feel heard
(42:41) The “3Ds” framework to make better decisions
(44:49) Decision quality
(55:46) Improving decision-making at First Round Capital
(01:05:05) Using pre-mortems and kill criteria
(01:10:15) Making explicit what’s implicit
(01:10:55) The challenges of quitting and knowing when to walk away
(01:19:23) Where to find Annie
Referenced:
• Daniel Kahneman, Who Plumbed the Psychology of Economics, Dies at 90: [ Ссылка ]
• Adversarial collaboration: [ Ссылка ]
• Does more money correlate with greater happiness?: [ Ссылка ]#
• Income and emotional well-being: A conflict resolved: [ Ссылка ]
• Strategic decisions: When can you trust your gut?: [ Ссылка ]
• Cass Sunstein on X: [ Ссылка ]
• Dr. Becky on Instagram: [ Ссылка ]
• A framework for finding product-market fit | Todd Jackson (First Round Capital): [ Ссылка ]
• First Round Capital: [ Ссылка ]
• Brett Berson on X: [ Ссылка ]
• Renegade Partners: [ Ссылка ]
• Renata Quintini on X: [ Ссылка ]
• Roseanne Wincek on X: [ Ссылка ]
• Josh Kopelman on X: [ Ссылка ]
• Bill Trenchard on X: [ Ссылка ]
• Linnea Gandhi on X: [ Ссылка ]
• Maurice Schweitzer on X: [ Ссылка ]
• Create a Solid Plan on How to Fail Big This Year: [ Ссылка ]
• Quit: The Power of Knowing When to Walk Away: [ Ссылка ]
• Richard Thaler on X: [ Ссылка ]
• Stewart Butterfield on X: [ Ссылка ]
• Glitch: [ Ссылка ]
• How the Founder of Slack & Flickr Turned Colossal Failures into Billion-Dollar Companies: [ Ссылка ]
• The Most Fascinating Profile You’ll Ever Read About a Guy and His Boring Startup: [ Ссылка ]
• The Alliance for Decision Education: [ Ссылка ]
• Make Better Decisions course on Maven: [ Ссылка ]
Production and marketing by [ Ссылка ]. For inquiries about sponsoring the podcast, email podcast@lennyrachitsky.com.
Lenny may be an investor in the companies discussed.
