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Thinking in Bets Overview
Thinking in Bets: Making Smarter Decisions When You Don't Have All the Facts
Annie Duke • 6 highlights
amazon.com
Life is poker, not chess
Four years ago I walked away from a guaranteed promotion at McKinsey and a $300K PE offer to work in gaming for a third of the salary.
Many thought I was insane. They were playing chess: calculating the optimal move with perfect information. https://t.co/g5VHm1a12b
When you frame a decision as a bet, you're forced to explicitly acknowledge that you're operating under uncertainty. You have to assign some probability to different outcomes, however rough. You have to think about expected value rather than guaranteed results. My friend made a bet that had, let's say, a 70% chance of working out well and a 30%
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