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Thinking in Bets

Making Smarter Decisions When You Don't Have All the Facts

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About this listen

Wall Street Journal bestseller!

Poker champion turned business consultant Annie Duke teaches you how to get comfortable with uncertainty and make better decisions as a result.

In Super Bowl XLIX, Seahawks coach Pete Carroll made one of the most controversial calls in football history: With 26 seconds remaining, and trailing by four at the Patriots' one-yard line, he called for a pass instead of a handing off to his star running back. The pass was intercepted, and the Seahawks lost. Critics called it the dumbest play in history. But was the call really that bad? Or did Carroll actually make a great move that was ruined by bad luck?

Even the best decision doesn't yield the best outcome every time. There's always an element of luck that you can't control, and there is always information that is hidden from view. So the key to long-term success (and avoiding worrying yourself to death) is to think in bets: How sure am I? What are the possible ways things could turn out? What decision has the highest odds of success? Did I land in the unlucky 10% on the strategy that works 90% of the time? Or is my success attributable to dumb luck rather than great decision making?

Annie Duke, a former World Series of Poker champion turned business consultant, draws on examples from business, sports, politics, and (of course) poker to share tools anyone can use to embrace uncertainty and make better decisions. For most people, it's difficult to say "I'm not sure" in a world that values, and even rewards, the appearance of certainty. But professional poker players are comfortable with the fact that great decisions don't always lead to great outcomes and bad decisions don't always lead to bad outcomes.

By shifting your thinking from a need for certainty to a goal of accurately assessing what you know and what you don't, you'll be less vulnerable to reactive emotions, knee-jerk biases, and destructive habits in your decision making. You'll become more confident, calm, compassionate, and successful in the long run.

Includes a bonus PDF of charts and graphs.

PLEASE NOTE: When you purchase this title, the accompanying PDF will be available in your Audible Library along with the audio.

©2018 Annie Duke (P)2018 Penguin Audio
Career Success Decision-Making & Problem Solving Forecasting & Strategic Planning Leadership Management & Leadership Psychology Psychology & Mental Health Business Sports Career Success Inspiring Thought-Provoking Poker Emotions Management Consulting Behavioural Finance

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Critic reviews

"A big favorite among investors these days."–The New York Times

"A compact guide to probabilistic domains like poker, or venture capital... Recommend for people operating in the real world."–Marc Andreessen

"Duke’s discussion is full of wisdom and also of fun, warmth, humor and humanity. Her sharp, data-driven analysis comes with a large lesson, which is that losers should be willing to forgive themselves: Sometimes the right play just doesn’t work."–Cass Sunstein, co-author of Nudge

Most relevant
Thinking in Bets contains a multitude of actionable advice with which to make real changes to the ways we think about decisions and future planning. It makes very clear the benefits to be gained from acknowledging the way your mind works, through a comprehensive review of several concepts within the fields of behavioural psychology and decision economics. By simply taking the view of life as a game of poker, decisions can be made in more robust, rational, and healthy ways. Between the many useful pointers however there were a few areas where the same points were repeated or longer was spent on a particular topic than perhaps was necessary for concision. This detracted slightly from an otherwise very useful book. Recommended for those looking for useful ways to restructure the way we think about decisions

Actionable advice between some awkward padding

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This isn't a bad business book but it isn't a great one either. It's well written, the narration is easy on the ear (unlike many), it isn't too dry or boring, and suitable evidence is presented. However, it's too long for the material covered/audiobook format. If you've read a lot of business strategy or decision making books, or done scenario planning or imagine the future type activities then this way of thinking won't be new but the book does frame things very nicely.

I think this is one of those books where I would try a podcast/interview with the author because that's probably going to give you the main points of the book.

Make decisions by thinking in bets

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One of the best non fiction books I've listened or read. I will definitely listen to it again

brilliant

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Practical, insightful and enlightening. Such an awesome book. I'll be reading it again soon!

Absolutely brilliant!

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..even though I don't have all the facts, if you do purchase this book, one of 2 outcomes, I believe if you listen to it, you will really enjoy it.

I bet you'll enjoy this..

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Good lessons and Annie Duke is a likable person in her writing and reading. However the book is a bit dumbed down to reach a broader audience . The book tries to cover important statistical topics in the shallowest way possible. It also gets repetitive in examples and concepts.

Good ideas, ok execution

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This is a must read for anyone making important decision in work or live. Read it.

Great book

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Well thought out structure and examples. Deep knowledge from the author. Easy and plesant to listen to. Can absolutely recommend this title to anyone interested in personal growth.

Thinking in bets is absolutely worth the read/listen

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A fantastic guide to decision making and life in general. Extremely practical advice on how to deal with our in built cognitive biases and reduce the impact of these biases on our lives

Enjoyable and very practical

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It's all about navigating through uncertainties in life as well as in trading or decision making.

One of the best books I have ever read.

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