Annie Duke- The Power of Knowing When to Walk Away

Former World Series of Poker Champion and best-selling author, Annie Duke, returns to the show to discuss the  concepts from her book, Quit: The Power of Knowing When to Walk Away. Annie shares insights on how grit, often celebrated as a virtue, can also lead to sticking with paths that no longer serve us. Joe and Annie  draw parallels to other high-profile figures like Jerry Seinfeld and Will Smith, who chose to step down from projects at the pinnacle of their careers. They also dive into Joe’s decision to retire from the Army. During the episode Joe and Annie discuss the following topics:The double-edged nature of grit and its impact on decision-making.Joe's personal experience of deciding to retire from the military and the concept of quitting at a high point in one's career.The concept of 'jumping the shark' and the challenges in identifying the right time to quit.How to separate your identity from your careerThe importance of setting 'kill criteria' to effectively determine when to quit under uncertainty.The role of intuition, sunk costs, and fear of the unknown in decision-making processes.Using the monkeys and pedestals mental model before starting a major projectAnnie is an author, speaker, and consultant in the decision-making space, as well as Special Partner focused on Decision Science at First Round Capital Partners, a seed stage venture fund. Annie’s latest book, Quit: The Power of Knowing When to Walk Away, was released in 2022 from Portfolio, a Penguin Random House imprint. Her previous book, Thinking in Bets, is a national bestseller. As a former professional poker player, she has won more than $4 million in tournament poker. During her career, Annie won a World Series of Poker bracelet and is the only woman to have won the World Series of Poker Tournament of Champions and the NBC National Poker Heads-Up Championship. She retired from the game in 2012. Prior to becoming a professional poker player, Annie was awarded a National Science Foundation Fellowship to study Cognitive Psychology at the University of Pennsylvania. In 2023 Annie completed her PhD in Cognitive Psychology at UPenn.Annie is the co-founder of The Alliance for Decision Education, a non-profit whose mission is to improve lives by empowering students through decision skills education. She is a member of the National Board of After-School All-Stars and the Board of Directors of the Franklin Institute.Special thanks to this week's sponsors!Veteran-founded Adyton. Step into the next generation of equipment management with Log-E by Adyton. Whether you are doing monthly inventories or preparing for deployment, Log-E is your pocket property book, giving real-time visibility into equipment status and mission readiness. Learn more about how Log-E can revolutionize your property tracking process here!My favorite coffee is veteran-owned Alpha Coffee and I've been drinking it every morning since 2020! They make 100% premium arabica coffee. Alpha has donated over 22k bags of coffee to deployed units and they offer a 10% discount for military veterans, first responders, nurses, and teachers! Try their coffee today. Once you taste the Alpha difference, you won't want to drink anything else!  Learn more here.