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Cover of Thinking in Bets by Annie Duke

Thinking in Bets

Annie Duke · 2018

Professional poker player turned decision scientist. Investment decisions are bets made under uncertainty, and Duke teaches you to separate decision quality from outcome quality. A great investment that loses money isn't necessarily a bad decision; a terrible investment that profits isn't a good one. She calls the confusion 'resulting,' and once you see it, you can't unsee it.

The case against

Reviewers keep pointing to the same predecessors: this ground was already covered by Kahneman’s Thinking, Fast and Slow and Tetlock’s Superforecasting, and more than one says “This book should have been a tweetstorm.” Another calls it “an insightful 30-page idea in a 230-page package,” the central point about separating decision quality from outcome served again and again in a new anecdote wrapper rather than developed further. Readers with football knowledge push back hard on the framing example itself, arguing the stats-only reading of the goal-line call ignores situational factors a coach would actually weigh. The business-world material reads thin next to the poker chapters, and one reader calls the whole thing “a very shallow literature review of behavioral economics.” A meaningful share of the stated page count turns out to be endnotes and citations once you get there.

Business & Investing · the Pro canon

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