How can you make intelligent decisions when you don’t have a lot of information? Are you unsure whether luck or skill determines an outcome? Do you engage in “resulting?”
Duke discusses her strategies for making decisions, employing process-oriented methodologies, and understanding the role of luck in outcomes. Poker players try to avoid the intellectual foible of “resulting” — looking at a single outcome as opposed to considering the broader spectrum of probabilities.
When poker players win, they must separate luck from process; if they can figure that out, they can improve future outcomes and understand what was attributable to skill and what was attributable to randomness. Similarly, when a player loses, understanding what would have been the best move relative to the probabilities is just as significant.
You can stream/download the full conversation, including the podcast extras on iTunes, Bloomberg, Overcast, and Soundcloud. Our earlier podcasts can all be found on iTunes, Soundcloud, Overcast and Bloomberg.
Next week, we chat with Patty McCord, the chief talent officer at Netflix for 14 years, and author of the new book “Powerful: Building a Culture of Freedom and Responsibility.”