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Thinking in Bets: Making Smarter Decisions When You Don't Have All the Facts

Book by Annie Duke · 1 quotes · Choice, Opportunity Cost, Path

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All Choice Opportunity Cost Path Bet Better Control Decision Forgo Invest Maximize Probability Uncertain Worse

Thinking in Bets: Making Smarter Decisions When You Don't Have All the Facts Quotes

“There is always opportunity cost in choosing one path over others. The betting elements of decisions—choice, probability, risk, etc.—are more obvious in some situations than others. Investments are clearly bets. A decision about a stock (buy, don’t buy, sell, hold, not to mention esoteric investment options) involves a choice about the best use of financial resources. Incomplete information and factors outside of our control make all our investment choices uncertain. We evaluate what we can, figure out what we think will maximize our investment money, and execute. Deciding not to invest or not to sell a stock, likewise, is a bet. These are the same decisions I make during a hand of poker: fold, check, call, bet, or raise.”

Decision Path Choice Control Uncertain Probability Invest Maximize Bet Opportunity Cost

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