Posts Tagged ‘Annie Duke financial advice’

Annie Duke offering Financial Advice – Dear Lord

Sunday, October 4th, 2015

annie-duke-business-speechDespite being part of the famed UB trainwreck and helping steer the Epic Poker League off a cliff, Annie Duke is still giving advice to people. And this time, her words of wisdom center on managing your portfolio. And no, tip #1 was not to refrain from investing in any poker operation that Duke is involved with.

Speaking at the Investment Management Consultants Assoc. (IMCA) in Las Vegas, the WSOP champion centered her speech on the Kenny Rogers-sung phrase “you’ve got to know when to hold ’em, know when to fold ’em” – a.k.a. know when to walk away from bad investments.

Duke also discussed how, during the Cold War, Washington strategists were looking for a game to model their back-and-forth moves against the Soviets. They first chose chess, then went with poker due to its mix of psychology and dealing with uncertainty. “Poker is a game of decision making under conditions of uncertainty over time,” she told the IMCA crowd.

The former poker pro also covered some of the key mistakes that investors make, especially continuing on with a bad investment just because one has already committed lots of money to it. Instead, the ideal move in this situation would be to pull out what money you have left just because the odds of succeeding are low.

One more gaffe that Duke covered involved people not investing in their future selves. The problem is that people don’t know their future selves, and they instead want to direct all their money to who they are today.

A final piece of advice that she offered revolved around learning from your mistakes. “If you credit all wins to your skill and all losses to bad luck, you never learn and never improve,” she said.

Annie Duke is no doubt loathed by many in the poker community today. However, if Duke does have one redeemable quality, it seems that she’s good at relating what she learned in poker to the business world.