Annie Duke is a former professional poker player, a decision-making expert, and a special partner at First Round Capital. She is the author of Thinking in Bets (a national bestseller) and Quit: The Power of Knowing When to Walk Away and the co-founder of the Alliance for Decision Education, a nonprofit whose mission is to improve lives by empowering students through decision skills education. In our conversation, we cover: • What Annie learned from the late Daniel Kahneman • The power of pre-mortems and “kill criteria” • The relationship between money and happiness • The power of “mental time travel” • The nominal group technique for better decision quality • How First Round Capital improved their decision-making process • Many tactical decision-making frameworks — Brought to you by: • Vanta—Automate compliance. Simplify security. • UserTesting—Human understanding. Human experiences. • LinkedIn Ads—Reach professionals and drive results for your business — Find the transcript at: lennysnewsletter.com/p/making-b… — Where to find Annie Duke: • X: twitter.com/AnnieDuke • LinkedIn: linkedin.com/in/annie-duke • Website: annieduke.com • Substack: annieduke.com/substack — Where to find Lenny: • Newsletter: lennysnewsletter.com • X: twitter.com/lennysan • LinkedIn: — In this episode, we cover: — Referenced: • Daniel Kahneman, Who Plumbed the Psychology of Economics, Dies at 90: • Adversarial collaboration: • Does more money correlate with greater happiness?: • Income and emotional well-being: A conflict resolved: • Strategic decisions: When can you trust your gut?: • Cass Sunstein on X: • Dr. Becky on Instagram: • A framework for finding product-market fit | Todd Jackson (First Round Capital): • First Round Capital: • Brett Berson on X: • Renegade Partners: • Renata Quintini on X: • Roseanne Wincek on X: • Josh Kopelman on X: • Bill Trenchard on X: • Linnea Gandhi on X: • Maurice Schweitzer on X: • Problems with premortems: • Create a Solid Plan on How to Fail Big This Year: • Quit: The Power of Knowing When to Walk Away: • Richard Thaler on X: • Stewart Butterfield on X: • Glitch: • How the Founder of Slack & Flickr Turned Colossal Failures into Billion-Dollar Companies: • The Most Fascinating Profile You’ll Ever Read About a Guy and His Boring Startup: • The Alliance for Decision Education: • Make Better Decisions course on Maven: — Production and marketing by . For inquiries about sponsoring the podcast, email podcast@lennyrachitsky.com. — Lenny may be an investor in the companies discussed.