Annie Duke, decision strategist, argues that teams inefficiently spend most meeting time reinforcing agreement rather than exploring differences of opinion.
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“About 80% of meetings get spent on agreements.”
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More from Annie Duke
Insight
Duke: Working independently yields better feedback than group discussions
“Nominal groups, which are groups of individuals working alone, tend to do better in terms of eliciting the, Feedback and opinions or even brainstorming than when people actually discuss things as a group.”
Annie DukeJan 11, 2021▶ 18:5620VC: Annie Duke on Reversible vs Irreversible Decisions, How To Evaluate Risk, The Theory of Sunk Cost in Venture & How to Optimise Both the Discussion and Quality of Investment Decisions
Insight
Duke: Decision outcomes depend solely on luck and information quality
“There's only two things that tell you how a decision is going to work out. One is luck. Can't do anything about it. The other is, is what's the information that went into the decision”
Annie DukeJan 11, 2021▶ 21:2220VC: Annie Duke on Reversible vs Irreversible Decisions, How To Evaluate Risk, The Theory of Sunk Cost in Venture & How to Optimise Both the Discussion and Quality of Investment Decisions
Insight
Duke: Investors prioritize risk calculation over expected value
“I think the biggest misconception about risk is that, this is going to be kind of weird, is people spend a lot of time trying to calculate their risk, but they don't think enough about whether they actually... Have the expected value, right? Like, are they win…”
Annie DukeJan 11, 2021▶ 34:0120VC: Annie Duke on Reversible vs Irreversible Decisions, How To Evaluate Risk, The Theory of Sunk Cost in Venture & How to Optimise Both the Discussion and Quality of Investment Decisions
Insight
Duke: Parallel portfolio bets reduce the penalty of individual inaccuracy
“Like if you can do a lot of bets in parallel, then the penalty for being less accurate on any single one of them is lower.”
Annie DukeJan 11, 2021▶ 12:4820VC: Annie Duke on Reversible vs Irreversible Decisions, How To Evaluate Risk, The Theory of Sunk Cost in Venture & How to Optimise Both the Discussion and Quality of Investment Decisions
AssertionNot checkable as stated
Duke: 1990s poker required less skill due to wider informational edge
“So the gap between the people who like understood the game and knew the game and everybody else was so wide that as a professional, you didn't need to be nearly as good then as you would need to be now in order to win.”
Annie DukeJan 11, 2021▶ 7:2020VC: Annie Duke on Reversible vs Irreversible Decisions, How To Evaluate Risk, The Theory of Sunk Cost in Venture & How to Optimise Both the Discussion and Quality of Investment Decisions
Insight
Duke: De-risk major life decisions by treating them as non-permanent
“I don't think about most decisions that I make as permanent. So that's a way to de-risk, right? Like, if you know, well, I'll see how this goes, and if it doesn't work out, then I can go do something else”
Annie DukeJan 11, 2021▶ 8:2820VC: Annie Duke on Reversible vs Irreversible Decisions, How To Evaluate Risk, The Theory of Sunk Cost in Venture & How to Optimise Both the Discussion and Quality of Investment Decisions
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