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Thinking in Bets
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4.6 | (367 reviews)

Thinking in Bets:

Making Smarter Decisions When You Don't Have All the Facts

National Besteller • “A big favorite among investors these days” - The New York Times

Author: Annie Duke

Publisher: Penguin

Published: May 2019

DIFFICULTY

intermediate

PAGES

289

READ TIME

≈ 420 mins

About Thinking in Bets

In Thinking in Bets, former poker champion Annie Duke turns the uncertainty of the card table into a framework for better decision-making. Her central idea is simple but radical: judge decisions by the quality of your thinking, not by whether you got lucky. Most of us “result” — assuming a good outcome means a good choice — when what really matters is how we framed the bet in the first place.

Duke treats every decision as a wager under uncertainty. You’ll never know everything, but you can clarify odds, weigh trade-offs, and improve your judgment through feedback. She shows how to run pre-mortems, track your assumptions, and create truth-seeking groups that prize curiosity over ego. Thinking in Bets teaches a mental habit that separates confident thinkers from overconfident ones — a way to stay rational when life deals you incomplete information.

What You'll Learn

  • Think in probabilities and expected value instead of certainties
  • Tools like pre-mortems, backcasting, and scenario planning
  • Belief calibration with base rates, Bayesian updating, and better feedback loops
  • Accountability, dissent, and decision groups to reduce bias and overconfidence.
  • Track choices to learn systematically from results

Key Takeaways

  • Separate outcome from decision quality
  • Seperating skill from luck
  • Embrace probabilistic thinking
  • Form truth-seeking decision groups

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