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Mental Model
Thinking in Bets: How to Make Decisions Like a Poker Player
Poker players use this method to increase their winnings over the long term. Here’s how you can use it in business and life:
Bad decision, good luck
Mike was excited when he heard about a new cryptocurrency from his close friend.
Everybody was talking about its growth potential on Reddit.
He thought he was finally early enough to get huge returns in a short time.
And he was so convinced; that he invested all his savings in it.
After two weeks, his dreams came true.
His investment got 10x higher and he cashed out.
Mike told himself: “That was the best decision of my life.“
Good decision, bad luck
Jane was working in the Marketing department of a consumer goods company.
One day, she received a job offer from the tech industry.
The offer was good: a promotion, stock options, and leading a team…
After thinking about it for a week, she decided to take the offer.