I have recently read “Thinking in Bets” by Annie Duke and the memo “You Bet” by Howard Marks. Annie is a professional poker player while Howard Marks is the chairman of Oaktree Capital Management. Below some interesting ideas from their writings. “Over time, those world-class poker players taught me to understand what a bet really is: a decision about an uncertain future. . . “ Life is poker, not chess. Chess contains no hidden information and very little luck. Poker, in contrast, is a game of incomplete information. It’s a game of decision-making under conditions of uncertainty over time. Valuable information remains hidden and there is also an element of luck in any outcome. The real world is closer to poker than chess. Uncertainty and luck take part in the game. The outcome is a combination of both luck and the quality of our decisions under uncertainty. Thinking in bets starts with recognizing...