The silver lining of the long car journey cloud is the freedom to catch up on podcasts (family members permitting). On a trip across France last year I listened to a Freakonomics Radio, episode hosted by Stephen Dubner co-author of the Freakonomics books. Guest Maria Konnikova talked about how, as a complete novice, (albeit a novice with a Ph.D in psychology from Columbia University) she learned to play poker. Her goal was to better understand the line “…between skill and luck, to learn what I could control and what I couldn’t…”.
That interview was so enticing I ordered the book as soon as I got home. And I am so glad I did – this is a thought provoking treasure trove of guidance for negotiators and decision makers, regardless of whether you have an interest in actually playing poker. Among the many lessons the book has is a reminder of the vital importance of information and timing. Early in her poker career, Konnikova and her mentor Erik Seidel review a hand that didn’t go so well. Konnikova concludes:
“In any interaction, you want to have as much information as possible. When you’re the person acting last, you have the best of it. You already know your opponent’s decisions, their plays, their opening bids. In a negotiation, you have the power. In an argument or debate, you have the power. You know more than they do. They have to initiate. You have the benefit of responding. Position is king.”
Reviewing the same hand, Konnikova highlights the criticality of rational decision making. Under pressure from the timer counting down how long she had to act, she acted, but without good reasons for most of her decisions – “because I want to win the chips isn’t a good reason for betting”, as she puts it. (That reminded me of a Ronald Reagan quote I love: “Don’t just do something, stand there”.)
And there is so much more.
Because I found the book to be such an engaging, rich repository of thinking on decision making and the art of negotiation I recommended it to my team as my business book of the year. If you get the chance this summer enjoy it too!
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