Agustin Lebron - Trading, Crypto, and Adverse Selection
Agustin Lebron began his career as a trader and researcher at Jane Street Capital, one of the largest market-making firms in the world. He currently runs the consulting firm Essilen Research, where he is dedicated to helping clients integrate modern decision-making approaches in their business.
Episode website + Transcript: https://www.dwarkeshpatel.com/p/agustin-lebron
Apple Podcasts: https://apple.co/3Rhttnm
Spotify: https://spoti.fi/3COMNEe
Follow me on Twitter to be notified of future content: https://twitter.com/dwarkesh_sp
Follow Agustin on Twitter: https://twitter.com/AgustinLebron3
Buy The Laws of Trading: https://www.amazon.com/Laws-Trading-Traders-Decision-Making-Everyone/dp/1119574218
TIMESTAMPS:
0:00 Introduction
4:18 What happens in adverse selection?
9:22 Why is having domain expertise in trading not important?
15:09 How do you deal when you're on the other side of the adverse selection?
21:16 Why you should invest in training your people?
25:37 Is finance too big at 9% of GDP?
31:06 Trading is very labor intensive
36:16 Overlap of rationality community and trading
48:00 The age of startup founders
50:43 The role of market makers in crypto
57:31 Three books that you recommend
58:47 Life is long, not short
1:03:01 Short history of Lunar Society
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Chapters (13)
Introduction
4:18
What happens in adverse selection?
9:22
Why is having domain expertise in trading not important?
15:09
How do you deal when you're on the other side of the adverse selection?
21:16
Why you should invest in training your people?
25:37
Is finance too big at 9% of GDP?
31:06
Trading is very labor intensive
36:16
Overlap of rationality community and trading
48:00
The age of startup founders
50:43
The role of market makers in crypto
57:31
Three books that you recommend
58:47
Life is long, not short
1:03:01
Short history of Lunar Society
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