Agustin Lebron - Trading, Crypto, and Adverse Selection
Transcript + YouTube, Apple Podcasts, Spotify
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.
We discuss how AI will change finance, why adverse selection makes trading and hiring so difficult, & what the future of crypto holds.
Check out my blog: https://www.dwarkeshpatel.com/
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(00:00) - Introduction
(04:18) - What happens in adverse selection?
(09:22) - 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