Jun 23 • 1HR 4M

Agustin Lebron - Trading, Crypto, and Adverse Selection

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Host Dwarkesh Patel interviews intellectuals, scientists, and founders about their big ideas. YouTube: https://www.youtube.com/DwarkeshPatel Apple Podcasts: https://apple.co/3oBack9 Spotify: https://spoti.fi/3S5g2YK
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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.

Watch on YouTube, or listen on Spotify, Apple Podcasts, or any other podcast platform.

Episode website + Transcript here.
Buy The Laws of Trading.

Follow Agustin on Twitter. Follow me on Twitter for updates on future episodes.

Check out my blog: https://www.dwarkeshpatel.com/

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Timestamps:

(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

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