Agustin Lebron - Trading, Crypto, and Adverse Selection

奥古斯丁·雷布朗 - 交易、加密货币及逆向选择

Dwarkesh Podcast

2022-06-23

1 小时 4 分钟
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单集简介 ...

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 here. Buy The Laws of Trading. Follow Agustin on Twitter. Follow me on Twitter for updates on future episodes. Subscribe to find out about future episodes! 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 Please share if you enjoyed this episode! Helps out a ton! Get full access to Dwarkesh Podcast at www.dwarkesh.com/subscribe
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  • Okay.

  • Today I have the pleasure of speaking with Augustin Lebron, who is the author of.

  • the laws of trading, a trader's guide to better decision making for everyone.

  • Um, this is one of those books.

  • Uh, you know, Tyler Cowan calls these quake books that completely,

  • um, shift the models you have of the world.

  • Um, I really, really enjoyed reading this book.

  • Um, so yeah, I'll let you describe your background, Augustine,

  • but before that, let me just, um, let me ask this question.

  • So, um,

  • Peter teal says that the straws in reading of zero to one is that you shouldn't start a startup.

  • And I think that, uh, tell me what you think about this.

  • I think that's.

  • Rothstein reading of the laws of trading is that you shouldn't trade, right?

  • Because you probably don't have edge because you're not better than a marginal trader.

  • And if you think you have edge, it's probably because you're unfactored in risks and other costs.

  • So don't trade.

  • Is that what I should take away from this book?

  • I think you pretty much hit the nail on the head.

  • Like a lot of the times that people sort of start thinking about trading seriously,