31 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.<br/><br/>Watch on <a target="_blank" href="https://youtu.be/3BBNG0TlVwM">YouTube</a><br/><br/>Buy The Laws of Trading: <a target="_blank" href="https://www.amazon.com/Laws-Trading-Traders-Decision-Making-Everyone/dp/1119574218">https://www.amazon.com/Laws-Trading-Traders-Decision-Making-Everyone/dp/1119574218</a><br/><br/>Follow Agustin on Twitter: <a target="_blank" href="https://twitter.com/AgustinLebron3">https://twitter.com/AgustinLebron3</a><br/><br/>Follow me on Twitter: <a target="_blank" href="https://twitter.com/dwarkesh_sp">https://twitter.com/dwarkesh_sp</a><br/><br/>Check out my blog: <a target="_blank" href="https://www.dwarkeshpatel.com/">https://www.dwarkeshpatel.com/</a><br/><br/>(00:00) - Introduction<br/><br/>(04:18) - What happens in adverse selection?<br/><br/>(09:22) - Why is having domain expertise in trading not important?<br/><br/>(15:09) - How do you deal when you're on the other side of the adverse selection?<br/><br/>(21:16) - Why you should invest in training your people?<br/><br/>(25:37) - Is finance too big at 9% of GDP?<br/><br/>(31:06) - Trading is very labor intensive<br/><br/>(36:16) - Overlap of rationality community and trading<br/><br/>(48:00) - The age of startup founders<br/><br/>(50:43) - The role of market makers in crypto<br/><br/>(57:31) - Three books that you recommend<br/><br/>(58:47) - Life is long, not short<br/><br/>(1:03:01) - Short history of Lunar Society <br/><br/>This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit <a href="https://www.dwarkeshpatel.com?utm_medium=podcast&#38;utm_campaign=CTA_1">www.dwarkeshpatel.com</a>