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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 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.dwarkeshpatel.com/subscribe5:[["$","$L17",null,{"event":"page_view","props":{"route":"/podcast/dwarkesh-podcast/agustin-lebron-trading-crypto-and-adverse-selection","surface":"web","episode_id":"47cb6e32-2cc2-4fa6-aae4-99c228b93631","plan":"free","is_anonymous":true,"podcast_id":"4e3d122c-a06b-45c7-8794-fa36d47d076e"}}],false,["$","script",null,{"type":"application/ld+json","dangerouslySetInnerHTML":{"__html":"$18"},"suppressHydrationWarning":true}],["$","div",null,{"className":"relative min-h-screen","children":["$","div",null,{"className":"mx-auto max-w-7xl px-2 sm:px-6 lg:px-8 pb-5 pt-2 sm:pb-7 sm:pt-3","children":["$","div",null,{"className":"lg:[padding-right:calc(var(--chat-panel-width,0px)+0.5rem)]","children":["$","article",null,{"className":"mx-auto max-w-4xl space-y-8 sm:space-y-10","children":[["$","div",null,{"className":"space-y-2","children":[["$","header",null,{"className":"space-y-3 sm:space-y-4","children":[["$","h1",null,{"children":"Agustin Lebron - Trading, Crypto, and Adverse Selection","className":"text-[1.5rem]/8 font-semibold tracking-tight sm:text-4xl/10 text-2xl/8 font-semibold text-foreground sm:text-xl/8"}],["$","$L19",null,{"episodeId":"47cb6e32-2cc2-4fa6-aae4-99c228b93631","episodeTitle":"Agustin Lebron - Trading, Crypto, and Adverse Selection","canonicalPath":"/podcast/dwarkesh-podcast/agustin-lebron-trading-crypto-and-adverse-selection","canonicalPodcastSlug":"dwarkesh-podcast","podcastName":"Dwarkesh Podcast","episodeDate":"2022-06-23 05:00:00+00:00","summary":null,"description":"$1a"}],null]}],"$L1b"]}],null,"$L1c"]}]}]}]}]]