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Agustin Lebron - Trading, Crypto, and Adverse Selection
Dwarkesh Podcast
Is There a Negative Feedback Loop in the Market?
There is almost a a negative feedback loop. If we become too successful, the market makes it rellyhard for you to continued bing successful. James treet doesn't want to trade against other market makers because that's not who they're gong to make their money from. The reason is because james street provides a service to the world and jamestreet takes care of all the little details. And so there's gains from trade there. It's not zero sum in that sense.
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