Dwarkesh Podcast Agustin Lebron - Trading, Crypto, and Adverse Selection
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Jun 23, 2022 
Agustin Lebron, a trader and researcher at Jane Street Capital and founder of Essilen Research, dives deep into the intersection of finance and modern decision-making. He discusses the challenges of adverse selection in both trading and hiring, revealing how it complicates success. The talk highlights the transformative impact of AI on finance and explores the innovative landscape of cryptocurrency, especially its potential for wealth transfer to younger generations. Agustin also shares valuable insights from his book, "The Laws of Trading."
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Hiring for Intrinsic Motivation
- Look for candidates who excel in niche areas, demonstrating intrinsic motivation.
- This signals a willingness to grind and improve, valuable for traders.
Retail Trading vs. Professional Trading
- Retail trading experience can be detrimental for professional trading roles.
- It fosters a different mindset that needs unlearning, focusing on personal gains over market dynamics.
Trader Training at Jane Street
- At Jane Street, trader training took 6-18 months, involving Socratic methods and boot camps.
- The training focused on iterative decision-making processes and adapting to market dynamics.
