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Dwarkesh PodcastJun 23, 2022

Agustin Lebron - Trading, Crypto, and Adverse Selection

Summary, books mentioned, source context, and timestamps for Agustin Lebron - Trading, Crypto, and Adverse Selection on Dwarkesh Podcast.

Guest

Agustin Lebron

Books mentioned

The Laws of Trading: A Trader's Guide to Better Decision Making for Everyone Kolyma Stories A Deepness in the Sky+1 more

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Agustin Lebron - Trading, Crypto, and Adverse Selection includes mentions of The Laws of Trading: A Trader's Guide to Better Decision Making for Everyone by Agustin Lebron, Kolyma Stories by Varlam Shalamov, A Deepness in the Sky by Vernor Vinge, and Red-Blooded Risk: The Secret History of Wall Street by Aaron Brown, with indexed source context and timestamps where available.

The Laws of Trading: A Trader's Guide to Better Decision Making for Everyone Kolyma Stories A Deepness in the Sky Red-Blooded Risk: The Secret History of Wall Street

3 books from this episode

The Laws of Trading: A Trader's Guide to Better Decision Making for Everyone

Agustin Lebron

Indexed context: The host introduces Augustine Lebron as the author to highlight his expertise and the practical focus of the book on improving decision making in tra…

Kolyma Stories

Varlam Shalamov

Indexed context: The host brought up Kolyma Stories as a collection that depicts the lived experience of prisoners in the Soviet Gulag in Siberia, highlighting its po…

A Deepness in the Sky

Vernor Vinge

Indexed context: The host mentions A Deepness in the Sky to draw an analogy between long-lived software stacks and civilizations that build on the same technological…

Guest: Agustin Lebron

Episode summary

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!

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The Laws of Trading: A Trader's Guide to Better Decision Making for Everyone

Agustin Lebron

The host introduces Augustine Lebron as the author to highlight his expertise and the practical focus of the book on…

Card

Kolyma Stories

Varlam Shalamov

The host brought up Kolyma Stories as a collection that depicts the lived experience of prisoners in the Soviet Gulag…

Card

A Deepness in the Sky

Vernor Vinge

The host mentions A Deepness in the Sky to draw an analogy between long-lived software stacks and civilizations that…

Card

Red-Blooded Risk: The Secret History of Wall Street

Aaron Brown

The host mentions Red-Blooded Risk while listing three recommended books and discussing thinking about risk-taking in…

Card

The Poker Face of Wall Street

Aaron Brown

The host mentions The Poker Face of Wall Street while listing three books they recommend, explaining it sparked their…

Card

The Laws of Trading

The host introduces Augustine Lebron, author of The Laws of Trading, praising the book as one that shifts readers' me…

Card

Zero to One

Peter Thiel

The host brings up Peter Thiel's Zero to One to discuss a common simplistic interpretation that it advises against st…

Card

Book mentions7

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Answers to common summary, books, and takeaway questions for this episode.

What is Agustin Lebron - Trading, Crypto, and Adverse Selection about?

Summary, books mentioned, source context, and timestamps for Agustin Lebron - Trading, Crypto, and Adverse Selection on Dwarkesh Podcast.

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What are the main takeaways from Agustin Lebron - Trading, Crypto, and Adverse Selection?

These themes are drawn from the indexed episode description and linked mentions for Agustin Lebron - Trading, Crypto, and Adverse Selection.

The conversation centers on books recommendation.
A second recurring theme is Gulag life.
Referenced books include The Laws of Trading: A Trader's Guide to Better Decision Making for Everyone by Agustin Lebron and Kolyma Stories by Varlam Shalamov.
Related interests include traders and anyone seeking to improve decision-making skills and Readers interested in historical testimony, human rights, and brutal firsthand accounts of Soviet-era repression.

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Which books are mentioned in Agustin Lebron - Trading, Crypto, and Adverse Selection?

The Laws of Trading: A Trader's Guide to Better Decision Making for Everyone by Agustin Lebron, Kolyma Stories by Varlam Shalamov, and A Deepness in the Sky by Vernor Vinge are the clearest linked books in this episode, each tied back to source cards and timestamps where available.

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Topics

books recommendation(1)Gulag life(1)long-lived software(1)risk-taking(1)startup advice(1)trading decision making(1)trading decision-making(1)

Mention types

Highly Recommended(6)Deep Dive(1)

Related interests

traders and anyone seeking to improve decision-making skillsReaders interested in historical testimony, human rights, and brutal firsthand accounts of Soviet-era repressionSoftware engineers and technical leaders managing long-lived, legacy systems or planning large, long-term projectspeople interested in risk-taking, finance professionals, and readers who like poker-related perspectives on marketsPeople interested in finance who play poker or want to understand trading through poker-like decision-makingAnyone interested in trading, decision-making, or improving their mental models about markets — especially non-expert or aspiring traders

Books Mentioned

The full list below is ranked by how useful each mention is to a listener: stronger recommendation language, clearer source context, and better timestamp support rise first.

The Laws of Trading: A Trader's Guide to Better Decision Making for Everyone

Agustin Lebron

Best for traders and anyone seeking to improve decision-making skillsOften cited around trading decision-making

Indexed context

Host introduces Augustine Lebron as the author of The Laws of Trading, a trader's guide to better decision making for everyone.

View mention details

Sentiment: Highly Recommended

Trigger: trading decision-making

For: traders and anyone seeking to improve decision-making skills

Indexed context: Host introduces Augustine Lebron as the author of The Laws of Trading, a trader's guide to better decision making for everyone.

The host introduces Augustine Lebron as the author to highlight his expertise and the practical focus of the book on improving decision making in trading. The mention frames the book as a guide useful not only for traders but for anyone seeking better decision processes in complex environments.

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Kolyma Stories

Varlam Shalamov

Best for Readers interested in historical testimony, human rights, and brutal firsthand accounts of Soviet-era repressionOften cited around Gulag life

Indexed context

Described as a collection of stories about people who lived in the Gulag in Siberia; mentioned as 'kalima stories by varalam shalamov' (transcription variants).

View mention details

Sentiment: Highly Recommended

Trigger: Gulag life

For: Readers interested in historical testimony, human rights, and brutal firsthand accounts of Soviet-era repression

Indexed context: Described as a collection of stories about people who lived in the Gulag in Siberia; mentioned as 'kalima stories by varalam shalamov' (transcription variants).

The host brought up Kolyma Stories as a collection that depicts the lived experience of prisoners in the Soviet Gulag in Siberia, highlighting its portrait of extreme hardship and human endurance. They invoked the book to illustrate real historical testimony about brutal conditions and the people who survived them.

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A Deepness in the Sky

Vernor Vinge

Best for Software engineers and technical leaders managing long-lived, legacy systems or planning large, long-term projectsOften cited around long-lived software

Indexed context

Recommended for software engineers who like science fiction; mentioned as 'a deepness in the sky by verner vince' (transcription variants).

View mention details

Sentiment: Highly Recommended

Trigger: long-lived software

For: Software engineers and technical leaders managing long-lived, legacy systems or planning large, long-term projects

Indexed context: probably the best book i have ever read about software development is actually about science fiction vernor vinge a deepness in the sky

The host mentions A Deepness in the Sky to draw an analogy between long-lived software stacks and civilizations that build on the same technological foundation for millennia. They argue the book teaches insight about thinking through large, long-term software projects and the accrued 'debt' of legacy systems.

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Red-Blooded Risk: The Secret History of Wall Street

Aaron Brown

Best for people interested in risk-taking, finance professionals, and readers who like poker-related perspectives on marketsOften cited around risk-taking

Indexed context

Recommended for thinking about risk-taking in general; mentioned as 'red blooded risk by aaron brown'.

View mention details

Sentiment: Highly Recommended

Trigger: risk-taking

For: people interested in risk-taking, finance professionals, and readers who like poker-related perspectives on markets

Indexed context: red blooded risk by aaron brown is really really really good

The host mentions Red-Blooded Risk while listing three recommended books and discussing thinking about risk-taking in general. They describe Aaron Brown's books as very good and say his writing sparked the host's interest in finance through comparisons to poker and Wall Street.

Amazon search results · affiliate link

Find on Amazon

The Poker Face of Wall Street

Aaron Brown

Best for People interested in finance who play poker or want to understand trading through poker-like decision-makingOften cited around books recommendation

Indexed context

Mentioned as the book that got the speaker interested in finance: 'the poker face of wall street'.

View mention details

Sentiment: Highly Recommended

Trigger: books recommendation

For: People interested in finance who play poker or want to understand trading through poker-like decision-making

Indexed context: the thing that got me interested in finance was reading his book the poker face of wall street because i was playing poker at the time and it's kind of like poker and it's kind of like hey maybe wall street maybe that's a thing

The host mentions The Poker Face of Wall Street while listing three books they recommend, explaining it sparked their interest in finance. They say they were playing poker at the time and the book made them see Wall Street as analogous to poker, prompting their curiosity about finance.

Direct Amazon listing · affiliate link

Check price

The Laws of Trading

Best for Anyone interested in trading, decision-making, or improving their mental models about markets — especially non-expert or aspiring tradersOften cited around trading decision making

Indexed context

Mentioned explicitly: "yeah okay so the book is the laws of" and "trading available on amazon"

View mention details

Sentiment: Highly Recommended

Trigger: trading decision making

For: Anyone interested in trading, decision-making, or improving their mental models about markets — especially non-expert or aspiring traders

Indexed context: this is one of those books uh you know tyler cowan calls these quake books that completely shift the models you have of the world

The host introduces Augustine Lebron, author of The Laws of Trading, praising the book as one that shifts readers' mental models and calling it accessible to a broad audience. They frame the book as offering guidance on when trading makes sense and warn that many people lack the edge or risk understanding to trade successfully.

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Zero to One

Peter Thiel

Best for aspiring founders and readers who want to understand nuanced startup strategyOften cited around startup advice

Indexed context

Host references Peter Thiel and mentions the 'straw student reading' of Zero to One about starting startups.

View mention details

Sentiment: Deep Dive

Trigger: startup advice

For: aspiring founders and readers who want to understand nuanced startup strategy

Indexed context: so peter thiel says that the straw student reading of zero to one is that you shouldn't start a startup and i think that

The host brings up Peter Thiel's Zero to One to discuss a common simplistic interpretation that it advises against starting startups, using it as a foil to examine how readers can misread prescriptive business advice. The mention frames a broader comparison to Augustine Lebron's book about trading, highlighting how surface readings can lead to the takeaway 'don't do it' when the deeper lesson concerns edge, risk, and the difficulty of succeeding.

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Book picks by email

Get more book picks with podcast context.

The Laws of Trading: A Trader's Guide to Better Decision Making for Everyone

Dwarkesh Podcast · 0:41

Indexed context: The host introduces Augustine Lebron as the author to highlight his expertise and the practical focus of the book on improving decision making in tra…

Kolyma Stories

Dwarkesh Podcast · 57:45

Indexed context: The host brought up Kolyma Stories as a collection that depicts the lived experience of prisoners in the Soviet Gulag in Siberia, highlighting its po…

A Deepness in the Sky

Dwarkesh Podcast · 57:04

Indexed context: The host mentions A Deepness in the Sky to draw an analogy between long-lived software stacks and civilizations that build on the same technological…

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