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Most students chasing quant jobs are optimizing for the wrong thing: Agustin Lebron (Agustin Lebron), ex-Jane Street trader and author of The Laws of Trading, explains: "The number of seats at good shops doing interesting work is actually relatively small. Probably only a couple thousand new hires per year... worldwide." "If you ask students why they want this, they'll say the math and stats and ML are interesting. But there are plenty of places to apply those skillsets." "If you dig deep, the real answer is it's a high status thing to do. At MIT or Harvard, the high status internship is Jane Street or HRT." "A lot of people say 'I've wanted to be a trader my whole life.' The true answer is probably 'I wanted to be rich my whole life, and this is my best plan to get there.'" "The vision from the outside of what the work is — is very, very different from what the actual work is." "Some people find it super engaging. For others it's like, this really isn't my life's work. But I'm kind of stuck here." "Quant trading is just a tiny sliver of what's interesting."show more

Ethan Kho

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64,816 Aufrufe • vor 6 Monaten •via X (Twitter)

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EDGE REVEALED: How an Ex-Jane Street Trader Finds Edge in Markets & Life Agustin Lebron Agustin Lebron (former Jane Street trader, author of The Laws of Trading, now working at an AI startup applying reinforcement learning to market execution) breaks down what edge really means — and how to find yours in trading, careers & life. “Edge is something that either you know or you can do that the marginal participant in that market either doesn’t or can’t.” We cover: - What edge actually means & how Jane Street builds organizational edge (their worst skill is still "pretty decent") - Why you can never truly know if you have edge — the statistical vs intuitive approaches - The consolidation of quant trading: from dozens of options firms to a handful of giants - The gamblification of everything — retail trading, sports betting & prediction markets fueling quant profits - What it was like having Sam Bankman-Fried (SBF) as a Jane Street intern: "Day one, I'm going to ask all the questions" - How to apply edge thinking to your own career: find what you're differentially good at - Raising teenagers in the AI age: why the traditional path still works, but other paths are opening up 00:00 Introduction 00:44 What is edge in financial markets 01:43 Jane Street and organizational structures for quant trading 03:46 Identifying and validating edge in trading 06:22 Navigating extreme market events and volatility 09:37 Future of quant trading and consolidation 12:15 Why quant firm profits have increased 14:42 The gamblization of everything 15:55 Who should pursue a career in quant trading 18:19 Applying the concept of edge to career and life decisions 20:56 Advice for interns to excel in quant trading 23:44 Predicting long-term success in trading interns 25:08 Sam Bankman-Fried as an intern and FTX reflections 28:15 Reasons people leave Jane Street and what they do next 31:19 Advice for young people in a changing world 36:09 Navigating job insecurity in tech-driven roles 38:55 Where to live if you want to be successful 40:28 Raising kids for a rapidly changing future 42:55 Questions young people should ask themselves 44:45 Outro and book recommendation

EDGE REVEALED: How an Ex-Jane Street Trader Finds Edge in Markets & Life Agustin Lebron Agustin Lebron (former Jane Street trader, author of The Laws of Trading, now working at an AI startup applying reinforcement learning to market execution) breaks down what edge really means — and how to find yours in trading, careers & life. “Edge is something that either you know or you can do that the marginal participant in that market either doesn’t or can’t.” We cover: - What edge actually means & how Jane Street builds organizational edge (their worst skill is still "pretty decent") - Why you can never truly know if you have edge — the statistical vs intuitive approaches - The consolidation of quant trading: from dozens of options firms to a handful of giants - The gamblification of everything — retail trading, sports betting & prediction markets fueling quant profits - What it was like having Sam Bankman-Fried (SBF) as a Jane Street intern: "Day one, I'm going to ask all the questions" - How to apply edge thinking to your own career: find what you're differentially good at - Raising teenagers in the AI age: why the traditional path still works, but other paths are opening up 00:00 Introduction 00:44 What is edge in financial markets 01:43 Jane Street and organizational structures for quant trading 03:46 Identifying and validating edge in trading 06:22 Navigating extreme market events and volatility 09:37 Future of quant trading and consolidation 12:15 Why quant firm profits have increased 14:42 The gamblization of everything 15:55 Who should pursue a career in quant trading 18:19 Applying the concept of edge to career and life decisions 20:56 Advice for interns to excel in quant trading 23:44 Predicting long-term success in trading interns 25:08 Sam Bankman-Fried as an intern and FTX reflections 28:15 Reasons people leave Jane Street and what they do next 31:19 Advice for young people in a changing world 36:09 Navigating job insecurity in tech-driven roles 38:55 Where to live if you want to be successful 40:28 Raising kids for a rapidly changing future 42:55 Questions young people should ask themselves 44:45 Outro and book recommendation

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Agustin Lebron, former Jane Street trader, author of The Laws of Trading. on academic finance research: "most published finance trading research is crap. because if it weren't crap, they would go trade it." "i think of papers as idea jumping off points. not things that I read, replicate, and then do." this is why i tell every new trader: papers give you the starting direction. great for ideas or even techniques, but won't make you rich overnight.

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This is exactly the kind of work I hoped to be doing at this stage of my life. I'm grateful to God for the privilege of living that reality. The CII Graphical Abstract explains why the status quo is a "Velocity Trap. We are retiring coal too fast for the current grid to integrate renewables, and the "gas bridge" designed to save the situation is financially unbankable. Here is the link

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Rick Rubin tells Andrew Huberman how he deals with creative or writer’s block. He treats his work like a diary entry (and doesn’t worry about internal or external judgment): ➡️ “What's the cause of the block? The block is usually something that's either personal ("I'm not good enough") or it can be a confidence issue ("I don't have anything to say") or it could be...thinking about someone else ("nobody's going to like what I make"). Do you know what I'm saying? So, it's either fear of self-judgment or external judgment. If you're making something with a freedom of "this is something I'm making for myself for now", that is all [you have to do]. It is a diary entry. Everything I make is a diary entry. The beauty of a diary entry is that I can write my diary entry and you can't tell me that my diary entry wasn't good enough. Or that [the diary entry] is not what I experienced. Of course it's what I experienced: I'm writing a personal diary for myself and no one else can judge if it is my experience of my life. Everything we make can be that: a personal reflection of who we are in that moment of time. It doesn't have to be the greatest you could ever do. It doesn't have to have any expectation that it's going to change the world. It doesn't have to sell a certain number of copies for any reason. It doesn't have any of those things at all. It is "I'm making this thing for me and I want to do it to the best of my ability and to where I feel good about it". [The work] is honest of where I'm at and if you're living in this world of just being honest to where you're at, there's nothing blocking you. There are no blocks. The blocks are all based on dealing with a different force or a different perception that is made up.” ⬅️

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I had posted this tweet paying my homage to Vivekananda Kendra President Balakrishnan ji who breathed his last at 12.05 am on 27th morning. Just hours before a devotee of Mata Amritanandamayi recorded him on video. This is that 6 minute video This is the transcript of his wish hours before he attained the feet of the divine Quote We want the entire creation to continue to be happy. They are to be preferred whatever is there. So, nations' wealth and rich culture, it will retain. That is one. Second thing is, we must understand that if we have to do something to the nation, we have to see that we protect the environment and ecology, because they all come part of the whole creation. Nothing is left uninterlinked. Everything is interlinked. That is the beauty of this creation. The creation is that everything is interlinked. This is what our Sanatana Dharma says. The whole thing, the creation is all, nothing but interlinking of one with another. So, because of the interlink, it gives strength to each and everything. So it will not die. When one link is unlinked, another link supports it. So Sanatana Dharma is like that. So, that is why we have to see that this Sanatana Dharma is protected by various service activities to the people. The poor, the poor and the fallen people. That is what is needed. There are, you see in our society today, there are many ups and downs. There are many people who are living very high level. They are doing, they are living high level. There are people who are living very low level, living. So that should not be there. There must be some gratification. It should be that everybody is supported by something. That is very important. This is what is required. But that is not happening in the country. Exploitation has become a big issue today. Everything is exploited by one force on another. Another force on another. The exploitation has become a way of life. That is to be changed. So, these are the important things that came to my mind. Let us see. Amrita Ashram is doing a fantastic work. They did work for the whole global well-being. Let all sections of society benefit from its direction. There should be institutions which should give direction to many people. How to deal? How to deal with others? How to cooperate with others? How to help others? How to support others? These are all very important matters. You must continue to do some very good activities throughout. Every day, the night, you should be able to activate your mind and find out what we have done from morning to evening. The whole day, what service, what good things we have done. Everything we have done, that is very important. Assessment of days, activities, that is very important to me. These are some of the points which came to my mind. But this, this is not everything. There are many other things you can also do. That we can do it. Anything which you can do it. Anything which will benefit others, that is all. That is all. Namaste. Unquote

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S Gurumurthy

12,821 Aufrufe • vor 1 Monat

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Pedro Franceschi explains why Brex doesn’t hire “people managers” anymore One day Brex founder Pedro Franceschi made a list of all of the leaders at the company who worked and didn’t work. “I was trying to find what was predictive of leadership success,” he explains. “A lot of things are important, but they’re not predictive. For example, being customer obsessed is important, but there are people who were customer obsessed who were on both sides of the list.” The only trait that Pedro found to be predictive of leadership success at Brex was what he calls “the ability to operate at all levels” — someone who even at the highest levels of leadership has a deep understanding of the details of execution at the individual contributor level. What this means in practice is a CTO who is actually a great engineer. A Head of Design who can actually design amazing products. And a great Head of Sales who can actually go and close deals themselves if they need to. “It doesn’t mean that they’re going to do that all the time,” Pedro explains, “But it means that they know the nuances of what makes someone great at the craft… If you don’t know how to identify greatness because you don’t know what the bar is yourself, there’s no way to build a team that’s great.” He continues: “A lot of companies develop this role over time that people call a ‘people manager.’ They’re Director of Engineering but they can’t really code because they manage people now… And that concept is just something we eliminated. At the end of the day, there’s no way to manage people divorced from the work — you’re managing the work itself.” Pedro uses Jony Ive as an example: “Jony Ive wasn’t managing the team that designed the iPhone. He was designing the iPhone with a group of people. It’s simple, but it is a very profound change in how you orient your relationship with the work and what you put out there in the world. And I think you have to select for people who appreciate the actual output of the work and the work itself, not the process of doing the work… What matters is: Do you know what great looks like? Can you do it yourself? And can you bring people along with a really high bar for doing it at all level.” Video source: Kleiner Perkins (2025)

Startup Archive

45,656 Aufrufe • vor 1 Jahr

.tobi lutke says most companies think about recruiting backwards: “My job is to make a company worthy for the best and brightest to work for. This is the part everyone skips. Everyone is like “We need a better recruiting team.” When you just need to be worthy of the kind of talent you would like to have. Talent eventually takes care of itself. There are not that many good companies to work for. There are not many companies that deserve the attention of people who are the most capable people, because those people have the option to start their own companies.”

.tobi lutke says most companies think about recruiting backwards: “My job is to make a company worthy for the best and brightest to work for. This is the part everyone skips. Everyone is like “We need a better recruiting team.” When you just need to be worthy of the kind of talent you would like to have. Talent eventually takes care of itself. There are not that many good companies to work for. There are not many companies that deserve the attention of people who are the most capable people, because those people have the option to start their own companies.”

David Senra

36,837 Aufrufe • vor 7 Tagen

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Marc Andreessen explains the 3 Necessities for Start-up Success: "The general criteria for a successful high-tech startup, in my view, you see different sort of rules of thumb from different people. But the three big things you always come back to are, is there a big market? And by the way, that comes in two parts. Is there a big existing market that you think you can go after and sort of displace incumbents or do you believe there will be a new market that will be big? So big market. Is there a fundamental technology or economic change that causes you to basically justify having a new company? And that's really important. And the way I always think about that is, is there a 10X change happening in the technology landscape? Is something 10X faster or 10X cheaper or 10X better? And if it's not 10X, we as both VCs and entrepreneurs, we really have to ask ourselves like, is it really worth doing? Because it's really hard. I mean, it's really hard to start new companies. new companies generally shouldn't exist. Existing companies are usually pretty good at what they do. And so for a new company to exist, it not only has to like come in and go into business and bring a product to market, but it has to bring a product to market that's so much better than what already exists that it punches through the sort of status quo. And most customers in most markets are pretty happy buying from the current suppliers and so there has to be a real kind of edge on the thing and we look for that in either a technology change, usually a technology change or an economic change. which are often the same thing. And then the third is team. Is the team outstanding? And if you think about this as an entrepreneur, it becomes a question of the founding team. Some companies are solo founders and they can work, but generally most of us, like myself, we're human beings, we're mortal. You want to have a founding team of complementary skill sets. And so you want to have at least one super strong technologist, quite possibly more than one. Some of the best startups are actually more than one founding technologist and then it often helps to have somebody who's like a product or who's a market or sales person or has a sort of really good understanding of business on the team, certainly helps a lot. And so we sort of look at market, product, and team. And the reality is you need all three. I would say, interestingly, if you're going to compromise as an investor, if we're going to compromise on one of those, it would actually be the product. And the reason I say that is because a great market is a lot easier to make up for with iterative product execution than a poor market. Because the problem with a poor market, a small market, is even if you do a great job on the product, there just aren't that many customers. It's hard to ever get big."

Founder Mode

39,005 Aufrufe • vor 8 Monaten

.tobi lutke says most companies think about recruiting backwards: “My job is to make a company worthy for the best and brightest to work for. This is the part everyone skips. Everyone is like “We need a better recruiting team.” When you just need to be worthy of the kind of talent you would like to have. Talent eventually takes care of itself. There are not that many good companies to work for. There are not many companies that deserve the attention of people who are the most capable people, because those people have the option to start their own companies.”

.tobi lutke says most companies think about recruiting backwards: “My job is to make a company worthy for the best and brightest to work for. This is the part everyone skips. Everyone is like “We need a better recruiting team.” When you just need to be worthy of the kind of talent you would like to have. Talent eventually takes care of itself. There are not that many good companies to work for. There are not many companies that deserve the attention of people who are the most capable people, because those people have the option to start their own companies.”

David Senra

104,780 Aufrufe • vor 5 Monaten

After a lot of work, here is my latest video. I'm proud of my baby, I hope you like it. A sequel is definitely possible if you like this one. 🚨GAME: I've slipped references to movies or "events" throughout the video. The first 5 to find them will have a generative AI all to themselves.🚨 There was a lot of work done beforehand with Grok. He's a perfect assistant! He does what we ask of him and gives very interesting ideas! I also used Midjourney and Kling AI for the images and animations. The editing and sound effects were done with Capcut and elevenlabs. If the ratings are good, an episode will be prepared. You know what to do!😋 Thank you all and enjoy!

After a lot of work, here is my latest video. I'm proud of my baby, I hope you like it. A sequel is definitely possible if you like this one. 🚨GAME: I've slipped references to movies or "events" throughout the video. The first 5 to find them will have a generative AI all to themselves.🚨 There was a lot of work done beforehand with Grok. He's a perfect assistant! He does what we ask of him and gives very interesting ideas! I also used Midjourney and Kling AI for the images and animations. The editing and sound effects were done with Capcut and elevenlabs. If the ratings are good, an episode will be prepared. You know what to do!😋 Thank you all and enjoy!

Déborah

23,513 Aufrufe • vor 1 Jahr

This thing of thinking a stranger is speeding because they think their car is faster is wrong , people are busy with life out here probably rushing to the hospital or to work 🤷‍♂️🤷‍♂️

This thing of thinking a stranger is speeding because they think their car is faster is wrong , people are busy with life out here probably rushing to the hospital or to work 🤷‍♂️🤷‍♂️

The Instigator

182,661 Aufrufe • vor 1 Jahr

TypeSafe AI's Diogo Almeida says AGI is extremely doable, yet basic work remains largely unautomated: "I still don't think we're on the path of RSI. I do think that what OpenAI defined as AGI is extremely doable: automating most of the world's economically valuable work." "There's a lot of work out there. A lot of it is very rote and simple... As far as I can tell, the intelligence of that has been available in the models for quite a while now. My chip on my shoulder is: Why is this not available?" "Since RLHF, the AI industry kind of bifurcated into gigantic overpromise, underdeliver... Because humans evaluate how good the models are, it looks really good because they are the judge. But we've been optimizing that judge instead of the automation part. That has been the missing thing." "Are you really telling me that math is solved, or even two years ago, GPQA... is solved, but we still can't handle a drive-through? It's a very hard thing to hold in your head at once. I think a lot of people don't have good answers to that." Diogo Almeida

TypeSafe AI's Diogo Almeida says AGI is extremely doable, yet basic work remains largely unautomated: "I still don't think we're on the path of RSI. I do think that what OpenAI defined as AGI is extremely doable: automating most of the world's economically valuable work." "There's a lot of work out there. A lot of it is very rote and simple... As far as I can tell, the intelligence of that has been available in the models for quite a while now. My chip on my shoulder is: Why is this not available?" "Since RLHF, the AI industry kind of bifurcated into gigantic overpromise, underdeliver... Because humans evaluate how good the models are, it looks really good because they are the judge. But we've been optimizing that judge instead of the automation part. That has been the missing thing." "Are you really telling me that math is solved, or even two years ago, GPQA... is solved, but we still can't handle a drive-through? It's a very hard thing to hold in your head at once. I think a lot of people don't have good answers to that." Diogo Almeida

a16z

66,926 Aufrufe • vor 14 Tagen

This is a good example, For the love of God tell me why you should be trading like this. Setting limits orders is the most dumbest thing to be doing as a trader

This is a good example, For the love of God tell me why you should be trading like this. Setting limits orders is the most dumbest thing to be doing as a trader

Innocent Marvin

121,667 Aufrufe • vor 1 Monat

Flexport CEO Ryan Petersen explains why your initial vision for your company is probably wrong When Ryan first applied to Y Combinator he wanted Flexport to be “TurboTax for customs.” But that vision changed a lot. As Ryan explains: “The more you learn and the more customers you talk to and the more vendors you talk to, the more you realize how screwed up the world is in this space. Then [the vision] actually gets bigger and bigger and keeps expanding.” Y Combinator CEO Garry Tan says this is a common pattern he sees in startups too: “There’s a misconception that you wake up from a haze and you’re like ‘This is it. This is the vision.” But the story is actually ‘Oh here’s this thing that I know I can solve.’ And then once you solve it and people really like it, it sort of expands and expands.” Ryan concludes: “If a founder is too certain of exactly what the vision is and what the product’s going to look like and how it’s all going to work, they’re probably wrong. The world is super messy.” Source: Garry Tan (Mar 2022)

Flexport CEO Ryan Petersen explains why your initial vision for your company is probably wrong When Ryan first applied to Y Combinator he wanted Flexport to be “TurboTax for customs.” But that vision changed a lot. As Ryan explains: “The more you learn and the more customers you talk to and the more vendors you talk to, the more you realize how screwed up the world is in this space. Then [the vision] actually gets bigger and bigger and keeps expanding.” Y Combinator CEO Garry Tan says this is a common pattern he sees in startups too: “There’s a misconception that you wake up from a haze and you’re like ‘This is it. This is the vision.” But the story is actually ‘Oh here’s this thing that I know I can solve.’ And then once you solve it and people really like it, it sort of expands and expands.” Ryan concludes: “If a founder is too certain of exactly what the vision is and what the product’s going to look like and how it’s all going to work, they’re probably wrong. The world is super messy.” Source: Garry Tan (Mar 2022)

Startup Archive

26,519 Aufrufe • vor 2 Monaten