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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

20,275 subscribers

64,816 次观看 • 4 个月前 •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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Talerico: They are trying to insulate themselves from the will of the people. Normally, when you pass unpopular policies, you lose seats in the next election. That's how this is supposed to work. It's how people get a say in what their government does, but that doesn't work if one side cheats, and that's what's happening here. This is the rot at the core of our broken political system.

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Startup Archive

26,261 次观看 • 12 天前

It's obvious to the whole country that there is a very serious problem with our examination system. This is not just the question of the NEET but major examinations. Now, the minister has blamed everybody except himself. I don't think he understands the fundamentals of what's going on here. The issue is that there are millions of students in this country who are extremely concerned about what is going on and who are convinced that the Indian examination system is a fraud. Millions of people believe that if you're rich, you can buy the Indian examination system, and this is the same feeling we as the Opposition have. This is why we are asking some very simple questions to the Hon. Minister. 👉As this is a systemic issue, what exactly are you doing to fix the issue at a systemic level? : LoP Shri Rahul Gandhi

It's obvious to the whole country that there is a very serious problem with our examination system. This is not just the question of the NEET but major examinations. Now, the minister has blamed everybody except himself. I don't think he understands the fundamentals of what's going on here. The issue is that there are millions of students in this country who are extremely concerned about what is going on and who are convinced that the Indian examination system is a fraud. Millions of people believe that if you're rich, you can buy the Indian examination system, and this is the same feeling we as the Opposition have. This is why we are asking some very simple questions to the Hon. Minister. 👉As this is a systemic issue, what exactly are you doing to fix the issue at a systemic level? : LoP Shri Rahul Gandhi

Congress

105,042 次观看 • 2 年前

Should Christian Nationalism and Catholic Integralism be taken seriously? Ben Sasse answers. “‘Should they be taken seriously?’ I mean, ultimately I think no — but I want to be humble about how and why we get there.” “Can people who are skeptical of a lot of Enlightenment assumptions be reasonable in making those cases? Of course. I'm pretty sympathetic to a lot of what the Enlightenment offered us in response to many of the things that had just come before. But that doesn't mean that the Enlightenment is at all a foretaste of heaven.” “I think there is a temptation right now to have an over-realized eschatology where people want to find a city that has foundations. ‘Right now, dang it, I'm ready to build it and I want it to be better and I want it now. And I want to smash the people who are in the way of it’ is tonally the way a lot of these folks talk.” “But philosophically, having a debate is one thing and claiming that they're doing practical politics is quite another. So I think it is important, without us, you know, trying to answer a lot of these questions, to at least acknowledge there are Catholic claims about integralism that a lot of Protestants seem to pine for and lust after without working through — what would that really mean?” “I just look at a lot of the debates of the last two months about women's suffrage and I just kind of want to shake my head and say, ‘Man, this is a weirdo online phenomenon.’ There is no chance on earth that any of these folks who are advancing some sub-varieties of Christian nationalism are actually thinking there's math by which they're going to end women's suffrage. And yet they talk like it. Because online, it seems really provocative to say things like that. And I don't really know what it's worth to linger on some of these silly online debates.” Watch: Listen:

Should Christian Nationalism and Catholic Integralism be taken seriously? Ben Sasse answers. “‘Should they be taken seriously?’ I mean, ultimately I think no — but I want to be humble about how and why we get there.” “Can people who are skeptical of a lot of Enlightenment assumptions be reasonable in making those cases? Of course. I'm pretty sympathetic to a lot of what the Enlightenment offered us in response to many of the things that had just come before. But that doesn't mean that the Enlightenment is at all a foretaste of heaven.” “I think there is a temptation right now to have an over-realized eschatology where people want to find a city that has foundations. ‘Right now, dang it, I'm ready to build it and I want it to be better and I want it now. And I want to smash the people who are in the way of it’ is tonally the way a lot of these folks talk.” “But philosophically, having a debate is one thing and claiming that they're doing practical politics is quite another. So I think it is important, without us, you know, trying to answer a lot of these questions, to at least acknowledge there are Catholic claims about integralism that a lot of Protestants seem to pine for and lust after without working through — what would that really mean?” “I just look at a lot of the debates of the last two months about women's suffrage and I just kind of want to shake my head and say, ‘Man, this is a weirdo online phenomenon.’ There is no chance on earth that any of these folks who are advancing some sub-varieties of Christian nationalism are actually thinking there's math by which they're going to end women's suffrage. And yet they talk like it. Because online, it seems really provocative to say things like that. And I don't really know what it's worth to linger on some of these silly online debates.” Watch: Listen:

Sola Media

38,681 次观看 • 1 个月前

"Do you feel the pull from an entrepreneur?" David Haber on what great founders feel like to investors: "It's sort of like a physical feeling almost, like a feeling of momentum. You sort of find yourself wanting to do more work and kind of leaning into the opportunity. Sort of like running down a hill almost." "Is this person or team kind of uniquely qualified to go tackle this opportunity?" "Do they have some sort of earned secret from prior work experience or in their life or personal life?" "I think the thing that I probably key most off of is clarity of thought." "Do they understand what they're gonna go build and why? And can they clearly articulate kind of a strategy." "Whether that strategy stays consistent or not, I think is kind of not the point. It's just how crisply do they articulate their point of view." David Haber on The High Flyers Podcast with Vidit Agarwal

"Do you feel the pull from an entrepreneur?" David Haber on what great founders feel like to investors: "It's sort of like a physical feeling almost, like a feeling of momentum. You sort of find yourself wanting to do more work and kind of leaning into the opportunity. Sort of like running down a hill almost." "Is this person or team kind of uniquely qualified to go tackle this opportunity?" "Do they have some sort of earned secret from prior work experience or in their life or personal life?" "I think the thing that I probably key most off of is clarity of thought." "Do they understand what they're gonna go build and why? And can they clearly articulate kind of a strategy." "Whether that strategy stays consistent or not, I think is kind of not the point. It's just how crisply do they articulate their point of view." David Haber on The High Flyers Podcast with Vidit Agarwal

a16z

27,489 次观看 • 5 个月前

Palmer Luckey explains the curse of being a billionaire "People also misunderstand. They think that billionaires work to make more money.....for most billionaires, the sickness is not gathering dollars..." Interviewer: "21 and you're a billionaire." Palmer Luckey: "That's right." Interviewer: "Why didn't you just go, 'Okay, that's me done. I've done all the hard work. I'm just going to enjoy my life now.'" Palmer Luckey: "It is a common question, and what I've observed with myself and everyone else I know who's made a billion dollars is that the type of person who makes a billion dollars is not the kind of guy who can imagine doing that. It's just people say, 'Oh, you know, if I had a billion, I'd go and I'd drink mai tais on the beach.' My point is, that's the attitude that won't get you to a billion dollars. It's very rare that the two things come together. And so, in a way, it's a little bit of a curse. And I'm not trying to make it sound like I have a terrible life. I love my life. But the curse of it is that anyone who can get to a billion probably has something wrong with their brain where no matter how much they get, they'll never stop working." "People also misunderstand. They think that billionaires work to make more money. Like, 'Oh, they're just trying to make more and more. They just want money.' I can tell you, for most billionaires, the sickness is not gathering dollars. It's working and doing things. If they didn't have any money, they would probably still be doing the same thing. You know, but money is a good scoreboard to keep track of who's doing more. But I couldn't imagine not working. My wife would be the first to tell you I'm a bit of a workaholic, and it's because I love what I'm doing. Why would I go sit on a beach when I could be working at Anduril? Why would I go get a massage when I can do a 12-hour shift?"

Palmer Luckey explains the curse of being a billionaire "People also misunderstand. They think that billionaires work to make more money.....for most billionaires, the sickness is not gathering dollars..." Interviewer: "21 and you're a billionaire." Palmer Luckey: "That's right." Interviewer: "Why didn't you just go, 'Okay, that's me done. I've done all the hard work. I'm just going to enjoy my life now.'" Palmer Luckey: "It is a common question, and what I've observed with myself and everyone else I know who's made a billion dollars is that the type of person who makes a billion dollars is not the kind of guy who can imagine doing that. It's just people say, 'Oh, you know, if I had a billion, I'd go and I'd drink mai tais on the beach.' My point is, that's the attitude that won't get you to a billion dollars. It's very rare that the two things come together. And so, in a way, it's a little bit of a curse. And I'm not trying to make it sound like I have a terrible life. I love my life. But the curse of it is that anyone who can get to a billion probably has something wrong with their brain where no matter how much they get, they'll never stop working." "People also misunderstand. They think that billionaires work to make more money. Like, 'Oh, they're just trying to make more and more. They just want money.' I can tell you, for most billionaires, the sickness is not gathering dollars. It's working and doing things. If they didn't have any money, they would probably still be doing the same thing. You know, but money is a good scoreboard to keep track of who's doing more. But I couldn't imagine not working. My wife would be the first to tell you I'm a bit of a workaholic, and it's because I love what I'm doing. Why would I go sit on a beach when I could be working at Anduril? Why would I go get a massage when I can do a 12-hour shift?"

Tony Jacob | FindaClip.com

988,136 次观看 • 10 天前