Book · 2019 · Business & Economics
The Laws of Trading
A Trader's Guide to Better Decision-Making for Everyone
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Today i have the pleasure of speaking with augustine lebron who is the author of the laws of trading a trader's guide to better decision making for everyone um this is one of those books uh you know tyler cowan calls these quake books that completely um shift the models you have of the world um i i really really.
What they say about it
- Discussing book topics“most interesting part of the book”5
The best things said about it
So let's get into some of the topics in the book um so uh yeah first i want to talk about adverse selection because this was you know this was the most interesting part of the book for me.
So yeah you said in the book it takes like six six to 18 months before you can train a trader to be net positive um what is happening in that time like what what are the skills you're teaching them.
So uh so you see in the book that you've traded over your long career in trading you've traded all kinds of different financial instruments i wonder um what is the reason so is this just um i guess you you just have to do the you had to trade whatever um market that you have to at the moment.
You have a very interesting chapter on software and technology in the book.
Why people recommend it
The Laws of Trading by Agustin Lebron is a practical guide that applies structured decision-making frameworks, economic theories, and mental models to financial trading and everyday problem-solving. The book is praised by thinkers for challenging conventional perspectives on risk, systems, and human motivation. The book was featured on an episode of the Dwarkesh Podcast on June 23, 2022, where host Dwarkesh Patel interviewed the author. Patel opened the discussion by praising the book as a transformative read that completely shifts a reader's mental models, comparing it to what Tyler Cowen terms a quake book. Throughout the conversation, Patel and Lebron explored core concepts from the text, starting with adverse selection, which Patel highlighted as the most interesting part of the book and connected to broader discussions about finance industries. Patel also questioned Lebron about specific claims made in the book regarding the six to eighteen months required to train a trader to become net positive, asking about the underlying skills taught during that period. Additionally, they discussed Lebron's diverse experience across various financial instruments and examined a chapter dedicated to software and technology, where the book argues for treating technical debt in a financial sense.
Every mention
Dwarkesh Patel today i have the pleasure of speaking with augustine lebron who is the author of the laws of trading a trad… 6
“today i have the pleasure of speaking with augustine lebron who is the author of the laws of trading a trader's guide to better decision making for everyone um this is one of those books uh you know tyler cowan calls these quake books that completely um shift the models you have of the world um i i really really”
“so let's get into some of the topics in the book um so uh yeah first i want to talk about adverse selection because this was you know this was the most interesting part of the book for me”
“i think to me yeah bern hobart i recently wrote a blog post about your um this chapter in your book about adverse election and um so one of the things he said in a footnote almost in passing was that there should be more adverse selection in industries like finance”
“so yeah you said in the book it takes like six six to 18 months before you can train a trader to be net positive um what is happening in that time like what what are the skills you're teaching them”
“so uh so you see in the book that you've traded over your long career in trading you've traded all kinds of different financial instruments i wonder um what is the reason so is this just um i guess you you just have to do the you had to trade whatever um market that you have to at the moment”
“so you have a very interesting chapter on software and technology in the book and one of the things you argue for is that we should take the concept of technical debt seriously in a financial sense um so is one implication of this interpretation that you should be willing to accept uh technical debt more if you're a rapidly”
Agustin Lebron but the like all i want to do is make the most money possible is correlated to things that um that aren't m… 1
“but the like all i want to do is make the most money possible is correlated to things that um that aren't maybe so great like because a lot of the job is um is sort of having an inherent curiosity about random things for example um and um like if you're if your whole motivation is like where can”
Also mentioned in the same episodes
Other mentions (1: passing, ad reads, own books)
“okay so the book is the laws of trading available on amazon um and yeah do you want to give your twitter handle plus any other place where viewers can find you”