Astral Codex Ten

The Laws of Trading

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The Laws of Trading

Article

The Laws of Trading is a recurring book in the Astral Codex Ten archive, appearing 3 times across 3 issues between July 21, 2023 and September 15, 2023. The archive places it in contexts such as “With The Laws of Trading, Agustin Lebron has written something different”; “The Laws of Trading opens the door to this world a crack”; “10 : The Laws Of Trading”. It most often appears alongside Bitcoin, Lying For Money, Njal’s Saga.

Metadata

  • Category: Books
  • Mention count: 3
  • Issue count: 3
  • First seen: July 21, 2023
  • Last seen: September 15, 2023

Appears In

Source Context

Recovered passages from the original issue text. When the raw archive preserved outbound links inside the source passage, they are listed directly under the quote.

Your Book Review: The Laws of Trading
July 21, 2023 · Original source
Tales of Icarus flying too close to the sun, where readers revel in schadenfreude, e.g., When Genius Failed. With The Laws of Trading, Agustin Lebron has written something different: part love letter to trading, part philosophical treatise on epistemology and modeling the world around us, and part guide to applied decision-making. Lebron’s Laws are Laws of the Jungle, not Laws of Nature. He views financial markets as the most competitive Darwinian environment on Earth, where participants must adapt or die. According to Lebron, the book is for people working in finance and trading, as well as anyone in the business of making rational decisions. This explicitly rationalist bent is similar to Julia Galef’s The Scout Mindset or Annie Duke’s Thinking in Bets. Where The Laws of Trading sets itself apart is with the best description of financial market dynamics that I’ve ever seen while diving deep into philosophical concepts. Why trust Lebron? He is an engineer, worked as a quantitative trader and researcher at Jane Street, and has a deep understanding of trading. He has what Taleb would describe as skin in the game. You and I may read Astral Codex Ten in our spare time, post on LessWrong, and navel gaze about our epistemic certainty, but at the end of the day most of us are pursuing rationality for fun, as a hobby. Traders like Lebron pursue rationality as a profession: Their livelihood depends on having a better model of the world than their competition. There are lessons to learn from them that apply to our daily lives. 1: Motivation Know why you are doing a trade before you trade. “What is trading about? Fundamentally, it’s about the relationship between you and the rest of the world.” Right now, you’re making a trade. You’re trading your time to read this book review. You have a cost: you could be spending time with your loved ones, exercising, working, sleeping. You might be hoping to learn something, to take away lessons that you can apply to your life, or simply to entertain yourself. Here, off the bat, are two key insights: We are all making trades, all of the time.
Inline links: The Laws of Trading
The Laws of Trading opens the door to this world a crack and allows the rest of us to peek in, ever so slightly.
Vote In The 2023 Book Review Contest
September 08, 2023 · Original source
1: Cities And The Wealth Of Nations / The Question Of Separatism 2: Lying For Money 3: Why Machines Will Never Rule The World 4: Man’s Search For Meaning 5: Njal’s Saga 6: Public Citizens 7: Safe Enough? 8: Secret Government 9: The Educated Mind 10: The Laws Of Trading 11: On The Marble Cliffs 12: The Rise And Fall Of The Third Reich 13: The WEIRDest People In The World 14: The Mind Of A Bee 15: Why Nations Fail 16: Zuozhuan
Inline links: Cities And The Wealth Of Nations / The Question Of Separatism, Lying For Money, Why Machines Will Never Rule The World, Man’s Search For Meaning, Njal’s Saga, Public Citizens, Safe Enough?, Secret Government, The Educated Mind, The Laws Of Trading, On The Marble Cliffs, The Rise And Fall Of The Third Reich, The WEIRDest People In The World, The Mind Of A Bee, Why Nations Fail, Zuozhuan
Book Review Contest 2023 Winners
September 15, 2023 · Original source
The Laws of Trading, reviewed by Dan Reardon. Dan is a data scientist working in the crypto space. You can read his writing and contact him here.
Inline links: The Laws of Trading, here