As a successful Wall Street derivates trader, John Coates saw that market trends were stoked by testosterone; as a respected Cambridge neuroscientist, he learned to better understand how body chemistry has caused major global stock fluctuations. His new book draws on cutting-edge research to show how investors' unconscious disposition towards risk-taking shapes real-world decisions that affect us all. In this era of volatile markets, an especially significant book.
The Hour between Dog and Wolf: Risk Taking, Gut Feelings, and the Biology of Boom and Bustby John Coates
Before he became a world-class scientist, John Coates ran a derivatives trading desk in New York City. He used the expression “the hour between dog and wolf” to refer to the moment of Jekyll-and-Hyde transformation traders/b>
A successful Wall Street trader turned neuroscientist reveals how risk taking and stress transform our body chemistry
Before he became a world-class scientist, John Coates ran a derivatives trading desk in New York City. He used the expression “the hour between dog and wolf” to refer to the moment of Jekyll-and-Hyde transformation traders passed through when under pressure. They became cocky and irrationally risk-seeking when on a winning streak, tentative and risk-averse when cowering from losses. In a series of groundbreaking experiments, Coates identified a feedback loop between testosterone and success—one that can cloud men’s judgment in high-pressure decision-making. Coates demonstrates how our bodies produce the fabled gut feelings we so often rely on, how stress in the workplace can impair our judgment and even damage our health, and how sports science can help us toughen our bodies against the ravages of stress. Revealing the biology behind bubbles and crashes, The Hour Between Dog and Wolf sheds new and surprising light on issues that affect us all.
- Penguin Publishing Group
- Publication date:
- Sold by:
- Penguin Group
- NOOK Book
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- File size:
- 1 MB
- Age Range:
- 18 Years
What People are saying about this
"A profoundly unconventional book... It's also so absorbing that I wound up reading it twice... From the first page to the last, Coates challenges deep-seated assumptions."
"If anyone is qualified to unify the seemingly disparate subjects of financial markets and neurology, it's John Coates... The Hour Between Dog and Wolf is a powerful distillation of his work—and an important step in the ongoing struggle to free economics from rational-actor theory."
—The Daily Beast
"[I]t makes intuitive sense that biological responses inform the mood of the markets. This book puts flesh on that idea."
"[A] scintillating treatise on the neurobiology of the business cycle. Coates... draws an intimate portrait of life on a trading floor…The result is a provocative and entertaining take on the irrational exuberance—and anxiety—of the modern economy."
"A provocative challenger to rational choice views of high finance, Coates makes an exceptionally clear, readable presentation that is bound to influence arguments about the regulation of Wall Street.”
"The picture of humans as rational economic machines has gone down the tubes. This book looks at the biology of why Homo economicus is a myth, and no one is better positioned to write this than Coates—he is a neuroscientist AND an economist AND an ex-Wall Street trader AND a spectacular writer. A superb book."
—Robert Sapolsky, neuroscientist, Stanford University
Meet the Author
John Coates is a senior research fellow in neuroscience and finance at the University of Cambridge. He previously worked for Goldman Sachs and ran a trading desk for Deutsche Bank in New York City. He lives in Cambridge, England.
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