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A successful Wall Street trader turned Cambridge neuroscientist reveals the biology of financial boom and bust, showing how risk-taking transforms our body chemistry, driving us to extremes of euphoria or stressed-out depression.
The laws of financial boom and bust, it turns out, have a lot to do with male hormones. In a series of startling experiments, Canadian scientist Dr. John Coates identified a feedback loop between testosterone and success that dramatically lowers the fear of risk in men, especially young men; he has vividly dubbed the moment when traders transform into exuberant high flyers "the hour between dog and wolf." Similarly, intense failure leads to a rise in levels of cortisol, which dramatically lowers the appetite for risk. His book expands on his seminal research to offer lessons from the exploding new field studying the biology of risk.
Coates's conclusions shed light on all types of high-pressure decision-making, from the sports field to the battlefield, and leaves us with a powerful recognition: to handle risk isn't a matter of mind over body, it's a matter of mind and body working together. We all have it in us to be transformed from dog to wolf; the only question is whether we can understand the causes and the consequences.
- Sales Rank: #2881239 in Books
- Published on: 2012-05-15
- Released on: 2012-05-15
- Format: International Edition
- Original language: English
- Number of items: 1
- Dimensions: 9.32" h x 1.22" w x 6.27" l,
- Binding: Hardcover
- 320 pages
Review
NATIONAL BESTSELLER
FINALIST 2012 - Wellcome Trust Book Prize
FINALIST 2012 - Financial Times and Goldman Sachs Business Book of the Year Award
“Vivid…. Vibrant.”
—Nature
“Compelling.”
—New Scientist
“A great book.”
—Slate
“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 well executed and makes its argument convincingly.”
—The Daily Beast
“Stunning research.” —Forbes
“Absorbing.”
—Bloomberg Businessweek
“Provocative and entertaining.”
—Publishers Weekly
“The variously debilitating or exhilarating physiology of stress and challenge is the subject of this compelling exploration of human beings in overdrive. John Coates brings finely honed scientific insight to his insider’s look at the world of high-wire high finance to produce a vivid depiction of the minds, brains and bodies of economic movers and shakers living on the edge.”
—Gabor Maté M.D., author of When the Body Says No: The Cost of Hidden Stress
“The picture of humans as rationale 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, professor of neurology and neurosciences, Stanford University
"A vivid and brilliantly written narrative: by integrating his knowledge of neuroscience with his experience as a Wall Street trader, Coates pulls back the curtain on the physiological mechanisms that prepare some individuals to thrive and others to be devastated by confronting risk. The Hour Between Dog and Wolf ensures that future models of risk taking will include the important role of the nervous system.”
—Stephen W. Porges, Director, Brain-Body Center, Department of Psychiatry, University of Illinois at Chicago
“A terrific read—better than any amount of economic analysis because it explains what lies at the root of economic disaster—those biological drivers that cause sane and clever people to make catastrophic decisions. Every banker should be made to read it!”
—Rita Carter, author of Mapping the Mind
About the Author
John Coates is a senior research fellow at the University of Cambridge. He previously worked for Goldman Sachs and ran a trading desk for Deutsche Bank in New York. In 2004 he returned to Cambridge to research the biology of financial risk-taking. His work has been published in the Proceedings of the National Academy of Sciences and the Financial Times, and has been cited in the New York Times, Wall Street Journal, The Economist, New Scientist, Wired and TIME. Coates has appeared on CNN, CNBC, BBC, CBS Evening News and Good Morning America. He was born and raised in Canada and now lives in England with his wife and two sons.
Most helpful customer reviews
6 of 6 people found the following review helpful.
A fulfilling book packed with information and ideas
By Xuan
After reading this book, I am convinced of the mind-body connection and the many ways we may "think with our bodies." Unlike what the title and cover suggests, the book is not totally about the "biology of the stock market", but uses the stock market as a central storytelling device (while giving a novelists' insider view of the trading floor), to advance the author's theories about how intertwined our various nonconscious organs are with our supposedly rational thoughts. It's quite an eye opener for those who like a bit more substance. Very much recommended.
5 of 5 people found the following review helpful.
interesting work on neurophysiology and impact on risk taking
By A. Menon
The Hour between the Dog and the Wolf is about risk taking, the nervous system and our biochemistry and how they all relate to each other in various feedback mechanisms. The book is both a combination of a scientific introduction to the way the nervous system and body work together and a fictional narrative of the trading floor in a bank. The narrative is used to describe the real time emotional changes felt by traders in response to their changing risk and profit environments. The book is informative and readable and I came out of it better understanding myself. The book is split into 4 distinct parts.
The first section is titled Mind and Body in the Financial Markets. The backdrop is the internet bubble and questions of exuberance in markets is pondered. The author introduces testosterone and cortisol as potential active molecules in impacting decision. Basic concepts of mind body separation are included. The author then goes on to describe the mind as facilitating the body. He discusses how if one view our purpose in life as to move, then the mind is just an elaborate mechanism to facilitate that movement more productively. This helps give the platform to understand us as being always being a vehicle for movement and that we should not deny the signals our body sends us.
The second section - Gut Thinking discusses the way our instincts can propogate through the nervous system. He discusses how our body's instincts operate on a much faster speed than our computational thought. This subject matter is similar to that of many behavioural scientists and is akin to Kahneman in fast and slow thinking. The value of relying on instincts is studied and our instincts are shown to be very good at pattern recognition which can fail when we are faced with randomness. The inclusion of our muscle responses to our nervous system and our internal feedbacks helps give an overall view of our various mind body relationships.
The 3rd section Seasons of the Market discusses various market regimes and how our body chemistry in each of those regimes is different. Searching for opportunity, riding waves of profit or enduring catastrophic losses are all discussed via narratives of characters the author uses. It helps make sense of real life situations and how we are all biased agents when it comes down to it. This section is where the author really weaves in the impact on financial decision making.
The author concludes with discussing the difference between various types of people and how environment and activity can affect our instincts and our feedback mechanisms. We all have some plasticity and though we inevitably are impacted by the stresses around us we can handle them differently and experience matters. The author then goes on to give partial solutions to dampening the positive and negative feedback loops our body creates in risk taking behaviour to improve our financial system.
All in all The Hour Between the Dog and the Wolf is a very informative account of the way we work in stressful environments and how those environments affect the way we think and act in an active fashion. I much preferred the scientific explanation instead of the specific impact on trading as the lessons are very broad and are relevant to much more than trading. One does not come out of reading the book having a clear path to more robust financial management as that is extremely challenging but one does come through it with more insight about how we work.
2 of 2 people found the following review helpful.
Market Behavior is Human Behavior
By J. Mckeough
Investors are well served by studying behaviorial and decision-making psychology broadly and then selectively transferring that knowledge to financial markets. Arguably, the most influential readings come from authors who are not directly involved in financial markets. For example, the Psychology of Intelligence Analysis by former CIA staffer Richard Heuer captures the pitfalls of making decisions when faced with incomplete information. Stepping back further, to readings about the emerging discipline of neuroeconomics, requires a basic understanding of brain science and physiology. There are some useful layman's guides to these subjects, such as Brain Rules by John Medina but what's been missing is a book that ties together a cohesive explanation of why your brain and physiology drive your behavior and how this collective impact can translate into a greater understanding of market behavior. The Hour Between Dog and Wolf succeeds in this objective. Using both plain language and vivid trading room stories, author John Coates has written an important book for finance industry professionals who want to expand their understanding of the biological underpinnings of behaviorial finance.
The book's fictitious examples of trading floor scenarios are particularly effective. Science always becomes more interesting when its explained with personalized situations. Coates has succeeded in connecting the neuroscience with the behaviorial / cognitive psychology that's most relevant to investors. Finally, the 'suggested reading' section is excellent, a primer for further study that's accessible to non-scientists.
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