The Hour Between Dog and Wolf Book Summary

In 'The Hour Between Dog and Wolf,' John Coates explores the intriguing intersection of finance and biology, revealing how our primal instincts shape our decision-making in high-stakes environments. As he delves into the psychological and physiological effects of risk-taking, Coates uncovers why some investors thrive while others falter. Rich with insights from neuroscience, the book challenges conventional wisdom about the rationality of market behavior. Readers are invited to question how their own instincts play a role in their professional lives. Prepare to see the world of finance through a completely new lens, where biology meets Wall Street.

By John Coates

Published: 2013

"In that fleeting moment when instinct meets reason, we discover not only who we are, but who we might become."

Book Review of The Hour Between Dog and Wolf

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.

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In that fleeting moment when instinct meets reason, we discover not only who we are, but who we might become.

The Hour Between Dog and Wolf

By John Coates