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The Hour Between Dog and Wolf: Risk-taking, Gut Feelings and the Biology of Boom and Bust von [Coates, John]
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The Hour Between Dog and Wolf: Risk-taking, Gut Feelings and the Biology of Boom and Bust Kindle Edition

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Produktbeschreibungen

Pressestimmen

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

Pressestimmen

“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.”
Bloomberg Businessweek







“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.”
The Economist



“[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.”
Publishers Weekly







“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.”
Booklist



“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


Produktinformation

  • Format: Kindle Edition
  • Dateigröße: 2121 KB
  • Seitenzahl der Print-Ausgabe: 321 Seiten
  • Verlag: Fourth Estate (10. Mai 2012)
  • Verkauf durch: Amazon Media EU S.à r.l.
  • Sprache: Englisch
  • ASIN: B006KWAJP8
  • Text-to-Speech (Vorlesemodus): Aktiviert
  • X-Ray:
  • Word Wise: Aktiviert
  • Verbesserter Schriftsatz: Aktiviert
  • Durchschnittliche Kundenbewertung: 5.0 von 5 Sternen 1 Kundenrezension
  • Amazon Bestseller-Rang: #247.665 Bezahlt in Kindle-Shop (Siehe Top 100 Bezahlt in Kindle-Shop)

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Format: Gebundene Ausgabe
"A fool vents all his feelings,
But a wise man holds them back." -- Proverbs 29:11 (NKJV)

The financial markets are supposed to be efficient (almost perfectly reflecting the known information to set accurate valuations). Yet most stocks will oscillate plus or minus 30 percent from their daily closing average during the course of a year. Surely, the value of the company didn't shift so much in that time?

In recent years, experiments by behavioral researchers have challenged the efficient markets theory by showing that many decisions work differently than a calculating computer would. In The Hour between Dog and Wolf, John Coates (a senior research fellow in neuroscience and finance) reports on newer research into how the bodies of people making investment and trading decisions are affected by what they are doing. Drawing on his personal experience at Goldman Sachs and Deutsche Bank, the findings are described in the context of market conditions that will seem quite familiar to experienced investors. I found the book to be fascinating. And I included a recommendation to read it in Lesson Fourteen of my next book, Excellent Solutions.

I thought that the book was weakest in postulating possible ways to dampen the harmful effects of neurology and body chemistry on investment behavior. I will welcome controlled experiments that follow up on these measurements to see how minds and bodies can be kept under more appropriate discipline in making decisions and taking actions.
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Die hilfreichsten Kundenrezensionen auf Amazon.com (beta)

Amazon.com: HASH(0x9a04b870) von 5 Sternen 67 Rezensionen
57 von 62 Kunden fanden die folgende Rezension hilfreich
HASH(0x9a011408) von 5 Sternen More than just a Finance Book 18. Juni 2012
Von Bernard Kwan - Veröffentlicht auf Amazon.com
Format: Gebundene Ausgabe
This is another of those serendipitous finds, while browsing in the bookstore, that was very readable and instructive. Both because I work in finance (ex-investment banker) and from a martial arts / sports / health perspective there is a lot of material here that expanded my thinking.

The subtitle for the book is called "Risk Taking, Gut Feelings and the Biology of Boom and Bust" and it is by the neuro-scientist and former Wall Street Trader John Coates. In order to piggy back on the seemingly insatiable demand for books on the credit crisis of 2008, most reviews and editorials in major magazines have focused upon the risk taking side of the book and how pressures of trading can change the biological composition of your body, impacting your appetite for risk (success builds a feeling of overconfidence and a greater appetite for risk) thus having the potential to cause booms and busts in stock markets and the broader economy. A substantial part (but not overwhelming) of the book is about finance and trading and author uses a trio of fictional fixed income (bond) traders during the 2008 crisis to illustrate his points, and this keeps the text from becoming too academic or dry.

But what also interested me was the more general topic on how humans are not disembodied brains who make rational decisions, but that our thinking is very much impacted by our body and our senses. There is a lot of analysis here on how the brain regions processing our reasoning skills are intricately tangled up with our motor circuits and are intimately linked to movement. There is also a whole level of activity where there is a feedback loop between our hormones and our thinking, and a lot of this is on a pre-conscious level. Reading the book helps explain gut instincts, and how during the most powerful moments of your life - satisfying moments of flow, of insight, of love and traumatic moments of fear anger and stress- you lose any feeling of the split between mind and body and the two merge as one.

From the perspective of someone who is interested in alternative health and martial arts, there is information here on how humans differ from other animals in that they can learn complex movements which are not instinctual, such as dance, music and martial arts and how these movements are stored in different parts of the brain as we train then to an instinctual level. On how the best traders, who have the quickest perceptions and best "gut feeling" usually are physically quite well developed as the two are intimately linked, with many ex-olympians and jocks on the trading floor. On how winning can influence our testosterone levels and higher testosterone levels prime our bodies to keep winning and this matters in sports (and by extension in one-on-one combat) as well as on the trading floor. On how we can train and improve our sensitivity to what is going on internally in our bodies, to better understand what is going in terms of our stress levels and how it affects our thinking. And also many health tips on managing stress (including the importance of cold water baths and showers), and how small amounts of stress and challenge are actually good for us and our health.

The title of the book comes from the following:

[The hour] between dog and wolf, that is, dusk, when the two cannot be distinguished from each other, suggests a lot of other things besides the time of day ... the hour in which ... every being becomes his own shadow, and thus something other than himself. The hour of metamorphoses, when the people half hope, half fear that a dog will become a wolf. The hour that comes to us from at least as far back as the Middle Ages, when country people believed that the transformation might happen at any moment.

- Jean Genet Prisoner of Love

In summary there is a lot in this book beyond the title and would recommend it to anyone with an interest in science, especially the functioning of the brain and the mind, as well as exercise and health.
20 von 22 Kunden fanden die folgende Rezension hilfreich
HASH(0x9a01145c) von 5 Sternen Interesting and Important Viewpoint 14. Juni 2012
Von Book Fanatic - Veröffentlicht auf Amazon.com
Format: Gebundene Ausgabe
This book is basically about how emotional feedback loops trigger change in body chemistry and through that our behavior. The author argues that our brains and bodies are much more integrated than most people believe and that modern neuroscience proves it. You will find in this book a story told through the context of financial trading booms and busts how these feedback loops work. There is a lot of science in this book and it is well argued and convincingly presented.

The Hour Between Dog and Wolf is quite fascinating. We have this idea that our behavior is driven solely or mostly by our choices, choices that we consciously make. Research in the last few decades is making this harder and harder to accept. This book does an excellent job at showing how our behavior is much more complicated and that our body chemistry plays a big part in influencing our brain and our behavior.

I really liked this book and found it fascinating. Its ideas apply to much more than the trading context in which it is set. If you are interested in science, human behavior, or the brain I can easily recommend it.
21 von 25 Kunden fanden die folgende Rezension hilfreich
HASH(0x9a011894) von 5 Sternen A trader's perspective 25. Juni 2012
Von John Maltby - Veröffentlicht auf Amazon.com
Format: Gebundene Ausgabe Verifizierter Kauf
As a trader of many years the book brought back lots of memories; - the good ones of being "at the still point of the turning world" calm, in a zone, while all around was a frenzy, and you could think at savant speed, effortlessly "seeing" answers in a way that had no conscious cognitive effort. The harder times when your body is in a knot and your mind won't work at all. This book captures both extremes and should be required reading for traders, managers and anyone interested in why markets behave as they do and how we might address the human failings that drive the behavior.
11 von 13 Kunden fanden die folgende Rezension hilfreich
HASH(0x9a01187c) von 5 Sternen Excellent exposition of overcompensation 9. Dezember 2012
Von N N Taleb - Veröffentlicht auf Amazon.com
Format: Gebundene Ausgabe
I read this book after completing my exposition of overcompensation, how a stressor or a random event causes an increase in strength, in excess of what is needed, like a redundancy. I was also looking for evidence of convex reaction to stressor, or the effect of a mathematical property called Jensen's inequality in domains and found it exposed here (in other words, why a combination low dose (most of the time) and high dose (rarely) beats medium dose all the time. The authors presents the evidence for the phenomenon in the following: 1) acute stressors cum recovery beat both absence of stressors and chronic ones (this includes thermal variations); 2) stressors make one stronger (post traumatic growth); 3) risk management is mediated by the deep structures in us, not rational decision-making; 4) winning causes an increase in strength (the latter are more complicated effects of convexity/Jensen's Inequality).
Great book. I ignored the connection to financial markets while reading it. But I learned that when under stress, one should seek the familiar.
Bravo!
4 von 4 Kunden fanden die folgende Rezension hilfreich
HASH(0x9a011d44) von 5 Sternen interesting work on neurophysiology and impact on risk taking 14. Oktober 2012
Von A. Menon - Veröffentlicht auf Amazon.com
Format: Gebundene Ausgabe Verifizierter Kauf
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.
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