The Hour Between Dog and Wolf: How Risk Taking Transforms Us, Body and Mind

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Dr Coates insists an even more interesting finding came from the response to stress the financial world. Today we may be paying a high price for our modern comforts. In fact, cannons fears of a decline in fitness may have been justified: recent evidence suggests that the widespread adoption of climate control in home, car and office may be one cause of the current obesity epidemic. The disappearance of thermal stress from our lives may have another unintended consequence: it may have largely eliminated a valuable toughening process. His book The Hour between Dog and Wolf: Risk Taking, Gut Feelings and the Biology of Boom and Bust is underpinned by research in Cambridge and London into the body’s reaction when risks are taken. The entire book revolves around this concept of biology in economics and financial markets. It's a step beyond behavioural finance: the book recognises the importance of hormones in guiding the mind and thus judgements. Too technical for a non-biology student, but must read if you are an investor. The perspective it offers is immense, especially with real-time examples of trading desk adding colours to the palette.

The ‘winner effect’ was known to exist in humans – athletes and it was identified in city traders, says Dr Coates. Cast: Lee Jun Ki ( This was the first drama that i saw him) , Nam Sang Mi, Jung Kyong Ho ultimate trio:) the atmosphere between them is so good that you can't stop watching. Especially Lee Jun ki's acting make you bewildered,it likes in one drama he has many characters. Beneath the bucolic scenes of Tara Ison’s novel are foreboding realities. Neighbors turn against neighbors; fascism creeps up; “good” people avert their eyes. Danielle, suspended between worlds, yearns for the safety of the prewar days, but makes concessions to mimic peace; each time she chooses blindness over alarm, her truths slip a bit further from her grasp. Willing to compromise friends, family, and her past for the illusion of safety, she flirts with nothingness. Even at the novel’s gripping end, the question of whether she will be able to rebuild remains. I had a really hard time getting into this at first and read it in short bursts but then suddenly I couldnt put it down. I avoid WWII fiction because there is so much of it and I have read so much of it plus sometimes they are written to appeal to people who enjoy reading about suffering (which I dont and I think those types of books are a bit perverted)

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This brilliant book shows how human biology contributes to the alternating cycles of irrational exuberance and pessimism that destabilise banks and the global economy – and how the system could be calmed down by applying biological principles ... Should be top of the summer reading list for Jamie Dimon, chief executive of JPMorgan, and anyone else wondering why traders so often get banks into trouble’ Financial Times For example, the author attributed market crash in October to decreasing testosterone level of investors. Is that believable? Coates refutes the general perception that women are more risk averse than men. He cites a study by Brad Barber and Terrance Odean that analyzed 35,000 personal accounts over 1991–1997 that showed single women outperformed single men by nearly 1.5%. This outperformance could be correlated with greater risk taking by women. Some researchers have traced this outperformance to the fact that women traded their accounts less frequently than men, who tended to overtrade their accounts owing to overconfidence. Coates offers a different explanation of women’s outperformance: Women compose only about 5% of an average bank trading floor but as much as 60% of the employees of major U.K. asset management companies. Although asset management involves risk taking, it is a different style of risk taking from the high-frequency variety so prevalent at banks. Coates suggests that the difference between men’s and women’s risk taking may lie not so much in different levels of risk aversion as in the length of time the two sexes take to make decisions. He argues that the financial world needs more long-term strategic thinking, and the data indicate that women excel at this activity. Coates makes a very convincing argument that a financial community with a more even balance between men and women, young and old, would be a significant improvement over the current system. Novelty made that prove rejuvenating when we are battling fatigue, but under circumstances it can turn toxic-when we are trapped, for example, in a state of chronic stress.novelty and complexity beyond moderate levels can promote anxiety. If we return to chronic stress and look at the influence of novelty in this condition, we can find another example of how we frequently misunderstand the source of our problems. This is a sad, often beautiful novel… Ison renders the slow disintegration of a once-vital woman, and its effect on her daughter, with perfect heartbreaking despair…A provocative story.” — The Boston Book Review

A successful Wall Street trader turned neuroscientist reveals how risk taking and stress transform our body chemistry Humans are built to move, so move we should. The more research emerges on physical exercise, the more we find that is benefits and far beyond our muscles a cardiovascular systems. Exercise expands the productive capacity of our amine-producing cells, helping to inoculate us against anxiety, stress, depression and learned helplessness. It also floods our brains with what are called growth factors, and these keep existing neurons Young and new neurons growing-some scientist called these growth factors "brain fertilizer"-so our brains are strengthened against stress and aging. A well-designed regime of physical exercise can be a boot camp for the brain. In the future, however, the advice to exercise, administered so literally by doctors everywhere, could be made more effective by being more explicit. What type of exercise? Antibiotic or anaerobic? How often? Once again, sports science could help enormously and tailoring this advice to the person receiving it. The reason why I didn't rate this higher was that while the prose is top notch, I had a hard time believing a 12-14 year old to have such emotional maturity and depth. There are some interactions that take place in the book where I thought "yeah, this is an intelligent adult speaking not a traumatized teenager".While some ideas are out there, later in the book, the proof that the author puts is just his name and a train of thought. The paucity of evidence inclines one to question the veracity of the argument. Toward the fag end, his statements just turn into just opinions with sparing use of statistics like seasoning. The expression comes from the old French expression. It refers to the time of the day, twilight, you cannot tell the animal coming out of the tree, whether it’s a dog or a wolf. Is Danielle really so clueless that she outs two people in her life, did she really think she was doing the right thing or is it a subconscious resentment that causes her actions? And the point I want to make is this: the overconfidence and hubris that traders experience during a bubble or a winning streak just does not feel as if it is driven by a rational assessment of opportunities, nor by greed–it feels as if it is driven by a chemical in our body.