The Hour Between Dog and Wolf

Buchzusammenfassung

John Coates is a neuroscientist working at the University of Cambridge, and a former Wall Street trader (for Goldman Sachs, Merrill Lynch and Deutsche Bank). In 2012, he made The Financial Times and Goldman Sachs Business Book of the Year Award shortlist, and was named on the magazine Foreign Policy’s list of Top 100 Global Thinkers.

Intuition, often seen as a unique talent, is rooted in recognizing environmental patterns and plays a critical role in stock trading, where seasoned traders outperform markets through skillful anticipation of trends. This intuition is linked to Somatic Markers—subtle physical cues shaped by the body’s unconscious adaptation to patterns. Hormones like testosterone and dopamine further influence behavior, with testosterone driving risk-taking and creating feedback loops like the Winner Effect, while dopamine fosters addictive tendencies during bullish markets. The physical and mental demands of trading highlight the importance of fitness, as it enhances focus, endurance, and sensitivity to Somatic Markers. Diversity on trading floors, including older men and women, could mitigate testosterone-driven volatility, as they are less influenced by its effects. Stress, particularly during market crashes, triggers cortisol release, impairing memory, rational thinking, and decision-making while fostering aggression and fear. Building resilience through moderate stress exposure, physical exercise, and task-switching can help counteract these effects. However, unfamiliar changes, even positive ones, can heighten stress, emphasizing the need for familiarity and control in managing challenging situations.

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