The hour between dog and wolf

This book delves into the biological aspects of risk-taking, especially in the context of financial markets.

John Coates, drawing from his experiences as a trader and his research in neuroscience, explains how physiological changes, such as fluctuations in testosterone and cortisol levels, influence traders' behavior.

He describes the 'hour between dog and wolf' as the moment when traders transform into exuberant risk-takers or cautious risk-avoiders based on their physiological state.

The book also discusses how these biological factors can lead to market bubbles and crashes and suggests strategies for managing these risks, including changes in bonus systems and diversifying trader demographics.