Coates argues that high-stakes risk-taking is not just a mental process but a full-body physiological response: The Body Knows First: The Hour Between Dog and Wolf
In , former Wall Street trader turned neuroscientist John Coates explores how biology—specifically hormones like testosterone and cortisol—drives financial bubbles and crashes. The Central Metaphor The Hour Between Dog and Wolf: Risk Taking, Gut...
The title refers to a French phrase ( l'heure entre chien et loup ) describing twilight, when it is difficult to distinguish a domestic dog from a wild wolf. Coates uses this as a metaphor for the transformation traders undergo under pressure, shifting from calm, rational decision-makers into impulsive, risk-driven actors. Key Biological Drivers Coates argues that high-stakes risk-taking is not just