The Hour Between Dog and Wolf and over one million other books are available for Amazon Kindle. Learn more
Buy Used
+ $3.99 shipping
Used: Good | Details
Condition: Used: Good
Comment: Connecting readers with great books since 1972. Used books may not include companion materials, some shelf wear, may contain highlighting/notes, and may not include cd-rom or access codes. Customer service is our top priority!
Have one to sell? Sell on Amazon
Flip to back Flip to front
Listen Playing... Paused   You're listening to a sample of the Audible audio edition.
Learn more
See this image

The Hour Between Dog and Wolf: Risk Taking, Gut Feelings and the Biology of Boom and Bust Hardcover – June 14, 2012

See all 13 formats and editions Hide other formats and editions
Amazon Price New from Used from
"Please retry"
"Please retry"
$5.99 $2.80

Best Books of the Year
See the Best Books of 2014
Looking for something great to read? Browse our editors' picks for 2014's Best Books of the Year in fiction, nonfiction, mysteries, children's books, and much more.

Editorial Reviews


One of Financial Times' Best Books of 2012

"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.”

"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

About the Author

John Coates is a senior research fellow in neuroscience and finance at the University of Cambridge. After completing his Ph.D., Coates worked for Goldman Sachs, Merrill Lynch, and Deutsche Bank in New York, where he observed the powerful emotions driving traders. He returned to Cambridge in 2004 to research the effects of the endocrine system on financial risk taking. Coates’s work has been cited in several publications, including The New York Times, Wired, and The Economist, and he has appeared on Good Morning America, CBS Evening News, and the BBC. His writing has been published in The Financial Times and Proceedings of the National Academy of Sciences, among others.

Best Books of the Month
Best Books of the Month
Want to know our Editors' picks for the best books of the month? Browse Best Books of the Month, featuring our favorite new books in more than a dozen categories.

Product Details

  • Hardcover: 352 pages
  • Publisher: Penguin Press HC, The; 1 edition (June 14, 2012)
  • Language: English
  • ISBN-10: 1594203385
  • ISBN-13: 978-1594203381
  • Product Dimensions: 6.5 x 1.2 x 9.6 inches
  • Shipping Weight: 1.3 pounds
  • Average Customer Review: 4.3 out of 5 stars  See all reviews (48 customer reviews)
  • Amazon Best Sellers Rank: #101,983 in Books (See Top 100 in Books)

More About the Author

Discover books, learn about writers, read author blogs, and more.

Customer Reviews

You need to read this book over and over again.
Though certainly still worth the buy, know that you will more than likely finish The Hour wanting more.
Zachary Bailes
An informative, well written and good read on a complex topic.

Most Helpful Customer Reviews

53 of 58 people found the following review helpful By Bernard Kwan on June 18, 2012
Format: Hardcover
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.
Read more ›
2 Comments Was this review helpful to you? Yes No Sending feedback...
Thank you for your feedback. If this review is inappropriate, please let us know.
Sorry, we failed to record your vote. Please try again
19 of 21 people found the following review helpful By Book Fanatic TOP 500 REVIEWERVINE VOICE on June 14, 2012
Format: Hardcover
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.
Comment Was this review helpful to you? Yes No Sending feedback...
Thank you for your feedback. If this review is inappropriate, please let us know.
Sorry, we failed to record your vote. Please try again
16 of 20 people found the following review helpful By John Maltby on June 24, 2012
Format: Hardcover Verified Purchase
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.
Comment Was this review helpful to you? Yes No Sending feedback...
Thank you for your feedback. If this review is inappropriate, please let us know.
Sorry, we failed to record your vote. Please try again
6 of 7 people found the following review helpful By Samuel J. Sharp on July 30, 2012
Format: Hardcover
This is a very good book which summarizes Coates' and many other researchers' work on neuroscience to show how the mind and body work together to help us manage success, failure, and stress. The book uses scenes from a trading floor to emphasize the interaction between mind and body, and the key takeaway point is that physiological changes can influence our decision making to a greater extent than previously understood. Although Coates does not spend a lot of time on the subject of economic theory, he does argue briefly that the influence of the body on the mind means that markets are not as rational as idealized in neoclassical economics, and therefore behavioral economics might be a better way of thinking about how markets actually work. I would have liked Coates to spend more time on this topic but the book moves briskly to present a great deal of information in 280 pages.

The book does not focus exclusively on trading, and many chapters feature general discussions of how the mind and body interact to produce expertise in a variety of contexts such as sports. I think the book could have been a bit better organized to help major points stand out from minor points, but overall this is a quality book that provides a good background into recent research in neuroscience.
1 Comment Was this review helpful to you? Yes No Sending feedback...
Thank you for your feedback. If this review is inappropriate, please let us know.
Sorry, we failed to record your vote. Please try again
8 of 10 people found the following review helpful By N N Taleb on December 9, 2012
Format: Hardcover
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.
1 Comment Was this review helpful to you? Yes No Sending feedback...
Thank you for your feedback. If this review is inappropriate, please let us know.
Sorry, we failed to record your vote. Please try again

Most Recent Customer Reviews