HOUR BETWEEN DOG AND WOLF EBOOK DOWNLOAD!
Book Excerpt from The Hour Between Dog and Wolf. In his latest book, author John Coates describes the tension and exultation of the trading. Now shortlisted for the Financial Times Business Book of the Year Award and the Wellcome Trust Book Prize, The Hour Between Dog and Wolf is a. About The Hour Between Dog and Wolf. Before he became a world-class scientist, John Coates ran a derivatives trading desk in New York City. He used the expression “the hour between dog and wolf” to refer to the moment of Jekyll-and-Hyde transformation traders passed through when under pressure.
|Published:||4 December 2015|
|PDF File Size:||21.46 Mb|
|ePub File Size:||35.25 Mb|
Revealing the biology behind bubbles and crashes, The Hour Between Dog and Wolf sheds new and surprising light on issues that affect us all.
The Hour Between Dog and Wolf by John Coates |
Coates was a financial services worker on Wall Street in the s and watched the bull market go wild, noting "how its energy and excitement overflowed the stock exchange, permeated the culture and intoxicated people".
Traders "on an extended winning streak experience a high that is powerfully narcotic".
This high, he notes, is an "irrational exuberance" which is very close to Keynes' "animal spirits", thereby providing the first bingo moment of The Hour. He wonders if this irrational exuberance "might be driven by a chemical".
Book Excerpt from The Hour Between Dog and Wolf | The Scientist Magazine®
He calls the chemical hour between dog and wolf Bull-Market Molecule. He comes across a likely suspect: Hormones are "chemical messengers carried by the blood from one tissue in the body to another".
Hormones maintain life, for instance by telling us our body is thirsty, or cold, but they don't cause behaviour. If you're on a diet you have to ignore what your hormones tell you. Then, people on a trading floor disappear into their private lives: Two traders, Logan, who trades mortgage-backed bonds, and Scott, hour between dog and wolf works down the aisle on the arbitrage desk, toss a tennis ball back and forth, taking care not to hit any salespeople.
But just before noon there comes the merest breath of change, rippling the surface of prices. Most people on the floor do not consciously notice it, but the slight tremor registers none the less. Maybe their breathing quickens, maybe muscles tense just a bit, maybe arterial blood pressure increases ever so slightly.
And the sound of the floor shifts, hour between dog and wolf the quiet buzz of desultory conversation to a mildly excited chatter. A trading floor acts as a large parabolic reflector, and through the bodies of its thousand-odd traders and salespeople it gathers information from faraway places and registers early signals from events that have yet to happen.
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The head of the trading floor looks up from his papers and steps out of his office, surveying the floor like a hunting dog sniffing the air. An experienced manager can sense a change in the market, tell how the floor is doing, just from the sight and sound of it.
The Hour Between Dog and Wolf by John Coates
Logan stops in mid-throw and looks over his shoulder at the screens. Scott has already wheeled his chair back to his desk. Their monitors display thousands of prices and flowing news feeds, blinking and disappearing.
To outsiders the vast matrix of numbers seems chaotic, overwhelming, and finding the significant bit of information in the mess of prices and irrelevant news items seems as impossible as picking out a single star in the Milky Way.
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