The Biology of Winning

The Hour Between the Dog and the WolfHere’s a novel way to understand what “being on a roll” feels like. In his book THE HOUR BETWEEN THE DOG AND THE WOLF, trader-turned-neuroscientist John Coates concludes that  “the winner effect,” is a self-reinforcing osmosis of the two key hormones driving the biochemistry of success and failure — testosterone, which Coates calls “the hormone of economic bubbles,” and cortisol, “the hormone of economic busts.”

“Biologists studying animals in the field had noticed that an animal winning a fight or a competition for turf was more likely to win its next fight. This phenomenon had been observed in a large number of species. Such a finding raised the possibility that the mere act of winning contributes to further wins.”

Not that BusinessUS is accustomed to shilling (other people’s) books, but this theory is compelling.

~ Norris Lozano is CEO of BusinessUS, a California-based small business lender. Visit