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BMJ E4967
BMJ E4967
BMJ E4967
Observations
OBSERVATIONS
ON THE CONTRARY
tdelamothe@bmj.com
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BMJ 2012;345:e4967 doi: 10.1136/bmj.e4967 (Published 23 July 2012) Page 2 of 2
OBSERVATIONS
Meanwhile, another purported effect of testosterone, median levels. I can tell you that the P value for this comparison
immediately recognisable to Berthold and his roosters, is back was 0.008, but nothing else.
in the spotlight: aggression. Here the evidence for a connection The findings were featured in every financial newspaper and
is far from clear cut. Summarising what was known in 1993, magazine and may explain why testosterone “has become Wall
Gail Vines wrote: “In humans, just as in monkeys and mice, Street’s drug of choice as traders seek a competitive edge in the
most attempts to link testosterone levels to aggression have face of job cuts,” according to the Financial Times.8 “I now
failed.”1 Twenty years later David Benatar can find plenty of have a bit more of an alpha male personality and I’m able to
assertions of a connection in the literature but no convincing get by on less sleep. It’s the positive side of aggression,” says
proof.6 John (not his real name).
What’s drawn recent attention to testosterone’s aggressive For a while testosterone was being blamed for the “irrational
potential is a study published in 2008,7 which is now the exuberance” of City traders, but like almost everything else you
centrepiece of a book.2 It reports endogenous steroids in 17 male read about the hormone you don’t have to believe it.
traders working over eight consecutive business days in the City
of London. (Trades ranged from £100 000 to £500m, “depending 1 Vines G. Raging hormones: do they rule our lives? Virago, 1993.
on the trader’ s level of experience.”) One key finding was that 2 Coates J. The hour between dog and wolf: risk-taking, gut feelings and the biology of
boom and bust. Fourth Estate, 2012.
a trader’s morning testosterone level predicted his day’s 3 Norrish M. Andrei Arshavin’s feat throws spotlight on ultimate case of monkey business.
profitability. Much about masculinity, aggression, Daily Telegraph 22 Apr 2009. www.telegraph.co.uk/sport/football/teams/arsenal/5202158/
Andrei-Arshavins-feat-throws-spotlight-on-ultimate-case-of-monkey-business.html.
competitiveness, and risk taking has been read into this single 4 Badenoch AW. “Youth’s a stuff will not endure.” BMJ 1986:293:1005-6.
finding. 5 Wu FCW, Tajar A, Beynon JM, Pye SR, Silman AJ, Finn JD. Identification of late-onset
hypogonadism in middle-aged and elderly men. New Engl J Med 2010;363:123-35.
To someone used to reading research in regular medical journals, 6 Benatar D. The second sexism: discrimination against men and boys. Wiley-Blackwell,
its presentation comes as a shock. The only testosterone value 2012.
7 Coates J, Herbert J. Endogenous steroids and financial risk-taking on a London trading
to appear anywhere in the paper was the mean testosterone of floor. Proc Natl Acad Sci USA 2008;105:6167-72.
all the estimations performed on all the participants during the 8 Wallace W. Keep taking the testosterone. Financial Times 10 Feb 2012. www.ft.com/cms/
s/0/68015bb2-51b8-11e1-a99d-00144feabdc0.html.
study. The outcome of interest was trading returns on days when
traders’ morning testosterones were above and below their
Cite this as: BMJ 2012;345:e4967
© BMJ Publishing Group Ltd 2012
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