In my opinion, Cortisol causes baldness in some men, but not all men.

fuggles

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As an interesting tidbit, spironolactone inhibits 10 times more cortisol than it does androgens.
A much better drug would be eplerenone, which stops the cortisol without interfering with androgens.
It is basically spironolactone without any effect on androgens.

A few years ago a forum member posted many interesting theories on the cortisol theory of baldness.

His posts can be found here. Although he recommended spironolactone, he recommended it on the basis it stopped the production of cortisol.
Sadly he passed away but his posts can still be found.


 
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