We are delighted to announce Curtis Faith as the next guest on the StockTwits Midday Q&A series this Wednesday June 6 at 1pm ET.
At the young age of 19, Curtis gained fame as the youngest of the first class of original “turtles” to be tutored under the guidance of Richard Dennis and William Eckhardt in Chicago in 1983.
The Cliffs’ Notes version, for those unfamiliar with the “Turtle Trading” experiment, goes as follows:
Dennis and Eckhardt were the proprietors of C&D Commodities with offices in the former Chicago Board of Trade Building (now CME Group). Dennis was of the opinion that anybody given a set of simple rules to follow could be successful trading in the markets. Eckhardt disagreed and believed that great traders were not taught, but rather were born with a certain set of DNA that was responsible for their success. Unable to agree, they decided the only way to settle this dispute was to put their money where their mouths were.
They then placed ads in major newspapers around the country announcing they were hiring new traders. But they weren’t looking for traders with experience, nor where they even looking for people with any financial backgrounds. Legend has it they amassed a ragtag group of dungeons & dragons players, card sharks, stay-at-home moms, barbers, and cab drivers, and spent two weeks teaching them the C&D trend-following system. At the end of the two weeks, each trainee was then funded with trading accounts beginning in January 1984.
So who won this nature vs nurture disagreement? Well, the aggregate winnings of the trainees (there ended up being two groups of roughly 15-20 traders each) over the next four years totaled greater than $100 million. I’d say Richard Dennis won.
Curtis, the youngest and ultimately one of the more successful trainees eventually went on to manage money on his own and has built a career out of that fateful newspaper advertisement he answered back in 1983.
We’ll talk to Curtis about his experience working with Dennis and Eckhardt, the ups-and-downs of trend following, managing large funds, and what he’s up to today.
All StockTwits members are invited to join the conversation on the ALL stream and/or Curtis’ personal stream. His StockTwits handle is @inflector. You are encouraged to ask Curtis questions. When doing so, please be sure to include “$$” and/or $TICKERS (examples: $CL_F, $SPY) in all messages so they’ll appear on the StockTwits ALL stream. We’ll get started promptly at 1pm Eastern on Wednesday.
See you on the stream!
– Sean McLaughlin: Editor, StockTwits (@chicagosean)
More on the Turtle Trader Experiment:
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