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Author
Michael Covel on Richard Dennis and the Turtles
By Art Collins
The one thing everyone involved in the Turtle story seems to share is an
appreciation of how special, even magical the whole experience was. The Turtles
themselves have near-unanimously expressed loyalty and gratitude toward their
mentors for providing such a life-altering experience. Michael Covel, the author
of the soon-to-be released The Complete Turtle Trader candidly admitted that he
won’t likely ever get a more perfect writing opportunity. Even Dennis himself
observed that the Turtle experiment has been the standout achievement of his
life which, considering his numerous other accomplishments, is saying a lot.
To recap; in the early 1980s, multi-millionaire commodity traders Richard Dennis
and William Eckhardt bet on whether their superior skills could be imparted to
others. They advertised for volunteers, selected roughly two dozen from the
thousands of applicants, trained them for two weeks and let them trade millions
of dollars that they personally funded. The students got to keep a percentage of
their profits and several went on to manage mega-funds on their own. Richard
Dennis’ contention that trading could be reduced to rules and therefore
exploited by theoretically anyone was proven correct in spectacular fashion.
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