The Turtle Experiment was set up by Richard Dennis to finally settle this debate. Dennis would find a group of people to teach his rules, the famous “Turtle Strategy”, and then have them trade with real money. Dennis was so convinced he was right that he will give the apprentice traders his personal money, which is $1 million each, for their trading activity. The training would last two weeks and could be repeated over and over again. In fact, they recruited 23 ordinary individuals from all walks of life to transform them into extraordinary traders in just two weeks. They had a live account of one million dollars, allowing them to intervene based on the strategies taught. Result: on average, the Turtles made a profit of 80% per year, which could lead to the conclusion that the acquisition of knowledge was the explanatory variable of success.
But for as much the two initiators of the project were right, because on the basis of an identical teaching, if some succeeded admirably, others failed very sadly.
It was Curtis Faith who was the most talented of the Turtles, to the point that he was allocated 2 million dollars which allowed him to amass 30 million dollars in earnings in barely 4 years! At the end of this experience, almost all the Turtles have created their financial management company. The resonance of the experience in the financial world and even beyond was such that Curtis Faith told his story and exposed his strategy in his book Way of the Turtletranslated into French under the title The Turtles Strategy, available in digital version from Valor editions. She also inspired the screenplay of the film Trading Placesan American comedy with Eddie Murphy, released in French under the title A chair for two.