Jerry ParkerThe Turtle Trader, CEO Chesapeake Capital Corporation
I graduated from the University of Virginia in 1980 with a BS degree in accounting. After graduation, I worked for a couple of CPA and auditing firms in Richmond, Virginia until December 1983 when I was hired by Richard Dennis in his Turtle trading program. After a two-week training program the Turtles started trading futures using the rules-based trend following strategy we were taught. I traded for Richard Dennis in Chicago until February 1988 when I started Chesapeake Capital in Richmond, Virginia. The Turtles usually made hundreds of percent per year with the predictable accompanying drawdowns. Chesapeake's approach was to target much lower returns and drawdowns and build a business that would manage money for institutional clients. The peak AUM for Chesapeake was over $2 billion. Currently, I continue to trade my personal capital using the same trend following strategy I've used for the past 36 years. I continue to value the diversification and risk control rules that I learned from my mentors in 1983. Some parts of the strategy have changed over the years and some parts of the strategy are unchanged.