Richard Dennis: Biography, Career, and Business Insights

Richard Dennis’s Profile Summary

Company	C&D Commodities
Position	Richard Dennis serves as the Vice-President of C&D Commodities, a position he holds while also leading his own trading firm, the Dennis Trading Group
Source of wealth	Trading profits from commodities. Management of capital pools for investors. Consulting and advisory roles in various organizations
Also known as	Richard Dennis is also known as: The “Prince of the Pit”. Founder of the Turtle Trading Program. A notable trading educator and mentor
Age	76
Education	DePaul University: Studied but did not complete a degree.
Citizenship	United States
Residence	Chicago, Illinois, USA
Family	Richard Dennis is known to keep his family life private, but he is married and has children.
Website, Social Media	https://www.bloomberg.com/profile/company/4909355Z:US

Richard Dennis’s biography

Richard Dennis, often referred to as the "Prince of the Pit," is a prominent figure in the trading world, renowned for his significant contributions to commodity trading and market strategies. Born in 1952, he began his career at the age of 17 as a runner at the Chicago Mercantile Exchange. His early success was highlighted by his involvement in the "Great Russian Grain Robbery," where he capitalized on government grain sales to the Soviet Union, establishing himself as a successful trend follower. Dennis is best known for his groundbreaking experiment in the 1980s, where he trained a group of novice traders known as the "Turtles." This initiative aimed to demonstrate that trading skills could be taught and refined. Over a period of five years, these Turtles reportedly generated around $175 million in profits, validating Dennis's trading methodologies. In addition to his trading career, he has been involved in various advisory roles, including serving on boards like the Cato Institute and the Drug Policy Alliance. His philosophies emphasize that trading success can be distilled into rules that anyone can learn, contrasting the common belief that successful trading is an innate skill. Today, Richard Dennis continues to be a respected voice in trading, even as he has stepped back from active trading on the floor

How did Richard Dennis make money?

Richard Dennis makes money in the following areas:

Trading profits from commodities. Management of capital pools for investors. Consulting and advisory roles in various organizations
What is Richard Dennis net worth?

As of 2025, Richard Dennis’s net worth is estimated to be ≈$200M.

What is Richard Dennis also known as?

Richard Dennis gained widespread recognition as the “Prince of the Pit” due to his rapid success as a trader at the Chicago Board of Trade. He is best known for founding the Turtle Trading Program in the early 1980s, where he trained individuals in systematic trading strategies based on trend-following. This initiative aimed to demonstrate that successful trading could be taught, contrary to the belief that it required inherent talent. Many of his "turtles" have since enjoyed successful careers in finance, and the program itself has become a case study in trading education. Additionally, Dennis is recognized for his contributions to trading philosophy, emphasizing the psychological aspects of trading and the importance of discipline. His approach has influenced many in the trading community, and he has been featured in various media outlets discussing his techniques and experiences in the markets. Richard Dennis is a prominent figure in the trading community, not only for his successful career but also for his impactful training methods that have inspired countless traders.

Prominent achievements of Richard Dennis

Pioneered the Turtle Trading system, which produced over $175 million in profits for his students within five years. Co-authored influential trading principles that continue to impact traders worldwide. Managed to make over $500,000 in trading profits as a young trader in the 1970s. His trading strategies have been adopted and adapted by various trading schools and programs globally. Participated in public discourse on drug policy and economic issues through writings for major publications like The Wall Street Journal and The New York Times

What are Richard Dennis’s key insights?

Richard Dennis’s business philosophy is rooted in his belief that successful trading can be taught through systematic rules and strategies rather than being an innate talent. He emphasizes the importance of following a structured trading methodology, using data and analysis to drive decisions. His Turtle Trading system, which focuses on trend-following and risk management, exemplifies his approach. He encourages traders to detach emotionally from their trades, adopt a scientific method in their strategies, and apply disciplined risk management techniques.

Richard Dennis’s personal life

While specific details about Richard Dennis's family members are not widely publicized, he has indicated in interviews that he values family life. His wife and children are mentioned occasionally, but specific names or professional details are not commonly disclosed in public sources

Useful insights

Understanding market forces

In my experience, to truly succeed as an investor, it’s essential to understand the driving forces behind market behavior. Market movements aren’t random—they’re influenced by a range of economic theories and dynamics. The following books provide valuable insights into these forces, offering a deeper understanding of how global financial markets operate and what shapes their trends.

Nassim Nicholas Taleb – "The Black Swan"
- Summary:
  
  Taleb explores the concept of rare, unpredictable events—so-called "Black Swans"—that can have massive impacts on markets and society. These events are often overlooked by traditional risk management models, leading to devastating consequences when they occur. Taleb illustrates how these unpredictable shocks shape our world, often more than gradual, expected changes.
- Why read it:
  
  This book challenges conventional thinking about risk and uncertainty, showing that many major historical and financial events were "Black Swans." It's a vital read for investors who want to build resilience in the face of market volatility.
John Maynard Keynes – "The General Theory of Employment, Interest, and Money"
- Summary:
  
  Keynes revolutionized economics by focusing on total demand within an economy and its effect on output and inflation. His theory suggested that government intervention could stabilize economic cycles through fiscal and monetary policy. The book also explains the consequences of under-consumption and the role of interest rates in managing economic stability.
- Why read it:
  
  For investors interested in macroeconomic trends and policy impacts, Keynes’ work is essential. Understanding the Keynesian framework can help investors predict how government actions might influence market performance.