Turtle ROR and Account Size

A question in tonight:

Hello Michael, I just enjoyed “The Complete Turtle Trader” (first edition) thoroughly. One question for you if you don’t mind. The numbers in Appendix IV (Turtle Performance While Trading for Richard Dennis) don’t seem to add up. For most of the turtles, the March 1988 account sizes appear to be less than 15% of account sizes of the previous quarter (December 87); yet, there does not show an 85% decline in the “ROR” column. Am I reading this correctly? Is either the ROR or Account Size numbers incorrect? Please advise because if the turtles lost 85% in one quarter, that would greatly influence the reader’s perspective of their results. Thank you. Taylor M.

I discuss in my book that Richard Dennis pulled money in and out of Turtle accounts at will. So you can’t crunch the numbers as you are trying. ROR is the key figure.