Excess Returns · Thursday, July 16, 2026
Jack Schwager describes the rigorous vetting process for Lucas Frolick's extraordinary 2020 returns, which were initially reported as hundreds of thousands of percent. Schwager and his co-author required a legitimate ordering firm and direct communication with the firm to validate the figures, eventually confirming a higher, albeit still astronomical, return.
“So, his numbers for 2020. The percent of return was like so crazy. It was in the high hundreds of thousands. I think a Hayden, let's call it 800, 900,000%.”
“And, uh, both George and I, like, okay, you know, no matter what statement statements we get. It's got to be an order. It's got to have a legitimate ordering firm to do this. Uh, or just don't feel comfortable. And we told him that.”
“And eventually, that was done. And, uh, he came back and, for that 42020, he had, he did have a different number, but it was higher. So, uh, so it's crazy, I know.”