Where was this class offered?
I found the whole idea of it silly and misguided. If I were to take part, I would just pick some of the most downtrodden stocks, maybe just one, put all my money into it and take a nap. And just hope it recovered big time.
If the "winner" is the one with the most gains, the obvious solution is to take the most risk. You have a chance of winning, and what do you have to lose? Odds are, if you reliably could pull off a very respectable 20% per cycle, and do it cycle after cycle, there would be one (different) lucky bozo that got 40% and you lose.
But that doesn't help you in real life. So what's the point?
It would be far more interesting to me to know whether the class on average did better than a market index with similar volatility over that time frame. If they didn't do better on average, then what exactly did they learn? How to invest time to lose money?
*Someone* is always winning in Las Vegas.
-ERD50