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Treasure Hunting as an American Subculture: the Thrill of the Chase

Article in Human Arenas · March 2021

DOI: 10.1007/s42087-020-00097-8

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Human Arenas (2021) 4:74–98
https://doi.org/10.1007/s42087-020-00097-8

ARENA OF MAKING

Treasure Hunting as an American Subculture:

the Thrill of the Chase

Alan King 1

Received: 11 October 2019 / Revised: 22 January 2020 / Accepted: 30 January 2020 /

Published online: 11 February 2020
# Springer Nature Switzerland AG 2020

Abstract
In 2010 an elderly millionaire named Forrest Fenn published his memoir (The Thrill of
the Chase) along with a poem describing nine clues to the location of a treasure chest
worth millions hidden in the Rocky Mountains. This analysis explored the Fenn treasure
hunt as an analog for extraordinary goal pursuits that can consume an individual over
time. This chase commitment gradient was conceptualized to occur in phases within the
context of liminal theory. The opportunity was taken as well to generate an estimate of the
size of the Fenn Chase community at this time. About a third of the national respondents
(N = 1178) to a nondescript “mystery” survey claimed awareness with a smaller number
self-identified as community members. These survey findings estimated that up to two
million adult Americans are involved at some level in the Chase, with an estimated
(433,013) constituting competitive searchers with advanced knowledge. A second sample
of seasoned members (N = 249) was generated from Chase blogs. The average chaser was
shown to be normative in personality, mood regulation, and childhood development.
While hypomania was not evident for the average Chaser, those mood attributes enhanced
the appeal of the chase as manifested in higher commitments, satisfaction, knowledge,
and addiction risk. Over 80% of the blog sample held Fenn and his Chase in high regard,
and about 10% described their involvement as a possible addiction. The chase represents
an interesting subcultural phenomenon that warrants attention in the social sciences.

Keywords Treasure hunting . Forrest Fenn . Chase . Thrill of the chase . Hypomania

Treasure hunting poses dual intellectual and physical challenges that holds special appeal for
some hobbyists who seek adventure to enhance the quality of their lives. Technological
advances have expanded opportunities for earth exploration. Contemporary treasure hunting
can be as pedestrian as geocaching or as extraordinary as the chase described in this study.

* Alan King
alan.king@und.edu

1
Psychology Department, University of North Dakota, P.O. Box 8380, Grand Forks, Dakota, ND
58202-8380, USA
A. King 75

Reality television and other media portrayals have romanticized the subculture. The potential
risks and rewards are all quite real as everyday treasure hunters explore the edges of their
comfort zones. It is the thrill of this chase that has attracted many new members into the
treasure hunting community.
On October 25th of 2010, an elderly Santa Fe art dealer launched a treasure hunt in the
Rocky Mountains with the publication of his memoir entitled The Thrill of the Chase (TTOTC;
Fenn 2010). A cryptic six-stanza poem from TTOTC provided nine clues leading to a “10 ×
10 × 5” medieval (circa 1150 A.D.) Romanesque bronze chest filled with millions of dollars of
gold, jewels, and antiquities. An inventory of most of the chest contents was provided in
TTOTC and in subsequent web postings. Fenn said the chest was hidden in a “very special
place” at least 8.25 miles north of Santa Fe in the Rocky Mountains in one of four states (New
Mexico, Colorado, Wyoming, or Montana) at an altitude between 5,000 and 10,200 ft. He said
the chest was hidden, possibly buried, when he was either 79 or 80 years of age. This book was
followed by two additional memoirs (Two Far to Walk and Once Upon a While), a map of the
treasure zone, and hundreds of personal scrapbook and blog entries that offer potential hints
(Fenn, 2013, 2017). Approaching age 90, Fenn has continued to grant occasional media
interviews and field scores of weekly emails. Many exchanges have become legendary fodder
in a chase community that hangs on his every word (riddle). None of his closest friends have
expressed doubt about the authenticity of the chase.

The Legacy of Forrest Fenn

Forrest Fenn’s life history has been studied extensively within the chase community. While his
father was his high school principal in a small Texas town, Forrest only managed to complete
high school with a brief stint in junior college. His limited formal education has subsequently
enhanced the admiration felt by many for his extensive accomplishments which include
respected literary authorships that extend well beyond the chase (e.g., Secrets of San Lazaro
Pueblo, The Genius of Ncolai Fechin, Leon Gaspard: The Call of Distant, Beat of the Drum
and the Whoop of the Dance: Biography of Joseph Henry Sharp; Teepee Smoke, and others).
His humorous stream-of-consciousness mémoire literary style was modeled after J.D. Salinger
and The Catcher in the Rye. His annual childhood family pilgrimage from Temple (Texas) to
West Yellowstone (Montana) has been viewed as central to the chase, as well as his 20-year
military career as an Air Force Major and Vietnam fighter pilot (328 combat missions). He
survived two crashes, and his valor earned him the Silver Star Metal and other accolades. He
went on to found Fenn Galleries in Santa Fe in 1973 where he made a fortune selling art,
antiquities, bronze sculptures, and Native American artifacts. People Magazine reported in
1986 that the Fenn Gallery was earning $6 million a year (Eady,1986). While not formally
educated in archeology, some of his prized acquisitions have included a mummified falcon
from King Tut’s tomb, Sitting Bull’s peace pipe, and the largest collection of Clovis Indian
projectiles ever coalesced (Fenn Cache). Fenn’s beloved father contracted terminal cancer at
age 57 in 1987 and overdosed to expedite his inevitable demise. His death watch
foreshadowed Forrest’s own bout with cancer and dire prognosis (20% chance of living
3 years) in 1988. His dramatic endgame plan was to take some of his fortune with him by
sequestering a treasure chest next to his body resting high in the Rocky Mountains with a
challenge to the world to find his remains. While his recovery nixed consideration of suicide,
his chase fantasy was ultimately transformed into this legendary treasure hunt. He has asserted
76 The Thrill of the Chase

that the chase lifespan was not determinable, even given his awareness of progress updates
from thousands of searchers. From the start, he has speculated that the chest could be found
tomorrow, or remain hidden for 10,000 years. This enigmatic claim has seemed to animate,
rather than sober, the chase community. One recent intriguing statistical analysis (Globusmx
2019) predicted that the chest would be found in 2023. This analysis relied on an assumption
that the search community would grow to 670,000 by the projected solve date.

Defining the Chase Community

Chase community membership was defined in this study by self-identification and knowledge
of the chase literature that exceeded chance probability. Respondents were self-identified as
chasers (community members) at both the outset of the survey (“I know a lot about it, but I am
not a searcher;” “I consider myself to be part of the chase community,” “I consider myself to be
a veteran chaser with extensive knowledge”) and with specification of the length of time in
which they “have been part of the Chase community.” This secondary specification occurred
only after these paid participants volunteered to continue the survey past the required items.
Pursuit of this Fenn treasure chest has been referred to as simply “the chase.” For purposes of
this study, respondents who self-identified as community members will be referred to as
“chasers” or “Fenners.” This project was designed to increase awareness within the behavioral
sciences of the treasure hunting subculture with its own language idiosyncrasies, sensibilities,
rituals, and emerging code of conduct. For example, one rite of passage in the chase involves
completion of an initial intrepid ground search to a wilderness area where his or her poem
solution has projected. Roughly 80% of the community appears destined for one or more
ground searches that have been popularized through the idiom “boots on the ground” (BOTG).
Chasers with BOTG experience in this article have been referred to as active “searchers” or
“hunters.” All searchers are chasers by this definition, but only a subset of chasers become
active hunters.

The Chase Blogosphere

The chase blogs and vlogs provide useful portals to knowledge regarding the status of the
chase and the Fenn literature. Searchers come from all walks of life and share their expertise in
many highly specialized fields. Chasers of all strata value the unexpected educational benefits
that can be accrued over time in a seemingly endless range of specialized areas (e.g.,
geography, aerial imaging, mapping, literature, archeology, geology, art, aviation, cinema,
anthropology, fishing, geneaology, gemology, metallurgy, medicine, American history,
philosopy, and religion). Elder chasers sometimes make efforts to educate less-informed
compatriots, but they do so at the hazard of a curt reminder that both tutor and student have
equal records of accomplishment in this decade-long treasure hunt.
Blog posters often rely on amusing monikers, and the time, expense, and psychological
investment of many chasers testify to the meaning and purpose derived from the “treasure
hunter” identity. Fenn has described many emailers who described the chase as a transforma-
tive life experience. Some have even said that the chase pulled them from the brink of suicidal
despair. The prosocial actions of chase community members has been laudible as well over the
years. Rescue parties have been rallied for lost searchers, and major fund-raising benefits have
A. King 77

been held after disasters have befallen known searchers. Forrest Fenn has made major
donations to these efforts, and his reputation as a generous social benefactor has been firmly
established.
While chase community cohesion has been the rule, the membership is diverse and
sometimes caustic in social media exchanges. Codes of conduct have evolved to discourage
personal attacks and shared irritants like claims that the chest never existed, has already been
found, or was somehow stolen from an aggrieved searcher. Perceived reputational slights or
“attacks” against the chase can also mobilize selected bloggers and vloggers to serve as
protectors of Fenn and the community. Critiques both in and out of the community have been
at times harsh. Fenn has been accused of duplicity, fraud, and even shared responsibility for
the. deaths of four searchers. His response at such inflection points has been to further caution
searchers to “stay away from dangerous terrain” and not go “where a 79- or 80-year-old man
couldn’t go”. He has warned searchers to avoid mines, dams, rushing water, rock precipices,
mountain tops, graves, high altitudes (> 10,200 ft), long distances (more than a mile), and even
outhouses. “The treasure is not hidden in a dangerous place in the normal definition of the
word, realizing that there probably is no place on this planet that is safe under all conditions.”
While the chase for Fenn has been at times a turbulent journey, including physical threats to
himself and his family, he has never wavered in his commitment to see it through to its natural
destiny. This article defers debate regarding the ethics of the chase to other sources.

Chase Community Size Estimates

Estimates of the size of the chase community have been based on indirect sources such as the
Fenn email counts, memoir book sales, state tourism indicators, and chase web site traffic.
Forrest has established growth in his annual email counts from 65,000 (CBS Sunday Morning
2015) up to 250,000 (Rambling Pam 2019) more recently. The most active chase web site
(dalneitzel.com) was launched in August of 2011 with 47 viewers on its first day. Site hits have
grown progressively since its inception with an aggregated count of 22,771,800 viewers by the
end of 2019 (Neitzel 2019). Blog traffic from this past year included 436,392 unique viewers
registering 36,117 comments from all over the world. While national chase video segments
have been viewed widely (> 5,900,000, BuzzFeed Unsolved Network 2018; > 3,184,000, Vox
2017; > 1,177,000, Inside Edition 2017; > 875,000, Viral Depot 2013; > 344,000, Nightline
2018), primary source Fenn interviews that are regarded as critical to the chase appear to have
garnered fewer viewers (> 154,000, A Gypsy’s Kiss 2013; > 35,600, A Gypsy’s Kiss 2017).
YouTube track counts can substantially underestimate viewerships, however, since the same
chase content could have been reposted or duplicated in other links over the years. Weekly
social media call-in shows appeal to the most avid searchers with reliable audiences in the
thousands and marathon programs that sometimes extend over 10 h (The Hint of Riches 2019,
2020). While 50,000 copies of TTOTC (11th printing) have been sold, this seminal book has
been shared and resold widely on the web.
Tourism traffic at American national parks has continued to rise annually over the past
decade, often with record-breaking attendance. An estimated 330,971,689 people visited our
59 national parks in 2017 (Errick 2017). The National Parks Service (2019) located five of the
most visited national parks in 2018 within the Rocky Mountains chase zone (Rocky Mountain
National Park, 4,590,493; Yellowstone National Park, 4,115,000; Yosemite National Park,
4,009,436; Grand Teton National Park, 3,491,151; Glacier National Park, 2,965,309). Tourism
78 The Thrill of the Chase

in Santa Fe has risen dramatically since the launching of the chase (Glum 2019). The New
Mexico Tourism Department has actively promoted the chase and associated activities such as
the annual Fennboree festival with videos such as “The Searchers” attracting more than
250,000 viewers in the weeks following its posting (Associated Press 2018; Krasnow 2015).
Fenn began monthly appearances on the NBC Today Show in 2013 supplemented by
national media segments by noted journalists such as Gadi Swartz, Clayton Sandell, Barry
Petersen, and Tony Dokoupil. The popularity of treasure chase reality television in recent years
has further catalyzed its growth. Josh Gates’ search for the chest on Travel Channel’s
Exhibition Unknown (2015) has been one of the most widely viewed segments in this top-
rated cable program with an average audience of 972,000 viewers in 2018 (Fulton Critic
2019).
These collective information sources has led Fenn to estimate that as many as 350,000
“have taken up the search” to find his treasure chest (Blumberg 2018; Nightline 2018).
The distinction between home-based and ground searchers has not been clearly differ-
entiated in his estimates. New Mexico and Yellowstone park visitation growth from 2010
to 2018 has provided a partial basis for his estimate. For example, Yellowstone atten-
dance (Uhler 2018) went from 3,394,327 in 2011 to 4,114,999 in 2018 (720,672
additional visitors, 21% increase). No single information source has seemed conclusive
since many millions of visitors are known explorers of the Rockies each year. If Fenn’s
estimate is accurate, a survey researcher might expect to find around 1.38 per 1000 adult
Americans (350,000/253,881,928) who consider themselves members of the chase
community.

Chase Psychology

A natural question arises as to the psychological factors that may initiate and sustain behavior
characterized by many as risky and lacking in realistic potential for financial reward. Sup-
porters cite the thrill of the chase and its fellowship and intellectual rewards as the only
necessary incentives. If so, why have so few taken up the gauntlet thrown down by Forrest
Fenn? What makes chasers more inclined than their skeptics to brave the wild in search of
treasures bold? Is this behavior driven by aberrant cognitive, personality, or developmental
factors that extend beyond their awareness or control? The exuberance of selected searchers
can seem unfounded, even pathognomonic. Chase obsession can be wilting to disinterested
others, and documentary depictions of the community have emphasized searcher eccentricities.
This study looked at some factors that may alter the slope of the chase commitment gradient.
The implications of this analysis may extend beyond motives that drive amateur treasure
hunting. Forrest Fenn has spoken eloquently about the meaning and purpose in life provided
by idiosyncratic commitments and goal pursuits. “If you’ve never been consumed by some-
thing then you’ve missed your turn.” He has emphasized that it is the process, rather than the
actual act, of discovery that is most life-enhancing. This chase has posed a challenge that has
consumed many in this human arena to engage in an extraordinary goal pursuit. Long-term
success in most life endeavors requires an abiding commitment that weathers points of
confusion, uncertainty, and acute challenge (including rites of passage) along the way. While
commitment to a treasure hunt is of trivial import to that of finding a cure for cancer or landing
men on the moon, some of the seduction and disillusionment factors involved in all consuming
goal pursuits may be shared.
A. King 79

Scaling the Chase Commitment Gradient

Assimilation into a distinctive in-group requires a progression of consequential choices that

aligns one’s personal identify with the interests, values, and goals of the membership. By
definition, only a subset of the public makes an active and abiding commitment to any
subcultural community. Van Gennep (1992) described the fluid and turbulent mental processes
involved in completing rites of passage as a precursor to group membership in some smaller
social hierarchies. This transition process requires a break with static involvements and
routines (“preliminal” phase), followed by a commitment to assume risks posed by rite(s) of
passage and other customary activities (“liminal” phase), and finally the resumption of a new
and expanded lifestyle and status (postliminal” phase) as a full member of the subculture. The
process of identity expansion through graded choices punctuated by rites of passage requires
tolerance for liminal disorientation, instability, and ego risk that accompany it. These uneven
and uncertain psychological processes found in identity transitions, boundary crossings, and
subcultural group identification have been described in anthropologic and social science
research using a liminal theory framework (Bettis and Mills 2006; Haydon 2019; Mulenga
2019). The chase commitment gradient is also scaled through pivotal choices at episodic
inflection points. The progression of steps that take a searcher from novice to veteran status in
the chase community seems to often occur in phases described in this article as contemplation
(preliminal), commitment (liminal), impasse (aliminal), eldership (postliminal), and epilogue
(codaliminal).

Chase Contemplation (Preliminal Process) Chase community members may well recall the
exact moment when they became aware of Forrest Fenn and his treasure hunt. This temporal
anchor point defines their entry decked in feelings of youthful excitement regarding the
prospect of seeking real-life buried treasure. This motivational base may be magnified among
those living lives largely void of adventure. Data from this study suggested that most of the
public concludes preemptively that the chase is a con, impossible to solve, and only viable for
mountain people with wilderness experience. Others have decided instead to amuse them-
selves through further exploration. Assurances at this stage may be given to self and others that
money will not be wasted and physical risks will not be born in pursuit of an alleged treasure
chest. A pivotal point occurs when a conclusion is reached, often rather quickly, that the chest
is real and the competition is not as insurmountable as initially assumed. Add bear, cougar, and
snake protection videos, and many flatlanders will be sufficiently disinhibited to join the chase.

Chase Commitment (Liminal Process) Chase enthusiasm will be accelerated markedly by the
development of an initial solve, usually in the first year, that varies widely in sophistication
among chasers. All searchers must navigate their own confirmation biases in analyses of the
chase literature. A subset of searchers also appear to exhibit information processing deficits
once described humorously by Fenn with dismay. “I’m convinced that seven percent of the
American population is certifiably crazy. I mean, I get emails that are incoherent, or they talk
about things that are far out. Jiminy Christmas, I just don’t know.” The descriptor “7%er” was
subsequently christened on the blogs to describe mentally confused or unstable searchers.
Naive searchers may brag (“crow”) on social media about crafting their first solve in a matter
of hours or days with some solutions extending beyond the search zone. Others will be far
more deliberate, but all chasers at this critical juncture will feel a similar urge to conduct a
ground search (BOTG) of a circumscribed wilderness geolocation that could represent the
80 The Thrill of the Chase

metaphorical end of a rainbow. The first chase BOTG constitutes a seminal rite of passage into
full community membership. The mix of emotions (exhilaration, sheepishness, pride, confu-
sion, anxiety, abject fear) experienced in the interim between a crystalized and disconfirmed
solve can be palpable, and highly contagious. At this stage, significant others may be
maximally recruitable for this adventure of a lifetime. Talk is likely fresh, urgent, and
welcome. Indiana Jones and his helpers are packed and ready for fame and fortune. The thrill
of the chase is at maximum intensity.

Chase Impasse (Aliminal Process) Sage advice was once offered by an elder searcher who
observed that treasure hunting is thrilling, especially for youth, until the chest is not quickly
found. Failed BOTGs often usher in a chase commitment impasse that will require some sort
of resolution. A search was conducted, but something went wrong which now requires what
has been described sardonically on the blogs as a “walk of shame”. Others may reach an
impasse by their inability to generate a viable solve. The initial charm of chase talk with
uninformed family and friends has likely dissipated, and treasure hunting has been transformed
into an unexpectedly lonely enterprise. Inevitable impasse(s) may be resolved through a
number of coping strategies that include discontinuation, doubling down, branding, reformu-
lation, and/or transcendence. Many searchers will become embittered by intolerable failure.
Their discontent is often expressed in social media cries of foul with hostility directed toward
Fenn or others who allegedly misled them, stole their ideas, and/or beat them to the chest.
Other searchers will withdraw less dramatically, sometimes with the deletion of their social
media footprint upon exit. Others will resolve to simply take a break from the chase, never to
return. Permanent discontinuation is a likely outcome for many searchers, especially after
failed BOTGs.

Chase Eldership (Postliminal Process) Long-term chase membership (eldership) will instead
require adaptations in thinking that can sustain the searcher for another week or month. An
interesting phenomenon in the chase is doubling down on solutions after unsuccessful BOTGs.
Viable solves often require extensive time and effort with confirmation biases magnifying
confidence. It is easy to conclude that an oversight was made during the failed BOTG. While
the hiding spots in wilderness terrain may be inexhaustible, many searchers find that their
preoccupation cannot be sated easily by recurrent visits to the same location. Freud coined the
term repetition compulsion to describe an unconscious tendency to endlessly relive and repeat
undesirable events and outcomes. The loss of a solve can constitute a curiously difficult ego
insult, even personal crisis. Some searchers may refuse to relinquish a failed solve for years at
a time. Chase addiction reflects a similar process of failing to disengage from unproductive
search behavior. Failure experiences should give some pause to searchers, but a subset
responds with unbridled efforts to reaffirm personal competencies at any cost.
The impasse of early frustrations may be dissipated for some through a branding process that
extends the rewards of the chase beyond the value of the chest. For example, community
celebrities have emerged via assumed roles as educators, historians, entertainers, and overseers
of all things chase. Searcher credibility seems to be enhanced by Fenn propinquity and, in this
regard, the content that they generate has been of perceived value to much of the community.
While Fenn never points searchers toward a location, his comments do often further restrict the
viable search zone (e.g., hide site exposed to sunlight for much of the day). In fact, a case could
be made that the community would suffocate without opportunities to discuss vital and timely
informational sources whenever they arise. Approval of associated chase monetization efforts
A. King 81

(e.g., coins, books, maps, clothing, mugs, memorabilia, board games, advertisements, dona-
tions, solutions, and movie productions) has been less than universal. The chase community
seems to maintain an ambivalent relationship with the social media sources upon which it relies.
A more direct impasse resolution requires the effortful reformulation of an old or
new solve. Elder searchers often balance and rotate a series of solves over years. This
approach provides insulation for inevitable BOTG disappointments while injecting
fresh strains of creativity and energy to reinvigorate chase commitment recycles. This
is an optimal approach for serious competitors who have the time and resources to
commit on an annual basis. Failed BOTG cycles are still likely to gradually attenuate
in the exhilaration felt earlier in the chase. This habituation process will be steep if
the promise of gold is the preeminent reward that maintains their chase involvement.
Fiercely competitive searchers will be especially vulnerable to diminishing joy in
successive cycles since their behavior is maintained by a binary unreinforced
contingency.
The most sustainable reformulation cycles will be rewarded instead by deeper and
philosophically richer reinforcement contingencies. Fenn himself has emphasizing the
meaning and purpose that comes from the pursuit, rather than attainment, of a valued
goal objective. Pascal (1653) was quoted to make his point: “They do not know that
it is the chase, and not the quarry, which they seek.” While Pascal’s characterization
of this primal motive fell short of virtue, it still aptly captured Fenn’s sentiment that it
is the challenge of the chase that should be savored, not its largely unattainable prize.
Fenn has encouraged the community to instead enjoy the transcendent rewards of
adventure, exploration, nature, fellowship, intellectual challenge, and living fully in
the moment. “Whoever finds the treasure will mostly earn it with their imagination.”
Urgency, competitiveness, knowledge, and intelligence seem diminished as salient
advantages in the chase. This mindset was perhaps best captured by the heretical
hope of a sage searcher who expressed the hope that the chest will never be found to
preserve the thrill ad infinitum.

Chase Epilogue (Codaliminal Process) The final phase of chase commitment must await
discovery of the chest. The finale could come next week, or a bit later. “In choosing
the location I was thinking 10,000 years down the road.” Some searchers have been
in the chase approaching a decade now without apparent disillusionment. Postliminal
community members may look back with pride on their involvement or harbor
laments about the final outcome. There has been speculation that the winner will be
hounded by the efforts of disgruntled searchers to diminish the achievement. Critics
may also attempt to undermine Fenn’s reputation with claims that the integrity of the
chase was soiled by misleading statements, partiality, and/or illogical poem solution.
He and/or the finder could even become subject to legal action depending on how and
where the chest was recovered. The chase may instead continue in perpetuity, and its
vitality will probably be diminished without Fenn’s stewardship. A cadre of un-
checked chase “authorities” will emerge to fill this vacuum with uncertain impacts.
The evidentiary base of the chase could become decentralized and distorted over time.
The chase may or may not end as Forrest intended. As he said many times, “it’s out
of my hands now.”
82 The Thrill of the Chase

Study Objectives

This analysis estimated the size of the chase community in the country today using a brief
nondescript survey of the general public. A sample of some of the most ardent chasers solicited
from blog advertisements was examined as well in an attempt to identify psychological
attributes that may differentiate the chase community from the general public. Selected
personality traits such as risk-taking, perseveration, and grandiosity were expected to be higher
among chasers, and childhood adversity was thought to possibly enhance the appeal of the
chase given its promise of adventure and escape. While the prevalence of hypomania among
chasers was not expected to exceed that found in the general public, respondents exhibiting
those symptoms were expected to be more strongly invested in the chase then normative
counterparts.

Method

Participants and Recruitment Procedures

All respondents completed the same Qualtrics survey which posed questions about different
aspects of the chase. Amazon’s Mechanical Turk (MTurk) was used to generate a sample of
naive respondents with a second sample solicited directly from four major chase websites
(https://dalneitzel.com; www.chasechat.com; www.tapatalk.com/groups/chase; www.
hintofriches.com). Over 300,000 Americans “work” (complete surveys for profit) on the
MTurk platform (McDuffie 2019). MTurk has been reviewed favorably as a crowdsourcing
research platform (Buhrmester, Kwang, and Gosling 2011; Gosling, Vazire, Srivastava, and
John 2004). Samples derived from MTurk tend to be less ethnically diverse with higher rates
of unemployment than found within the general population (Goodman et al. 2013; Paolacci
and Chandler 2014). The inclusion criteria required respondents to be at least 18 years of age
and complete the survey from the USA. Duplicated IP protocols were excluded (MTurk
sample, n = 20, 1.7%; Chase sample, n = 0, 0%).

MTurk Sample (N = 1178) The MTurk sample solicited respondents using the following nonde-
script advertisement: “Mystery Survey; Completion of this study is estimated to require less than two
minutes of your time. You will be paid 10 cents for initiating the survey and can discontinue at any
point you wish. This survey was designed to estimate awareness and knowledge in the general
population regarding an atypical recreational interest and activity. This interest will be specified if
you decide to participate. A small percentage of respondents will be asked to volunteer their time to
answer some additional (unrequired) questions for no additional compensation. That decision would
be entirely up to you.” This sample varied in gender (women, 59.6%; men, 36.9%), age (M = 36.24,
SD = 11.66, Range = 18 to 77), and ethnicity (White, 72.3%; Black, 7.4%; Hispanic, 5.7%; Asian,
7.2%; American Indian, .7%; and Multi-Racial, 3.2%). This sample did not include 20 respondents
who used a duplicated IP address.

Chase Sample (N = 249) The Blog sample was solicited from four major blog sites focused
exclusively on the Forrest Fenn chase. This sample varied in gender (women, 25.7%; men,
74.3%), age (M = 52.18, SD = 11.63, Range = 22 to 87), and ethnicity (White, 92.5%; Black,
0%; Hispanic, 2.5%; Asian, 0%; American Indian, 0.5%; and Multi-Racial, 1.5%; Other,
A. King 83

Fig. 1 Geographic distribution of MTurk/chase samples. Only 2.3% (n = 27) and 16.9% (n = 42) of the MTurk
and chase samples respectively resided in one of the four search states (New Mexico, Colorado, Montana, or
Wyoming)

3.0%). Respondents education levels varied within this sample (high school drop-out, 1.0%;
high school graduate, 8.3%; non-degree college, 27.5%; bachelor’s degree, 39.9%; master’s
degree, 15.5%; PHD/MD/LD, 7.8%). None of the IP addresses in the chase sample were
duplicated. The geographic distributions for both samples are illustrated in Fig. 1.
Materials

Timed-Knowledge Quiz

Knowledge of the chase literature was assessed using a nine-item quiz that was designed
through rational scale construction to canvas four areas of the chase literature: (a) viable
chest locations (3 items: search states, minimum altitude, and possible hide on Native
land); (b) Fenn personal history (3 items: Yellowstone experiences, father’s occupation,
and his military encounter with the Frenchman’s grave); (c) poem content (1 item:
identification of line not included); and (d) peripheral trivia (2 items: chest name of
indulgence, and suggestion to bring a sandwich to recover the chest). The quiz was timed
(15 s) to minimize cheating.

Chase Commitment Indicators

Respondents provided the number of years they have dedicated to the chase, hours per week of
study, and their BOTG count. Respondents were asked to estimate the probability of their
84 The Thrill of the Chase

success (referred to as chase exuberance). Younis (2019) sampled the chase blogs earlier this
year using a survey that approximated the wording of these same commitment indicators. The
results of his survey will be summarized in the results section. The extent to which involve-
ment in the chase has been a positive experience was assessed through survey questions
specified in the results section.

Wilderness Exposure

Target shooting, hiking, and camping experience prior to age 21 in both general and
wilderness settings were assessed using a four-item scale with a six-point metric. Scores
exceeding 15 indicated frequent or extensive experience in these activities. Two ques-
tions were also asked about contact sporting activity prior to the age of 21 with scores in
excess of 7 indicating extensive experience.

Personality Inventory for the DSM-5

The PID-5 (Krueger et al. 2012) uses 25 personality trait (facet) dimensions to canvas a
spectrum of maladaptive personality traits (American Psychiatric Association 2013). This
DSM task force has encouraged research on this open-source inventory with standard-
ization and national norms provided. The PID-5 has been conceptualized as a dimen-
sional measure of maladaptive personality functioning without established cutoffs for
clinical diagnostic applications. A recommendation has been offered that the top 7% (>
1.5 SD) of each facet dimension may best constitute an “elevated risk” in these early
phases of PID-5 research (Samuel et al. 2013). Support for PID-5 reliability (e.g., Al-
Dajani, Gralnick, and Bagby 2016) and construct validity (e.g., Anderson et al. 2013) has
accumulated. PID-5 facet scores are lowered by the response set of social desirability
(Williams et al. 2019). An accepted proscriptive strategy has not yet emerged (Ashton
et al. 2017). Nine trait dimensions were sampled (risk-taking, perseveration, impulsivity,
eccentricity, grandiosity, attention seeking, emotional lability, hostility, unusual beliefs)
in this study.

Hypomanic Personality Scale-Brief

The HPS-20 (Meads and Bentall 2008) is a brief version of the HPS (Eckblad and
Chapman 1986) which was developed to facilitate research on bipolar disorder. Psycho-
metric support for the HPS has been well-established (King et al. 2019) and extended
more recently to the HPS-20 (Pavlickova et al. 2014; Sperry et al. 2015). The HPS and
HPS-20 have high correspondence (r = 0.93, p < 0.001) which supports their recommend-
ed cutoff scores of 25 and 12.5 to identify elevated risk for bipolar processes (King et al.
2019).

Behavioral Addiction

The “behavioral addictions” represent an emerging class of disorder (American Psychi-

atric Association 2013) with the nine-symptoms of Internet Gaming Disorder serving as
a prototype. This study posed the question as follows: “Some psychologists might refer
to excessive investments in the Chase as a behavioral addiction. Do you believe that you
A. King 85

meet any of the following criteria?” Scores of five or higher constitute a significant risk.
Respondents affirmed selected items with either “yes, definitely” or “maybe”.

Adverse Childhood Experiences The ten-item ACE questionnaire (Felitti et al. 1998)
provides a cumulative count of adversity events that have been linked to many forms
of adult health and psychosocial malfunctioning (Petruccelli, Davis and Berman 2019).
The Behavioral Risk Factor Surveillance Project assembled a large (N = 214,157) and
representative national sample of ACE findings (Merrick et al. 2018) that were used in
this study for comparative purposes. This analysis was restricted to the eight original
questionnaire items used in the above study. ACE scores above three constiute a
recognized risk.

Analytic Logic

Phase 1 (Chase Community Size Estimates) Estimates were made for the size of the chase
community using the three different definitional standards of (A) self-identification
alone; (B) self-identification with statistically significant chase knowledge; and (C)
self-identification with advanced chase knowledge. Self-identification was defined by
initial affirmation prior to the quiz (claim of being a “Chase community,” member
“veteran chaser,” or “knowing a lot about it”) and post-quiz reaffirmation that the
respondent considered himself or herself to be “part of the Chase community.” These
classification proportions from the MTurk sample will be extended with confidence
intervals (Allto Consulting 2019) to the USA adult (77.6%) population of 254,713,879
as of July 1, 2019 (United States Census Bureau 2019).
A knowledge assessment based on the nine-item unstandardized quiz warranted some
interpretive caution. Selected items constituted trivia, and MTurk sample respondents had no
pre-emptive notice of the timed quiz when entering the portal. This could have detracted from
their performance relative to the blog respondents who were keenly aware of the quiz and
possibly selected items. Two different standards were applied (“significant” and “advanced”)
to classify the fund of knowledge of self-identified chasers for purposes of population
projections. The assessment of statistically significant chase knowledge was established by
controlling variance expected from pure chance alone. The chance probability for a correct
answer on each five-point quiz item was 20%. Binomial probability estimated (Berman 2000)
the chance likelihoods of each possible total correct quiz score: 1 (86.58%); 2 (56.38%); 3
(26.18%); 4 (8.56%); 5 (1.96%); 6 (.31%); 7 (.03%); 8 (.0019%); and 9 (< 0.00001%). These
chance probabilities were used in aggregating the count of respondents in the MTurk sample
who possessed greater-than-chance funds of knowledge about the chase. For example, among
ten respondents, who with a total score of 1, only 13.42% (or 1.34) likely possessed
knowledge that required more than random guessing. Conversely, a score of 5 among ten
respondents would have been counted as 9.8 since only 1.96% of that subset would have
scored that high by chance alone. A more rigorous operational standard of “advanced” chase
knowledge relied on a threshold quiz score of 4 or higher which could be achieved by chance
only 9% of the time.

Phase 2 (Chase Psychological Attributes) The second phase of this analysis focused on
the chase community sample solicited from the blogs. Attributes derived from chase
86 The Thrill of the Chase

respondents were compared with normative national standards to identify significant

differences. Analyses then were extended to identify predictors of optimal and potential-
ly maladaptive chase outcomes.
Results

Potential Sample Confounds

The ethnic composition of MTurk sample (White, 72.3%; Black, 7.4%; Hispanic, 5.7%; Asian,
7.2%; American Indian, 0.7%; Multi-Racial, 3.2%) approximated US census figures (United
States Census Bureau 2018) as of July 1, 2018 (White, 60.7%; Black, 13.4%; Hispanic,
18.1%; Asian, 5.8%; American Indian, 1.3%; Multi-Racial, 2.7%). The Chase Blog sample
was disproportionately represented by older, t (1338) = 18.11, p < 0.001, White □2 (1) = 54.96,
p < 0.001, men, □2 (1) = 87.60, p < 0.001. These statistical results were generated from com-
parisons between the Chase and MTurk samples (Table 1).

General Public Awareness of the Fenn Chase Table 1 results indicated that roughly 30% of
the general public sample was aware of this treasure hunt in the Rocky Mountains. Most of the
remaining respondents had never heard of Forrest Fenn and the chase. Men (38.4%) were
more likely than women (26.1%) to have become aware of the chase, □2 (1) = 19.14, p < 0.001.
Chase awareness did not differ significantly by ethnicity, □2 (5) = 5.20, p = 0.392, or age, t
(1135) = 0.50, p = 0.62.

Table 1 Chaser self-identifications

MTurk sample (N = 1178) n %

No response 38 3.2%
I never heard of it. 790 67.1%
I saw or heard something about it somewhere. 178 15.1%
I know the basic story and a few things about it. 118 10.0%
I know a lot about it, but I am not a searcher. 38a 3.2%
I consider myself part of the Chase community. 13b 1.1%
I consider myself a veteran chaser with extensive knowledge. 3 0.3%
Chase sample (N = 249)
No response 29 11.6%
I never heard of it. 1 0.4%
I saw or heard something about it somewhere. 0 0%
I know the basic story and a few things about it. 4 1.6%
I know a lot about it, but I am not a searcher. 13a 5.2%
I consider myself part of the Chase community. 82b 33.0%
I consider myself a veteran chaser with extensive knowledge. 120c 48.2%

MTurk sample respondents in italicized response categories (n = 54) were identified as potential chase commu-
nity members. Exclusions were made subsequently for the subset in this response category (a n = 23; b n = 3) who
did not volunteer and continue the survey with a second identification of themselves as “part of the chase
community” in two places using the first post-quiz item. The final number of twice-affirmed chase community
members in the MTurk sample was 28 (2.46% of sample). Chase sample respondents in italicized response
categories (n = 215) were identified as potential community members. Exclusions were made subsequently for
the subset in this response category (a n = 4; b n = 1; c n = 4) who did not volunteer and continue the survey with a
second identification of themselves “part of the chase community” using the first post-quiz item. The final
number of twice-affirmed chase community members in the chase sample was 206
A. King 87

Chase Community Sample Size Estimates A total of 54 (4.58%) of the respondents in the
MTurk sample initially identified themselves as chasers (Table 1). A subset of these respon-
dents (n = 28, 2.37%) reaffirmed their membership after the quiz. This latter cohort was used as
a more reliable estimate of the proportion of the general public who might also self-identify as
chase community members. Ground search experience within the self-identified cohort varied
widely: 0 BOTG (n = 5, 18.5%); 1 BOTG (n = 2, 7.4%); 2 BOTG (n = 7, 25.9%); 3 BOTG
(n = 5, 18.5%); 4 BOTG (n = 5, 18.5%); 5 BOTG (n = 1, 3.7%); 6–10 BOTG (n = 1, 3.7%);
11–20 BOTG (n = 0, 0%); and > 20 (n = 1, 3.7%). A total of 22/27 (81.48%) of the self-
identified community members reported being on at least one BOTG. Annual ground searches
(BOTG/months in chase × 12) reported by the self-identified chasers in Table 1 were as
follows: Mdn = 0.70; M = 0.92, SD = 1.10).
Binomial probability estimates were used to derive the percentage of this cohort
who demonstrated knowledge of the chase literature that exceeded chance for cumu-
lative scores of 1 (11 × 0.1342) + 2 (5 x .4362) + 3 (5 × 0.7382) + 4 (1 × 0.9144) + 6
(1 × 0.9969). This calculation estimated that 9.26 of this self-identified cohort demon-
strated chase knowledge that exceeded chance probability (~ 0.78% of the MTurk
sample). This statistical approach for estimating greater-than-chance knowledge
awarded partial credit for cumulative scores rather than relying on an overall threshold
score from this brief and unstandardized knowledge quiz.
Advanced chase knowledge was operationally defined by a quiz score of 4 or higher. This
more rigorous threshold (twice-affirmed self-identification + advanced knowledge) constituted
an especially conservative definitional standard met by only 2 respondents (.17%) in the
MTurk sample (see Table 2).

Chase Community National Size Projections National projections of the sizes of the
chase community based on these definitional standards as applied in the MTurk
sample are summarized in Table 3. Projections were also made regarding the number
of annual BOTGs made this last year by the self-identified chase members possessing
statistically significant knowledge of the chase literature (N = 1,980,279).These projec-
tions (1,370,958 to 1,821,856) for BOTGs completed this past year were based on the
mean (0.92) and median (0.70) estimates from the MTurk sample which was consti-
tuted of American adults who all happened to live outside of the four search states
(Table 2).

Chase Sample Knowledge Most of the respondents (90.0%) in the chase sample
exhibited advanced knowledge of the Fenn literature using the nine-item quiz. Items
in ascending level of difficulty were as follows: poem content (96.1%); father’s
occupation (95.6%); Yellowstone vacations (94.7%); name of chest (93.7%); minimum
altitude (91.7%); and eligible states (90.8%); Frenchman’s grave (88.8%); sandwich
and flashlight (86.4%); and viability of Native land (49.5%).

Personality Inventory for the DSM (PID-5) Men scored higher than women on three of
the trait dimensions (risk taking, hostility, and grandiosity) with these results docu-
mented in Table 4. Chase sample results were compared to normative data from a
national analysis (Krueger et al. 2012) to estimate the significance of the differences
that were found. Evidence of potential maladaptive personality functioning by chase
respondents was restricted to a risk-taking penchant among the men. Chase
88 The Thrill of the Chase

Table 2 Self-identified searchers in the chase community in the non-descript sample (n = 28)

Self-identification “I consider myself a veteran chaser with extensive knowledge.”

State residence CT IL FL
Gender M M F
Age 23 43 38
Ethnicity B W W
Chase score 1/9 0/9 6/9
Months in chase 42 90 18
Hours/week 8.5 8.5 8.5
BOTGs 4 20+ 0
Self-identification “I consider myself part of the chase community.”
State residence OK NY CT CT TN NV WA WV ? NC
Gender F F F F M M M M F F
Age 47 30 26 26 28 25 42 28 25 57
Ethnicity W W W W B W H W W A
Chase score 2/9 1/9 1/9 3/9 1/9 2/9 3/9 4/9 2/9 1/9
Months in chase 1 18 18 18 18 18 18 6 6 42
Hours/week 1.5 8.5 4.5 1.5 4.5 1.5 1.5 4.5 1.5 4.5
BOTGs 1 1 2 2 4 2 2 0 2 3
Self-identification “I know a lot about it, but am not a searcher.”
State residence NY ? TX TX VI MD VI IN TX FL
Gender F F M M F W W M M F
Age 24 43 26 24 51 35 42 30 38 36
Ethnicity W W W H W W W A B W
Chase score 2/9 0/9 3/9 1/9 0/9 1/9 1/9 1/9 1/9 2/9
Months in chase 1.5 3.5 1.5 1.5 1 1.5 1.5 .1 3.5 68
Hours/week 4.5 4.5 4.5 8.5 1.5 8.5 1.5 1.5 1.5 14
BOTGs 4 2 3 4 0 3 3 0 5 2
Self-identification

State residence VA CA NJ AZ CA
Gender M M M M M
Age 41 27 29 27 26
Ethnicity W A A W W
Chase score 1/9 0/9 0/9 3/9 3/9
Months in chase 18 18 42 18 1
Hours/week 1.5 4.5 4.5 1.5 1.5
BOTGs 4 7 3 X 0

All of the above respondents represent twice-affirmed chase community membership within the MTurk sample.
They all volunteered to continue the survey after the quiz

respondents otherwise scored significantly lower on six of the facet dimensions. The
percentages of respondents who provided evidence of an elevated risk (> 1.5 SD) were

Table 3 Population size projections based on respondents to the MTurk survey (N = 1178)

Additional requirement Nondescript 95% CI Population projection Upper Lower

sample % 95% CI 95% CI

No additional criterion 2.37% 0.87% 6,036,718 8,252,729 3,820,708

Significant knowledge 0.78% 0.50% 1,986,768 3,260,337 713,198
Advanced knowledge 0.17% 0.24% 433,013 1,044,327 0

All respondents contributing to the above sample estimates self-identified both before and after the quiz.
Population proportion projections were based on census estimates that the adult (18 or older) population of the
USA (254,713,879). CI confidence interval
A. King 89

Table 4 Descriptive statistics for psychological indicators in the chase sample

ɑ n M SD Range Skew Extreme d

Chase knowledge 0.61 206 7.87 1.32 1–9 2.10 90.0%
Wilderness exposure 0.85 201 9.52 4.91 0–20 0.25 12.9%
Athleticism 0.63 193 4.77 2.65 0–10 0.07 16.1%
Hypomania 0.73 151 5.73 3.21 1–19 1.18 3.3%
Adverse experiences 0.66 161 1.50 1.64 0–7 1.14 14.3%
Addiction (definite) 0.59 206 0.45 0.93 0–4 2.30 0%
Addiction (maybe) 0.76 206 1.74 2.01 0–9 1.27 11.2%
Personality Trait Dimensions
Perseveration 0.82 154 0.65 0.51 0–2.78 0.81 1.9% − 0.27 **
Eccentricity 0.94 149 0.87 0.68 0–2.92 0.56 4.0% + 0.07
Unusual beliefs 0.81 151 0.61 0.54 0–3.00 1.64 6.6% − 0.04
Attention seeking 0.90 154 0.53 0.58 0–3.00 1.31 3.2% − 0.42 ***
Emotional lability 0.86 152 0.42 0.51 0–2.86 1.74 1.3% − 0.71 ***
Impulsivity 0.74 152 0.54 0.50 0–2.67 1.33 5.3% − 0.40 ***
Risk taking (total) 0.85 151 1.42 0.46 0.07–2.79 0.33 16.6% + 0.72 ***
Risk taking (men) 0.82 101 1.50 0.43 0.64–2.79 0.57 19.8% + 0.88 ***
Risk taking (women) 0.87 35 1.19 0.48 0.07–2.50 0.18 8.6% + 0.28
Grandiosity (total) 0.81 152 0.55 0.55 0–2.17 1.07 4.6% − 0.47 ***
Grandiosity (men) 0.84 102 0.63 0.60 0–2.17 0.57 6.9% − 0.32 *
Grandiosity (women) 0.50 34 0.35 0.32 0–1.50 1.48 0% − 0.81 *
Hostility (total) 0.85 151 0.59 0.51 0–2.70 1.30 2.0% − 0.47 ***
Hostility (men) 0.86 102 0.65 0.54 0–2.70 1.06 2.0% − 0.38 ***
Hostility (women) 0.58 34 0.45 0.31 0–1.30 1.03 0% − 0.69 ***

Effect sizes calculated as Cohen’s d (standard deviation differences from the normative (population-
representative) sample in the construction of the PID-5 (Krueger et al. 2012)
Extreme percents indicate the proportion of the sample who scored higher than + 1.5 SDs from the normative
sample mean (top 7% of the distribution). Men scored significantly higher than the women in risk taking (d =
0.67, p = 0.002), grandiosity (d = 0.51, p = 0.001), and hostility (d = 0.39, p = 0.007). *p < 0.05; **p < 0.01;
***p < 0.001

lower than those found in the normative sample for all but risk-taking among the
men.

Adverse Childhood Experiences ACE scores in the chase sample approximated those from a
representative national sample (Merrick et al. 2018): Chase (M = 1.50; 0 = 34.8%; 1 = 29.2%;
2 = 11.8%; 3 = 9.9%; 4 or greater = 14.3%) versus national (M = 1.57; 0 = 39.0%; 1 = 23.5%;
2 = 13.4%; 3 = 8.3%; 4 or greater = 15.8%). Chase and national ACE item prevalence rates
were comparable as well.

Chase Commitments and Behavior Addiction Risk Most respondents were in the chase
for years with hours of weekly time investment (Table 5). They described longer
durations, but fewer weekly hours of investment, than those found in a recent blog
survey (Younis 2019). Monetary expenditures appeared to vary with SES. The word-
ings for the nine criteria of behavioral addiction all suggest either distress and/or
some sort of potential impairment associated with involvement in the chase. Respon-
dents were given the option of strong (“definite”) or circumspect (“maybe”) affirma-
tions of the concern. No member of the chase sample exceeded the clinical threshold
of 4 using the definite criterion. The “maybe” criterion did generate a subset (11.2%)
of the sample who identified at least 5 (n = 23, 11.2%), 6 (n = 12, 5.8%), 7 (n = 7,
90 The Thrill of the Chase

Table 5 Chase commitments

A. Time and psychological investments in the chase

Years, hours, or score Years in chase Average hours/week Addiction score Addiction score
(Definite) (Maybe)
n % n % n % n %
<1 14 6.8% 2 1.0% 156 75.7% 77 37.4%
1 to 2 43 20.9% 52 25.2% 38 18.5% 68 33.1%
3 to 4 61 29.6% 50 24.3% 12 5.8% 38 18.5%
5 to 6 51 24.8% 0 0% 16 7.7%
7 to 10 37 17.9% 23 11.2% 0 0% 7 3.5%
Daily 79 38.3%
B. Monetary investment in the chase
Expenses Monetary investment Current SES Current socioeconomic status
n % n %
$0 10 4.9% 1 0.5% Poverty
< $100 22 10.8% 2 1.0% Poor
11 5.4% Upper poor
< $500 36 17.6% 20 9.8% Low average
< $1000 25 12.3% 80 39.2% Average
< $3000 41 20.1% 67 32.8% High average
< $10,000 47 23.0% 17 8.3% Well off
> $10,000 23 11.3% 5 2.5% Wealthy
1 0.5% Extremely rich

N = 193. Italic values indicate elevated addiction risk. Addiction risk symptom endorsements were as follows:
Preoccupation (cannot get chase off mind), 42.7%; risk exposure (acceptance of personal, physical and financial
risks, and threats not previously experienced), 27.2%; sacrificing activities (that were meaningful prior to the
chase), 19.4%; loss of control (inability to limit or discontinue thoughts about the chase and future BOTGs),
17.5%; continued investment (of time and effort despite relationship, financial, medical, or social strains made
worse by the chase), 15.5%; tolerance (need to spend more and more time to feel satisfied in chase research and/
or social sessions that get longer and longer), 15.0%; withdrawal (sadness/anxiety/irritability when chase is taken
away, like in the off-season), 15.5%; self- medication (use of the chase to relieve negative mood or feelings),
13.6%; and deceitfulness (lying to loved ones, employers, or others about the amount of time, expense, and/or
risk associated with the chase), 7.8%

3.4%), 8 (n = 4, 1.9%), or 9 (n = 1, 0.5%) possible symptoms of chase behavioral

addiction (Table 5).

Table 6 Chase cynicism and confidence of success

Probability Fenn hid chest? Fenn hid chest? Chase exuberance

(MTurk sample) (Chase sample) (You will find it?)

n % n % n %

No idea 208 19.2% 5 2.4% 1 0.5%

0% 153 14.1% 9 4.4%
< 1% 351 32.3% 1 0.5% 60 29.3%
5% 27 13.2%
25% 198 18.2% 2 1.0% 16 7.8%
50% 110 10.1% 14 6.8% 34 16.6%
75% 30 2.8% 7 3.4% 14 6.7%
90% 20 1.8% 50 24.3% 10 4.9%
99% 14 6.8%
100% 16 1.5% 127 61.7% 21 10.2%

MTurk sample constituted of respondents who had heard about the chase but did not self-identify as members of
the community. “What do you think is the likelihood that this man actually hid that chest 10 years ago as
promised?”
A. King 91

Table 7 Life impact and opinions of the chase

Personal opinion Quality of life View of chase View of Forrest Family/friends Educational
impact community Fenn support benefits

n % n % n % n % n %

Extremely positive 50 24.8% 13 6.4% 86 42.2% 33 16.2% 72 35.3%

Generally positive 107 53.0% 72 35.3% 89 43.6% 88 43.1% 64 31.4%
Neutral impression 38 18.8% 107 52.5% 23 11.3% 30 14.7% 65 31.9%
Generally negative 7 3.5% 6 2.9% 3 1.5% 41 20.1% 0 0%
Extremely negative 0 0% 1 0.5% 1 0.5% 12 5.9% 3 1.5%

Survey questions were as follows: “How has the Forrest Fenn chase impacted your quality of life?; “What is your
opinion of the Chase community?; What is your personal opinion of Forrest Fenn? Are your family, friends, and
other acquaintances supportive of your chase activities? Have you gained new knowledge, skills, and/or abilities
from the chase?” A subset of the sample described the initiation of new friendship(s) that are restricted to (n = 47,
24.5%) or extended beyond (n = 34, 17.7%) the chase

Chase Cynicism and Confidence Table 6 data established the relative skepticism of the
general public (MTurk) regarding the probability that the chest was ever hidden. The contrast
with the chase sample above the 90% threshold was especially striking (3% versus 86%).
Consideration was given to individual differences in the assessment of individual searchers
that they would indeed be the person who solves the poem and finds the chest. A sizable
percentage of the chase sample (21.9%) believe that the odds of their success is 90% or greater.
These estimates of eventual success were higher than those found in a prior survey earlier this
year (Younis 2019). Most all respondents in the upper ends of these distributions seem
destined to bitter disappointment given their exuberance.

Chase Endearment Table 7 findings document the affection most community members feel
for the chase and its impact on their lives. Views of the chase community itself were equivocal,
and it seems clear that only a subset of searchers enjoy the understanding and support of
friends and family.

Table 8 Risks of the chase

No. BOTGs Alone in there Risks observed Risks engaged

n % n % n % n %

0 39 18.9% 97 47.5% 76 36.9% 191 92.7%

1 16 7.8% 22 10.8% 38 18.4% 8 3.9%
2 26 12.6% 20 9.8% 32 15.5% 4 1.9%
3 27 13.1% 11 5.4% 24 11.7% 2 1.0%
4 15 7.3% 4 2.0% 10 4.9% 1 0.5%
5 8 3.9% 3 1.5% 6 2.9%
6 to 10 25 12.1% 18 8.8% 20 9.7%
11 to 20 23 11.2% 14 6.9%
> 20 27 13.1% 15 7.4%

BOTG, ground searches; Alone in there, solitary ground searches; Risks observed included a bear, snake, cat,
wolf, buffalo, and/or potentially life-threatening water or height threat. Risks engaged included actual attacks by
one or more of the above animals. Two respondents in the sample reported that a BOTG culminated in an
emergency rescue with hospitalization
92 The Thrill of the Chase

Risks of the Chase BOTGs can pose risks to selected searchers via potential encounters with
animals and/or water or terrain threats (Table 8). The frequency distributions of BOTG counts
did not differ significantly between the searchers in MTurk and chase samples, □2 (8) = 13.30,
p = 0.102. These BOTG distributions appeared to approximate other survey findings (Younis
2019) with the possible exception of a somewhat lower rate of non-searchers (18.9% versus
33.9%). The number of annual ground searches (BOTG/months in chase × 12) reported in the
chase sample (Mdn = 0.56.; M = 1.75, SD = 2.74) was higher than that provided by the
MTurkers. These mean and median annual BOTG estimates included the chasers with no
ground search experience. The figures for the searchers alone would be higher. Close to half of
the chase sample reported solitary ground searches which may pose an elevated risk for that
cohort. Risks observed included a bear, snake, cat, wolf, buffalo, and/or potentially life-
threatening water or height threat. Risks engaged included actual attacks by one or more of
the above animals. Two respondents reported that a BOTG culminated in an emergency rescue
with hospitalization.

Chase Prediction Models Trait associations with selected chase outcomes were tested
using regression models that identified sources of unshared variance within the nine-facet
cluster. The summary outcomes were sometimes coalesced from multiple indices (see
Tables 9 and 10). The PID-5 trait facets were designed to avoid collinearity concerns
which were not found in this chase sample (top of Table 9). Regression analyses

Table 9 Standardized regression beta weights in the prediction models of selected chase outcomes

Trait predictors A B C D E F G H I

Bivariate personality intercorrelation correlates

A Risk taking X
B Perseveration 0.18* X
C Eccentricity 0.26** 0.63*** X
D Unusual beliefs 0.17* 0.40*** 0.57*** X
E Attention seeking 0.17* 0.41*** 0.39*** 0.26** X
F Emotional 0.06 0.55*** 0.50*** 0.43*** 0.31*** X
lability
G Impulsivity 0.35*** 0.48*** 0.38*** 0.32*** 0.40*** 0.51*** X
H Grandiosity 0.31*** 0.27** 0.37*** 0.34*** 0.50*** 0.08 0.05 X
I Hostility 0.26** 0.62*** 0.50*** 0.37*** 0.47*** 0.57*** 0.49*** 0.43*** X

Chase outcomes Standardized regression beta weights for trait predictors

Chase commitment 0.04 0.08 0.07 0.02 − 0.10 0.11 0.09 0.04 − 0.30*
Chase knowledge − 0.08 0.01 − 0.01 − 0.05 0.12 0.03 − 0.09 0.00 − 0.01
Chase satisfaction − 0.04 − 0.10 0.01 − 0.04 0.04 0.07 0.03 −0.10 − 0.06
Chase exuberance − 0.06 − 0.06 0.04 0.14 0.03 − 0.13 0.25* 0.10 − 0.21
Addiction risk − 0.05 0.13 0.16 − 0.10 0.07 0.06 0.23* − 0.04 − 0.17
Alone in there 0.04 − 0.14 0.13 0.02 0.10 − 0.12 0.10 − 0.08 0.02
Risks encountered 0.25** − 0.08 0.04 0.23* 0.15 − 0.07 − 0.09 0.04 − 0.07

Commitment was calculated as the average standard score from years in chase, hours/week, and BOTGs
(Tables 6 and 9). Chase knowledge was calculated as the standard score from the total of correct quiz items.
Satisfaction was calculated as the average standard score from the four Table 8 outcomes identified as quality of
life impact, view of chase community, view of Forrest Fenn, and educational benefits. Exuberance was calculated
as the standard score from the self-confidence (“You Will Find It”) prediction variable in Table 7. Addiction risk
was calculated as the standard score from addiction score (maybe) in Table 6. Alone in there was calculated as the
standard score from same variable (Table 9). Risks encountered was calculated as the average standard score
from the risks observed and risks encountered outcomes in Table 9
A. King 93

Table 10 Bivariate correlation coefficient strengths for predictors of chase outcomes

Chase outcome Age SES Athletic Wild exposure Social support HPS ACE

Commitment 0.14 − 0.08 − 0.06 − 0.06 − 0.01 0.19* 0.02

Knowledge − 0.07 − 0.13 0.01 0.07 0.04 0.22** 0.06
Satisfaction 0.09 − 0.06 0.11 0.13 0.16* 0.16* − 0.01
Exuberance 0.10 − 0.25*** 0.01 − 0.06 − 0.04 0.03 − 0.02
Addiction risk − 0.08 − 0.18** − 0.05 − 0.06 − 0.16* 0.26** 0.10
Alone in there 0.12 − 0.10 0.01 0.05 − 0.01 0.06 0.07
Risks encountered 0.07 0.00 0.11 0.25*** 0.05 0.05 0.07

SES (socioeconomic status) was calculated as a standard score from same variable documented in Table 6.
Athleticism and wilderness exposure were calculated as standard scores from same variable documented in
Table 5. Family/friends support was calculated as a standard score from same variable documented in Table 8.
HPS (Hypomanic pPersonality Scale) and ACE (Adverse Childhood Experiences) were calculated as standard
scores from same variables documented in Table 5

identified five trait associations that accounted for unshared variance with other facets in
the cluster (bottom of Table 9). Bivariate correlation coefficients were calculated as well
for a number of predictor variables (Table 10). Significant age and gender effects were
not found, with the exception of somewhat higher rates of solitary ground searches by
the men, t(188) = 2.37, p = 0.020 (d = 0.35).

Discussion

Amateur treasure hunting has emerged as a unique American subculture represented proto-
typically by the Fenn chase community. These fellow travelers share a belief that pursuit of this
likely unattainable goal, with its associated risks, brings intellectual, health, and emotional
rewards that extend far beyond the monetary value of the bronze quarry itself. The community
shares a vernacular (e.g., BOTG, “solve,” Fenny, Fennspeak, walk of shame, lead searcher,
7%ers, ah ha moments, rabbit holes, home of Brown, and the blaze) and appreciation for the
evolving history of the chase. The chase literature is vast, and there are wide individual
differences in the funds of knowledge that guide the development of their individual solves.
Other than Forrest Fenn, there is no authoritative voice in this subculture that could
establish criteria for “community membership.” This study relied instead upon simple pre-
and post-quiz self-identification. This standard could include as many of six million people
who claim to be participating in the chase in some unclearly specified way. Recognition must
be given to the error variance associated with survey responding, but it was interesting to note
that all identified chase members volunteered to continue their participation well beyond the
survey requirement. The two samples of this study were also restricted to adult Americans with
non-adult and international chasers left unrepresented. A more stringent definitional standard
that required statistically significant awareness of the chase literature reduced the estimate to
around 2,000,000 people, with about 22% of this cohort (433,013) appearing to possess the
advanced knowledge necessary to be competitive. This total chase community was projected
to have conducted a million or more ground searches in recent years. While these estimates
seemed to substantially exceed weekly social media viewerships and other indicators, reports
of Rocky Mountain tourism have also been surprisingly high and rising over the past decade.
94 The Thrill of the Chase

An important limitation in ground search estimation is the absence of a definitional standard

for a “BOTG.” A carload of vacationing family hikers, the recurrent short-distance forays of a
Montana local into the hills, and the ground excursions of cross-country or international
travelers are all counted equally in the estimated BOTG count. Costly and effortful long-
distance ground searches may well be the exception and not the rule in the chase.

Chase Commitment Influences Close to half of the non-searcher MTurk sample did not
believe that a treasure chest was hidden by Forrest Fenn, with 14.1% saying that this was “a
huge con to make money from gullible people.” Conversely, more than 85% of the chase
sample respondents believed that there was over a 90% probability that Forrest Fenn hid his
treasure chest as promised. One necessary prerequisite to a consuming chase commitment was
fundamental trust in the propriety of Forrest Fenn. Natural cynicism was held at bay long
enough to render an inference based on personal observation of the man. While critics may
describe this preliminal contemplative process as gullible, it did testify to the propensity of
searchers to render an independent, rather than reflexive, decision about the motives that
inspired the chase. Consuming goal pursuits may benefit greatly from early childlike trust in
the potentialities. This suspension of cynicism was clearly not apparent among the majority of
respondents who were dismissive of the chase. The high regard for Forrest Fenn was otherwise
evident for the vast majority (> 80%+) of respondents who went on to become experienced
hunters. This trust and good will was expressed in years of weekly involvement. A subset (>
10%) even described their abiding commitment to the chase as possibly an addiction.
Affections toward Forrest and the chase have not always been shared equally by family and
friend (26% reported negative feedback from these sources).
With the exception of the marked (d = 0.88) risk-taking penchants of the men in the blog
sample, the prevalences of elevated scores on all remaining mental health indices approximat-
ed or fell below general population expectancies. Scores suggested higher levels of adjustment
regarding five of the nine trait dimensions. These findings should be qualified by reference to
the insensitivity of the PID-5 to social desirability as a response set. Indeed, blog chatter about
this project during data collection was decidedly negative with selected chasers describing a
motive to “protect” Forrest Fenn and the community from what they perceived to be
reputational slights. Obvious “fake good” protocols (raw scale scores of 0) were not identified,
but in lieu of any corrections for social desirability, a more measured conclusion was reached
that the average chaser was normative in his or her personality, mood regulation, or childhood
development. Selected psychological attributes were associated with sustained chase commit-
ment despite the liminality of initial failed solves and BOTGs. This middle stage and
subsequent impasse is where long-term chase commitment is either crystalized or
extinguished. Impulsivity was linked to both exuberance and risk of behavioral addiction,
and hostile respondents showed less durable commitments to the chase. It seemed reasonable
to assume that impulsive searchers proceeded more quickly than others through the contem-
plation phase and on to their first BOTG. Fenn wanted the chase to appeal to searchers from all
socioeconomic levels, but most respondents in this blog sample identified as average or higher
in their SES (less than 10% from lower strata). A majority of the most dedicated searchers
reported spending thousands of dollars in search of the chest. Lower SES actually dampened
searcher exuberance and/or addiction risk. While hypomania was not evident for the average
chaser, those mood attributes (e.g., boundless energy, optimism, confidence, euphoria,
disinhibited goal-pursuit, etc.) heightened appeal for the chase as reflected in higher commit-
ment, satisfaction, knowledge, and addiction outcomes. Searchers inclined toward hypomania
A. King 95

seemed to really enjoy their involvement in the chase. These attributes seemed to elevate the
probability of postliminal identification as a chase elder and recruitment facilitator.

Potential Risk-Taking Modulators Respondents in the chase sample reported episodic risky
encounters with animals and the natural environment during ground searches, but only two
respondents indicated that emergency rescue was needed. The community has been sensitive
to accusations by some that searchers place themselves and loved ones at unnecessary physical
risk. Fenn and his defenders have countered with compelling statistics contrasting the relative
safety of the chase to many other common recreational activities (e.g., contact sports, hunting,
biking, boating, surfing, swimming, hiking, rock climbing, and the simple act of driving to a
vacation spot). Risk-taking scores among the men in this sample were associated (r = 0.25,
p < 0.01) with more frequent BOTG risk encounters. Respondents with more extensive
wilderness exposure during upbringing also reported a greater number of close encounters.
Searchers expressing “unusual beliefs” (e.g., I often seen unusual connections between things
that most people miss; I have some unusual abilities, like sometimes knowing exactly what
someone is thinking; I often have unusual experiences, such as sensing the presence of
someone who is not actually there; I believe some people can move things with their minds)
were also more inclined to report risky encounters during ground searches. The base rate for
unusual beliefs in this sample was 6.6% which approximated the prevalence within the general
public. Fenn bemoaned that 7% of his emails came from searchers who seemed incoherent and
not of sound mind. Solitary BOTGs appear to be conducted by over half of the chase
community, and none of the predictors in this analysis differentiated cautious team-only
searchers from others who, like Forrest, “went alone in there.”

Design Limitations and Future Research

This analysis relied on a relatively small crowdsourcing sample to estimate national prevalence
rates. Confidence intervals in these estimations were especially large, and error variance in
surveys such as this must be conceded. The external validity of neither sample could be clearly
determined. Commitment to this treasure hunt seems to be influenced by psychological
processes that may or may not parallel those activated in other extraordinary goal pursuits.
The merits of liminal theory as a developmental framework (Bettis and Mills 2006; Haydon
2019; Mulenga 2019) for describing seduction and disillusionment processes warrant further
reflection. This study did, however, generate original data regarding members of this emerging
American subculture. Potentially meaningful associations did emerge and warrant further
attention. Hypomanic attributes appeared to attract and sustain keen interest in the chase.
Impulsivity and overconfidence appeared to place selected searchers at heightened physical
risk. BOTG decisions should optimally be made after sober and accurate appraisals of search
location viability. Both the antecedents (motives) and consequences (from life-enhancing to
potentially tragic) of the chase warrant greater attention in behavioral science research. Data
from this study suggested that involvement was a transformative experience for many members
of the chase community. Fenn’s anecdotal accounts from selective searchers who described
reliance on the chase to overcome life adversities have been compelling. As with any risk-
taking endeavor, injuries and deaths must be weighed against the collective joy accrued from
the recreational activity. Both empirical and qualitative evidence should be summoned for a
sound cost-benefit analysis if that is the objective. Both sides of this equation seem to be
weighted heavily.
96 The Thrill of the Chase

Acknowledgments Appreciation is extended to Dal Neitzel from Lummi Island for his data collection
assistance.

Compliance with Ethical Standards

Conflict of Interest The author declare that he has no conflict of interest.

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