Podcast Summary: Cautionary Tales with Tim Harford

Episode: The Treasure Hunt that Broke America (Part 2)

Date: November 14, 2025
Host: Tim Harford
Produced by: Pushkin Industries

Overview

This engrossing episode concludes the two-part saga of Forrest Fenn’s infamous treasure hunt—an eccentric art dealer’s real-life fairy tale that lured thousands into the wild Rockies. Host Tim Harford weaves together stories of obsession, hope, tragedy, cognitive bias, and the unraveling of trust around the treasure that “broke America.” The episode explores the fatal consequences of the hunt, the psychology behind the searchers’ thinking, the tragic death of one seeker, the unmasking of the elusive winner, and the bitter-sweet end (or ongoing legacy?) of Fenn’s experiment in human longing and folly.

Key Discussion Points and Insights

1. The Cult of Fenn and the Communal Search

Timestamp: 01:32–07:30

• Searchers gathered each year for Fenburee, a festival devoted to Fenn’s quest, exchanging theories but careful not to reveal too much.
• The hunt was ignited by Fenn’s poem, containing nine cryptic clues, which obsessed thousands and became both personal quest and community challenge.
• The event was marked by shrines to Fenn and memorials to searchers who lost their lives.

“Forrest lived in my head rent free for 24 hours of the day.”
—Christopher Hearst, a Wyoming treasure hunter (08:13)

2. The Treasure’s Human Cost: Eric Ashby’s Story

Timestamp: 07:30–17:25

• Eric Ashby, drawn to the hunt as a path out of addiction and legal woes, moves west in defiance of his probation.
• His thorough, methodical “solve” leads him to the Arkansas River; he brings friends to help with his final push.
• Tragically, he drowns crossing the rapids, and his friends’ behavior—failing to report his disappearance, waiting ten days to contact his family—casts a pall over the adventure.

“I hope today turns out to be the success I've hoped for.”
—Eric Ashby, Facebook post before his fatal expedition (17:13)

3. Obsession, Cognitive Bias, and Dangerous Thinking

Timestamp: 17:25–23:45

• Many searchers invested everything—time, money, emotional energy—into their “solves,” often disregarding risks.
• Fenn urged simplicity, yet searchers’ cognitive biases (confirmation bias, mere exposure effect, overinterpretation) led them astray.
• Instances of extreme behavior: A searcher jailed for grave-digging in Yellowstone; another stalked Fenn's family, convinced he deserved the treasure.
• The poem, ambiguous and evocative, generated endless interpretations and stoked obsession.

“My obsession with the treasure clouded my judgment.”
—Jailed searcher after grave-digging in Yellowstone (21:48)

“We have a tendency to find patterns in things, even where there are no real connections.”
—Jack Stoof, searcher and later the winner (23:33)

4. Tragedy and Escalation

Timestamp: 23:45–33:36

• Multiple fatalities in pursuit of the treasure: at least four men died, including Eric Ashby, a pastor (Paris Wallace), and others in various accidents.
• Calls for Fenn to halt the hunt are met with shrugs—Fenn insists the risks are no different from other outdoor pursuits.
• Legal and ethical dilemmas surface—lawsuits, stalking, and even allegations against Fenn.

“Knowing everything I know now, I wouldn't do it again.”
—Forrest Fenn, reflecting on the consequences of the hunt (35:45)

5. The Hunt Ends: Mystery, Suspicion and Legacy

Timestamp: 33:36–36:25

• In June 2020, Fenn cryptically announces the treasure is found; the winner asks for anonymity.
• The secretive closure sparks disbelief and conspiracy theories—did the hunt ever really end? Was Fenn trustworthy?
• Fenn dies shortly after, leaving an unresolved legacy and searchers feeling robbed of closure.

“Fenn had spent his life persuading people to believe... But ultimately, that trust proved fragile. And when the story ended in disappointment, it shattered.”
—Tim Harford (37:41)

6. Revealing the Winner: Jack Stoof and the Aftermath

Timestamp: 37:41–44:30

• “Jack Stoof,” a medical student and participant in the community, comes forward as the finder, after a lawsuit threatens his anonymity.
• Stoof credits an evidence-based approach and skepticism of his own biases; he sells the treasure two years later.
• Many remain dissatisfied—even angry—unable to let go of the dream they’d chased. Lawsuits persist, allegations swirl, but for some, gratitude gradually replaces grief.

“Without any self-confidence in my abilities, I had to stick to the evidence and not stray into speculation and its close cousin, confirmation bias.”
—Jack Stoof, from his Medium essay (39:22)

“Forest Fen gave me the best eight years of my life.”
—Cynthia Meacham, searcher and Fenn’s friend (46:30)

“The treasure is where you find it. I've got my family right here next to me. We're all alive. My treasure is my family.”
—Christopher Hearst (47:08)

7. A New Cycle Begins

Timestamp: 47:45–50:00

• In 2024, a new figure, John Collins Black, launches another modern treasure hunt across the U.S., which includes some of Fenn’s original treasure.
• The mythos is renewed: “The hunt is once more afoot. Treasure, it seems, never stays put for long.”

Notable Quotes & Memorable Moments

• On Fenn's Responsibility:
  “Nine people die at the Grand Canyon every year, but they're not talking about shutting down the Grand Canyon.” —Forrest Fenn, on calls to end the hunt (34:27)
• On Cognitive Bias:
  “We have a tendency to find patterns in things, even where there are no real connections.” —Jack Stoof (23:33)
• On Obsession and Family:
  “Forest Fen gave me the best eight years of my life.” —Cynthia Meacham (46:30)
  “The treasure is where you find it... My treasure is my family.” —Christopher Hearst (47:08)
• On Regret:
  “Knowing everything I know now, I wouldn't do it again.” —Forrest Fenn (35:45)

Key Timestamps

| Segment | Timestamps | Details | |---------|------------|---------| | Fenburee & the Community | 01:32–07:30 | The scale and camaraderie of the hunt; communal obsession | | Ashby’s Fatal Obsession | 07:30–17:25 | Ashby's journey and tragic end | | Bias & Risk | 17:25–23:45 | The psychology of the search and dangerous outcomes | | Tragedies & Escalation | 23:45–33:36 | Fatalities, law enforcement, controversies | | The End Announced | 33:36–37:41 | Fenn announces the treasure is found, sows suspicion | | Jack Stoof Revealed | 37:41–47:45 | The winner’s story, aftermath, mixed reactions | | The Legacy Continues | 47:45–50:00 | A new treasure hunt begins |

Conclusion

The Forrest Fenn treasure hunt serves as a monument to the human longing for adventure, escape, and meaning—but also the dangers of obsession and bias. Through tragedy and elation, lawsuits and legends, community and conspiracy, it became a modern cautionary tale. In the words of one seeker:

“The treasure is where you find it.”

Legacy or lesson, the promise of adventure never fades—only changes hands.