Outperforming the S&P 500 & Growing from One-Man Shop to Multi-Manager Hedge Fund | David Orr of Militia Capital
Episode Description
This Other People’s Money episode is brought to you by VanEck.
Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHMax
Learn more about the VanEck Fabless Semiconductor ETF (SMHX): http://vaneck.com/SMHXMax
Since launching Militia Capital in 2021, David Orr has crushed the S&P 500 and is up over 500% net of fees. In fact, during this period, he’s one of few managers to have set the S&P 500 as the hurdle rate for the fund to earn performance fees. In this interview Orr discusses Militia Capital’s growth from $3m to over $160m today, the expansion of the strategy to include two additional external portfolio managers, and why he thinks most hedge fund managers have social media and compliance all wrong. He also discusses his investment philosophy and belief that most “value trap” investors and “story stock” investors don’t know the first thing about real investing.
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Timestamps
00:00 Intro
00:31 $SMH & SMHX
01:21 Militia Capital’s Growth Into a Multi-Manager
04:57 Twitter & Social Media
07:33 Marketing & 506(c) Hedge Funds
11:11 Benchmarking to the S&P 500
15:00 Comparing to Large Multi-Manager Funds
17:11 VanEck Mid-Roll
18:06 Risk Managing Other PMs & Collaboration
20:06 David’s Investing Philosophy
27:36 Investors Who Don’t Know Anything
38:51 Market timing & the Current Environment
45:40 Trading Macro
48:14 Hunting For New Portfolio Managers
51:32 David’s Favorite Accounts on Twitter
54:04 Rethinking Compliance
57:52 Outro