This is a special bonus episode of OPM with David Orr. In my first conversation with David, we only discussed his hedge fund that has crushed the S&P 500 since its inception in 2021. In addition to his hedge fund, he also runs the Militia Long/Short Equity ETF ($ORR) which since its inception in January 2025 has also beaten the S&P 500 running a similar but still distinct long/short strategy from the one he employs at his hedge fund. We discuss his unorthodox decision to launch the ETF when the hedge fund was going so well, how he is managing the different liquidity needs, his dual fiduciary duties, differing compliance realities, and the increased transparency of the ETF wrapper.
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